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6 Tips for Raising Cash Savvy Kids

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Six tips for educating your kids about personal finance from the Founder & Chief Dad of FamZoo.com.

Teach your kids good money management habits with our virtual family bank.

Published in: Economy & Finance
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6 Tips for Raising Cash Savvy Kids

  1. 1. 6 Tips for Raising Cash Savvy Kids Bill Dwight Founder & Chief Dad FamZoo.com APRIL 28, 2010 FamZoo.com
  2. 2. 6 5 reasons why I care about kids OK, the spotted dachshund doesn’t count! Will they be ready for the real world? FamZoo.com
  3. 3. What does “cash savvy” mean? To be wise with your money. The Rewards: • Independence • Balance • Peace of Mind It’s not about being “rich”. FamZoo.com
  4. 4. My top 6 cash savvy tips 1. Practice, practice, practice! Practice 2. Have a system 3. Do the math 4. Create balance 5. Insist on accountability 6. Promote passions FamZoo.com
  5. 5. 1 Seen this look before? PRACTICE I THOUGHT I When I was TOLD YOU your age, I… TO… Brain not processing Blah, blah, blah… Eyeballs rolling Kids learn by doing, not lecture. FamZoo.com
  6. 6. 1 Let your kids practice… PRACTICE • Spending their own money • Making a budget • Saving for a “want” • Paying off a loan • Running a “business” • Investing for the future • Giving to others …and let them fail too. FamZoo.com
  7. 7. How would you feel about an employer 2 SYSTEM who “forgot” your paycheck? Or a banker who “lost” your money? My parents keep forgetting my allowance. So lame… Not mine. They have a system! Kids don’t like unreliable behavior either! FamZoo.com
  8. 8. 2 Set up a system to model the SYSTEM importance of being… • Consistent • Efficient • Organized • Transparent Read “The First National Bank of Dad” by David Owen FamZoo.com
  9. 9. Do you make decisions based on 3 MATH facts or emotions? Be calm and do the math. FamZoo.com
  10. 10. 3 Teach your kids the simple math MATH behind… • budgets • compound interest • loans • credit cards • business models Don’t forget to look at the whole equation! FamZoo.com
  11. 11. Do you feel pulled in multiple 4 BALANCE directions? LIFE WORK Balance is a skill that requires practice. FamZoo.com
  12. 12. 4 Help your kids find their balance BALANCE • Needs / Wants • Now / Later • Me / Family / Community / Environment The earlier, the better (but it’s never too late!) FamZoo.com
  13. 13. Are you shielding your kids from 5 ACCOUNTABILITY life’s bumps and bruises? The real world can be very unforgiving. Bailouts aren’t always available. FamZoo.com
  14. 14. 5 Hold your kids accountable for their ACCOUNTABILITY inevitable transgressions… • overage charges • chore lapses • fines & tickets • (nontrivial) mistakes Texting overage charges Broken cell phone Speeding Ticket But cut them some slack too… they’re kids! FamZoo.com
  15. 15. 6 Have you found your passions? PASSION KIDS SOFTWARE MENTORS Bring your passion to your work. Bring your work to your passion. FamZoo.com
  16. 16. Help your kids find, develop and apply 6 PASSION their passions It’s not about your passions, it’s about theirs. FamZoo.com
  17. 17. THANK YOU FOR LISTENING! • Want to reach me? info@famzoo.com • Want to know more about FamZoo? www.famzoo.com • Want to join the conversation? blog.famzoo.com twitter.com/famzoo facebook.com/famzoo FamZoo.com

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