Helping children learn to be financially responsible is one of the most important jobs that parents have. James Ure joins Jayson to talk about how a family economy can help you give your child the best chance to achieve success and independence when they leave home. Should you pay your child for chores? How much of an allowance should you give your child? What is the difference between bribery and empowerment? How can you teach your child the importance of saving, investing, and giving to charity? You won’t want to miss this insightful conversation.
Timestamps:
- 8:31 - What is a family economy?
- 13:55 - Creating incentives for kids
- 25:55 - Tracking a family economy without an app
- 37:41 - Using money and screentime as motivators
- 41:54 - Bribing vs. empowering
- 45:37 - Implementing a family economy
- 53:31 - The Greenlight app
- 57:46 - Big purchases
- 1:01:09 - Where to find James
- 1:02:34 - James' advice for high school students
- 1:03:40 - Action steps
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