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

Links:

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