Financial Residency Financial Vitals: Teaching your Children about Money
If you avoid talking about money with your children, then who pays for it later in life? Whether you know it or not, you're teaching your children about money every day. Teach them what works and what doesn't when it comes to finances.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. David Weisenhorn about money and parenting. David is a Senior Extension Specialist for Parenting and Child Adolescence Education at the University of Kentucky.
Topics Discussed:
• What is a family scientist? Mixes psychology and sociology focused on families
• Taboo Topic: Money isn't up for conversation; vulnerabilities around values
• Lack of Education: Discussing finances in not covered in traditional curriculum
• Effects: Educate children to avoid risk of not using and handling money properly
• Mistakes: Avoiding subject of money doesn't mean kids won't use/experience it
• Proactive Parenting: Daily practice of teaching children how to deal with money
• Financial Literacy: Learn jargon and teach simple concepts via currency games
• Money Personalities: Habits and attitudes toward spending and saving
• Sink or Swim? Worth it to learn value of dollar early on to gain knowledge
• Allowances/Chores: Required versus going above and beyond to earn money
• Intrinsic/Extrinsic Motivators: Monetary incentives and sustainability of actions
• Zone of Proximal Development: Allow children to make and learn from mistakes
• Goals and Expectations: Smart small, don't overpay, earn money from hard work
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