The Daily Dad

Daily Dad and Ron Lieber on Preparing Your Kids For Financial Success

Apr 3, 2021
Ron Lieber, a bestselling author and New York Times columnist, dives into the art of teaching kids about financial responsibility. He emphasizes the power of temperance and the role it plays in making informed financial decisions. The conversation touches on the value of gap years, the challenges of navigating college expenses, and the importance of instilling virtues like modesty and generosity in children. Lieber also explores how limitations can inspire creativity and encourages parents to reflect on their financial values while guiding their kids.
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ADVICE

Teaching Values with Money

  • Teach children values through allowance, spending, and giving.
  • Discuss financial decisions openly to instill good values.
INSIGHT

The Right Allowance Amount

  • The right allowance amount empowers children to make choices but still requires trade-offs.
  • This mimics adult financial decision-making, promoting financial literacy.
ANECDOTE

Dollar Store Challenge

  • A grandmother gave grandkids dollar-store money based on age, offering constrained choice.
  • This fostered creativity and satisfaction, similar to limited-ingredient cooking challenges.
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