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David Owen, author of The First National Bank of Dad, discusses teaching kids about money, negotiating with children, teaching proper investment strategies, the poetry and prose of economics, measuring wealth and happiness, and teaching kids about money and work.
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Quick takeaways
- The importance of incentivizing saving and delayed gratification through methods such as creating a bank account with a significant interest rate for children's deposits.
- The significance of consistency when teaching kids about money, avoiding negotiations and providing clear attitudes towards financial decisions to help them understand the value of money and the importance of saving.
Deep dives
Teaching Kids the Value of Money
The podcast explores a method for teaching kids the value of money, highlighting the importance of delayed gratification and savings. The speaker shares how he created a bank account in his house with a 5% interest rate for his children's deposits, which incentivized saving and helped them understand compound interest. The speaker emphasizes the need to provide incentives that are meaningful to children and how this approach taught his kids about the rewards of financial responsibility.
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Listen to the best highlights from the podcasts you love and dive into the full episode