670. Making Money Simple Tips for Raising Children with Good Money Habits

Only about 20 minutes long, this podcast episode discusses ways for business owners to prepare for the downturn caused by the pandemic. The tips outlined include having a Financial Plan in place, knowing what your business is worth, and being prepared for any unexpected changes.

Four-Year-Old Gives His Dad An Allowance

• Peter Lak is the Chief Investment Officer for an investment firm and he's also the host of the service business mastery podcast.
• He's talking about his experiences giving his four year old an allowance and how it worked
• He recommends starting when your child is asking questions about money, preferably when they're around age 10 or younger.

How to Teach Your Kids About Money

• The author's son had an allowance of $1 per week, which he saved and spent in a similar way to how he would have spent his regular income.
• When his birthday fell on a Saturday, the author allowed his son to wait until Sunday to ask for his allowance, which the son found hilarious.
• The author recommends not tying allowances to chores or spending, instead allowing children to learn money lessons in a more gradual way.

3 Different Buckets for Kids' Video Game Time

• The three buckets for parenting are savers, givers, and
• The saver bucket is the most important because bad financial decisions can be fixed with good savings
• When a business owner is entrepreneurial, they're driven to take a 30 year
• The primary investment for a business owner is their business.

Check out these resources we mentioned during the podcast:

• This episode is kindly sponsored by Sera (visit their website) and CompanyCam (visit www.companycam.com/SBM for 14 day trial and 50% off your first two months).

 

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