237: 3 Money Skills to Raise Financially Empowered Kids with John Lanza

Welcome to episode 237 of Love, your Money! In this episode, I’m sitting down with John Lanza, the creator of The Money Mammals, a comprehensive program that helps parents raise money-smart kids. He’s also the author of “The Art of Allowance,” which helps parents raise financially empowered children of any age.

Raising financially savvy children can be challenging no matter where you are in your wealth journey as a parent. If you’ve struggled financially, you don’t want to pass any bad habits to your kids. And yet, if you’re financially successful, you’re likely trying to avoid raising spoiled kids.

In today’s episode, you’ll hear about the dangers of making money a taboo topic in the house, strategies for using allowance as an educational tool, and the 3 core money skills to expose your kids to.

Here’s what you’ll find out in this week’s episode of Love, your Money:

• The best ways to teach our children about money. 
• Finding a balance between advising kids on purchases vs giving them autonomy. 
• Dealing with the allowance question. Linked to chores or not?
• How to incorporate life lessons into teaching kids about money. 
• How to teach awareness of investing and saving for college. 
• Tips to help avoid raising spoiled kids.
• Using visualization as a tool to help kids reach their financial goals. 
• The key to it all: Have an open dialogue with kids about money.
  
  

Show Notes

To get access to the full show notes, including all the resources mentioned, visit: https://hendershottwealth.com/podcast/john-lanza

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Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.