Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Should I Make My Child Earn Their Allowance?
Jun 20, 2024
In this podcast, Suze answers questions on credit card debt, student loans, and transferring stocks. They discuss teaching kids financial responsibility through earning money. Personal stories include gardening, fishing, and investing tips, along with insights on trust management and essential legal documents.
39:17
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Quick takeaways
- Teach children financial responsibility by introducing a chore-based allowance system.
- Ensure proper succession planning in trusts to manage assets effectively during health challenges.
Deep dives
Managing Money and Investments
Teaching children about managing money involves a strategic approach. It is advisable to make them earn money through specific chores rather than providing a weekly allowance. By creating a list of tasks with increasing rewards, children learn the value of work and money. When it comes to investments, opting for diversified stocks like Apple and consulting with a financial advisor for potential investments can lead to sound financial decisions.
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