Life Kit Money Talks: How To Teach Kids About Finance
Aug 3, 2021
Financial expert Jen Hemphill, known for her insights on financial literacy, joins the discussion to help families tackle the often taboo topic of money. She emphasizes the importance of casual conversations about finances between parents and children. Hemphill shares effective strategies for teaching kids about money management, from understanding needs versus wants to the value of saving. She encourages creating a supportive environment for kids to learn from their financial mistakes, fostering a healthier money mindset for the whole family.
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Jen's Childhood
- Jen Hemphill grew up in Colombia during economic hardship and her family later started over in the US.
- She internalized the message of not having enough money, avoiding asking her parents for anything.
Regular Money Talks
- Have regular family discussions about money, including goals.
- This promotes participation and understanding of money management.
Casual Conversations
- Make money conversations casual and fun, starting with "money wins."
- Share instances of finding money or resisting impulse purchases.