The Wealthy Barber Podcast #2 — Robin Taub: How To Teach Your Kids About Money
Oct 1, 2024
Robin Taub, a financial educator and author of "The Wisest Investment," dives into the art of teaching kids about money. She shares practical tips on allowances, age-appropriate earnings, and the importance of teaching kids about saving and investing early. Robin emphasizes using tangible tools like piggy banks and the need for cooling-off periods to curb impulse buys. She also discusses parental mistakes in money conversations and the growing financial role of grandparents, all while stressing that financial literacy paves the way for responsible adulthood.
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Use Familiar Stocks As Learning Tools
- Interest in investing among young people rose during COVID and can be a good gateway to learning.
- Familiar companies and gifted shares (e.g., Disney) make investing relatable for kids.
Reintroduce Friction To Spending
- Reintroduce friction to curb overspending by using cash or app notifications and tracking.
- Set automatic transfers to savings to make paying yourself first simple for kids and teens.
Use A 24-Hour Cooling-Off Rule
- Teach kids to use a cooling-off period: wait 24 hours before big purchases.
- This pause reduces impulse buys and clarifies needs versus wants.
