Ep 251: 3 Rules of Wealth for your Children!

Jan 21, 2025

Join Will Rainey, a children's author and financial educator behind 'Grandpa's Fortune Fables,' as he dives into the art of teaching kids about money through engaging storytelling. He emphasizes the significance of financial literacy and shares practical tips, from managing pocket money to understanding compound interest. Rainey discusses the pros and cons of cash versus digital money, teaching children about patience and the risks of scams. Discover how these storytelling techniques can empower the next generation's financial journey!

Ask episode

Chapters

Books

Transcript

Episode notes

Intro

00:00 • 2min

Teaching Kids Financial Literacy Through Stories

02:23 • 3min

The Power of Passive Investing: Growing Your Financial Forest

05:29 • 4min

Empowering Young Minds: Financial Literacy for Kids

09:57 • 31min

The Power of Compound Interest Explained Through Nature

40:43 • 4min

Empowering Children Through Financial Education

44:52 • 5min

This podcast episode is a replay of a bonus session from the Financial Wellbeing course, featuring Will Rainey, a children's author. The discussion centers on the importance of teaching children about finance, covering practical aspects like tax-efficient investments for kids and how to talk to children about money using engaging stories. Will Rainey, author of 'Grandpa's Fortune Fables,' shares his journey from the corporate financial world to creating educational stories for children. He emphasizes the power of storytelling in imparting financial wisdom to kids, explaining concepts like saving, investing, patience, and the hazards of gambling and scams. The episode also delves into effective methods for giving pocket money, teaching compound interest, and the pros and cons of giving children cash versus digital money. The session concludes with a note on upcoming sessions and resources for further learning.

00:00 Introduction to Financial Education for Children

01:59 Meet Will Rainey: Author and Financial Educator

07:01 The Concept of Financial Forests

13:49 Teaching Financial Prudence to Teenagers

18:42 Pocket Money: To Link or Not to Link with Chores?

25:03 The Importance of Cash for Kids

25:37 Transitioning to Digital Money

27:38 Educational Tools and Apps

28:49 Engaging Financial Stories for Kids

29:22 Lessons on Scams and Patience

32:33 Understanding Spending and Saving

39:30 The Power of Compound Interest

44:00 Final Thoughts and Resources

Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/

Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com

Want to improve your finances fast? Then come on our course

https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

GP partner looking to improve your practice/ Then come on our course

https://www.medicsmoney.co.uk/gp-partnership-programme/