All the Hacks with Chris Hutchins
Bonus Q&A: Teaching Kids about Money, Investing and Financial Responsibility with Tad Fallows
Nov 18, 2022
In this engaging discussion, Tad Fallows, co-founder of Long Angle, shares his insights on teaching kids about money management and investing. He emphasizes the value of practical experiences like brokerage accounts and the importance of allowances in fostering financial responsibility. Tad also breaks down college savings options, highlighting the benefits of 529 plans. Lastly, he shares clever real estate tax strategies and recommends enjoyable activities in Dallas, making financial education both accessible and fun for families.
15:56
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Quick takeaways
- Teaching kids about money and investing involves instilling values, transparency, and hands-on experiences.
- Planning for college savings includes utilizing 529 plans, tax advantages, and exploring alternative options for future generations.
Deep dives
Teaching Kids about Money and Investing
One key aspect discussed in the podcast is how high net worth individuals manage finances, specifically in regard to teaching kids about money and investing. The conversation delves into strategies for educating children about money, such as using real-life examples and involving them in investing decisions. Transparency, communication, and instilling values of responsibility and appreciation for money are highlighted as crucial elements in preparing children for financial literacy. Additionally, the concept of setting up brokerage accounts for children to invest in stocks is explored as a hands-on approach to financial education and fostering a sense of ownership and understanding.
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