Teaching Kids About Money
In June, we discussed The Four Pillars Of Intergenerational Wealth. We discussed Proper Financial Management, Proper Insurance, Real Estate and Business Ownership as the Pillars. In order to achieve intergenerational transfer of wealth, you have to teach the next two generations how to handle money. We might want to call this the fifth pillar. I think training starts when they are young and you teach them the fundamentals. I remember my daughter wanted a cell phone two years before my wife and I thought she should have one. She bugged us night and day about it. I offered her 2 different jobs so she can earn the money for a cell phone. She turned her nose up at the opportunity. I didn’t say anything about it and waited until she started to bug us about the cell phone. Hmmm, you decided it was beneath you to do a job that I do and now you want us to pay for a cell phone. Normally people are willing to work to get what they want. If you want this cell phone so bad, you have to work for it. She thought about for a moment and decided she would work for it.
Joining us for our discussion on Teaching Kids About Money is Jayne Pearl who is calling in from her Amherst MA office. Jayne Pearl is a journalist and entertaining speaker, focusing on family business & financial parenting. She is also the co-author of Kids, Wealth and Consequences: Ensuring a Responsible Financial Future for the for the Next Generation. She has also co-authored or ghost-written ten other books. Jayne began her career at Forbes and was former senior editor of Family Business magazine. She has written 100s of articles about family business, financial parenting, personal finance and business management. Jayne has appeared on PBS, CNBC, NPR and CNN and has been quoted in multiple national magazines. Her latest books are Kids and Money Guide to Smart Spending and Kids and Money Guide to Learning Capital. Welcome To Mastering Your Money, Jayne Pearl.
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