Talking With Your Kids About Money
Ed’s Edge – Season 2, Episode 17
As any parent will tell you, the wellbeing of their children is always at the forefront of their mind. We worry about their future. We worry about how to set them on the right course so that they can have the life we’ve always wanted for them. It’s an unfortunate reality that our school system does not make financial literacy a priority, and as parents we often shy away from having uncomfortable conversations about wealth and money with our kids.
So, how can we communicate with our children about money in a way that we can feel confident about? In Episode 17 “Talking With Your Kids About Money” we’ll give you a playbook to help teach your kids about this important topic. Take a listen!
7 Step Playbook
Explain your own monetary values to your children.Set the stage on what you want them to value. Some questions to reflect on: Why did we work hard to acquire wealth? What sacrifices did we make along the way and were they worth it? Now that we’ve attained it, what is it for? What responsibilities does it impose on us? Most fundamentally, where are we going together in life as a family and how will we know when we’ve gotten there? How do we stay on our path?
Teach your children how to earn money.Children learn better when they earn it versus are given it.
Explain how taxes work.Give an example they can relate to.
Teach Savings vs. Spending.Explain the benefits of each. We need balance here.
With what they do save, explain the power of investing.Talk about how time is their biggest asset.
Give them the power to decide what to do with their money.But ask them why. Remember, all about their behaviors. Create buy-in.
Set them up with a financial expert once they are older.A third-party perspective from someone who thinks like you do often creates additional motivation around the same concepts you are teaching because frankly, they are not you.
Ed’s Food for Thought
Ed’s Lemon Chicken
- 4 whole chicken breasts
- ½ cup bleached all-purpose flour
- 1 tablespoon olive oil
- 1 tablespoon unsalted butter
- ¼ cup dry white wine
- 1 tablespoon fresh lemon juice
- Salt and freshly ground pepper to task
- 1 tablespoon chopped fresh Italian (flat leaf) parsley
- Lay the chicken between two pieces of waxed paper and flatten each breast with the flat end of a meat pounder until flat. Dredge lightly with the flour.
- Heat the olive oil and butter in a large skillet. When it is very hot, sauté the chicken over high heat until lightly brown, about 1 minute on each side. (It needs very little cooking). Remove to a platter and keep warm.
- Add the wine and lemon juice to the skillet and bring to a boil, scraping up any browned bits. Add salt, pepper, and parsley. Pour the sauce over the chicken and serve immediately. (Add a jar of capers if desired.)