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Teaching Your Children Financial Literacy with Benny Nachman
An attorney by profession, serial entrepreneur in the Fintech area, Benny is a typical dad who was tired of arguing over chores, allowance, and handing out cash every time his children wanted something (which was often.)
He also wondered why personal finance isn’t taught in school.
So he’s here to help us simplify chores, allowances and allowing parents to teach their children about finances in a safe and controlled environment.
The Unspoken Topic
- We are not talking to kids at home about money and we are not talking to kids at school about money. This has got to change if we want to set them up for a financially literate future.
What We Cover
- How to set up an allowance that teaches your child financial literacy.
- How to make learning about money fun.
- The importance of not making money a taboo topic.
Take a Listen >>
Key Takeaways
- Teaching children about money in a fun and creative ways that also include their day-to-day activities is the best way they will learn how to manage it.
- If you let children manage money on their own, and empower them to decide how to use it, they grow up as more responsible and financially successful people.
- Jassby is a free app to help support financial literacy with families. It helps you pay allowance, gives your children options for saving, buying and donating.
- Talk to your children about money now. Don’t wait.
Actionable Solution
How to Teach Your Children About Money
STEP ONE: Start with a weekly allowance.
- Start your children young with a weekly allowance. This allows them to reset each week if and when they make mistakes with what they spend their money on.
STEP TWO: Increase the sum of allowance as they grow older.
- With age, give your children a larger sum, once a month or every other week to help them understand how to make it last over time.
STEP THREE: Make room for mistakes.
- Allow your children to make mistakes and take ownership of their money. This is a message of empowerment. “We trust you. You have the money and you can buy what you can afford. You cannot come to me to buy it for you.”
STEP FOUR: Continue the conversation.
- Keep an open and supportive dialogue around money to keep teaching your children about money.
Mama Has a Minute
- Favorite form of self-care: Sleeping in.
- Best parenting advice ever received: Be honest and talk to them with respect.
- Parenting Hack: NA
- Product Child cannot live without: iPad.
- Share 1 book: Series and Richard Russo “Empire Falls”
- What motherhood means to you: Parenthood means the most important thing in my life.
Freebies From Us at Raising Children You Like
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Action Steps For *You*
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