Ep. 006 - Kids and Financial Literacy with Beth Kobliner
Jill Schlesinger
CBS News Business Analyst, host "Jill on Money/MoneyWatch" pods, author of "The Great Money Reset"
You will often hear me say that before you worry about the financial future of your kids, you need to make sure you’re taking care of yourself first. But that doesn’t take you off the hook for discussing money with your kids.
Think of it as another one of the talks...so now in addition to the sex talk, the drug and alcohol talk, we can add the money talk. All of these conversations must occur at every stage of your child’s development, with age-appropriate messaging that the kids can absorb.
To help with your effort, this week we’re talking to Beth Kobliner, author of Make Your Kid A Money Genius (Even If You're Not): A Parents’ Guide for Kids 3 to 23. Okay, okay, full disclosure, she’s also a friend of mine.
But that’s not why Beth is on “Better Off.” She’s on because it’s an important topic. I know there are a lot of you out there subscribed to this podcast, with kids or thinking about starting a family, wondering how to have such conversations:
- How much debt should we take on for college?
- Should I give my teen a debit or credit card?
- Should I give my child an allowance?
- My kid wants to move back home...should I charge rent?
Those are just some examples and there’s plenty more in the book. Whether you’re a rookie in the parenting game or a veteran, this book will help. As Beth says, “Think of it as a guide for parents that offers the financial facts of life for kids 3 to 23.”
And FYI, Beth is the real deal. In 2010, she was selected by President Obama to be a member of the President’s Advisory Council on Financial Capability, where she created MoneyAsYouGrow.org. The site attracted more than 1.4 million visitors and was adopted by the Consumer Financial Protection Bureau in 2016.
So whether you have kids, are planning on it or know someone with kids, I encourage you to check it out. It’s never too soon to start the money talk with your children.
For more financial literacy tips with Beth, you can connect with her on Twitter and Facebook.
Please leave us a rating or review in iTunes.
“Better Off” is sponsored by Betterment.
"Better Off" theme music is by Joel Goodman.
English Language Teacher
7yI thought teaching your children about finance was part of normal parenting......how old-fashioned of me. I keep fogetting that modern parents have less and less tasks and responsabilities in raising their offspring than I think (and still believe ). They have "a talk" once in a blue moon and the schoolsystem, social media or some "non" governmental organisation will fill in the gaps. Raising your children to be participants in this massively complicated society is not something you should take lightly or entrust to too many different people whose interests and motives you can't possibly all know or share. Your childeren ARE the future tenants of this planet raise them well.
Education, Banking Consultant
7yThis is such an important exercise that ought to be the norm in families. A healthy relationship towards money must begin at home, this is probably the only thing that will solve the debt trap so many adults find themselves in.