MTI092: How to Raise Financially Fit Kids with Shannon McLay

Our guest, Shannon McLay from FinancialGym.net, says ““Financial Literacy starts in the home”. She shares stories of her son’s experiences with money at a young age and how we too can raise a financially fit kid.

7 Tips to Teach Children the Value of Money

Tip #1: Say No
Tip #2: When you can say Yes, have a budget and set parameters around the decision
Tip #3: The ultimate teacher of financial literacy and money is CASH. It teaches math skills and healthy spending boundaries
Tip #4: Let your kids have financial failures
Tip #5: Make them responsible for their wants
Tip #6: Kids need to earn their money
Tip #7: Allow them to participate in family financial decisions

 

“Financial Literacy starts in the home” – Shannon McLay, Mother and Financial Planner

 

Then, the roundtable gets together to discuss giving kids and allowance and ask, “When is the right age to begin teaching children about money?” We also share our first jobs and money lessons learned when we were kids.

You can find out more about Shannon on her website, her podcast Martinis and Your Money, and Twitter

Today’s Panelists

Linda P. Jones | Be Wealthy and Smart
Joe Saul-Sehy | Stacking Benjamins
Miranda Marquit | Adulting.TV
Doug Goldstein | Rich as a King

For a quick bio of each of our show participants, head on over to our panelists page.

Send us your questions for a future Listener Letters episode