Episode 22: Behavioral Finance Gets Personal - Part 3: Talking with Your Kids About Money

5 Key Lessons on Teaching Kids About Money | Bryan Foltice Behavioral Finance Podcast

In this episode of the Bryan Foltice Behavioral Finance Podcast, Bryan continues the personal finance series by sharing important teaching points for educating children about money. He emphasizes the necessity of open discussions about financial matters, despite not feeling fully equipped or perfect at managing one's finances. 

Bryan outlines five key lessons to impart to children: talking openly about money, making them work for money, understanding taxes, basics of saving and investing, and the importance of giving and abundance. Additionally, he touches on societal pressures and the illusion of wealth, illustrating with personal anecdotes and examples the significance of making informed financial decisions. 

This episode aims to empower parents to engage in meaningful financial conversations with their children, encouraging smart spending, saving, and investing habits from a young age.

00:00 Introduction and Purpose of the Podcast

00:27 The Importance of Open Conversations about Money

02:05 Personal Update and Spring Break Plans

03:02 Five Key Points to Discuss with Kids about Money

06:39 The Illusion of Wealth and the Reality of Being Broke

11:30 The Concept of Working for Money

14:13 Understanding Taxes and Their Impact

16:10 The Basics of Saving and Investing

18:29 The Importance of Giving and Abundance

20:10 Conclusion and Invitation for Feedback