How To Teach Your Kids About Money Alec Lindenauer & Julie Frans

Financial Wisdom from The College Investor: Robert Farrington on Student Loans & Kids' Money

Student loans have become a hot topic in recent years. As the cost of higher education continues to rise, more and more students are taking on debt to pursue their dreams. So, in order to ensure our children don't shoulder unnecessary financial burdens, it's crucial to explore alternative strategies.

In this episode of How to Teach Your Kids About Money, Alec and  Julie sit down with Robert Farrington, the founder and editor-in-chief of The College Investor, an online resource center focused on helping people manage student loan debt, increase their income, and start investing.

Listen as Robert recounts his early fascination with earning money and navigating the labyrinth of student loans post-college. Robert introduces the concept of Net Present Value (NPV), emphasizing its importance in making informed decisions about college expenses.

Robert shares his passion for educating young kids about finances, suggesting that conversations about money should begin as early as kindergarten. He describes his monthly meetings with his own children to discuss investments and financial habits, highlighting the importance of transparency.

Robert discusses various tools and resources for teaching kids about money, stressing the significance of budgeting and planning ahead. He discusses online tools like Greenlight for unbanked individuals, as Alec reviews components of the How to Teach Your Kids About Money K-7 Starter Kit, a video-based course available on centsofresponsibility.com, which helps parents teach their children about money management habits.

Robert shares insights on scholarships, grants, and the affordability of community college. He advises parents to have open discussions with their children about the cost of college and managing expectations.

Julie and Alec also talk about their experiences teaching their kids about money, including the challenges they've faced with digital tools like Apple Pay and Venmo. They stress the need to choose financial tools that suit each child's preferences.

Don't miss this episode as Robert Farrington shares invaluable insights on teaching kids about money and character, helping you raise financially responsible and ethically sound children.

KEY POINTS:


Robert's journey into personal finance and his mission to help people overcome student loan debt
The importance of starting college-related conversations early in a child's life
Scholarships and grants as a way to fund college education
Choosing the right financial tools and apps for teaching kids about money
The benefits of having a checking account for children
The challenges of using certain payment apps and their limitations
Encouraging responsible spending and budgeting habits in children
The significance of letting children experience financial consequences, such as declined transactions
Robert's preference for using traditional bank accounts for teaching kids about money
Troubleshooting issues with Apple Pay and the role of banks in such cases

Don't forget to rate, review, and subscribe to the How To Teach Your Kids About Money Podcast, by your friends at Cents of Responsibility. Please let us know if you enjoyed this episode or have any suggestions for future episodes. We'd love to hear from you! In the meantime, teach cents-ibly!

Relevant Links:


The College Investor
How To Teach Your Kids About Money: K-7 Starter Kit

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In this episode:

- Alec Lindenauer, COR's Chief Allowance Officer, Financial Planner and Certified Financial Education Instructor℠

- Julie Frans, COR’s Chief Community Officer

- Robert Farrington, Millennial Money Expert & Founder of The College Investor

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Guest Bio:

Robert Farrington is America's Millennial Money Expert® and America's Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping mille

Involving your kids in your business will give them tremendous hands-on financial education that will stick with them through adulthood. It might be a bit daunting at first, but there are a lot of ways to make it enjoyable and sustainable for both you and your child. In this episode, Alec and Julie sit down with Jamie Trull, a former corporate finance professional turned entrepreneur, about teaching kids about money through employing them, the importance of financial literacy, and tips on teaching money skills at an early age.

Jamie talks about her journey balancing entrepreneurial pursuits while teaching her children the value of work, delayed gratification, and responsible money habits. Jamie also shares her experiences teaching her children about debt, credit cards, and making financial decisions.

You’ll also hear all about Jamie’s "Hiring Your Kids Toolkit" which provides a step-by-step guide for business owners to legally employ their children, introducing them to work and money management. The toolkit not only gives parents a guide in employing their kids, but it also serves as a platform to teach children crucial financial skills that will last a lifetime. Listen to this episode as we explore the nuances of how Alec, Julie and Jamie teach their kids about money, the joys and challenges of involving kids in the family business, and the empowering impact of early financial education.

KEY POINTS:

Jamie Trull's background and her role in helping entrepreneurs with financial literacy

Overview of the "Hiring Your Kids Toolkit" and its benefits for business owners and children

Employing children in the family businesses, issues to know, and the benefits

The four buckets approach for children's money management: Spend, Save, Invest, Donate The benefits of kids having ownership over their own money at a young age, so they can start to save and invest early

Teaching kids delayed gratification, compound interest, and practical financial skills Teaching kids about debt, interest, and preparing them for financial situations

Using tools and resources to teach financial concepts

The need to equip kids to navigate financial decisions

The value of taking action and starting small

Don't forget to rate, review, and subscribe to the How To Teach Your Kids About Money Podcast, by your friends at Cents of Responsibility.

Please let us know if you enjoyed this episode or have any suggestions for future episodes. We'd love to hear from you! In the meantime, teach cents-ibly!

Relevant Links: Hiring Your Kids Toolkit - https://sales.jamietrull.com/hiring-your-kids?affiliate=centsofresponsibility

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In this episode:

- Alec Lindenauer, COR's Chief Allowance Officer, Financial Planner and Certified Financial Education Instructor℠

- Julie Frans, COR’s Chief Community Officer

- Jamie Trull, Financial Literacy Coach and Profit Strategist

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Guest Bio: Jamie Trull is a financial literacy coach and profit strategist who focuses on helping small business owners understand finance and make profitable decisions. Before that, she also worked in corporate finance for many years. She’s also a mom of two kids. Jamie usually focuses on teaching entrepreneurs, but this summer she’s shifted her focus to teaching parents about how to hire their own kids.

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Want more resources to teach your child about money?

Check ‘em out here: 💰How To Teach Your Kids About Money Podcast: https://www.centsofresponsibility.com/podcast?utm_source=podcast&utm_medium=shownotes&utm_campaign=ep17

💰Cents of Responsibility Blog: https://www.centsofresponsibility.com/blog?utm_source=podcast&utm_medium=shownotes&utm_campaign=ep17

💰Cents of Responsibility YouTube Channel: https://www.youtube.com/@centsofresponsibility

If you’ve thought about taking a complete, comprehensive course to teach your kids all about money, check out our flagship course here: https://www.ce

In this episode of the “How to Teach Your Kids About Money” podcast, Alec interviews Jessica Pelletier, the executive director of FitMoney, a nonprofit organization focused on teaching financial literacy to children. Jessica shares her personal journey and passion for early financial education, highlighting the growth of financial literacy requirements in schools.

Jessica talks about the challenges faced by educators, including time constraints and lack of familiarity with financial literacy topics, and emphasizes the need for professional development to empower teachers to effectively teach these essential skills.

Jessica also explores the role of parents and teachers in promoting financial literacy, that financial education should be taught both at home and in the classroom, ensuring equitable access to knowledge. Jessica discusses the significance of earning money and teaching children about charitable giving and making difficult financial decisions.

Let’s start empowering children with essential financial skills today!

KEY POINTS:


Importance of teaching financial literacy from kindergarten
Challenges faced by educators in teaching financial literacy
Experiential learning and parental modeling as effective methods
FitMoney's Super Squad game for engaging children
Jessica’s experience with her children's money behaviors

Don't forget to rate, review, and subscribe to "Cents of Responsibility". Please let us know if you enjoyed this episode or have any suggestions for future episodes. We'd love to hear from you! In the meantime, teach cents-ibly!

Relevant Links:


FitMoney:  www.fitmoney.org
$uperSquad: https://supersquad.fitmoney.org/

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In this episode:

- Alec Lindenauer, COR's Chief Allowance Officer, Financial Planner and Certified Financial Education Instructor℠

- Jessica Pelletier, Executive Director of FitMoney

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Want more resources to teach your child about money? Check ‘em out here:

💰How To Teach Your Kids About Money Podcast: https://www.centsofresponsibility.com/podcast?utm_source=podcast&utm_medium=organic&utm_campaign=ep16

💰Cents of Responsibility Blog: https://www.centsofresponsibility.com/blog?utm_source=podcast&utm_medium=organic&utm_campaign=ep16

💰Cents of Responsibility YouTube Channel: @centsofresponsibility

If you’ve thought about taking a complete, comprehensive course to teach your kids all about money, check out our flagship course here: https://www.centsofresponsibility.com/CORCourse1?utm_source=podcast&utm_medium=organic&utm_campaign=ep16

Also, follow us at these places below and say hi!💵 Website: www.centsofresponsibility.com

💵 Instagram: @centsofresponsibility

💵 Facebook: www.facebook.com/CentsOfResponsibility

💵 TikTok: @centsofresponsibility

💵 YouTube: @centsofresponsibility

Dive into a conversation about teaching children to have an emergency cash reserve in this valuable episode of the “How to Teach Your Kids About Money” podcast with hosts Alec Lindenauer and Julie Frans.  From phone cases with hidden compartments to linking debit cards with Apple Pay, Alec, and Julie present practical solutions for helping kids manage their money better.

Alec is a finance veteran with 18 years under his belt, and Julie is a hands-on COR (Cents of Responsibility) mom and Chief Community Officer. 

Here's what you’ll learn in this episode: 

Teaching Kids About the Value of Money - Real-Life Examples: Discover how Alec and Julie teach their children about money's value. Through relatable everyday instances, they illuminate for their kids the value of a dollar. They also show how they set up an emergency cash fund with their respective kids, how they presented it to them, and how much money they started with. 

Responsibility and Consequences: Learn from Alec and Julie’s personal experiences where they've introduced the concept of 'actions have consequences' to their kids. Kids begin to understand the importance of financial responsibility from experiencing the discomfort or embarrassment of insufficient funds, 

Cash vs. Digital Wallet: Alec and Julie tackle the how-to of transitioning to digital payments for older kids while keeping the real-world value of money intact.

Friends and Money Management - Helping Your Child Navigate Financial Differences: They also explore the challenges kids face when their peers have differing financial habits or access to money. Gain insights on guiding your child through these situations while maintaining their own money strategies and rules.

Join us for an episode loaded with insightful stories, practical tips, and real-life lessons, making the complex topic of financial education accessible and relatable.

Don't forget to rate, review, and subscribe to our podcast on Apple, Google, Spotify or YouTube. Your feedback is much appreciated! In the meantime, teach cents-ibly!

 

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Related Links

Blog Post: Let Your Kids Go Broke - https://www.centsofresponsibility.com/blog/let-your-kids-go-broke

In this episode:

Alec, Cents of Responsibility founder with 18 years in finance

Julie, COR mom and Chief Community Officer

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Want more resources to teach your child about money? Check ‘em out here:

 

💰"Cents of Responsibility" Podcast:https://www.centsofresponsibility.com/podcast?utm_source=podcast&utm_medium=ep15&utm_campaign=ep_release

💰Cents of Responsibility Blog:https://www.centsofresponsibility.com/blog?utm_source=podcast&utm_medium=ep15&utm_campaign=ep_release

💰Cents of Responsibility YouTube Channel:@CentsOfResponsibility

For a comprehensive course to teach your kids all about money, check out our flagship course here: https://www.centsofresponsibility.com/CORCourse1?utm_source=podcast&utm_medium=ep15&utm_campaign=ep_release

 

Also, follow us at these places below and say hi!

💵 Website: https://www.centsofresponsibility.com/

💵 Instagram: https://www.instagram.com/centsofresponsibility/

💵 Facebook: https://www.facebook.com/CentsOfResponsibility

💵 YouTube: @CentsOfResponsibility

In our latest episode of the “How to Teach Your Kids About Money” podcast, COR founder, Alec, and COR mom and Chief Community Officer, Julie, cook up a hearty discussion on the challenging recipe of teaching kids about money, even when parents themselves are unsure. 

They unpack the psychology of money, pointing out that understanding finance is different from managing behaviors around it, much like the ins and outs of the science of nutrition are different from eating healthy and teaching our kids good food habits. 

Listen as Alec highly recommends The Psychology of Money by Morgan Housel, which is a big deal, since this is the first time  Alec has fully recommended a book with this kind of fervor over his 18-year career in finance. It’s a book Alec and Julie believe can truly change your view on finance.

A key point they highlight from the book is that money skills are behavior skills. Being good with money doesn’t require knowledge of complex financial topics. It requires certain behaviors. 

And while Housel asserts it’s really tough to teach behavior to adults … You know who it’s really easy to teach behavior to? Kids! 

Ever tried to teach a kid to make a salad? Julie also shares about a "junk food feast" at her daughter's school, where Julie turned a fun activity into a budgeting lesson for Cassidy. With Cassidy in charge of choosing what to buy within the set budget, she was able to learn about pricing, and make strategic choices.

Alec and Julie believe in money talks as an integrated part of family life, not a dreaded chore. They affirm that these money manners can indeed be learned, even if it takes a bit of trial and error, likening it to developing healthy eating habits.

Join us for this enlightening chat, learn some actionable tips on how to teach your kids about money,  and let's help our kids grow into financially savvy adults! 

 

Don't forget to rate, review, and subscribe to "Cents of Responsibility". Please let us know if you enjoyed this episode or have any suggestions for future episodes. We'd love to hear from you! In the meantime, teach cents-ibly!

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Relevant Links:

The Psychology of Money

YNAB (You Need a Budget)

 

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In this episode:

- Alec Lindenauer, COR's Chief Allowance Officer, Financial Planner and Certified Financial Education Instructor℠

- Julie Frans, COR Chief Community Officer, and COR Mom

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Want more resources to teach your child about money? Check ‘em out here:

 

💰How To Teach Your Kids About Money Podcast:

https://www.centsofresponsibility.com/podcast?utm_source=podcast&utm_medium=organic&utm_campaign=ep14



💰Cents of Responsibility Blog:

https://www.centsofresponsibility.com/blog?utm_source=podcast&utm_medium=organic&utm_campaign=ep14

 

💰Cents of Responsibility YouTube Channel: @centsofresponsibility 

 

If you’ve thought about taking a complete, comprehensive course to teach your kids all about money, check out our flagship course here: https://www.centsofresponsibility.com/CORCourse1?utm_source=podcast&utm_medium=organic&utm_campaign=ep14



Also, follow us at these places below and say hi!

 

💵 Website: https://www.centsofresponsibility.com/?utm_source=podcaste&utm_medium=organic&utm_campaign=shownotes

💵 Instagram: https://www.instagram.com/centsofresponsibility/

💵 Facebook: https://www.facebook.com/CentsOfResponsibility

💵 TikTok: https://www.tiktok.com/@centsofresponsibility

💵 YouTube: @centsofresponsibility

Welcome to another episode of "How to Teach Your Kids About Money", your go-to podcast for teaching your kids about money. Today, our guest is Jamie Bosse, a financial advisor, author, and mother of four.

In this episode, we dive deep into the challenges and importance of teaching kids about money in a world where money has become almost invisible. Jamie shares her journey from being a college student contemplating becoming an elementary school teacher, to switching her major to financial planning after her parents filed for bankruptcy. This personal experience sparked her passion for financial literacy and led to her mission to help people improve their lives through better financial understanding.

Jamie also shares her insights on parenting and managing finances with her children. With four children ranging from 5 to 10 years old, she's seen firsthand how different kids can be when it comes to money, from the strategic saver to the impulsive buyer. She explains her approach to teaching her children about money and the importance of letting them make mistakes when the stakes are lower.

We also discuss her book, "Money Boss Mom," and the children's book series, Milton, the Money Savvy Pup, both of which aim to promote financial literacy in an engaging and relatable way.

 

Key Points:

* The importance of teaching kids about money and financial literacy.

* Jamie's personal journey and her passion for financial planning.

* The challenges of teaching kids about money when it's invisible.

* The significance of letting kids make financial mistakes.

* Jamie encourages her children to find jobs outside the home during the summer to understand accountability and working for someone else.

* Julie's daughter Cassidy had a profitable beading business, but now struggles with understanding the value of smaller amounts of money because she is used to handling larger numbers.

* Jamie shares that their chore chart has evolved; her older kids are on a kind of "salary system" where they have daily tasks to complete before they can do anything fun. The children get paid weekly; the older ones get around $5, and the younger ones receive $3. The children have 'give, save, spend' jars and decide for themselves how to allocate their money.

* Julie and Jamie are the primary drivers of financial education in their households, with supportive spouses.

* Alec uses a system of "seed capital" as part of the Cents of Responsibility monthly allowance day to teach his kids about compounding interest, which he plans to eventually transition into an investment account.

* Jamie's book, "Money Boss Mom," and her children's book series, "Milton, the Money Savvy Pup"

Don't forget to rate, review, and subscribe to "Cents of Responsibility". If you enjoyed this episode or have any suggestions for future episodes, please let us know. We'd love to hear from you! In the meantime, teach cents-ibly!

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Relevant Links:

Jamie Bosse's books: 

Money Boss Mom and Milton, the Money Savvy Pup: https://www.moneybossmom.com/buy-books

Cents of Responsibility Parent Resources Page: 

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In this episode:

- Alec Lindenauer, COR's Chief Allowance Officer, Financial Advisor and Certified Financial Education Instructor℠

- Julie Frans, COR Chief Community Officer, and COR Mom

-Jamie Bosse, Financial Planner, author, and mother of four

=======================

Want more resources to teach your child about money? Check ‘em out here:

 

💰How To Teach Your Kids About Money Podcast:

https://www.centsofresponsibility.com/podcast?utm_source=youtube&utm_medium=organic&utm_campaign=ep11



💰Cents of Responsibility Blog:

https://www.centsofresponsibility.com/blog?utm_source=youtube&utm_medium=organic&utm_campaign=ep11



💰Cents of Responsibility YouTube Channel:

@centsofresponsibility 

 

If you’ve thought about taking a complete, comprehensive course to teach your kids all about money, check out