It's important to concentrate on our own financial situations, but as parents, we can't forget to teach our kids the principles of financial literacy as well. These lessons can be taught by instituting an allowance program or chore and reward system.
John Lanza, the author of The Art of Allowance, joins us on the show to talk about how we can develop a system like this. The earlier parents start, the better off their kids will be.
As we start to make progress here, John has a key piece of advice for the parents out there: Don't pair allowance with chores.
What are we covering?
John and I chat about:
- Why chores should not be coupled with allowance
- How a “Breakthrough Allowance” can help your preteens and teens become more responsible
- Where is the best place to start for parents who haven't introduced their kids to financial literacy
After this chat with John, our family completely changed some of our traditions with chores and rewards. It was an enlightening conversation. I really enjoyed his fresh perspective. I think you will too!
Enjoy!
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About our Guest: John Lanza
John Lanza is the Chief Mammal of The Money Mammals and author of the new book for parents, The Art of Allowance: A Short, Practical Guide to Raising Money-Smart, Money-Empowered Kids.
A pioneer in youth money-smarts, John created the original Money Mammals DVD and has written three children’s picture books to help kids learn to “Share & Save & Spend Smart.” He is recognized nationally as a youth financial literacy expert and the Money Mammals have been featured in The New York Times, The Wall Street Journal and The LA Times.
Website: The Art of Allowance
Recommended Charity: Donors Choose
Book: The Art of Allowance
Money Masters of the Week
Melody from Michigan shared the results of her annual goals! And, oh yeah … she crushed it!
Just to name a few …
- Paid off $72,000 of debt
- Started graduate school
- Began an adoption process in the Philippines
It was an incredible year for Melody and her husband! And she's from the great state of Michigan so she's got winner written all over her. 🙂
If you want to learn more about Melody, check her out at Her Designed Life.
The blogger behind Grokking Money had an incredible 2018 as well!
Here's his list of accomplishments:
- Developed first written budget
- Paid down $15,000 on a car loan
- Maxed out 401k and Roth IRA contributions
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What do you think about giving your kids an allowance?
Please let us know in the comments below!
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