Are We Raising Money-Smart Kids or Spenders? The Impact of 'Invisible Money' on Health with Maya Corbic

Are We Raising Money-Smart Kids or Spenders? The Impact of 'Invisible Money' on Health with Maya Corbic

Show Description:

In this episode of Uncover Your Eyes, Dr. Meenal is joined by Maya Corbic, a CPA, author, and founder of the Wealthy Kids Investment Club, to discuss the importance of teaching children financial literacy. Maya shares tips and strategies on how parents can educate their kids about money, from understanding needs vs. wants to using allowances effectively and even introducing the concept of saving and investing. Learn how early financial education can shape your child's future, change your family's generational wealth trajectory, and empower them to make smart financial decisions. Tune in for actionable advice that you can start using today!

Timestamps:

• (00:00)  Introduction: Maya Corbic and the importance of teaching kids about financial literacy.
• (02:15) The impact of teaching financial literacy at an early age on kids' future decisions.
• (03:45) Maya explains how understanding the difference between needs vs. wants can help kids better manage money.
• (06:00) The significance of allowances: Different methods for giving allowances to children.
• (08:10) How to tie allowances to chores or responsibilities, and the value of teaching responsibility through money.
• (10:20) Maya discusses the importance of teaching kids to save, even with small amounts of money.
• (12:30) The role of goal-setting in teaching kids about saving for future needs or wants.
• (15:00) Explaining credit and debt to kids: The difference between good debt and bad debt.
• (18:20) Teaching kids about budgeting: A basic approach to help them allocate their allowance effectively.
• (21:00) The long-term impact of instilling good financial habits in children for their future financial well-being.
• (23:30) How parents’ money mindset influences how they teach their kids about money.
• (26:00) Maya’s tips for teaching kids about investing and the benefits of early exposure to the concept.
• (28:45) Overcoming challenges in teaching kids about money and how to make it more engaging.
• (30:00) The importance of consistency and reinforcement in teaching financial literacy.
• (33:00) Final thoughts: Encouraging parents to start the conversation early and be a positive financial role model for their kids.
• (34:30) Conclusion: Recap and actionable steps parents can take today to improve their kids' financial literacy.

 

Key Takeaways:

• Start Early: Begin teaching kids about money as early as age five. Concepts like needs vs. wants can be easily grasped, setting a solid foundation for future financial literacy.
• Teach Through Allowances: Use allowances as a tool to teach saving, budgeting, and making thoughtful spending decisions.
• Money Mindset: The way we view and handle money as adults directly influences how we teach our children. It’s important to reflect on our own money mindset.
• The Power of Transparency: Having open conversations about money with kids helps build trust and prepares them for the future. Don’t shy away from discussing financial realities.

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