Thread by @BrianFeroldi

10 tips for teaching kids about money:

Great convo with Buck Hartzell and @asitmap

1 - Teaching them to save is the most important thing. BY FAR. Build that habit in them early.

2- Live frugally yourself. Kids are watching.

3 - Talk about money openly. Answer their questions. Money shouldn't be taboo.

4 - Seed them $200 and tell them to start a business. Lawn mowing / dog walking / babysitting / grocery delivery....etc

5 - Match their savings, dollar for dollar, on their birthday.

They MUST invest the match.

Teaches them that everything they buy really costs double.

Can get expensive when they are teens -- but worth it!

6 - Give them $100/week on vacation.

They can spend it however they want, but that's all they get.

Don't pay for any extras beyond lodging/transport/food.

7 - Listen to money podcasts while in the car.

@themotleyfool
@AnswersPodcast
@ChooseFi
@AffordAnything
@MFIndustryFocus

They will pick things up. They're listening.

8 - Show them the relationship between profits & stock prices.

Disconnected in the short-term.

100% connected in the long-term.

9 - Talk about businesses they like/know at the dinner table.

What's better -- $DIS plus or $NFLX?

$ATVI or $EA?

$DPZ or local chain?

Why is $GME doing bad?

You might be surprised are their insights.

10 - If they are reluctant to learn, pay them to write you a book report.

$100 for a 1 page summary on great money books like:

Wealthy Barber
Richest Man in Babylon
Choose FI
Rich Dad, Poor Dad
Millionaire Next Door

Any other suggestions on how to teach kids about money/investing?

I'm all ears!

@morganhousel
@patrick_oshag
@awealthofcs
@ReformedBroker
@TMFStoffel
@Matt_Cochrane7
@DavidGFool
@worstideas