The BEST Money Advice for Kids

A question I enjoy asking guests on So Money is, “What is one thing you wish you had learned about money growing up?”

Some admit they learned nothing about investing. Others wish their parents had promoted entrepreneurship and becoming your own boss.

The fact is most kids will NOT learn about money in the classroom, so it’s up to mom, dad and loved ones to take the reins.

To help, there are many fine books and resources for kids of all ages. Here’s a round-up of some of my favorite money tools, with back-to-school season approaching:

 

  • The Startup Club. My good friend and MSNBC host JJ Ramberg has recently published this ingenious book for kids (aged 1st through 5th grade). Kids will learn money lessons and how to start a business.

 

 

  • FamZoo. Need an online system to let the family track allowances and view your kid’s budget? Enter: FamZoo. Founder Bill Dwight stopped by So Money to talk about the inspiration for starting the site (hint: he has four children). A cool FamZoo feature: When interest accrues on savings, your child receives an alert!

 

  • Make Your Kid A Money Genius. The New York Times bestselling author of Geta Financial Life is out with a money manual for parents. Is bribing our kids todo household chores ok? You’ll have to read the book to find out! Beth also tells all in a candid So Money interview.

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Question for you: What’s the worst advice you’ve ever received? That’s a tough one, right? My dear friend and #NoLimits podcast host Rebecca Jarvis asked me this question on her show this week. And I fear I may have veered off into #TooMuchInformation land. I found myself talking about things I never expected to share so […]

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“My husband and I have $30K in credit card debt from when he was sick and unable to work. We have about $300K in retirement and $50K in cash savings. Should we use the cash to pay off the credit card debt even though not having the cash savings gives me a bit of an anxiety attack?”

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