How To Teach Kids About Money with Shanté Nicole | Ep. 93

• Shanté explains that adults struggle with money because they never learned it as children. Schools don't teach it and parents often don't know where to start.

The reason why we're all in shambles? Because we didn't learn any of this when we were younger.

• Start at the first moment a child asks you to buy something. This is when they recognize a transaction must occur.

The first time a child asks you to buy them something. And four years, because there's a way to explain the same thing and bringing it down to the level of where they are.

• Sit kids down and show them what it costs to run the household. Most kids have no idea about rent, car payments, insurance, or utilities.

They just go to school. They come home. They have their bed. They have their Wi-Fi... They just go with the flow.

• Help kids identify specific goals they want to save for. Allow them to spend on smaller items while encouraging saving for bigger purchases.

Teaching delayed gratification... I know it seems enticing and you want to spend this money right now, but guess what? You want that one thing.

• Instead of discouraging purchases outright, teach kids to comparison shop. Look for items cheaper on different platforms like eBay or Amazon.

Say $60 is a lot. You sure you want to spend that? Hey, let's see if we can find those same ones for cheaper.

• Get kids debit cards so they can make their own purchases. Let them experience the consequences of poor spending decisions.

Let them fall through the cracks. If they want to spend $100 on something that you think is so ridiculous, let them spend it.

• Pay kids for good grades as a bonus system. An A might be $20, a B $15, a C $10. This mirrors how the real world incentivizes performance.

You only got one job at this point... and that's to do good in school.

• Charge small amounts for Wi-Fi, rent, or groceries so kids learn they can't spend all their money. This simulates real-world obligations.

Before I can go spend it, I got to pay my bills. Just something, your money is not all your money to spend when you get it.

• Shanté created flashcards with financial terms and definitions, plus planners for kids and teens that include ledgers and budget sheets.

These cards will help you even start the money conversation. What does the budget mean? What does the economy mean?