Kids and Money with Raeshal Solomon | Ep. 31

• Tiffany introduces Raeshal Solomon, noting both are single moms focused on teaching their children about money.

• Raeshal has two seven-year-old boys: her biological son and her nephew whom she gained custody of at age two.

• Raeshal began teaching her son at age one using the phrase 'money goes in the bank' with a piggy bank.

When he could walk around the house and say little phrases like mama or baba or eat, that's when I started teaching him little phrases.

• She started her nephew at age two with the same approach. Both children now save money throughout the year and visit the bank annually to see their account balances.

• Tiffany shares that she rolled her children's savings into 529 plans as her birthday gift to herself.

• Raeshal opened 529 plans when her children were ages two and three. Both emphasize the importance of planning for college costs to avoid student loan debt.

• Both hosts observe that their children have developed distinct money personalities early—one saver and one spender.

One is a true saver and one is a true spender... they need to have balance.

• Raeshal plans to have her saver spend money on their upcoming Disney trip. Tiffany uses the give/spend/save framework to encourage balance in both children.

• Raeshal created a house rule: if a question is money-related, she must answer it.

Money is not a lecture conversation. You shouldn't sit down with your kids and try and teach them for like five hours about money.

• She demonstrates by taking her son to pay rent with a cashier's check. Teaching opportunities include grocery shopping, getting gas, paying bills, and bank visits. Each lesson takes only 2-10 minutes.

• Raeshal launched Podcast Kids to let parents hear her actual conversations with her children about money.

• The podcast includes episodes on Santa Claus, co-parenting across households, and interviews with kidpreneurs who run businesses with employees.

• Episodes are kept short (around 15 minutes) so children can listen too.

• Raeshal's website is mylittlebanker.com where her books and podcast are available.

• Listeners can use code MONEYTALK for 10% off purchases on her website.