Fact: 1% of kids in our country save money.

Now that we’ve let that statistic settle in, I’m happy to tell you that there’s hope for all of us who struggle with effective ways to teach our kids about money. As with most things involving kids and lessons, it starts when they are young. And today, we’re going to give parents some terrific advice for helping children have healthy understandings about savings, spending, and charity.

We’re joined by Bill Dwight, founder of FamZoo - an online virtual bank that helps parents teach kids about good personal finance. Bill’s a dad of five kids and, like me, has had plenty of successes and failures when it comes to teaching lessons to kids.

We’ll explore a number of topics that will help all parents develop plans that are best for their family:

• Allowances? The pros and cons.• Paying for chores?• Is it more important to understand “real” money or electronic money• The importance of constraints as it pertains to financial issues• Teaching kids about charity

This is a fun show. You’ll learn a lot. And the real winners will be your kids who will benefit from your insight into teaching them about personal money management!

References from this Podcast:

FamZoo website

220 - Teaching Kids About Money