Podcast Summary: "Teaching Your Kids About Money w/ Rachel Cruze"
Podcast Information:
- Title: The Carpool with Kelly and Lizz
- Hosts: Kelly Stumpe and Lizz St. John
- Episode: Teaching Your Kids About Money w/ Rachel Cruze
- Release Date: January 30, 2025
1. Introduction to Rachel Cruze
Timestamp: [15:27]
Kelly and Lizz welcome Rachel Cruze to the Carpool podcast, expressing excitement over her appearance. Rachel Cruz, a renowned financial expert and daughter of Dave Ramsey, brings her expertise in personal finance, particularly focused on teaching children about money.
Notable Quote:
"We're all just kind of regurgitating things we've seen on Instagram reels, like, just literally. That sounds like a good idea." — Rachel Cruze [02:50]
2. Rachel Cruze's Upbringing and Financial Foundations
Timestamp: [16:20]
Rachel delves into her childhood as Dave Ramsey's daughter, highlighting how her parents instilled strong financial principles despite their public financial challenges, such as filing for bankruptcy in 1988. This environment fostered a practical and biblical perspective on money, emphasizing work ethics and financial responsibility.
Notable Quote:
"Being a good parent is raising kids that don't need you that like want to leave you." — Rachel Cruze [32:36]
3. Teaching Kids About Money: The Give, Save, Spend Model
Timestamp: [20:04]
Rachel discusses the foundational financial lessons taught in her household:
- Work for Money: Kids earn money through chores, reinforcing that money is a result of effort.
- Give, Save, Spend: Each child is encouraged to divide their earnings into saving, spending, and giving, fostering balanced financial habits from a young age.
Rachel shares personal anecdotes, such as rewarding her five-year-old son for extraordinary effort in cleaning, which teaches the value of initiative and responsibility.
Notable Quote:
"There's a big level of responsibility on the other if you are winning to keep this level of grit with your kids." — Kelly [19:29]
4. Navigating Different Financial Personalities in Children
Timestamp: [28:02]
The conversation shifts to addressing varying financial behaviors among children:
- Spenders vs. Savers: Rachel identifies as a natural spender and her partner as a counterbalance. Their children exhibit similar traits, with one hoarding money and the other eager to spend on small items.
- Teaching Delayed Gratification: Rachel emphasizes the importance of teaching children to delay gratification, helping them understand that immediate purchases may not lead to long-term happiness.
Notable Quote:
"If you think the only way to get a level of joy is getting a new thing, you're going to live a very long, unhappy life because you will keep buying and buying and buying." — Kelly [29:35]
5. Rachel Cruze's Children's Books on Money
Timestamp: [33:12]
Rachel introduces her series of children's books designed to teach emotional and spiritual aspects of money management. The series includes themes of gratitude, contentment, and generosity, illustrated beautifully and crafted to engage both children and their parents.
Key Highlights:
- Storytelling with Lessons: Each book delivers a life lesson centered around monetary principles, making financial education accessible and relatable for young readers.
- Community and Relationships: The books underscore the importance of community and relationships over material wealth, aligning with Rachel's philosophy on contentment.
Notable Quote:
"There's so much just beauty of, in the balance of, like spending but saving, like working but giving." — Rachel Cruze [23:34]
6. Practical Financial Tips for Parents
Timestamp: [24:10]
Rachel shares actionable strategies for parents to teach their children about money:
- Chore-Based Allowance: Implementing a system where children earn money through completing specific chores.
- Tracking Rewards: Using tools like notes apps to track and reward children for their financial achievements, ensuring consistency even when cash isn't immediately available.
Notable Quote:
"Don't let the fact that you don't have the dollars there be the reason you're not doing something." — Rachel Cruze [26:16]
7. "Ditch the Drive Thru" Segment: Easy Dinner Recipe
Timestamp: [36:15]
In the popular "Ditch the Drive Thru" segment, Rachel shares a quick and easy dinner recipe to avoid the temptation of unhealthy or time-consuming drive-thru meals.
Recipe Highlight: White Sauce Pasta
- Ingredients: Butter, flour, Parmesan cheese, salt, pepper, and a splash of milk.
- Preparation: Combine butter and flour, stir in Parmesan, season, and mix with boiled penne noodles.
- Tip: Homemade Alfredo sauce offers a distinct and richer flavor compared to store-bought versions.
Notable Quote:
"It's literally like five things. And you sit there and it takes about five minutes just to stir together, and it ends up being this, like, white sauce." — Kelly [37:06]
8. Automotive Discussion: Favorite Family Cars
Timestamp: [38:10]
Keeping with the podcast's automotive theme, Rachel and Kelly discuss their favorite family vehicles:
- Rachel's Preference: Impressed with the new Kia Carnival Hybrid for its functionality and eco-friendly features, expressing disappointment that Honda Odyssey doesn't offer a hybrid variant.
- Kelly's Choice: Proudly owns a Honda Odyssey, describing it as the ultimate family vehicle despite its lack of hybrid options. She humorously mentions her five-year plan to eventually part ways with it, though practicality keeps her attached.
Notable Quote:
"It's very similar to the Odyssey and its functionality, and I'm just bummed that the Odyssey doesn't offer a hybrid now." — Rachel Cruze [39:43]
9. Closing Remarks
Timestamp: [40:32]
The episode concludes with Rachel Cruze sharing her online presence, including Instagram, Facebook, her own podcast, and YouTube. Kelly and Lizz encourage listeners to subscribe and engage with the podcast, emphasizing community and shared experiences.
Notable Quote:
"Nothing's wrong with that. But even when people ask me that question, like, am I worried, you know, in 10 years, if my content's still going to be relevant, I'm going to be like, you know how much smarter I'm going to be in 10 years." — Rachel Cruze [02:56]
Conclusion: In this episode, Kelly and Lizz, alongside guest Rachel Cruze, provide insightful discussions on instilling sound financial habits in children. Through personal anecdotes, practical tips, and creative resources like children's books, listeners gain valuable strategies to teach their kids the importance of earning, saving, giving, and responsible spending. The episode seamlessly blends financial wisdom with relatable family experiences, making it a must-listen for parents aiming to cultivate financial literacy in their children.