Ep. 78 - The Financially Savvy Family: How to Raise Money-Smart ChildrenJun 07, 2023
As parents, we want our children to grow up to be successful and responsible adults. One crucial aspect of adult life is financial literacy. Maya Corbic, a CPA and financial professional, joins us in this episode to discuss the importance of teaching children financial literacy and managing your family's finances.
Maya begins by sharing her personal story of how she learned about the importance of financial education the hard way. She made preventable financial mistakes early on in her career, and she emphasizes the need for early education in personal finance to prevent similar mistakes.
Maya highlights that financial literacy is not just about learning how to budget or save, but also about developing a healthy mindset towards money. She explains that children should be taught the value of money and the importance of making informed financial decisions.
Parents play a crucial role in teaching children financial literacy. Maya suggests that parents should start by introducing children to basic financial concepts, such as budgeting and saving. Children should learn about the different types of bank accounts and how to balance a checkbook. They should also learn about the different types of loans and the importance of paying bills on time.
Maya emphasizes the importance of leading by example. Children are always watching and learning from their parents' actions, so it's essential for parents to model good financial habits. This can include things like creating a budget and sticking to it, paying bills on time, and avoiding impulsive purchases.
Maya also discusses the importance of involving children in family financial discussions. This can help children understand the family's financial situation and learn about the importance of making informed financial decisions. It can also help children feel more invested in the family's financial goals and work towards them.
One of the challenges parents face in teaching financial literacy is the overwhelming amount of information available. Maya suggests that parents should focus on teaching children the basics and gradually build on their knowledge. Parents can also seek out resources such as books, blogs, and online courses to supplement their own knowledge and teaching.
Maya also discusses some of the common misconceptions about financial education. Many people believe that financial education is only necessary for those who are struggling financially. However, Maya emphasizes that financial education is important for everyone, regardless of their financial situation.
Another misconception is that financial education is only about saving and budgeting. While these are essential concepts, financial education also includes things like investing, retirement planning, and debt management. Maya stresses the importance of teaching children about these concepts as well.
Maya concludes by emphasizing that financial literacy is a lifelong journey. It's not something that can be learned in a single lesson or course. Instead, it's about developing a healthy mindset towards money and continuously learning and adapting to new financial challenges.
Maya Corbic's discussion highlights the importance of teaching children financial literacy and managing your family's finances. Parents play a crucial role in modeling good financial habits and involving children in family financial discussions. By doing so, children can develop a healthy mindset towards money and make informed financial decisions throughout their lives.
You can learn more about Maya's at her website https://www.dinarii.com/
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