DeepSummary
In this episode, Dr. Becky Kennedy interviews Alexa von Tobel, a money expert and author, on how to teach kids about money and develop a healthy relationship with it. They discuss the importance of exposing kids to money from an early age, helping them understand it as a tool to manage rather than something to worship or ignore. Key strategies include setting money goals, practicing delayed gratification, and using mantras to foster a sense of capability around finances.
Alexa emphasizes the value of having open conversations about money with kids, making it visible and concrete, and involving them in financial decisions appropriate for their age. She suggests teaching kids about budgeting, saving, investing, and making trade-offs through hands-on experiences and examples from daily life. The overall aim is to build habits and skills that will empower kids to become financially responsible adults.
Dr. Becky and Alexa also address common parenting dilemmas, such as allowances versus chores, setting appropriate allowance amounts, and navigating kids' desires for instant gratification. They stress the importance of modeling a healthy money mindset, celebrating small milestones, and encouraging frustration tolerance as kids learn to wait and save for their wants.
Key Episodes Takeaways
- Start teaching kids about money from an early age to build healthy financial habits.
- Help kids understand money as a tool to manage and live their lives, not something to worship or ignore.
- Use age-appropriate strategies like goal-setting, delayed gratification, and mantras to foster a sense of capability around money.
- Have open conversations about money, make it visible, and involve kids in financial decisions appropriate for their age.
- Teach budgeting, saving, investing, and making trade-offs through hands-on experiences and examples from daily life.
- Model a healthy money mindset, celebrate small milestones, and encourage frustration tolerance as kids learn to wait and save.
- Address common dilemmas like allowances vs. chores, setting appropriate allowance amounts, and navigating instant gratification desires.
- Aim to build skills and habits that will empower kids to become financially responsible and capable adults.
Top Episodes Quotes
- “Money is a tool that helps empower our lives in. What very occurred to me was it's still not taught in schools. How is that possible? And I finally said, I have three little kids. I have to go do something about this.“ by Alexa von Tobel
- “And so sit down with your child and say, what is one thing that you think you need and what is one thing that you want? And let's first learn the difference.“ by Alexa von Tobel
- “You're really empowering your child with street smarts around money. And letting your child notice that. And it's just in all of a sudden, and it's the same water. All of a sudden, your children start being like, should we bring a water bottle, mom? When we walk out the door, they start making smart choices on their own.“ by Alexa von Tobel
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Episode Information
Good Inside with Dr. Becky
Dr. Becky Kennedy
5/7/24