WE KNOW IT IS IMPORTANT TO TALK WITH YOUNG PEOPLE ABOUT MONEY. BUT HOW?
Below are 5 discussion pillars to talk money with teens, and a free Parent Handbook called 6 Things to Teach Your Kid About Money, Now!
Imagine for a moment that you want to start a garden. What will work better to grow strong, thriving, and beautiful plants: Dry dust or fertile soil?
Trying to get an idea to stick with your kid or your student (or anyone for that matter) requires you to build fertile soil, composed of trust, respect, and caring.
The way to build fertile soil in your relationships is by active listening.
This means listening with the intent to understand, not just to respond.
It means listening to find something in what they are saying that you can validate. Even if it’s just 10% of what someone is saying, focus on that 10%! It will grow from there.
At the end of the day, everyone just wants to feel like they are being understood, and a 17 year old kid’s desire to be heard and understood is no more or less valid than yours.
If you try to force your ideas, it will only work against you. It will make the soil of your relationship dryer. The more you listen however, the more your message will stick.
Make money relatable
What do your young adults care about?
If they care about buying their first car, tie your money lessons to buying their first car.
If it is starting their own business, then use that interest towards your goal.
The two golden rules of someone learning anything are:
1. They need to find it interesting
2. They need to have an objective that they care about
If you are serious about trying to teach your kid something, you have to find ways to make it relatable to them. To do that, ask questions and listen to understand!
5 Discussion topics to make money relatable
1. Buying a Car You can help them find creative ways to Earn the money to buy it, or where to cut back on Spending. You can link it to Saving and the Budgeting that will be required once they own it. Even if you pay for some of this, it's a great opportunity for lessons.
2. Pursuing a Hobby or Passion
This could be photography, music, gardening, video games, vlogging, writing, etc… You link these all to Earning, Entrepreneurship, Budgeting, Investing in learning, and Career Discovery.
Maybe you help them get an internship, or you drive them to volunteer somewhere so they can learn more.
3. Clothes & Technology
Maybe they could resell clothing, or write a blog doing reviews. Even if they don't make money from it, there are plenty of valuable money lessons to be learned.
Otherwise, you could watch and discuss marketing or commercials together. You could research the pricing, manufacturing process, or environmental impact of these items.
4. Pursuing a Big Goal
Maybe it's saving for a big trip, getting into a reach school, or landing a dream job. Maybe it's linking money lessons to broader interest in human rights, the outdoors, or starting a business.
5. Social Outings Starbucks, Chick-fil-A, Chipotle are the big 3. Have them add up how much they spend on these. Have a discussion about spending values, and if their actual spending aligns with what they want their life to be like.
The more you can tie money lessons to an objective that they care about, the more success you will have.
How to teach young adults about money
If you are a parent or teacher looking for resources to teach financial literacy basics, Check out the Money Fundamentals inside Money Club. It's available in the free version!
It includes in depth content to teach Banking, Loans, Credit, Paychecks, Taxes, and more!
Those skills are very important, especially as young adults begin to actually use them (remember, relatable!), but real success with money goes far beyond that.
Success with money is all about building healthy habits and behaviors. Plenty of people know enough about interest rates but still have an online shopping addiction!
This is why we’ve created this free handbook for parents & teachers!
Each chapter of our money handbook features:
1. Essential Money Lessons that you won't find anywhere else
2. Financial Literacy Discussion Questions to stimulate meaningful conversations.
3. Action Steps and resources to apply each money lesson to your lives!
contents of this Free Guide:
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Money Club teaches young adults about money
To learn more about building healthy money habits and designing a life that fits your values, goals, interests, check out Money Club - an online game, course, and community of people learning how to become financially intelligent and independent.