Financial literacy is a crucial skill that empowers individuals to make informed and effective decisions with their financial resources.
Instilling this knowledge from a young age not only prepares children for the complexities of economic life but also lays the foundation for a future of financial independence and security.
In this episode, Abbey Henderson, CFP®, CEO, Wealth Advisor & Coach, dives into the importance of teaching children about finance, sharing personal childhood money memories and the impact they have on financial beliefs. She emphasizes the need for intentional financial education, aligning it with family values. Abbey also covers the challenges of digital transactions, budgeting, philanthropy, and the power of compounding interest for kids.
Abbey discusses:
- Personal childhood money memories and the importance of teaching kids about finances
- The significance of understanding and reflecting on personal beliefs about money to effectively teach kids
- The significance of aligning financial decisions with personal values and vision for the future
- Ways to introduce kids to philanthropy, such as charity gift cards and family philanthropy boards
- Opening savings accounts, understanding banking, and introducing the concept of compounding interest
- Teaching about taxes, investing, and the importance of starting early with retirement savings
- The impact of college costs, student loans, and helping kids understand the trade-offs and implications
- And more!
Related: Embracing Personal Growth: Departing the Corporate World for New Horizons