It's NOT Your Fault: Money Secrets They Don't Teach In Schools aims to provide parents with practical steps to nurture financial independence in their children, offering age-appropriate strategies and actionable tips for various stages of childhood through adolescence and into young adulthood. The episode concludes with 10 actionable strategies for families to implement immediately so that they can overcome some of the 25-plus time-wasters typical families experience that keep them from moving forward and creating empowering financial freedom habits.
In this episode of The Kid Factor, Barb delves into a topic close to every parent's heart: nurturing financial independence in their children. A recent survey reveals that 9 out of 10 parents prioritize financial independence for their children's adulthood, making it a top concern.
We begin by exploring the significance of financial independence and the long-term benefits of early financial education. Recognizing the impact of such education on a child's future, Barb shares insights on why starting early is key.
The episode unfolds with actionable steps tailored for different age groups, ranging from 6 to 26. For the youngest, we discuss foundational steps like introducing money through play and establishing basic financial skills and experiences. As the age group progresses, topics shift to budgeting, savings accounts, part-time work, and even discussions about investments.
For the older age brackets, we address more advanced concepts such as responsible credit card use, discussions on student loans and college funding, and encouragement for entrepreneurship and side hustles/gigs. The ultimate goal is to equip your children with the tools needed for financial success as they transition to adulthood.
Throughout the episode, Barb emphasizes the importance of family meetings, communication, and shared experiences. The benefits extend beyond financial literacy, fostering stronger family bonds, resilience, and a mindset geared towards achieving goals.
In closing, Barb encourages parents to take these small steps today, recognizing that they lay the foundation for a future of financial independence. The journey towards a financially empowered family dynasty starts with each of us. Until next time, stay empowered and keep crafting your family's financial legacy.
Introduction
Segment 1: The Importance of Financial Independence
Segment 2: Age-Appropriate Strategies for Ages 6-10: Building Financial Foundations
Segment 3: Age-Appropriate Strategies for Ages 11-15: Expanding Experiences
Segment 4: Age-Appropriate Strategies for Ages 16-18: Preparing for Financial Independence
Segment 5: Age-Appropriate Strategies for Ages 19-26: Transitioning Into Adulthood
Segment 6: 10 Actionable Strategies for Families to Implement To Overcome Some of the 25-plus Time-Wasters
Wrap-Up
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IF YOU OR SOMEONE YOU KNOW IS STRUGGLING WITH MENTAL HEALTH ISSUES... YOU"RE NOT ALONE>>>
Website: https://www.nami.org/Home
Phone: NAMI HELPLINE 800-950-6264 or TEXT "helpline" to 62640
In 2020, the nation took a significant step forward with the enactment of the National Suicide Hotline Designation Act, a bill NAMI advocated for that created a nationwide three-digit number (988) to assist people experiencing a mental health or suicidal crisis. This number is now available in communities across the country.
NAMI recognizes that other organizations have drawn distinctions between what diagnoses are considered “mental health conditions” as opposed to “mental illnesses.” We intentionally use the terms “mental health conditions” and “mental illness/es” interchangeably.
A mental illness is a condition that affects a person's thinking, feelings, behavior, or mood. These conditions deeply impact day-to-day living and may also affect the ability to relate to others. If you have — or think you might have — a mental illness, the first thing you must know is that you are not alone. Mental health conditions are far more common than you think, mainly because people don’t like to, or are scared to, talk about them. However:
1 in 5 U.S. adults experience mental illness each year
1 in 20 U.S. adults experience serious mental illness each year
1 in 6 U.S. youth aged 6-17 experience a mental health disorder each year
50% of all lifetime mental illness begins by age 14, and 75% by age 24
A mental health condition isn’t the result of one event. Research suggests multiple linking causes. Genetics, environment, and lifestyle influence whether someone develops a mental health condition. A stressful job or home life makes some people more susceptible, as do traumatic life events. Biochemical processes and circuits and basic brain structure may play a role, too.
None of this means that you’re broken or that you, or your family, did something “wrong.” Mental illness is no one’s fault. And for many people, recovery — including meaningful roles in social life, school, and work — is possible, especially when you start treatment early and play a strong role in your own recovery process.
THERE'S HELP & HOPE...