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StitcherIf we receive a set of puzzle pieces, we can’t complete the picture without knowing how they fit together. The same goes for teaching our kids about money. Even if we pass down every cent we have, they won’t know what to do with it unless we teach them the values and proper ways to handle it—just like everything else in life. In this episode, Jen and Jill are joined by Andy Hill of Marriage Kids and Money to share essential life skills and practical tips for setting up your kids for financial success.
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Andy Hill is the award-winning family finance coach behind Marriage Kids and Money – a platform dedicated to helping families build wealth and happiness. With millions of podcast downloads and video views, Andy’s message of family financial empowerment has resonated with listeners, readers and viewers across the world. When he’s not “talking money,” Andy enjoys being a Soccer Dad, singing karaoke with his wife and relaxing on his hammock.
The Perfect Balance on Building Wealth
Andy reminds us that while a little assistance can be beneficial, giving kids everything without teaching long-term financial skills can be harmful. Instead of just handing over wealth, it’s crucial to help them understand how to build their own financial future. Because, even if they have the resources, if they don’t know how to use them, it will be a missed opportunity. Therefore, finding a radical middle between support and education is essential for fostering financial independence.
It Takes One to Teach One
It’s true that we cannot give what we don’t have yet, so for Andy, before we begin setting our kids up for success, it’s essential to prioritize our own financial well-being. This means taking care of ourselves first so we can provide for them more effectively.
This includes talking to them about the financial journey we’re on, as Andy believes that’s the best wealth knowledge we can give them. By filling our own cups first, we create a foundation of stability, allowing us to offer more resources and guidance, which ultimately becomes a luxury in their lives.
Where Should Our Focus Be
To help our kids become mindful about handling money, Andy suggests teaching them to be savvy consumers. For example, when you’re out shopping, it’s a great chance to start conversations with them. Talk about different prices, share what you value, and explain why making thoughtful purchasing choices matters. He emphasizes that it’s all about doing life together and talking about money along the way.
He also recommends being open and honest about finances. Let them handle money and make decisions so they can learn from the experience. This could be through a chore program at home or other age-appropriate activities. The best age to start these lessons is around 3 or 4, since that’s when they’re most receptive!
The Secret to Making It Last
More than anything, the most important lesson to impart to your kids is to ensure they stick with it and make good use of what we teach them. Andy notes two key points: first, it’s much easier for them to maintain positive habits if you are personally demonstrating those habits. Second, being consistent in your support along the way is essential for their success.
What do you believe is a simple money lesson every child should learn?
For Andy, finding joy beyond material purchases means embracing delayed gratification. For Jill, it’s recognizing the value of our resources. For Jen, it’s understanding the importance of limitations.
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Bill of The Week
Thank you Andy for sharing your bill about meal kit delivery services!
Thanks so Much for Listening!
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Fun and easy listen!
This is a great one to have on when doing chores, driving kids around, etc. Their style feels like you’re listening in with friends. Def recommend!
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