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6 Tips for RaisingCash Savvy Kids

Bill DwightFounder & Chief DadFamZoo.com

APRIL 28, 2010

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6 5 reasons why I care about kidsOK, the spotted

dachshund doesn’t count!

Will they be ready for the real world?

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What does “cash savvy” mean?

It’s not about being “rich”.

The Rewards:• Independence• Balance• Peace of Mind

To be wise with your money.

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My top 6 cash savvy tips

1.1. PracticePractice, practice, practice!2. Have a systemsystem3. Do the mathmath4. Create balancebalance5. Insist on accountabilityaccountability6. Promote passionspassions

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Seen this look before?

Kids learn by doing, not lecture.

When I was your age, I…

I THOUGHT I TOLD YOU

TO…

Blah, blah, blah…

Eyeballs rolling

Brain not processing

1PRACTICE

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Let your kids practice…

• Spending their own money• Making a budget• Saving for a “want”• Paying off a loan• Running a “business”• Investing for the future• Giving to others

…and let them fail too.

1PRACTICE

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How would you feel about an employer who “forgot” your paycheck?Or a banker who “lost” your money?

Kids don’t like unreliable behavior either!

My parents keep forgetting my allowance.

So lame… Not mine. They have a system!

2SYSTEM

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Set up a system to model the importance of being…

• Consistent• Efficient• Organized• Transparent

2SYSTEM

Read “The First National Bank of Dad” by David Owen

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Do you make decisions based on facts or emotions?

Be calm and do the math.

3MATH

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Teach your kids the simple mathbehind…

• budgets• compound interest• loans• credit cards• business models

3MATH

Don’t forget to look at the whole equation!

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Do you feel pulled in multiple directions?

Balance is a skill that requires practice.

4BALANCE

LIFE WORK

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Help your kids find their balance

• Needs / Wants• Now / Later• Me / Family / Community / Environment

4BALANCE

The earlier, the better (but it’s never too late!)

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Are you shielding your kids from life’s bumps and bruises?

The real world can be very unforgiving.Bailouts aren’t always available.

5ACCOUNTABILITY

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Hold your kids accountable for theirinevitable transgressions…

• overage charges• chore lapses• fines & tickets• (nontrivial) mistakes

But cut them some slack too… they’re kids!

5ACCOUNTABILITY

Texting overage charges

Broken cell phone Speeding Ticket

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Have you found your passions?

SOFTWARE

MENTORS

KIDS

Bring your passion to your work.Bring your work to your passion.

6PASSION

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Help your kids find, develop and apply their passions

6PASSION

It’s not about your passions, it’s about theirs.

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THANK YOU FOR LISTENING!• Want to reach me?

info@famzoo.com

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