In today’s podcast, we’re talking about The Bank of Mom and Dad – and it’s not what you think! Teaching kids about money is a challenge! How do you help kids learn from their own money mistakes while protecting them from financial disaster?
Our special guest today is James Lenhoff, a Certified Financial Planner and the author of “Living a Rich Life: The No-Regrets Guide to Accumulating and Spending Wealth.” James is married with three children. He is very active in service projects through his church including financial literacy education programs, and missions work in Haiti.
In today’s podcast we discuss:
The Bank of Mom & Dad concept and how James uses it to teach his kids how to handle money wisely.
Kids and credit cards – when should your kid get one?
Buyer’s remorse and the lessons learned from it
Why it’s important to allowing your kids to fail financially and NOT bail them out