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
- Welcome to The Kid Factor
- It's NOT Your Fault... facts and current statistics
Segment 1: The Importance of Financial Independence
- Concerns about your children's financial independence
- How to make money matters fun with kids
Segment 2: Age-Appropriate Strategies for Ages 6-10: Building Financial Foundations
- Games and stories for kids and parents
- Tips for in-home activities and In-Real-Life (IRL) Actionable Activities
Segment 3: Age-Appropriate Strategies for Ages 11-15: Expanding Experiences
- Generating Money Habits, Savings Accounts and Fostering Delayed Gratification
- Preparing to Drive and the Financial Responsibilities Associated with the Privilege of Driving
- Go to The Kid Factor Official Instagram & DM us to get your FREE List of 33+ Emergency Expenses You & Your Kids Should Be Preparing For put "33 Emergency Expenses" in the subject line https://www.instagram.com/thekidfactorofficial/
Segment 4: Age-Appropriate Strategies for Ages 16-18: Preparing for Financial Independence
- Budgeting for expenses
- Creating gig opportunities and turning skills into marketable opportunities
Segment 5: Age-Appropriate Strategies for Ages 19-26: Transitioning Into Adulthood
- Adulting
- Establishing Credit Worthiness
- Student Loans and Debt
- Goal-setting and planning
Segment 6: 10 Actionable Strategies for Families to Implement To Overcome Some of the 25-plus Time-Wasters
- Family Budgeting Session
- Educational Professional & Personal Development
- Weekend Adventures
- Shared Hobbies
- Volunteer Opportunities
- Financial Literacy Sessions
- Regular Family Meetings
- Travel Planning
- Physical Activities
- Creative Time
Wrap-Up
- 5 Movies to Consider:
- The Ultimate Gift - based on the best-selling novel by Jim Stovall
- Tucker - The Man and His Dream - based on the life of Preston Tucker and his American dream
- The Rookie - based on the real life story of Jim Morris and his 1999 bet with his team who went from worst to first
- Racing Stripes - an award-winning film with the storyline of a Zebra with the heart of a CHAMPION and a Dream to run in Kentucky's most prestigious horse race.
- Little Red Wagon - based on the real life story of 8-year-old Zach Bonner who lives in Tampa with his realtor mom Laurie and teenage sister Kelley. In 2004, in the wake of Hurricane Charley, Zach uses his beat-up toy wagon to collect water, food and clothing for families left homeless by the storm. Emboldened by his success and the attention he is receiving from the local media, Zach battles bureaucratic hurdles to start his own charity, the Little Red Wagon Foundation,
- Call to action - A SPECIAL OFFER for THE KID FACTOR FAMILY...
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- Go to The Kid Factor Official Instagram & DM us to get learn LEARN HOW TO GET DOUBLE the VALUE of every dollar you spend through your bank accounts and through your credit accounts... in the subject line put "TELL ME MORE" https://www.instagram.com/thekidfactorofficial/
Connect with Barb!
Chat with Barb https://calendly.com/barbv
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Thank you so much for joining us today!
If you enjoyed this episode, please submit a rating and review and share it with a friend. Together, we can inspire more people to utilize The Kid Factor!
Let’s keep the conversation going! We would love to hear from you and your wants, needs, and goals and support you along the way! Head over to our website at https://www.TheKidFactor.Fun, where we connect, collaborate, and celebrate each other while sharing more about money, business & entrepreneurship, and personal development. Can’t wait to see you there!
Make sure you pick up your FREE PDF TIPS FOR RAISING FINANCIALLY INDEPENDENT KIDS.
DO YOU OR YOUR CHILD WANT TO WRITE AND PUBLISH YOUR OWN BOOK?
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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...
