How Great Leaders Raise Money-Smart Kids | Financial Lessons Every Parent Needs

Yeah, that's a really good question, Belinda.

I think that based on what I've seen in my family and my friends, at least one of the things that I see is how we view money when we're growing up regarding our own situation or our parents' situation financially, and then how that translates into education.

When you have your own new generation of kids or family.

So I think one of the biggest things is not trying to overcompensate, which is really hard.

At least I see it a lot in my circle of friends where when we were growing up, And this is different for every generation, but it follows a cycle where if you say you didn't have something or you couldn't have something, then you want your kids to have everything.

Right.

And how do you balance that? Whether you can or cannot doesn't really become a factor.

It's more of what the sentiment behind what I didn't have.

How can I give my kids whether I can or not? So how we balance.

teach our kids about the value of things and money is very important.

But without taking away from what you want to give them, it's a very difficult balance to achieve.

And no one should feel bad about what they're doing is just how do we incorporate more consciousness to it is what I would say.

But I'm going to let Josh put his two cents on this one, too.

I think it's very important to start young.

I still remember when I was little, I don't know how old I was when my parents opened my first bank account for me, but I remember going to the bank and being so excited.

I had my passbook, if anybody remembers those, that had my balance in there.

And I was so excited to go get my dollar, my $2.

And it wasn't just going to the bank.

Okay, I'm not going to lie.

It was going to the bank because you got a sucker.

But it was just the excitement of it.

And it was a dollar or two, which... 30, 40 years ago was, it was a lot more money than it is today where we're talking about not even making or printing the dollar anymore because is it really worth the cost of it? So, All of that to say, just over the last 30 to 40 years of my own personal experience, I've seen like, why don't people start young? A lot of it has to do with looking at, I don't know, the parents always understand finances because how were they taught about them? Was, did their parents understand? So you have a generational issue where people don't understand the value of money that Sam just spoke to, or they just don't understand finance.

how to manage money or how to save money or the priorities that they should be placing on it.

And then on the opposite hand, you can have, you could have been raised in a situation where money was taught, the value of money was taught, savings was taught, and You had different desires, let's say, and didn't want to save money or wanted to be, have what everybody else has.

The latest thing, we'll say keeping up with the Joneses, no offense to the Joneses, but keeping up with the Joneses.