Money Habits Parents Can Help Their Young Child Build

The Money Fit Show

Episode #25

Money Habits Parents Can Help Their Young Child Build

Guest Name: Sam X Renick

About the Guest: Sam X Renick is the Author of the Sammy Rabbit books and the founder and driving force behind the Sammy Rabbit company and movement.

Episode Description

In this financial idea-packed episode, Sam X Renick shares many of the ways he recommends parents approach financial education with their children, starting as early as 3 years old. Whether you’re living what you preach or not, he says, never let advertisers be the principal financial teachers of your children.

1. By the age of 3-5 years, children are already asking money-related questions, so it’s time to start talking to them about finances.
2. Parents too often underestimate their young child’s ability to grasp financial concepts.
3. Don’t force children to articulate complex financial ideas
4. If parents don’t teach their children what they think is most important about money, outside forces such as advertisers will.
5. Start with the habit of helping children to save. Besides its personal finance aspects, a habit of savings teaches delayed gratification, discipline, and goal setting.
6. By 10 years of age, lessons about choice-making and even the risk and reward concept of investing might be appropriate.
7. Even parents struggling with their own financial behavior are not hypocrites when they try to teach financial principles to their children.
8. Habit formation is central to Sammy Rabbit’s messaging.
9. Recommendation to put 50% of income increases toward investing to accelerate financial freedom.

Links referred to in the episode, and how to connect with the guest, Sam X. Renick:

It’s a Habit Sammy Rabbit

SammyRabbit.com

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