11: Setting Your Teenager Up for Financial Success

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By Ed Gerety. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Courtney Poquette has been a Teacher and Advocate for personal finance education for the past 15 years. In this episode, Courtney shares how you can prepare your teenagers for financial success. Start the conversation and don’t be afraid to talk with them about retirement! By starting early, your child can get lightyears ahead and be financially prepared for adulthood.

Key Takeaways

  • For a lot of people, money is a very taboo thing to talk about.
  • Courtney talks about the financial education she got when she was growing up.
  • She wishes more people told her about what retirement was.
  • What’s a good way to get the financial conversation started with teenagers?
  • Have realistic conversations with your teens on how much things actually cost.
  • So many teenagers don’t really know how much a car costs or gasoline costs, or why it’s relevant.
  • For many adults, we don’t think about our hourly wage and how that connects to what we want to buy.
  • You don’t need to sit your child down and have a ‘money conversation’. You can address their money questions as they come up.
  • We only know about the careers we’re exposed to. Talk to your children about the different career possibilities out there!
  • Courtney shares a personal example of why she wished she knew about the career options that were out there when she was a young adult.
  • Financial literacy education is critical! It’s so important but not every school offers this.
  • Some students have no idea that you were charged fees if you used a different ATM than your bank!
  • Courtney shares some resources you can share with your children.
  • What are the three things students must know when it comes to finances and money?
  • It’s important to teach your child the power a bank has and why it must be utilized effectively.
  • How does Courtney teach her students financial literacy?

Resources

Wsdvt.org/about/staff-directoryinformation

When it comes to teaching kids personal finance, Vermont gets a D.

The Automatic Millionaire: A Powerful One-step Plan to Live and Finish Rich Book by David Bach

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! By Robert T. Kiyosaki

The Index Card: Why Personal Finance Doesn’t Have to Be Complicated by Helaine Olen

Quotes:

“There’s a lot of discomfort when it comes to talking about money. People are either worried about decisions they made or they’re worried they’d be judged. It’s a very private topic.”

“When is there ever a day where we don’t think about money? We’re always thinking about it, so we can build those conversations in every single day.”

“For students to get more exposure to different opportunities is only going to benefit them.”

47 episodes