463: How to Teach Your Kids About Money (Saving, Investing, Spending, and FIRE)

Teaching your kids about money is one of the most CRUCIAL parts of parenting. So why do so many Americans completely neglect financial literacy for kids? Is it too awkward of a subject? Do parents feel like they don’t even grasp personal finances themselves? What happens if YOUR kid goes into the world with zero money mastery? If you have children, grandchildren, nieces, nephews, or loved ones with kids, THIS is what you MUST teach them. Instead of Mindy and Scott telling you what they taught their kids, Katie Trautman comes on the show to share what her FIRE father taught her about money. You may recognize Katie’s name; her father, Mark, was on the show just a few months ago. Mark was able to retire at age fifty, get Katie through college debt-free, and travel to his heart’s desire. He taught Katie some crucial personal finance lessons many of us never learned. From saving to spending, investing, retirement accounts, and more, Katie goes through some of the top lessons her father taught her about finances before she left the house. Katie is about to start her first full-time job, and with a healthy emergency reserve, full retirement accounts, and the right money mindset, she’ll show you how she plans to retire earlier than her father even though she JUST started working. In This Episode We Cover Financial lessons you MUST teach your children before it’s too late How to fund your child’s college through tax-advantaged investing accounts Allowances and how to entice your child to save more than they spend The “20%” rule that Katie has ALWAYS followed to set herself up for financial success Why your kids SHOULD know how much money you make, save, and spend The one thing Katie wishes she could change about growing up in a FI family And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment FIRE by 50: How to Have FUN on Your Journey Toward Early Retirement with Mark Trautman Tracy Coenen (Forensic Accountant) Part 1 Tracy Coenen (Forensic Accountant) Part 2 5 Ways to Teach Your Kids About Finance & Investing Click here to check the full show notes: https://www.biggerpockets.com/blog/money-463 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices