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Aug 24, 2023

How do we teach our children the true value of money without letting wealth overshadow personal worth?

In an engaging dialogue on childhood financial literacy, Tad sheds light on the balance between teaching kids about money and not overemphasizing wealth. Using relatable analogies and real-life stories, he underscores the importance of honest conversations and encourages parents to delve into the deeper concerns behind their children's queries about wealth. Tad also emphasizes the distinction between personal worth and monetary value, citing roles like teaching as vital yet often undervalued. Tune in to gain insights into fostering a healthy financial perspective in children!

 

[00:00 - 07:40] Teaching Financial Responsibility

  • Tadd Fallows talks about teaching his children about money.
  • Tad discusses the "Three Generations Theory, where the first generation amasses wealth through hard work, the second generation benefits from it, but the third often dissipates it
  • Tad discussed how to provide children with the benefits of wealth while still instilling values of hard work and grit
  • Tad exposes his children to real-world financial scenarios for understanding
  • Tad gives his children an allowance that they can save, spend, or donate to charity, offering them early lessons in managing money

 

[07:41 - 12:47] Decoding Kids' Money Questions: Wealth, Worth, and Family Values

  • Tad underscores the importance of offering children a genuine understanding of money, cautioning against oversimplified or unrealistic explanations
  • He centers on aligning monetary decisions with family values
  • Tad emphasizes that financial wealth doesn't equate to a person's societal or personal value

 

Connect with Tad:

Linkedin

or visit his webpage: https://www.longangle.com/

E-mail: tad@longangle.com

 

 

Key Quotes:

"Giving them that gift of confidence is vital. I would say that for the majority of us in the overall population, who aren't discussing those kinds of money, it's about giving people, or children specifically, accountability and responsibility early on" - Tad Fallows

"A lot of parenting is just being this sort of heavy-handed moralizing and telling them what you think because I I think they are listening." Tad Fallows

 

 

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