We want our kids to learn how money and personal finances work at a fairly early age so they learn how to make smart decisions. IBJ happens to have a good resource for this bit of childhood development: personal finance columnist Pete Dunn, aka Pete the Planner. He has two kids, ages 10 and 13, and has spent several years trying to imprint them with economic wisdom. IBJ Podcast host Mason King has a 6-year-old with a keen interest in money, so he has turned to Pete for his advice in this week’s edition of the podcast.
There are two kinds of advice here. There is the practical, mechanical side of money: yeaching your kids how to make money, how to save it, how to spend it, how to invest it and how to earn interest. Pete has been guiding his daughter through hands-on experiences with money since at least the age of 7, as she buys shares of stock, starts internet businesses and helps pay the family’s mortgage every month. The other kind of advice is more about values. How should you handle debt? How much should you rely on your family for financial help? Is becoming rich, by itself, a worthwhile goal? Is the experience of a teen working a regular job more or less valuable than trying to burnish a college resume with sports and academics?
In the end, a lot of this advice is just as appropriate for adults.
You can also listen to these recent episodes:
IBJ Podcast: How do you solve a problem like Monument Circle?
Looking for another podcast to try? Check out IBJ’s The Freedom Forum with Angela B. Freeman, a monthly discussion about diversity and inclusion in central Indiana’s business community.