Hey Kids! Let’s Talk about Money!!

“Hey Kids! Let’s Talk About Money!!
 This is a guest blog by Bryan Sommer, new dad and lifelong financial literacy advocate, discussing ways to talk to your kids about money at any age. Bryan works as Vice-President of Interconnect Financial Services in Surrey, B.C, which was awarded ‘Best Boutique Financial Planners-Canada’ and ‘Best Financial Planner in South Surrey & White Rock’ in 2013. Bryan shares his passion about money management in the community, and through Gifted Goose Learning, his company that helps parents set children up for future financial and personal success through educational products.

Teaching Kids about Money

 How many kids say: “When I grow up, I want to be a financial planner?”
My guess: Not many. But I did. Growing up with a Financial Planner as a father, goal setting and understanding basic financial concepts were a given in my household, and I’m so thankful for it.
 Money management may seem like a taboo topic that you avoid talking about with your kids, but the reality is that it’s never too early to get started! A long-term study by Duke University shows that a child’s financial success can be determined as early as three years old by looking at self-control alone. 
After learning this, I saw extreme value in providing parents with educational tools that relay these important concepts through fun, engaging, and easy to use products, and started a line of resources under the Gifted Goose Learning umbrella!
The Pogo Pig Savings app teaches 2 to 5 year olds how to save money using interactive games. The free iTunes download, which kids can play on smart phones or tablets, teaches kids to save their money in order to receive their desired candy, toys, etc. I can’t wait to play this with my daughter in a couple years, to help teach her basic decision-making skills, delayed gratification and develop self-control. The added element of “fun” will surely help her latch onto these ideas.
I’ve already started reading Pogo Pig Learns About Goal Setting to Adrianna. The book emphasizes that kids need to set goals, write out a simple list of steps to achieve them, and post the plan in a visible place to act as a reminder. These basic goal-setting principles are also a great reminder for parents – as they’re so relevant throughout life.
I recently taught core money concepts in a Grade 5/6 classroom to help kids make smart money decisions when they grow up, through the CPA Canada’s Community Connect Program. I was happy to see that 3 of the basic fundamentals I use to advise my clients about money management also resonated with the 10 & 11 year olds!

     1. Teach lessons through personal examples

It’s way more effective to use your own experiences when teaching, as it creates a relatable backstory. No matter how old the “student”, teaching through stories rather than theoretical jargon is most effective.

     2. Repetition 

Learning money management skills is like exercising a muscle – You must continually use it to help it grow. The more you exercise repetition in your teachings, the sooner these principles will become a natural mind frame for your little ones.

     3. Practice what you preach

As a new father, and financial planner, I’m very mindful to practice what I preach. My clients won’t take my advice seriously if they sense that I’m frivolous with my money. Kids are just as observant and will only apply these lessons, if you lead by example. 

Talk about money with your kids –It will help guarantee them a bright and successful financial future. They’ll thank you for it later (and maybe even help you save for retirement someday)!

For more information, visit:

Interconnect Financial Services: http://interconnectfinancial.com
Gifted Goose Learning: http://giftedgoose.com