>>>
>>> THIS
>>> THIS MAY SURPRISE YOU. A
A
A NOIR
A NOIR SU
A NOIR SU WAY FROM GIFT CARDS
SHOWS A DISPARITY ON HOW WE'RE
TEACHING KIDS ABOUT MONEY.
PARENTS ADMITTED TO TEACHING
DAUGHTERS TO BE CONSERVATIVE AND
SAVE, AND BOYS WERE TAUGHT ABOUT
BUILDING WEALTH.
BUILDING WEALTH. 61% WERE
61% WERE
61% WERE TALKED ABOUT CREDIT CARDS AND
SCORES BEFORE HIGH SCHOOL
COMPARED TO ONLY 46% OF GIRLS.
FINANCIAL ADVISER NICOLE IS HERE
TO JUST TALK US THROUGH THIS.
I
I
I HAVE
I HAVE A
I HAVE A GIRL AND A BOY.
I CAN'T
I CAN'T
I CAN'T REMEMBER WHAT I DID THAT'S
DIFFERENT, BUT I MAY HAVE DONE
IT AND NOT TALKED ABOUT THE
MONEY IN A DIFFERENT WAY.
IT'S
IT'S
IT'S REALLY HAPPENING.
REALLY HAPPENING. >> YEAH, THINK ABOUT IT.
I HAVE
I HAVE
I HAVE A
I HAVE A BOY AND A GIRL, TOO.
>> OKAY.
>> OKAY.
>> OKAY. SO WE NEED TO REMEMBER
THAT AND MAKE A POINT OF
TEACHING THEM THE SAME.
HOW --
HOW --
HOW -- WHAT IS THE FIRST THING TO TEACH
KIDS ABOUT MONEY, THEN.
HOW OLD
HOW OLD
HOW OLD SHOULD THEN?
SHOULD THEN? >> REALLY AT THE EARLIEST STAGE.
. TEACHING THEM MATH, MONEY AND
THEN WHEN YOU'RE IN THE STORE.
I MEAN HOW MANY TIMES HAVE YOU
BEEN IN THE STORE AND IT'S LIKE
I HAVE TO HAVE THIS.
REALLY I
REALLY I
REALLY I ELIMINATED THAT BY GIVING MY
KIDS MONEY, AND YOU DON'T JUST
GIVE THEM MONEY.
YOU CAN DO IT
IN THE FORM OF AN ALLOWANCE OR
REALLY FOR ME, I USE A POINT
SYSTEM.
SYSTEM.
SYSTEM. MY KIDS ARE GIVEN
POINTS EVERYDAY BASED ON THE
THINGS THAT I WANT THEM TO FOCUS
ON.
ON.
ON. IT
ON. IT CAN BE SIMPLE AS TURNING
OFF THE LIGHTS.
KIDS DO NOT
HAVE THE UNDERSTANDING THAT IF
YOU LEAVE THE LIGHTS ON, YOU'RE
WASTING ELECTRICITY, AND IT COST
MONEY.
MONEY.
MONEY. YOU'RE TEACHING THEM
WHATEVER YOU WANT THEM TO FOCUS
ON.
ON.
ON. >>
ON. >> KEEPING THE WATER RUNNING FOR
EVER AND EVER.
>> YEAH.
>> YEAH.
>> YEAH. HAVING A LONG SHOWER.
IT DOES NOT HAVE TO BE
WATER
WATER
WATER RUNNING.
RUNNING.
RUNNING. . I GIVE THEM POINTS
AND FROM THAT, THEY PUT SOME
MONEY AWAY IN AN ENVELOPE THAT'S
SPEND.
SPEND.
SPEND. IF
SPEND. IF I'M GOING TO TARGET,
I'M NOT ASKED DO YOU HAVE THIS.
IT'S LIKE YOU HAVE YOUR OWN
MONEY.
MONEY.
MONEY. ONE, YOU'RE GOING TO
SAVE YOURSELF, BUT YOU'RE
TEACHING THEM THE VALUE OF
MONEY.
MONEY.
MONEY. THAT STUFF DOES NOT
BRING HAPPINESS, AND YOU'RE
GOING TO HAVE TO SPEND TONS AND
TONS OF MONEY ON THINGS.
MOST
MOST
MOST OF
MOST OF THE TIME WHAT HAPPENS?
I
I
I HAVE
I HAVE THE SAME THING, YOU BUY IT
AND GO HOME AND THEN A FEW DAYS
OR HOURS LATER, THEY'RE NOT
EXCITED WITH IT ANYMORE.
YOU'RE
YOU'RE
YOU'RE LIKE I WASTED MONEY.
THAT WOULD
THAT WOULD HAPPEN OVER AND OVER AGAIN.
WE'RE TALKING ABOUT A FAMILY
401K.
401K.
401K. >>
401K. >> YEAH, I HAD A BIG BOTTLE OF
THE STAIRS AND THERE'S MONEY IN
IT.
IT.
IT. IT
IT. IT WAS LIKE LET'S MAKE THIS
COOL.
COOL.
COOL. THIS IS A FAMILY 401K.
WE BOUGHT IT, AND I
HAVE SOME IN
MY OFFICE, TOO.
YOU PUT MONEY
IN THERE AND FIRST YOU HAVE A
FAMILY MEETING AND SAY OKAY,
WHAT ARE WE GOING TO SAVE FOR?
MY KIDS WANT A TUBE FOR BEHIND
THE BOAT THIS SUMMER.
THAT'S
THAT'S
THAT'S THE GOAL.
THE GOAL.
THE GOAL. THAT'S THE FOCUS.
IF THEY PUT IN A
DOLLAR, I PUT IN A
DOLLAR.
DOLLAR.
DOLLAR. YOU WANT TO FIND
SOMETHING THAT FITS WITHIN THE
BUDGET.
BUDGET.
BUDGET. SO MAYBE YOU PUT IN
$0.50.
$0.50.
$0.50. THE WHOLE THING IS THAT
YOU'RE TEACHING THEM WHAT THE
TERM 401K IS AND A MATCH AS WELL
AS THE VALUE OF YOU DON'T GET
EVERYTHING NOW.
EVERYTHING NOW. YOU NEED TO
SAVE FOR THINGS.
>> THE WINDOW THING.
PEOPLE,
PEOPLE,
PEOPLE, YOU KNOW, THEY LOOK AT MONEY AND
THEN THEY'RE ABLE TO SEE IT ADD
UP BECAUSE YOU'RE MATCHING THEM.
>> YES.
>> YES.
>> YES. >> WHATEVER THAT IS.
MAYBE
MAYBE
MAYBE THEY'RE LITTLE AND IT'S LIKE A
QUARTER.
QUARTER.
QUARTER. >> WE'RE GOING TO HAVE A FAMILY
MEETING.
MEETING.
MEETING. WE SIT DOWN AND HAVE A
CONVERSATION ON WHAT DO WE WANT
TO SAVE FOR RATHER THAN ASKING
ME ALL OF THE TIME.
IT'S STUFF
IT'S STUFF THAT YOU'RE GOING BUY ANY WAY.
YOU'RE USING THAT AS AN
OPPORTUNITY TO TEACH THE KIDS
ABOUT MONEY.
ABOUT MONEY. >> MAYBE YOU'RE GOING TO BITE OR
MAYBE NOT BE ABLE TO BUY IT.
>> COMPACTLY.
>> COMPACTLY. >> WE CAN GO ON AND ON AND PUT
THIS ON THE SUBJECT.
THANK YOU
THANK YOU
THANK YOU AGAIN.
AGAIN.
AGAIN. WE
AGAIN. WE LOVE TO HAVE YOU ON
THE SHOW AND GIVING US THOUGHTS
ABOUT THE MONEY.
WE HAVE A LINK
TO PROSPER MANAGEMENT AND THE
FINAL.
FINAL.
FINAL. THAT'S WHERE NICOLE
WORKS.
WORKS.
WORKS. WE
WORKS. WE HAVE ALL OF THOSE