Encore Episode #1 Family & Money – Talking to the Kids about Money
What was the motivation behind this episode?
Several years ago I met a dentist who told me about the wonderful job he had done teaching HIS kids about money and investments, but was dismayed his teachings had skipped a generation. So he asked if he could talk to the grandkids with an offer to match their allowance – but it came with a catch. He explained his belief that a third of the money should be saved, a third should be given to those less fortunate and the remainder – it was ok to spend it. To get the matching money, the grandkids would have to give him receipts of where they spent the money but they were free to choose where and how they spent it. After several months, he was pleasantly surprised at the choices the grandkids were making. He said the results were beyond money.
What is this episode about?
Join me and my guests, Alyson Jones and Ida Harvey of Alyson Jones & Associates Inc. and Cheryl Borgmann of Junior Achievement British Columbia, as we explore the significance of helping children learn valuable money lessons, offering tips preparing them to be responsible money stewards for the years ahead, empowering their transition to independence AND adulthood – yet, some parents harbor anxiety over their financial knowledge and skills and struggle with these conversations.
Financial literacy provides us with the skills and necessary knowledge to make financially responsible decisions, providing the backdrop to a life well-lived. The weekly television series Money Matters with Jim Doyle was created in an effort to encourage Canadians to explore some of the financial issues we help clients address throughout their increasingly complex lives.
We invite you to tune in Thursday at 5pm PT or Sunday at 7am PT on Joytv.
What are we hoping will come out of this episode?
One thing in my practice I hear over and over from parents – I wish you could teach my kids this stuff. To help both parents and youth on this journey, IG Wealth Management in partnership with the Canadian Foundation for Economic Education (CFEE), has created a helpful support guide with financial guidance and resources, to help Canadians better understand their finances and become more financially confident.
*** For your free copy visit www.moneyandyouth.com
Jim Doyle, Doyle & Associates Private Wealth Management, Investors Group Financial Services Inc.
This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Jim Doyle is solely responsible for its content. For more information on this topic or any other financial matter, please contact an IG Wealth Management Consultant. Views of guest speakers may not be shared by IG Wealth Management.