You’re never too young to learn about money. If we can give our children a rich mindset, they’ll make exceptional traders in the future.
In this episode, you will learn:
- How to take into account the individual money script needs of each child in your family
- The impact of positive vs. negative money scripts on children.
- The importance of showing kids how to budget so they don’t end up unmotivated non-achievers, playing video games, unemployed, and lying on your couch when they’re 35.
Jai Hobbs is a financial expert with 17 years of experience in the industry. He and his wife Marlies Hobbs are co-authors of FLY – Financially Literate Youth, a handbook for life’s important financial decisions and milestones from high school and beyond. In the interview, Louise Bedford and Jai Hobbs discuss financial literacy and answer listener questions on this very topic.
Jai’s book covers almost every aspect that we should be teaching our children about money and finances. It’s especially for the ages of high school and beyond and helps them deal with adult life from the point of the milestones they will face – such as how to buy a car, rent a property, and start a business.
It even covers tricky subjects like loaning money to friends and family and the difficulties that can arise when you’ve got different financial goals in comparison to your spouse.
“The earlier we can start our kids on that, the better off they’ll be in the long term when the 8th wonder of the world kicks in… compound interest.” – Jai Hobbs
About Jai Hobbs
Jai and Marlies are a husband and wife team, originally from Cairns and now based in Noosa. Jai is a mortgage broker with over 17 years experience and Marlies is a former property development lawyer with a passion for education and creative projects.
Jai and Marlies want to equip young people with a comprehensive reference book that they could keep with them and refer to the relevant sections as and when they needed them. That’s why they wrote FLY – Financially Literate Youth – The Handbook
Jai and Marlies hope this handbook will help guide young people to make informed financial decisions and protect them, where possible, from learning things the hard way and enduring unnecessary financial pain.
Connect with Jai
Website: Financially Literate Youth
About Louise Bedford
Louise is a best-selling author and the founder of www.tradinggame.com.au.
She and her business partner, Chris Tate, have been running their repeat-for-free Mentor Program since the year 2000. They provide simple techniques that you can implement straight away, and valuable resources to enhance your trading so you can maximise your profit potential.
To get in touch with Louise
Questions Jai Hobbs Answers in this interview
- Jai, it is possible to do too much for your children, and this is a concern many parents have. Rory Comiskey asks: “At what point do you draw the line between helping your children pursue their passion VS causing them a disservice by making them reliant on you and spoiling them and giving them a bad work ethic?”
- Rory also says: “The main aim of a parent is to equip kids with the tools to succeed in life. How can we help and encourage our children so that they can learn for themselves about how to be successful with money?”
- Robyn Wawn: “How important is it to take into account the individual needs of each child in the family? If one sibling is more reliable, then should they be given more, compared to a sibling that is less reliable?”
- Heather Currie Goldsworthy: “How important is it to show kids how to budget? How do you introduce this in a way that grows with them?”
- Bruce Goddard: “If you give kids too much, they end up unmotivated non-achievers. How do you know what the right balance is here?”
- Anonymous: “After doing my best to raise self-reliant kids, my happily married pregnant daughter moved in with my wife and I with her husband. She has one child who is nearly 2 years old, and she is now pregnant again. How do we set boundaries with our children so they don’t take advantage of us at a later date?”