Learn money tools for your children and grandchildren of all ages.

1. Financially Smart Parenting
It’s more than just play dough

2. The Ten Basic Money Skills
1. How to save
2. How to keep track of money
3. How to get paid what you are worth
4. How to spend wisely
5. How to talk about money
6. How to live within a budget
7. How to invest
8. How to exercise entrepreneurial spirit
9. How to handle credit
10. How to use money to change the world

3. Identify the type of child you have…
• Hoarder: Won’t spend anything, saves everything
• Spendthrift: Money burns a hole in the pocket
• Scrimper: Takes pleasure in saving
• Giver: Likes to gift. Hard time saving
• Beggar: Always needs something
• Hustler: Always trying to make a deal
• Oblivious: Does not focus on money

4. Overcoming “Money Monsters”
Time
• Make time to talk about money
• Bring other family members or friends into the discussion
Peers
• Influences of children's friends can be more powerful than that of a
family
• Talk to other parents
Media and Marketing
• Help your children understand the role of commercials and why
marketing is so effective.
Magical Thinking
• Sends mixed messages about the reality of money
• Tooth fairy and ATM - money magically appears
• Remove the magic from money

5. Ages 5 – 8: Financial Apprenticeship
Introduce child to the 10 Basic Money Skills
Start an allowance
Begin a savings program
Communicate clearly your family goals
Respond to child’s money style (Hoarder, Spendthrift, etc.)
Stay calm and focused …..

6. Ages 9 – 12: Gaining Financial Knowledge
Look for your child’s passions
• Make connections regarding developing & funding passions Share how
10 basic money skills will leverage their passions
Help child make decisions regarding peer pressure
Reinforce concept that “Behavior has consequences”
Introduce role models
Stay calm and focused …

7. Ages 13 – 15: Breaking Away
Ten basic money skills – more sophisticated
Make connection between financial responsibility & personal independence
Help focus on the future
• Brainstorm about different passions and interests
Look for warning signs of possible financial weaknesses
Stay Calm and Focused …

8. Ages 16 – 18: Standing Tall
Remember that today’s financial world is quite a bit more complex than when
we were 16
Ten Basic Money Skills – Real World Applications
Making mistakes and recovering from them
Shift from “reliance on parents” to “reliance on self”
STAY CALM & FOCUSED ...

9. Ages 19+: Never too Late
36% of millennials (born between 1980 and 1990) are dependent on financial
support from their parents.
Big Tasks of Stage Five:
1. Cash flow management
2. Savings and investing
3. Entrepreneurship
Prepping for difficult conversations:
1. Transparency
2. Follow through and be prepared
3. The script

10. Why is this topic important to your family?
Financial Literacy = Economic Self Defense
Education is critical
Are we as parents qualified to teach this topic?

11. • Clear set of values about spending, investing, and philanthropy
• Money is a tool for achieving and maintaining independence
• Saving is good
• Spending is best done wisely and within one’s means
• Understand differences between ‘needs’ and ‘wants’
• Be responsible with your money
• Practice what you preach
• Sticking with a program to encourage finance responsibility requires
consistency, determination and discipline
• Okay to acknowledge past mistakes, and move on
Identify your Family’s Financial Values

12. Allowance
A tool for teaching kids how to manage money.

13. Teaching our Children
Five Stages based on Age & Maturity
1. Financial Apprenticeship (Ages ~5 - 8)
2. Gaining Financial Knowledge (Ages ~9 - 12)
3. Breaking Away (Ages ~13 - 15)
4. Standing Tall (Ages ~16 – 18)
5. Never too Late (Ages 19+)

14. Joline Godfrey
“Raising Financially Fit Kids”
Suggested Reading…

15. info@albionfinancial.com
812 E 2100 S, Salt Lake City, UT 84106
albionfinancial.com
Compliance Disclosure
Investing in securities is subject to a number of risks and is not suitable for all investors. Investors should carefully consider their investment objectives,
risk tolerance, financial situation, and other information before investing. Additionally, the financial planning process is a great tool for providing clarity
regarding your financial life, however this process cannot provide certainty.