Money for Kids

25-10-23 00 / episode: 282

Hi and welcome to the Les bears dot com podcast.

This podcast is for extensive English listening.

So, every day I'll make a new podcast about a different topic.

That way you can hear lots of different vocabulary and you don't have to listen too long two or three minutes at best.

Hello and welcome back to the Les Paris podcast.

This is episode 282.

And today I wanna talk about money for kids.

Really? What I'm talking about is teaching kids about finances and teaching them finance by giving them money.

I heard recently there was a complaint among, uh, sort of subset of society that kids don't know how to handle money.

They don't know what to do with it, how to save it, how to spend it, how to make a budget.

They said the reason they don't know is kids never had the money.

They couldn't practice with it.

Well, I disagree.

I think that giving kids money, well, it's a fine thing if you want to give them money, that's ok.

That's your business.

But I don't think giving them money is going to build their financial skills or rather some kids will deal with the money.

Well, and some kids will still not deal well with money, even though they have it and even though they get years of using it, I think that those years of using your money correctly puts in good habits.

But if they have bad habits and they get years of using money incorrectly with bad habits, they just learn the bad habits stronger.

You see, the, the problem in my mind is not the, I don't know how to make a budget.

It's not, I've never had the money.

The problem is here inside.

Can they basically control themselves or not? Making a budget is technical.

You can teach somebody that in 15 minutes.

Of course, you can get complex budgets.

But let's put that on the side.

The budget's not the issue.

The habit isn't so much the issue.

You can make a habit.

But can you keep the habit? Can you follow through? Can you do the thing that you don't want to do? I think that's the real key for teaching Children, teach them how to do what they don't wanna do if it's good for them.

So for instance, brushing teeth, I never wanted to brush my teeth.

It took me years to learn how to make myself do that.

Brushing teeth is easy making yourself brush the teeth is difficult.

Same with Children with money making yourself save the money.

Put it in a safe place for the next day.

And follow the budget.

That's the hard part.

Thanks for listening.