Episode #362: Raising Financially Empowered Kids with Shannon Lee Simmons
How do we prepare our kids for a financial world that's completely different from the one we grew up in? Today's teens face unprecedented challenges — from instant access to spending via their phones to a complete lack of physical relationship with money.
In this essential conversation, I sit down with financial planner and author Shannon Lee Simmons to discuss her latest book "Making Bank: Money Skills for Real Life for Teens." Shannon shares why this generation needs our help more than ever, and gives us three foundational money lessons every parent should know.
Whether you have tweens, teens, or younger kids, this episode will transform how you talk about money in your home and give you practical tools to raise financially empowered children.
In this episode, you’ll discover:
- Why today's teens face financial challenges we never experienced growing up
- How to normalize money conversations without shame or judgment
- The budgeting basics every teen needs before they turn 18
- How to harness your child's expensive wants to teach saving habits
- Why letting your kids "mess up" with money is crucial for their learning
Timestamps:
2:00 How Shannon got into financial planning and writing
5:00 Why she wrote a money book specifically for teens
13:00 Lesson #1: Normalize money conversations at home
22:00 Lesson #2: Teaching budgeting in a digital world
27:00 Lesson #3: Building the habit of saving
33:00 Using incentives to motivate financial learning
Links mentioned:
Making Bank: Money Skills for Real Life
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