Cómo ayudar a sus hijos a manejar bien el dinero

Brian Ford (00:08):

Welcome to "Money and Mindset With Bright and Brian," where we mix conversations about money with positive psychology to help you find the joy in staying on top of your finances.

Brian Ford (00:18):

In each episode, we share practical advice for managing both your money and your outlook. I'm Brian Ford, and my background is in financial wellness. Here with me is my co-host, Bright Dickson, who specializes in positive psychology.

Brian Ford (00:31):

Today, we're talking about how to raise financially responsible children. We'll be sharing tips and guidance on how to keep your family on the path to financial confidence. Bright, you ready to dive in?

Bright Dickson (00:43):

You know it.

Bright Dickson (00:46):

(music)

Bright Dickson (00:46):

Today is all about kids and money and helping kids develop the skills they need to eventually become good managers of their finances. As we prepared for this episode, we thought we shouldn't just talk about kids and money, we should also talk with kids about money. We're going to start with them. We asked a few of our young listeners some questions about money and finances, and we absolutely love their answers. Brian, should we take a listen?

Brian Ford (01:14):

I cannot wait.

Bright Dickson (01:18):

Where does money come from?

Zach (01:19):

Money comes from factories, and sometimes pennies and coins might come from coins or copper. Yeah.

Charles (01:35):

Well, I mean, it comes from mints, and then it goes to banks, who are basically paying interest to us to basically put money in their bank because it's basically a way for them taking loans from us.

Bright Dickson (01:53):

I love that, Brian. And one of the things in these questions is I think it's really interesting to see the answers to these because kids can be really literal.

Brian Ford (02:02):

Yep.

Bright Dickson (02:02):

Right?

Brian Ford (02:02):

Yep.

Bright Dickson (02:04):

And when we're thinking about kids and money, we've got to remember that here on this podcast, we talk about money often as a concept. Right? But it's also an object, and kids are really tuned into that.

Brian Ford (02:14):

Yeah, I agree. It's so fun to hear from our little listeners. I love this episode.

Bright Dickson (02:19):

It's so good.

Brian Ford (02:20):

I agree with you. I mean, those answers were not what I was expecting. I was thinking more of it like a concept like you mentioned, but that was just straight up, where it comes from. Good stuff. I think we keep going. Let's find out more about what they think.

Bright Dickson (02:33):

Awesome.

Bright Dickson (02:36):

What's a good way to use money?

Joshua (02:38):

Just all they need to do with money is use the stuff that you need and not the stuff that you want. Like get a bike, water, and vegetables; that way you can be healthy.

Blake (02:55):

By just getting stuff that you need, and don't get stuff that you don't need.

Bright Dickson (03:03):

Bike, water, and vegetables. They're right.

Brian Ford (03:04):

It reminds me, we were sitting around the table one time with my little critters, and we were talking about if you could only get one thing from the house if we needed to leave quickly or what's one thing that you think you would want? And we thought they would talk about things that are sentimental and so forth. And my little guy was like, "Water." He's like, "You would die without water." And we all looked at each other, and we're like, well, he's not wrong. I love it. Once again, very literal.

Brian Ford (03:35):

But I think they're spot on with this one. I mean, when you ask them what's a good way to use money? Stuff that you need, not just stuff that you want. Stuff that you need. I mean, my goodness, if we could figure that out as adults, I think we'd be in a lot better place.

Bright Dickson (03:49):

Yeah. And that discernment between what I want and what I need. We all still work on that. We work on that our entire lives, most of us.

Brian Ford (03:59):

Yeah, absolutely. I liked those answers. Well done with those.

Bright Dickson (04:06):

Do you like money?

Charles (04:07):

Yes. Who wouldn't? Because it sort of gives us position in life.

Blake (04:12):

I like money because it helps you get houses. And if you get a ton of money, like $200, you can buy a mansion.

Sean (04:23):

Yes. I do like money. I like money because there's a good feeling on when you earn it and when you spend it; because you work to earn that money, which feels good just because it's like a reward. But then you also feel good when you spend that money because you get to use that reward. It feels like happiness sometimes or excited on what you're going to get.

Brian Ford (04:52):

OK. This, by the way, Bright, is probably my favorite little section of when we interviewed these little ones. I thought all three answers are worthy of us chatting about for a minute.

Bright Dickson (05:03):

Where do you want to start? Helps you get a position in life. True.

Brian Ford (05:06):

Yes. I would agree; very wise and astute. I'm always ... I shouldn't be surprised. I've got four little ones, and heck, half the time they're smarter than I am. But I'm surprised by the insight I think that we're getting here. I would agree, helps you get position in life. Yeah. Why not call it what it is?

Bright Dickson (05:26):

Yeah, and helps you buy a house. I mean, you probably need a little more than $200, but again, not wrong.

Brian Ford (05:34):

Yeah, $200 you can pay the electric bill for that month.

Bright Dickson (05:38):

For that mansion, yeah.

Brian Ford (05:40):

Seriously, you couldn't hear us while the recording was going, but I was laughing out loud on that one. But yes, I would agree. It helps you buy a house. I love that. Of all the things that they could mention, they mentioned a house. Houses are so much more than just an investment. It's a place where we live. It's a place where our children feel secure and safe, and they know that money can help provide those things. I don't know. I don't want to go too deep here, but I really feel like that speaks more to a deeper psychological need in children just to feel safe, secure. They know that's what their home provides and that money can help in securing that value.

Bright Dickson (06:14):

And then the last listener, when he said, "Yeah, it's a good feeling when you earn it, and you spend it, and it's a reward for your work." We're going to talk about this later, but you know, helping kids build that connection between effort and reward when it comes to money is really interesting and kind of complicated, but also it's just part of the deal. Right?

Brian Ford (06:35):

Yeah. I also love the innocence of that answer. I love that answer. First, I think that the parents are doing a good job with these kids, like, way to go, parents. This is awesome. But also, I love that this little one associates good feelings with money. I'm not sure that would be the same if we were just to go out to some of our adult listeners. I like the idea that, do you like money? It's like, yeah. I like money. It feels good when you earn it. It feels good when you spend it. It's like a reward for your work. And I'm like yeah, right on. It doesn't need to be more complicated than that. I love that they've already got good feelings towards money. I love that one. Let's keep rolling.

Bright Dickson (07:14):

These kids are super smart.

Bright Dickson (07:15):

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Bright Dickson (07:18):

How does money make you feel?

Charles (07:20):

I mean, it depends if I have a lot of it or a little of it. Because a lot of it makes me feel pretty good because that means that, well, I guess I have a lot of money, and I can actually spend it on stuff. And if I have not a lot of money, that means I've probably spent it on something. I can't do anything else with it.

Elliana (07:43):

Money just kind of feels like an accessory that I have that I can decide to use or not.

Bright Dickson (07:53):

Oh, I love those answers. I mean, they're already tuning into this idea of money makes you feel things, and you feel different ways based on how much you have. But you also have agency over your money and the way that you do it. Right? It's an accessory that I can decide to use or not. I think that's so critical. These kids are exactly right.

Brian Ford (08:16):

Yeah. The first answer is cracking me up. How does it make you feel? It's like, I feel pretty good when I've got a bunch of it, and when I don't, I don't know if I feel so good. Oh, my gosh, so spot on. I think that's fantastic.

Brian Ford (08:33):

Then the second answer was kind of like, look, money's a tool to use. I think they said it was like an accessory, and they can decide to use it or not. It's more about how you use it, as opposed to the fact that you have it or not, and then that can make you feel good or not. I think both answers were fantastic.

Brian Ford (08:54):

I love that this whole episode is about teaching children about the proper use of money. The fact that they're already associating these feelings of when I've got a lot I feel good, when I don't, I don't. We now, as parents, and as caretakers of these little ones, have an opportunity to help them manage it wisely so that they can feel better about it. I mean, that's really what it's about.

Brian Ford (09:13):

When I think about this episode, I think about these little ones and how we have the opportunity to help them feel better about money by properly managing it, which is super cool.

Bright Dickson (09:23):

Yeah, and by helping them manage their relationship to it from an early age in ways that are healthy and sustainable. It's a big part of our education, is just learning how do we relate to money. All right, we did one more question, Brian, and this question was asking them for their questions.

Bright Dickson (09:45):

What's one question about money that you'd like to know the answer to?

Sean (09:48):

Why the government can't just make a whole lot of money, and that way you could, I don't know, sort of boost the economy. But I don't know how that would fit in, so to speak.

Addison (10:02):

What kind of paper does the government use to get it into that type of paper? It's not like normal paper. It isn't like, flat. It's like more thick.

Brian Ford (10:17):

It is.

Bright Dickson (10:17):

Both excellent questions. And actually, Brian, when I heard that last question, I was like, that's a great question. I don't know the answer to it. So I looked it up, and the answer to that is money, the paper that money is printed on, it's actually, I mean, I guess we would qualify it more as fabric. It's a blend of 75% cotton and 25% linen, which explains why it gets that nice soft quality once it's been around the block a little bit.

Brian Ford (10:48):

Well, there you go. We've answered that question. Well, I will say that both these answers referenced the government. I find that fascinating. When you've got questions about money, that wouldn't be where my mind goes immediately, but both of these little ones talked about the government. And the first one really lends itself to the fact that the government is the one who prints money. Why can't they just print more of it and boost the economy? Why don't they do that and so forth?

Brian Ford (11:14):

It's interesting because we're right in the middle of that, I think, relative to our economic cycle and what the Federal Reserve is doing relative to interest rates and the government with monetary policy. The short answer is, as we all know, I think, as adults, it has a lot to do with inflation, and we have to be careful how much we print based on the cost of goods and overinflating goods.

Brian Ford (11:34):

Great questions. I love it. I'm glad they're already thinking about money. And look, I think this whole episode really is about us as adults. I know we've got some little listeners as well, but helping these little ones continue to feel good about money.

Bright Dickson (11:45):

Mm-hmm (affirmative), so big thanks to Zach, Charles, Joshua, Blake, Sean, Elliana, and Addison for their great questions and answers. At young ages, money is already making an impression on kids and there's so much to learn. Next, Brian's going to give us his thoughts on raising kids to be good with money.

Bright Dickson (12:03):

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Bright Dickson (12:12):

Brian, I feel like you're pretty qualified in the area of teaching kids about money. You're a father to four kiddos, and you're an expert in financial wellness.

Brian Ford (12:20):

I don't know about expert with teaching kids about money, but I certainly have some experience with it. I'm very excited about this topic today, one that I think is important.

Bright Dickson (12:31):

As we were listening to those kids, one thing I heard is that really early on, they're thinking about money, they're picking up messages about it, they're developing their own questions about it. That tells us that kids are learning about money either way. If we're really thinking about how we're teaching it as parents are not. It makes sense for parents to really be active educators around money.

Bright Dickson (12:57):

Brian, I'm curious; after teaching your own kids about money, which I'm imagining is ongoing, what are a few tips that you would suggest to parents to do this well?

Brian Ford (13:07):

Yeah, I mean, we can start early when it comes to teaching our children good money skills. Today on this episode, we're going to focus on teaching kids between the ages of five and 15. You know, young adults are a bit of a different story. We can tackle that in a future episode. However, research does suggest that children are capable of learning about saving as young as age five. That's the research, my experience says you could probably start talking about it even earlier.

Brian Ford (13:34):

As I reflected on what I've taught my children and all the research that I've read, there are really four lessons that come to my mind. Four lessons that I think our kids need to learn about money. First, this is foundational. I think the first lesson is money comes from work. And this one's pretty simple. For example, when my little eight-year-old says, "Daddy, can I get that toy?" I simply reply, "Well, that toy costs money, and money comes from work." I know that sounds crazy, but that's a bit of a mantra. My wife and I have just gotten in the habit of doing that with our four little ones.

Brian Ford (14:12):

If we stick to this mantra, our children will naturally be curious, and they'll desire to work. At a very early age, we can begin to help children develop the habit of working. We can show them that some chores, like keeping their room tidy, that's a normal part of family life. But the bigger jobs like cleaning out the garage, doing something out in the yard that takes a little bit more time and effort and that's not their normal day-to-day, those might deserve like a working wage. I'll say later in this episode we're going to debate the idea of an allowance. Stay tuned for that discussion. But the first lesson, money comes from work.

Bright Dickson (14:53):

Yeah. I think that really basic idea, that basic distinction, money comes from work. But also this one about you've got these basic responsibilities that are part of being in a family. But also part of being a person, and it gets to the general social contract, which I'd love to talk about, but we don't have time. It's that basic idea; but then, if you want more, you work extra. Right? That's how it goes.

Brian Ford (15:25):

Yep. Lesson number two: spending can be a powerful lesson. This one's interesting because a lot of times parents think, ah, we got to be careful of spending. I think when you're in a store or when you're spending money, it can be a powerful time to reinforce good behavior. When a child earns money and is ready to buy that special toy or that yummy treat, it's a great time to reinforce that they made it possible by working hard. This leads to a wonderful feeling of pride within the child, and then they're ready for more work and saving. Something to think about for parents is don't discount being in that store and in the moment of spending. It's OK. I mean, even as adults, we save so that eventually we can use that money for something we really want. And that spending aspect can be a powerful lesson.

Bright Dickson (16:14):

Yeah, and just to back that up, Brian, that reminds me of the work that comes from growth mindset around this idea of effective praise, which is that you praise for the effort, the strategy, the skill that got the good results. Helping them connect in the moment, I have a new toy, I have this new thing that I'm really excited about because I worked hard. That's a textbook example of effective praise. And what that does, in the long run, is builds that growth mindset that I can grow and change and get the things I want in life.

Brian Ford (16:47):

Yeah, I like it. Effective praise. I agree. Certainly applicable within money, but also in other areas, which we're not going to get into today. This is not a general parenting podcast. All right, so lesson number three that I think little kids need to understand and that we can teach: saving is fun. But how do we get to that?

Brian Ford (17:07):

I think we can start with a piggy bank. These can be a lot of fun. You can buy an inexpensive one that fits your child's personality, or I've seen a lot of parents do this, you can help them make one and allow them to decorate it and make it their own. Whatever gets them excited to save. Then, when they're given money, or they earn money, we can gently encourage them to save. One of the best ways to do that is to use an item they want or that they desire as motivation.

Brian Ford (17:36):

And in our household, we always say we are workers and savers. Parents, if you're listening out there, you supplement your last name in there. Smiths are workers and savers. Get that mantra going, and your kids will naturally say, "Yeah, we work, and then we save." Next, have your child write down a specific savings goal. This will help them stay focused. It'll also get them in the habit of setting goals, which will benefit them in other areas of their life.

Brian Ford (18:01):

As we know, even as adults, any good saver realizes that success means being good at delaying gratification. That's just a fancy way of saying we need to help our children say no to the good so that they can say yes to the best. I remember when my daughter, she's in college now, but when she was little she was saving for a bike, and she was doing a great job. She was working hard by doing extra chores, and she'd saved a good amount of money for her age. During this process, she was at the store with my wife, and another very cool toy caught her eye. She asked my wife, "Hey, can we get that?" And to my wife's credit, she took the time at the store ... and by the way, I think being at a store and shopping is a very underrated opportunity to talk about money.

Brian Ford (18:54):

In this particular instance, my wife took the time, and she explained, "Look, sweetie, you're doing a great job working. You definitely have enough money. You could buy this toy. But remember, if you buy this toy now, you're going to have less money for your bike goal, and it's going to take you longer to achieve it." This simple discussion allowed my daughter to learn an important lesson, and it helped her stay on track with her savings goal. Now, sometimes little ones will make the wrong decision. If there's not a really big financial consequence, I think it's important to allow them to feel those natural consequences, especially of little things. It's not going to necessarily break the bank so to speak, but sometimes they're going to make the right ones and so forth. And in this instance, she did.

Brian Ford (19:36):

Then as your little ones get a little bit older and they grow out of the piggy bank phase, you can actually take them down to an actual bank and open a savings account. Now, I know for a lot of our listeners that might sound kind of old school. I'm very well aware that there are some cool online programs and some cool apps, which actually, me and my kids use a lot. But I've found that going into a bank, making it a thing, it connects them emotionally to it. They even get to talk to the banker, you can even ask the banker maybe to share a few tips with your children.

Brian Ford (20:06):

Then, once they've set that up, they've connected to it. There's no doubt they're going to want to track their savings online. They're going to want to use an app, and that will make them an even stronger saver. So, Bright, I know you've got some thoughts about the idea of delayed gratification. I'd love to see what you think about this idea relative to helping our little ones become good savers.

Bright Dickson (20:26):

Yeah. It's really important, and delayed gratification and the bigger skillset around this, around self-regulation, these are skills in and of themselves. We are not born ... most of us, let me say, are not born with great self-regulation. We're not wired for great self-regulation. But it does remind me of the marshmallow test.

Bright Dickson (20:48):

Brian, I know you're really familiar with this. Listeners, if you don't know about the marshmallow test, I highly recommend going online and checking it out. There are some extremely funny videos about the marshmallow test. But essentially, the researchers gave kids a marshmallow and they sat it right there on the table in front of them and said, "Hey, I've got to go out of the room for a minute. You can eat this marshmallow now or wait until I get back, and I'm going to bring another marshmallow, and then you're going to get two marshmallows." The kids have a choice to eat one marshmallow now or eat two marshmallows later.

Brian Ford (21:24):

Oh, boy.

Bright Dickson (21:25):

Right? One thing I love about these studies is just the elegance of it. These videos are like you get to see these kids work through this test in their heads.

Brian Ford (21:37):

I'm working through that test on a daily basis when I'm looking at cars.

Bright Dickson (21:44):

On the reg.

Brian Ford (21:45):

Oh, my gosh. Anyways, keep going.

Bright Dickson (21:45):

Yeah. I mean, I have to work through it with clothes and stuff. They just watched what they did, and then they followed up with these kids later. What they found was that the kids who were able to wait for that second marshmallow ended up having better outcomes later on in terms of education, in terms of achievement, all of that kind of thing. And it's really interesting, because we've got to build that skill in kids, and really help them make those connections. It's not just around money. It's about this bigger idea. Money is the place where it really comes to fruition as adults, so you might as well start teaching it in that context already.

Brian Ford (22:25):

Yeah. I couldn't agree more. Fascinating study. OK, rounding things out. The fourth lesson that I think is important is the idea that giving, it feels good. When our children are old enough to understand, it's important for us that we discuss how others need our help. To encourage giving, and to bring these concepts all together, you could purchase or create a piggy bank with three separate chambers.

Brian Ford (22:51):

The first chamber can be spend, the second one is save, and then the third one is give. When a child earns money, this type of piggy bank will show them that some of it's for spending. Look, we need, maybe, to spend money right away. Some of it is for saving. And then some of it is for helping others. I would say that when it is time to give, remember to involve the child in the actual giving process. Help them feel connected to the good that they do.

Bright Dickson (23:20):

Yeah. I mean, we've got to use that positive emotion as motivation. That's absolutely the way to do it. Kids are curious. We are naturally curious as human beings. They normally welcome these conversations about money, and they've got their own questions. I'm sure that parents and kids are going to appreciate this roadmap you've come up with, Brian. And I know that a big question parents have when teaching their kids about money and financial responsibility is whether or not to give kids an allowance. Brian, I know you've got thoughts on that, so let's talk about that next.

Bright Dickson (24:01):

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Bright Dickson (24:06):

Whether you got an allowance as a kid or not, if you're a parent now, you might be wondering if you should give your kids an allowance. Brian, tell me about your thoughts on this. Where do you fall on this allowance question?

Brian Ford (24:17):

Yeah. You know, for a lot of parents this is a debate out there. Here's the good news: there isn't a wrong answer. You can choose not to give them an allowance, or you can choose to give them one, or you can take a little bit of a hybrid approach, which I'll talk about in a minute. It's really up to you, your family's values, and how you want to teach your kids about money. I don't think there's necessarily a right or wrong way.

Brian Ford (24:38):

I will say that many parents, they don't want to give their children an allowance because they believe that children should always work for their money. I can't fault that idea. Like I mentioned, our family takes a little bit of a hybrid approach. We teach our kids that they're expected to do chores and help around the house because they're a part of our family. These regular chores, they've got nothing to do with money.

Brian Ford (25:02):

Then we do give them an allowance that's separate from them their expected chores so that they can begin to learn the basics of saving and budgeting. However, we don't want our children to think that they can stop doing chores simply because they no longer need the money. That's what you need to be careful of. Everyone in the family, they've got to complete certain chores, but if our children want extra money for something special, we help provide them with additional opportunities to work and earn money.

Brian Ford (25:30):

Bright, I'm curious. What do you think about the allowance versus no allowance conversation?

Bright Dickson (25:34):

I think the hybrid approach is super smart. One thing, Brian, as you were saying that, I was thinking about some of the kids in my life who are aggressive negotiators. They will negotiate anything. I think that's probably another skill that comes in here when you open up these additional opportunities is that you are also teaching them about negotiation. But I also think it's really important that we all understand that some of the things we do are just a part of being human. You've got to make your bed. You've got to pick up your clothes off the floor. You've got to do your homework. Right? This is part of being human. And on top of that, you have opportunities to pursue the things you want through work and effort.

Brian Ford (26:21):

Yeah. It's so funny that you talk about negotiation. It's so true. Some of them just seem to be wired that way. In the moment, I know as parents, we can kind of ... It's so fascinating because you're like, oh, my gosh. These little ones are driving me crazy with these negotiation tactics. And you're like, right now it's driving me nuts, but I think as they get older, this is going to be a fantastic skill set that will serve them very well.

Brian Ford (26:45):

When it comes to allowances, I will just say that my kids know that there isn't a lot of negotiating. This is Mommy and Dad's money that we've worked hard for, and we are giving it to them so that they can learn how to manage money. We call it the Bank of Dad. And there's not a whole lot of negotiating.

Brian Ford (26:58):

In fact, I don't know if it's going too far on our podcast, but like our form of government in our family, my wife and I joke, it's more of a joke, but we are a benevolent dictatorship, is what we like to say. We don't go down that negotiating road all the time, especially with the little ones and our money. But on other things certainly, we allow them to plead their case and where we go on vacation and things like that. Certainly, there's some room for some negotiations. But yeah, I agree.

Bright Dickson (27:23):

I love that. So part of teaching is discussing. But we also know that what kids see is so important. As parents, our kids are really seeing everything. I mean, I don't have kids, but I'm a pretty active aunt, and sometimes my nephews will call me on stuff that I'm like, oh, my gosh. I didn't even know that. What we're modeling is really important, and we are going to tackle that next.

Bright Dickson (27:58):

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Brian Ford (27:59):

When we help our kiddos learn about money when they're young, it makes it easier for them to make good financial decisions as they get older.

Bright Dickson (28:06):

Totally. Kids, especially young kids, learn a lot through modeling behavior, which in psychology, we call this observational learning. Kids can learn behaviors like saving, spending, giving by observing their parents actually do it.

Brian Ford (28:22):

Yep. Totally agree. You know, as parents, it's powerful when our children see us engage in good financial behavior. What I found with my own children is how helpful it is to model the behavior and then explain why you did what you did. I've mentioned the store is a good place to teach finance. When you're at the store and you decide not to buy something, you may want to talk through your thinking with them, and why did you not buy that?

Brian Ford (28:53):

We found that just telling our kids that we don't have the money doesn't make sense. They know we've got the money; they're smart. But then it leads to a deeper conversation around, look, Mom and Dad buy things in line with what they care about and what they value. Although we do value this thing, we don't value it as much as this, and we can't afford to buy it all. Just simple conversations like that, 20, 30 seconds while you're out shopping can go a long way.

Bright Dickson (29:17):

Yeah. Demonstrating that is really teaching the logic. It's showing the math. Kids can relate to that. On your test, you give the answer, but [crosstalk 00:29:29]...

Brian Ford (29:28):

Show your work. [crosstalk 00:29:30]

Bright Dickson (29:29):

... on your scratch paper, you show the math. Yeah, show your work. Then you're introducing them to this kind of decision making, to this cost-benefit analysis, and they're building that habit, which in the end is going to build self-efficacy, which is essentially this idea of like, I have the skills to do what I want to do in life, which is incredibly important to teach.

Bright Dickson (29:51):

That's what breeds confidence. Right? You don't really get real confidence without competence, and teaching that logic is part of making competent kids who can make competent financial decisions.

Bright Dickson (30:03):

Brian, getting a little bit more specific, what are some positive behaviors that we can model for our kids? What should parents be aware of as they think about what they're modeling and how?

Brian Ford (30:15):

Yeah, I think it starts with giving. We talked about that, but I think there's an opportunity to include our kids in the giving process. Modeling it, not just doing it and telling them about it. I think modeling how being financially responsible can make us happier. That's just a matter of talking about it, but also modeling the fact that, look, we make good decisions in our family, and that leads to a better life. Let them see you save.

Brian Ford (30:42):

This is a tough one. Our world is really built around viewing people spend. How often do you get to see someone actually save money? This is a tough one. Maybe it is getting a bigger piggy bank for the family. I know that sounds kind of trivial, but it works. We've done it as a family. We've gotten a big piggy bank, and we've decorated it, and it's been for our next family trip. It's like six months or a year away, so they realize some of these things take time, and we all contribute to it. There's a very physical aspect to saving as a family.

Brian Ford (31:12):

I think providing them with opportunities to see you work, talk about your work, work alongside them, praise them for saving for something that they want. Then I think, finally, let them hear you express your gratitude for your job and what you do have.

Bright Dickson (31:27):

That's so important. Yeah, gratitude is such a big part of this, and appreciating what you've got. It actually makes you want less of what you don't have, which is really exciting stuff. Amazing advice, Brian. I so enjoyed this conversation. I'm so excited, actually, to get in with my nephews about money and actually ask them some of the questions that we asked our young listeners and see what they say.

Brian Ford (31:53):

I agree, I agree. This has motivated me to be a better parent. No doubt. I've enjoyed this episode, as well.

Brian Ford (31:58):

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Brian Ford (32:06):

Well, hey, that's what we've got for today. Thank you for listening to this episode of "Money and Mindset With Bright and Brian." If you liked our podcast, please subscribe so that you can be informed when a new show comes out. Or, as you were listening to this, if you were thinking of someone with kids who might enjoy this particular episode, go ahead and send it to them.

Bright Dickson (32:26):

Or listen to it with your own kids. And feel free to send us a question to discuss in future episodes or feedback on this episode or any others. We'd love to hear from you, so we have a new email address. It's AskBrightAndBrian@truist.com. Again, that email address is AskBrightAndBrian@truist.com. Thanks for listening, and until next time, take care.