AOA 050: The Money Mammals Maven – With Special Guest Eileen Lanza

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“The kids are an experiment, so we’re still learning as we go.”

— Eileen Lanza

Ever wonder what it would be like to chat with the original Money Mammal?

Then wonder no more! Eileen Lanza is a real estate investor and a Top Producer/Realtor with Keller Williams Realty in Los Angeles, where she lives with her two daughters and yours truly. Eileen and I co-created The Money Mammals, a program that gets kids excited about money smarts and which began our family’s foray into youth financial literacy. Our journey eventually led to The Art of Allowance book and this podcast to help parents like you raise money-empowered children.

I often refer to Eileen as the original Money Mammal because she has set the standard for money-smart behavior that informs much of what I discuss with my podcast guests. In this very special 50th episode of our program, you’ll want to listen closely to hear Eileen’s no-nonsense approach to money, learn why she adopted smart financial habits early and discover one money mistake she thinks we made in raising our own kids (which you can avoid by starting sooner rather than later).

Links (From the Show)

Show Notes (Find what’s most interesting to you!)

  • To whom and to what Eileen attributes her early-onset money smarts [3:11]
  • Factors that can hold you back from becoming money-empowered [5:27]
  • Eileen’s top money-smart habits [7:18]
  • The good, the bad and the ugly of the Lanza allowance system [10:31]
  • The truth comes out: Eileen reveals my relatively recent money blunder. [11:57]
  • Eileen’s financial influences (One of them may surprise you!) [14:23]
  • Advice for parents when engaging children in conversations about real estate [15:28]
  • What money-smart habits we hope our daughters will carry into adulthood [17:53]
  • The ineffectiveness of budgeting and what our family does instead [19:04]
  • Eileen’s thoughts on money empowerment [22:53]
  • The importance of travel and education (Yes, in that order!) [23:39]
  • Being conscious about your money [24:22]
  • The burden of worrying [25:05]
  • Eileen’s money-smart recommendations [26:27]
  • Getting social with Eileen [29:37]
  • Eileen’s action item [30:18]

If you liked this episode …

Considering starting earlier than we did when it comes to investing? Financial psychologist Brad Klontz reveals how he began an investing conversating with his seven-year-old at 10:05. Also, his thoughts on why an initial investing big win could be a problem are illuminating.

Curious to hear from a parent who has implemented an allowance system similar to ours? On her episode of The Art of Allowance Podcast, mom Sondi Sepanuk outlines her family’s program and discusses how her approach is “future-forward” and like training for life.

Please Subscribe

If you like this podcast, then please give us a review and subscribe to the show. The Art of Allowance Podcast is available on iTunes, Spotify, Stitcher, Radio Public and now Amazon Music. Subscribing is free, and it will help me produce more enriching content for you to enjoy. Thanks!

You might also want to check out The Art of Allowance Project, our reimagined program to get your children excited about money smarts at any age. Until next time, I wish you and your family well as you journey forth.

Thanks for listening.

John