“I like the idea of decoupling [chores and allowance] – you should help your parents because you have a desire to help them, not because you get paid for it.”
– Sam Paxson
As your tweens start to get curious about money, are you wondering how to have conversations about what it means, what it’s worth, and what it can do for them?
In this special episode, I speak with Samantha Paxson. Sam is trying to raise her 11yo son, Finn, to be money-smart. I heard Sam talk about her son’s burgeoning interest in investing (yes, at age 11!) when she was on stage at the CU Relevant conference at which we were both speaking. I immediately thought you’d enjoy it if we turned the tables and let my guest ask me questions. Like we did in episode 59 with Kelly Mindell, Sam Paxson joins us with many questions that will be relevant to all of us with tweens and teens who are on their own money-smart journeys. And once again, I’ve invited my former guest and fellow money-smart movement co-conspirator Robin Taub, a youth money-expert in her own right, to join me as a co-host.
Samantha Paxson is Chief Experience Officer for Co-op Solutions. She is the architect of the company’s enterprise change management, go-to-market and experience strategy. An accomplished speaker and thought leader, Paxson founded Co-op THINK, an innovation content platform empowering the evolution of mission-driven financial services. Over her 20-year career, Paxson’s focus has been on the intersection of technology, purpose and experience. Paxson is a graduate of the University of Southern California with a degree in Journalism and Social Sciences, and holds an MBA from USC’s Marshall School of Business. She is also a board leader at USC Credit Union. In short, Sam knows the financial industry.
My co-host today is Robin Taub, a CPA, keynote speaker and bestselling author. Her latest award-winning book, The Wisest Investment: Teaching Your Kids to Be Responsible, Independent and Money-Smart for Life, gives parents the information, strategies and inspiration they need to teach their kids about money. She holds a Bachelor of Commerce (with High Distinction) from the Rotman School of Management at the University of Toronto. Robin puts her money where her mouth is and has two (mostly) money-smart young adults, a son and a daughter.
I am really excited to bring you this very special episode of The Art of Allowance Podcast.
Links (From the Show)
- Sam on the Web
- Robin on the Web
- Money-Smart Mentions
Show Notes (Find what’s most interesting to you!)
- Robin explains her five pillars (Earn, Save, Spend, Share, Invest) and how values can help drive your money-smart planning. [7:51]
- How do parents set boundaries? [9:22]
- Samantha’s allowance set-up and a discussion about chores or no chores being tied to allowance. [10:41]
- How much allowance should an 11 year old get? [15:24]
- How should an allowance be distributed into the jars or buckets? [20:48]
- Giving our kids control of their spending is a big learning opportunity. [23:58]
- The use of contracts and negotiations when it comes to allowance. [24:31]
- How Sam’s son is driving the digital money conversations. [27:01]
- The difference between banking for kids in Canada vs. the US. [27:18]
- What is a “rich life”? [33:42]
- There is a gap in the financial services industry: parents aren’t easily finding the right tools to use for their kids. Kids want a simple solution and they are driving the discussion, which underscores the importance of a money conversation early. [34:47]
- Long-term vs short-term investing: wealth building vs gambling. [39:55]
- The importance of money allocation and goals and how it forces kids to prioritize their money. [41:42]
- A summary of the learning points from the conversation. [51:55]
- Becoming more comfortable as a parent not “coming in and saving the day”. [53:03]
If you liked this episode …
- My short episode on the purpose of an allowance (and chores) is a good compliment to this episode.
- If you enjoyed her perspective in this episode, you might enjoy my most recent interview of Robin Taub about her book, The Wisest Investment.
- Gene Natali’s perspective on money smarts in general and investing specifically is useful as you consider how to introduce your kids to it.
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
