AOA 009: A Conversation About Kids (of All Ages) and Money

With Personal Finance Columnist and CNBC Personality Kelli Grant

In this episode, I talk to Kelli Grant, Personal Finance and Consumer Spending Reporter for CNBC. Her work has appeared in The New York Times, The Wall Street Journal, SmartMoney and Kiplinger’s Personal Finance, among other publications. Kelli holds a master’s degree in personal financial planning from Kansas State and bachelor’s degrees in journalism and anthropology from Ithaca College. She was bursting with practical information about helping even young children reduce stuff, the importance of 529s and the FAFSA along with much, much more. I think you’ll really enjoy my conversation with this mom and personal finance expert.
 

 

Kelli Grant of CNBC
“Embrace what you don’t know.”
 — Kelli Grant
 

Here are just some of the topics we discuss:

 

  • Money Shame and its implications
  • The importance of picking the “low-hanging fruit” that can save you money
  • Talking openly about finances with your spouse so that your children get used to money conversations
  • Strategies to reduce the accumulation of stuff and change the conversation concerning stuff, even in the context of strong cultural norms promoting it
  • Starting the “delayed gratification” discussion early
  • Emergent financial literacy
  • Brad & Ted Klontz’s money scripts unconscious attitudes that you hold towards money
  • Being open about your mistakes to help your kids avoid similar ones
  • Simple talk about investing for your children
  • The low-down on FAFSA (Free Application for Federal Student Aid): You NEED to file this if your kids are going to college.
  • Important points to consider when choosing a 529: Good resources include Savingforcollege.com and Morningstar.com.
  • Kelli’s book recommendation – Baby Bargains by Denise and Alan Fields
  • You can reach Kelli on Twitter @kelligrant or at https://www.facebook.com/KelliGrant.money.
I hope you enjoyed this episode of The Art of Allowance Podcast. If you did, then I think you might like my conversation with Tabitha Thurman, an award-winning financial literacy educator.