AOA 049: The Hybrid Allowance System – With Guest Kennedy Reynolds

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“Every day counts. […] Time is not a renewable resource. […] Just take a baby step now.”

— Kennedy Reynolds

Wondering how to craft a hybrid digital and physical allowance system for your children?

Kennedy Reynolds offers strategies to get started during her appearance on The Art of Allowance Podcast. Kennedy is the Chief Content & Education Officer at Acorns, a saving and investing app. She spearheads the company’s education and impact initiatives, working to unite financial literacy and consumer decision-making and to make money tools mainstream for everyday Americans.

Prior to Acorns, Kennedy led digital content strategy at Zeno Group and founded the agency’s Story & Brand Practice. She graduated from Harvard University and went on to complete her Masters in Creative and Life Writing at Goldsmiths College, University of London. Kennedy is a mother of three and the author of Grow Your Oak, a children’s book that empowers kids to invest in their financial futures.

Links (From the Show)

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

  • Kennedy’s often bumpy journey to money education [2:21]
  • Kennedy and I discuss how money shame led us both to youth money smarts. [9:18]
  • Kennedy touches on different money personalities, a recurring theme of the podcast. [12:24]
  • Educating your kids at the moment of decision making [14:07]
  • Conversations about time are important money conversations. [17:35]
  • Starting an allowance with a six-year-old [19:06]
  • Beginning investing conversations early [20:26]
  • Incorporating digital money into a physical allowance system [24:18]
  • Knowing that children go through phases on their money journeys can be liberating. [27:39]
  • The power of making contracts with your kids [29:11]
  • Kennedy’s biggest money influences [30:17]
  • Kennedy’s own poignant money moments [32:04]
  • Automation helps us be good to our future selves. [36:29]
  • Being “money-empowered” as being “money-educated” [39:04]
  • What Kennedy considers her best investments of time and money [40:17]
  • A money-smart message for the world [42:30]
  • Books that are both gifts of choice and conversation starters [44:39]
  • Connecting with Kennedy and Acorns on social and the web [47:04]
  • An Acorns offer and a parting message [47:50]

If you liked this episode …

Searching for more information on beginning money conversations with young children? Arizona-based financial coach Kelsa Dickey offers strategies for incorporating these discussions into life with toddlers. Listen in at 4:34 for her suggestions. (And P.S. – Kelsa also addresses different money personalities at 11:38.)

Interested in exploring the relationship between time and money? Self-described “time nerd,” Harvard researcher, and new mom Ashley Whillans talks about the process of raising both money-smart and time-affluent kids during her second appearance on the podcast. Tune in at 44:03 for this discussion.

Need more advice on investing with your young child? Financial psychologist Brad Klontz reveals how he introduced his seven-year-old to investing at 10:05. Also, his thoughts on why an initial investing big win could be a problem are illuminating.

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