“It’s a balance. Because kids in this range, they want that independence. They want to be like, ‘I’m good.’ And at the same time, they need you, in many ways, more than ever.”
— Bobbi Rebell
How do you ensure your older kids are “ready for launch” and have some “financial skin in the game”?
Let this episode of The Art of Allowance Podcast, featuring financial literacy advocate Bobbi Rebell, serve as your playbook! Bobbi is the author of a new book, Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart. She is also the host of the Money Tips for Financial Grownups Podcast and the founder of GrownupGear.com.
Earlier in her career, Bobbi was a global business news anchor and personal finance columnist at Reuters and held various journalist positions at top news outlets, including CNBC, CNN and PBS. She is a graduate of the University of Pennsylvania and received her Certificate in Financial Planning from New York University. A mother and stepmother of three (almost) adult kids, Bobbi calls New York City home.
Links (From the Show)
- A Bit About Bobbi
- Bobbi’s first book, How to be a Financial Grownup: Proven Advice from High Achievers on How to Live Your Dreams and Have Financial Freedom
- Bobbi’s latest book, Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart
- Bobbi’s website
- Bobbi’s grownup resource list, including her gear and newsletter
- Bobbi’s podcast, Money Tips for Financial Grownups
- Get Social with Bobbi
- Bobbi’s Money-Smart Recommendations
- Financial psychologist Brad Klontz
- Author, speaker and activist Julie Lythcott-Haims
- Lythcott-Haims’ parenting book, How to Raise an Adult: Break Free of the Overparenting Trap and Prepare Your Kid for Success
- Lythcott-Haims’ latest book, Your Turn: How to Be an Adult
- Lythcott-Haims’ newsletter, “Julie’s Pod”
- Honorable Mentions
- My essay on budgeting, “You Don’t Need a Budget: How Paying Yourself First and Reviewing Your Spending Might Be Better Approaches”
- The Greenlight mobile app and debit card for kids and teens
- FamZoo, a “virtual family bank” founded by podcast guest Bill Dwight
- Jason Feifer, the editor-in-chief of Entrepreneur magazine
Show Notes (Find what’s most interesting to you!)
- Subsidize your kids’ needs and not their wants. [1:56]
- Bobbi’s love / hate relationship with the term “adulting” [4:30]
- Keep the money conversation going even after your kids have landed jobs. [7:46]
- 🚨NEWSFLASH🚨 A 401(k) is NOT an investment. Don’t let your kids’ money stagnate! [9:26]
- Investing and health benefits, to name a few, make it harder for today’s kids when they enter the workforce. [14:12]
- Schools are not stakeholders in money-smart learning. [16:25]
- The budgeting elephant in the room [18:39]
- The importance of sharing our money mistakes with our kids in an age-appropriate manner [22:28]
- You might want to avoid the easy and obvious “I told you so” when speaking with your kids. [27:21]
- Don’t increase the cost of your “family ecosystem” artificially. Instead, make sure your kids have some “financial skin in the game.” [30:32]
- Bobbi explains what she likes about allowance, when it worked for her and when it did not. [34:06]
- Bobbi’s affinity for digital money [37:12]
- Our kids should know that we are resources and that they’re not entirely cut off. We don’t want to create unintended consequences. [41:55]
- How to help our kids learn to deal with reality and course correct when they might not reach their financial goals [43:11]
- Making sure we keep the money conversation open [44:57]
- What’s the best way for parents to be financially fair with their kids? [46:40]
- Spoiler alert: The parent-child relationship is a financial one. [49:40]
- Bobbi’s original answer to the question, “What does the term money-empowered mean to you?” [51:35]
- Bobbi’s best investment [51:50]
- The importance of staying in touch [52:07]
- “You are not alone.” [52:16]
- Bobbi’s money-smart resource recommendations [53:25]
- How to get Bobbi’s new book and find her online [55:06]
- A bit about Brad Klontz [56:07]
- Bobbi loves speaking opportunities! [57:08]
If you liked this episode …
Looking for more ideas on how to incorporate digital money into your allowance system? Then tune in to my episode featuring FamZoo founder Bill Dwight. During his appearance, Bill tackles topics such as transitioning from three clear jars to a digital allowance and using auto debit to teach children about paying bills.
Need more advice about being financially fair with your kids? In his episode of The Art of Allowance Podcast, entrepreneur Kirk Drake makes the case for treating every child individually when it comes to money. Fast forward to 25:31 for his thoughts.
Curious about Brad Klontz‘s contributions to the money-smart movement? Besides being an avid TikTok-er, Brad is an expert in financial psychology, financial planning and applied behavioral finance. His concept of money scripts explains how our financial behaviors can be influenced by past generations. Listen in at 23:24 for all the details.
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
