“It’s really important to know what you want and where your priorities are because that dictates where you’re spending things, what you’re striving towards, and also I think when to stop.”
— Kelly Mindell
How do you leverage an allowance system to communicate family values to a young child?
As my sister, Kelly Mindell, is learning on her family’s money-smart journey, the key is patience. Lots and lots of patience! The tables are turned during this special episode of The Art of Allowance Podcast, as Kelly peppers me with questions regarding her own program. But so this installment doesn’t turn into a family reunion (or, more likely, digress to the level of a lively Lanza board game night), my former guest and fellow money-smart movement co-conspirator Robin Taub joins in as co-host.
Kelly is the founder and visionary behind Studio DIY, a colorful lifestyle brand that inspires over 700K followers throughout the social media landscape with DIY projects, bold home decor ideas and memorable holiday celebrations. Her projects have been featured in HGTV Magazine, Real Simple and Domino as well as on NBC’s Parks & Recreation, Miley Cyrus’s Milk tour, NPR, BuzzFeed and The Today Show. Kelly lives in Los Angeles with her husband, Jeff, and son, Arlo.
Robin is a Chartered Professional Accountant (CPA, CA), 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.
Links (From the Show)
- Kelly on the Web
- Studio DIY’s website
- Robin on the Web
- Money-Smart Mentions
- Our handy-dandy S.M.A.R.T. Goal Label Maker
- My “3 Ideas to Share & Save” digital newsletter
- Karen Holland’s Gifting Sense website (plus more information on the DIMS [Does It Make Sense?] Score®)
- ECHOage, the party management tool Robin describes
- Thoughts on birthdays from podcast guest Bill Dwight
- An introduction to The Waiting Period concept (from me and from Bill Dwight)
- F&A Federal Credit Union, our partner with a whopping 6.18% APY on youth accounts
- Ramit Sethi of I Will Teach You to Be Rich fame
- Kelly’s Parenting Account Recommendations
Show Notes (Find what’s most interesting to you!)
- Experimenting with a different podcast format [3:55]
- A bit about Kelly and her family’s allowance system [4:31]
- A refresher on Robin and her five pillars of money [6:20]
- What happens when past “questionable” purchases aren’t motivators to change spending habits? [8:47]
- Should parents intervene in spending decisions? [16:09]
- Do parents need to introduce saving for a larger goal (like a car, a college education, or a trip)? [23:15]
- When should parents introduce savings or investment accounts? [26:59]
- How can parents help their children transition from one goal to the next? [28:54]
- Should parents always carry their child’s “Spend Smart” money with them? [34:56]
- Kelly’s money-smart role models [41:24]
- Lessons in living beneath your means [43:15]
- Money empowerment as confidence [44:33]
- Investing in board and logic games [45:33]
- “It doesn’t hurt to ask.” [49:23]
- A trio of parenting account recommendations [51:44]
- Finding Kelly on the web [53:16]
- Joining the Studio DIY community [53:51]
If you liked this episode …
Ready to create a vision board with your kids based on Robin’s suggestion? In this video short, podcast guest and money expert Ellen Rogin discusses how to set up a practical prosperity picture (vision board) and shares visualization techniques as well as suggestions for success. Alternatively, you can listen in at 25:03 for all the details.
Want more information on a values-based allowance system? In her second appearance on The Art of Allowance Podcast, this episode’s co-host, Robin Taub, offers strategies for incorporating family values into money conversations, like charitable giving (11:11) and enhanced interest (19:06). Don’t forget to check out her first appearance as well!
Interested in setting up a jar for collective experiences or vacations? Award-winning financial literacy educator Tabatha Thurman introduces me to the concept of the Family jar during her Art of Allowance Podcast episode. Tune in at 19:45 to learn more.
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
