“They are going to ask questions that we don’t know the answer to, and it’s okay to tell them that you don’t know, and hey…let’s figure this out together.”
– Chelsea Brennan
Are you curious about strategies for setting your kids up for financial success from an early age?
Chelsea Brennan, founder of Smart Money Mamas, is on a mission to help moms build meaningful wealth without the hustle. As an ex-hedge fund manager turned financial educator, Chelsea now invests in helping thousands of moms heal their money mindset to own their financial power and grow lasting holistic wealth. Her proven strategies positively impact her clients, their families, and their communities by developing the building blocks for a lasting and powerful financial legacy for future generations. Chelsea is a National Financial Education Instructor. She has been featured in Forbes, Business Insider, Yahoo Finance, Scary Mommy, and Boss Mom.
When she isn’t working on getting more money into the hands of mamas, Chelsea can be found reading fantasy books, doodling, or going on adventures with her husband and 2 young boys in Connecticut.
Links (From the Show)
- Chelsea on the Web
- Money-Smart Mentions
- Brad Klontz podcast episode on taking financial advice with a grain of salt since we are all on our own individual paths.
- The Psychology of Money book on how our money mindset can be framed by a specific event.
- Greenlight as a way for kids to save their money.
- Jason Zweig – “the mad money account”.
- Lessons from The Opposite of Spoiled book by Ron Lieber.
Show Notes (Find what’s most interesting to you!)
- What Chelsea misses about the hedge fund world. [4:43]
- The case for boring investing. [6:32]
- A discussion about fundamental financial truths. [7:27]
- Money is primarily emotional. [12:14]
- Most core money beliefs are set around age seven. [15:26]
- How Chelsea setup their family system. [18:11]
- The purpose of an allowance is to allow our kids to control their money. [20:42]
- Money in the bank isn’t the goal of allowance. [23:25]
- The importance of consistency with your allowance system. [25:12]
- How looking for opportunities to use Share Jar money can help kids see their impact. [27:10]
- Funny story about giving to the WWF – Do Snow Leopards have pockets? [28:32]
- How to use of digital money can be helpful early on. [34:26]
- How Chelsea is starting the investing conversation with her kids. [38:54]
- Talking to your kids about risk and investing in a world of Tik Tok recommendations. [41:37]
- What money-empowerment means to Chelsea. [50:14]
- The best investment Chelsea has made with her kids. [50:43]
- Advice Chelsea hopes her children heed. [51:21]
- A message Chelsea wants everyone to see. [52:02]
If you liked this episode …
Check out our other Podcast conversations linked below that touch on some of the topics covered in Chelsea’s episode!
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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
