AOA 073: The Family Share Jar – Giving Together with Andy Hill

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“I got inspired to say, ‘What can I do to sort of ladder up our giving?’ So that I can be a good model to my children when I say, ‘Hey, it’s important to give a portion of your money.’”

— Andy Hill

Host John Lanza talks with guest Andy Hill about the journey from burdensome debt to financial freedom and, in particular, navigating such an experience with kids. Andy explains what his allowance system entails, how to communicate the power of compound interest and why he thinks modeling matters most when teaching money smarts. He also shares how he and his wife made changes in their own lives to be better financial models for their children, especially in the area of giving. Additionally, John and Andy discuss raising money-smart kids in spite of financial shame, having open money conversations, introducing the Flex Allowance, explaining good and bad debt, celebrating money wins and building up generosity.

Andy Hill is the award-winning family finance coach behind Marriage Kids and Money, a platform dedicated to helping families build wealth and happiness. Andy’s advice has been featured on or in CNBC, Forbes, MarketWatch, Kiplinger Personal Finance and NBC News. With millions of podcast downloads and video views, Andy’s message of family financial empowerment resonates globally.

Links (From the Show)

  • Connecting with Andy
    • The Marriage Kids and Money platform
    • Andy’s “Make My Kid a Millionaire” course
  • Money-Smart Mentions

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

  • Andy’s focus on helping families build wealth and happiness [3:02]
  • The evolution of the Hill allowance system [3:56]
  • Folding laundry: The allowance and chore debate rages on! [5:52]
  • Andy’s thoughts on “above and beyond” chores [8:36]
  • Moving from a cash allowance to a digital system [10:03]
  • Is there such a thing as “good debt”? [12:41]
  • Talking to kids about debt: Better break out the mortage piñata! [14:59]
  • Making invisible money decisions visible [17:42]
  • Helping kids understand the power of time [19:22]
  • The importance of modeling when teaching money smarts [22:40]
  • Leveling up family giving [25:33]
  • Whether or not they believe it, parents have so much to provide their kids in terms of money smarts. [30:12]
  • The relationship among money, time and happiness [34:02]
  • Andy’s parents are still his money role models. [36:32]
  • Andy’s earliest (sweet) money memories [38:36]
  • Maximizing your values through money [39:59]
  • Investing in one-on-one time with kids [40:18]
  • Using money as a tool [40:54]
  • Being values-focused [41:34]
  • Andy’s money-smart book recommendation [42:59]
  • Andy on the web [43:23]

If you liked this episode …

Interested in a counterpoint to Andy’s tying chores to allowance? David Owen, the author of The First National Bank of Dad, shares why he believes allowance and chores shouldn’t be linked. Tune in to our Art of Allowance Podcast conversation beginning at 43:54 for his reasoning.

Want more information on money modeling? During her second podcast appearance, researcher Ashley Lebaron-Black outlines how family modeling as well as experiential learning and open conversation impact financial outcomes. Start streaming at 9:38, or listen to the corresponding video short.

Curious about the relationship among money, time and happiness that Andy mentions? Self-described “time nerd” Ashley Whillans talks about just that during her Art of Allowance Podcast debut. And for an even deeper dive, read her six-part series on money, time and happiness that appeared in Harvard Business Review.

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