38: This Is How You Teach Your Kids About Money with Holly Reid

Do you want to set your children up for financial success? Most Americans are waiting until high school to even mention finances, but to truly master money kids need to start learning at a much younger age. Today on The TSP show, Holly Reid joins us to talk about financial literacy and how to prepare kids for financial success. In her 20’s, Holly was faced with the repercussions of frivolous spending without ever saving for the future. She vowed to never be in that financial state again and now teaches children and parents how to be intentional with their money. Choosing a college or a career to pursue is one of the biggest financial decisions.of one’s life and yet we expect high schoolers to take that on without equipping them with the money management skills needed to make an informed decision. With most college graduates accumulating $5,000 of credit debt on top of their student debt, it is obvious that children need to be taught how to manage money, save it and especially to appreciate it. If you want to teach your kids the foundational principles of money, listen now!Want to keep up with Holly Reid? Find details here:► Website: TheMasterPlaybook.com► Courses: Money Camp► Book: Teach Your Child to FishWant to keep up with Traffic Sales and Profit? Find details here:► Podcast: https://trafficsalesandprofit.com/podcast► Get your FREE Traffic Sales and Profit Book here https://freetspbook.com/tsp-book► Subscribe to the YouTube channel: https://youtube.com/trafficsalesandprofit► Upcoming Live Events: https://trafficsalesandprofit.com/events/► Join our FREE Traffic, Sales & Profit Facebook Group: https://www.facebook.com/groups/TrafficSalesProfit/► Follow us on Instagram: https://www.instagram.com/trafficsalesandprofit/► Follow Lamar on Instagram: https://www.instagram.com/lamartyler/KEY TAKEAWAYS[00:00:00] Ingraining financial literacy in the youth [00:3:30] The American Pitfalls: Debt, no savings and living above your means [00:08:00] College students are graduating with 5k of credit card debt [00:09:40] Leaving a financial blueprint to educate your kids [00:10:30] You don’t have to have a PHD to talk about finances with your kids[00:12:50] The school system does not teach financial education consistently [00:17:00] Deciding if the investment in college is worth it [00:20:00] Flipping the narrative with alternatives to college [00:21:50] The 5 principles you should be teaching your children[00:26:40] The challenge of teaching kids about