29: How to Raise a Money Savvy Kid with Rachel Cruze
In Episode 29 of The IMbetween Podcast, Daniel and Christina Im interview Rachel Cruze (author of Smart Money, Smart Kids and daughter of Dave Ramsey) about raising children who can make wise financial decisions and choices.
In This Episode, You Will Hear About:
- The reason to teach your children about opportunity costs
- How teaching about money can become a natural part of your family’s lives
- Why it is important for children to make financial decisions with their own money
- The difference between “commission” and “allowance”
- What you should do if you cannot afford to pay your child a “commission”
- The importance of teaching your children delayed gratification
- Money principles for each stage of your child’s life
Resources Mentioned During the Episode:
- Smart Money Smart Kids: Raising the Next Generation to Win with Money – book by Rachel Cruze and Dave Ramsey
- 14-Day Money Finder – find extra money with the help of Rachel
- Rachel Cruze‘s website
- Rachel Cruze’s Youtube Channel
- Christina’s multiplication rap
Quotables:
- “Money is like a magnifying glass; it just makes you more of what you already are.” – Rachel Cruze
- “Never give your kids an allowance. An allowance is an assumption that you are going to be given money because you breathe air.” – Rachel Cruze
- “A commission is: if you work, you get paid. If you don’t work, you don’t get paid.” – Rachel Cruze
- “Kids that earn money will spend, save, and give it differently.” – Rachel Cruze
- “70% of Americans live paycheck to paycheck.” – Rachel Cruze
- “Even just getting on a budget will feel like you are getting a raise.” – Rachel Cruze
- “Giving, saving, and spending are the basics; they are the foundation of money.” – Rachel Cruze
- “Giving, saving, and spending are the money muscles we need to let our children exercise.” – Rachel Cruze
- “You don’t lose your parenting rights over your child’s spending.” – Rachel Cruze
- “People lose their minds when it comes to college planning.” – Rachel Cruze
- “When you take on debt, you take on risk.” – Rachel Cruze
- “If your heart overflows with gratitude, there really is no room for discontent.” – Rachel Cruze
- “Humility is not thinking less of yourself. It is thinking of yourself less.” – C.S. Lewis
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Meet Rachel Cruze:
Rachel is a self-professed spender at heart and a pizza-lover. She also hated budgeting with a passion while growing up. But, as she learned about what a budget can do, she found a fun way to balance spending and saving money. She is married to her wonderful husband, Winston, and they have two amazing daughters, Amelia and Caroline.
