Teaching Kids About Money

A big concern among parents today is how to best prepare our children to face the real world, especially when it comes to finances. Recently, on The Stand Radio, Rob West, host of Faith in Finance, and president of Kingdom Advisors, joined us to talk about teaching sound financial principles to our kids.

Among the priorities he stressed was the importance of creating a budget, living within God's provision, and understanding that these are the keys to financial success. He emphasized principles like avoiding debt and setting long-term goals. Rob also highlighted the importance of hard work, a value deeply rooted in creation and one that glorifies God through taking dominion on the earth.

One of the most powerful takeaways from the conversation was the idea that 'more is caught than taught.' This means that as parents, our actions speak louder than our words. If we want our children to succeed in being good stewards of money, we need to model sound financial behaviors ourselves, from the way we handle our grocery budget to how we respond to their requests for money.

We also touched on the topic of allowances and whether children should earn their money or simply have it given to them. West's perspective on setting expectations for family contributions and offering opportunities to earn extra money provides a balanced approach to this age-old parenting question.

If you're a parent seeking to equip your children with the tools they need for financial independence and wise money management, I encourage you to listen to this brief conversation with Rob West. I think you’ll come away inspired and ready to teach your children the principles of good financial stewardship.

Click HERE to listen to the podcast on AFR or click below to listen on YouTube.