Teaching Your Children About Money With Dr. David Weisenhorn

If you avoid talking about money with your children, then who pays for it later in life? Whether you know it or not, you’re teaching your children about money every day. Teach them what works and what doesn’t when it comes to finances.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. David Weisenhorn about money and parenting. David is a Senior Extension Specialist for Parenting and Child Adolescence Education at the University of Kentucky.

Topics Discussed:

What is a family scientist? Mixes psychology and sociology focused on families
Taboo Topic: Money isn’t up for conversation; vulnerabilities around values
Lack of Education: Discussing finances in not covered in traditional curriculum
Effects: Educate children to avoid risk of not using and handling money properly
Mistakes: Avoiding subject of money doesn’t mean kids won’t use/experience it
Proactive Parenting: Daily practice of teaching children how to deal with money
Financial Literacy: Learn jargon and teach simple concepts via currency games
Money Personalities: Habits and attitudes toward spending and saving
Sink or Swim? Worth it to learn value of dollar early on to gain knowledge
Allowances/Chores: Required versus going above and beyond to earn money
Intrinsic/Extrinsic Motivators: Monetary incentives and sustainability of actions
Zone of Proximal Development: Allow children to make and learn from mistakes
Goals and Expectations: Smart small, don’t overpay, earn money from hard work