Ellen Sabin, author of The Nickels, Dimes and Dollars Book, talks about Financial Literacy, specifically:

• needs vs. wants
• making money mistakes
• teaching moments

...on the challenges of parents teaching financial literacy:

"....while adults know it's an important topic, very few have been given the skills on how to teach it...that don't sound preachy or academic..."

"...one of the challenges of parents delving into this topic ...is parents don't talk about money in front of children...or when they are talking about money, it's not in a positive way or they're arguing or it's a debate..."

How do you foster confidence in kids...to make good money choices?

- start with the basics

"Children first need to be presented with what people do with money...the idea that money is something to spend; to share; to save; to earn; to grow; and that you can budget with it...children wouldn't be able to make choices unless they knew the realm of what money does."

- mindset about mistakes

"We all make mistakes...and it's helpful for money matters to be an easy conversation...make the conversation a regular conversation."

The full episode (also available on your preferred podcast player) contains specific techniques and teaching moments for you and your children. Listen to the BONUS episode, where Ellen talks about her first job, her first purchase and her first money mistake.

For more information about Ellen Sabin and her series of books, click HERE.

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