5 Awesome Money Lessons for Kids (While There's Time)

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5 Awesome Money Lessons for Kids (While There's Time)

Many parents lack confidence when it comes to teaching financial education to their children, largely because they never received a useful grounding in the topic themselves.

In today's video we go back to first principles to explore what it takes to give your child a wise understanding of how to earn, save and spend money in a responsible way.

We look at career options, deferral of gratification and spending, saving, compound interest, precious metals and investing.

Steve Jobs' Harvard 2005 Commencement Address:
https://www.youtube.com/watch?v=UF8uR6Z6KLc

Timecodes
0:00 - Intro
0:29 - How does a young person become financially literate?
0:45 - Timeless advice for 5 year olds and adults alike
1:17 - LESSON 1: You need money to buy things and you earn money by working
1:28 - Choosing a job
1:45 - What school teaches about careers
2:21 - Business ideas
2:45 - Starting an online business in 2021
3:10 - Careers which are future proof, and those which aren’t
3:40 - The problem male students sometimes have with high school teaching
4:26 - Taking inventory of your skills & opportunities
5:10 - Issues with the word ‘vision’
5:57 - An empowering definition of the word ‘vision’
6:42 - Follow Steve Jobs’ advice and uncover the work you love to do
7:06 - LESSON 2: Choose wisely how you spend your money
7:24 - Compound Interest and putting it to work on your child’s savings
7:34 - The benefits of setting up a Trust
8:03 - The importance of precious metals
8:12 - Gordon Brown’s Child ISA of 2002
8:36 - Gordon Brown sells UK gold reserves 1999 - 2002. This was a disaster.
8:46 - Why Gordon Brown’s sales of the UK gold reserves were disastrous
9:04 - An alternative investment policy that Gordon Brown should have adopted
9:49 - LESSON 3: You may have to wait to buy something that you want
9:58 - Ensure you’re not being ripped off on utilities and subscriptions
10:51 - LESSON 4: Save 10 - 20% of what you earn, and set aside 10% for charity or for helping others
11:00 - How much money should you save in case of an emergency?
11:14 - LESSON 5: INVEST. Place funds in shares.The sooner you save the more quickly your money will grow

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If you have any suggestions concerning content you'd like to see covered, feel free to comment below or e-mail me at [email protected]
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