The Intentional Parent - Financial Literacy: What Your Kids Can Learn About Money (John Lanza)

EPISODE SYNOPSIS
This week John Lanza, creator of Money Mammals, joins Greg and Tina to discuss financial literacy in children and families. The team have an in-depth and spirited discussion about what your kids can learn about money and how to manage it. Each pulls from his and her experience with their own children around the topics of spending, saving, allowance, and responsibility on the part of both child and parent. John gives insight into ways to encourage critical thinking and foster positive experiences around making, spending, saving and sharing money.

GUEST BIO
John Lanza is the creator of "The Money Mammals," which has been teaching kids and families to share, save and spend smart through their award-winning products&premier credit union kids club program since 2006.

ADDITIONAL LINKS, ETC.
Dr. Tina Bryson's website and book:
http://tinabryson.com/
http://wholebrainchild.com/
Guest Website:
http://www.themoneymammals.com/

EPISODE BREAKDOWN
00:00 Introduction: John Lanza
01:15 Shocking statistics.
04:00 How did Money Mammals come about and why did you create it?
08:35 How to address money without causing anxiety in children?
09:15 So how do kids determine what a smart choice is in terms of money?
10:00 In terms of saving, is that something long term, something specific, or not touched at all?
11:00 Is this just your opinion or is it backed by research?
12:00 At what age do you recommend starting an allowance?
13:00 What is your recommendation for the amount to give kids?
14:30 Reasons for implementing an allowance. Encouraging critical thinking and letting them make the mistakes.
19:15 Should kids have to work for their allowance or should chores be something separate?
21:00 Where do you draw the line? Do you deduct allowance depending on conduct, or how well they perform chores, etc.?
23:20 What are some other, simple ways parents can teach money skills and financial literacy to children?
27:35 How does financial literacy change as children grow and become teenagers?
29:15 Do you have an opinion on whether kids should be introduced to credit unions or banks?
31:00 What should or shouldn't parents say in terms of their own finances?
33:30 Useful tools: iAllowance App and http://www.themoneymammals.com/
34:40 What products do you provide parents and children?
35:30 Sharing and how to teach your children the importance of giving.
37:00 Another useful tool: gascubby app
38:20 What can parents who have trouble organizing and maintaining good finance practices do?
41:10 How to tie values to money and making financial decisions.
43:15 Is there anything else about the money mammals that you want people to know?
44:40 Warren Buffet's Secret Millionaire's Club is another interesting tool.
47:30 Wrap up and what to expect next week on TIP.