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Today on Wealthy Wellthy Wise is Gayle Reaume. Gayle is the Founder and CEO of Moolah U, a company that teaches kids how to be responsible with money while providing a fun and challenging environment. She started Moolah U after noticing children are not equipped to manage their money, which turns into poor money habits in the future. Gayle’s programs create opportunities for youth to empower themselves to build the financial habits that will lay the foundation for a secure future.
In this episode Gayle and I discuss ways to instill good finance practices in children. She gives some interesting ways for dealing with kids who say “but all my friends have it”. We discuss how many parents unknowingly handicap their kids financial future despite having the best intentions. Gayle discusses her thoughts on chores and allowances and she shares some tips for talking to your kids about money, to help them develop solid financial values that will last them for the rest of their lives.
You can also click on the time stamps below to jump to those specific points in the conversation.
What We Covered
- [1:58] Gayle and I talk about our personal experiences with our children
- [4:19] Gayle breaks down the biggest mistake parents make with their children and money
- [6:43] We discuss how children are getting the knowledge but not how to utilize it
- [9:46] The ripple effects of sheltering children from failure
- [11:46] We discuss how trying to always give kids our “best” creates a financial burden on both parents and kids
- [15:37] Gayle gives some general tips for any parent listening in
- [18:34] Learning the value of an earned dollar
- [19:32] Gayle makes a clear distinction between an allowance and an allotment
- [23:18] We discuss the over spending as parents to provide our best
- [29:14] As a parent we need to have those financial values to pass to our children
- [34:13] Gayle shares the mindset practices Gayle uses when educating children
- [39:11] Sometimes we underestimate just how capable kids are
- [42:39] We talk about entitlement culture and its effects on future generations
- [46:25] Having “skin in the game” is always a motivator
- [49:06] Gayle busts her money myth
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