Set Your Kids Up for Financial Success | Phil Town

The best financial literacy for kids. Thank you so much.

I was never made to get into the habit of saving, spending, and investing when I was young. I was in the habit of going to church and working. I didn't start learning until I was in the clutches of Amway/Quixtar/Usana. Then I really started learning when I got way older and somewhat too old, but I try to teach as I learn to young, unlistening kids.

Great tips Phil, thanks! My 30 year old son recently told me that one of the best things his Mom and I ever did for him was, starting in 10th grade, we stopped buying the basics for him, but rather funded him for those basics. He had chores which were his responsibility. For a year before that, my wife kept detailed records of what we felt as parents we needed to spent on his basics… mostly clothing and school & sports participation fees of various kinds which we wanted to encourage. He could earn extra $$ for his 'wanna-have" list. We added a little for some fun and for giving. On the first of each month, he gave us a detailed tally of what he did with the previous month's cash, in columns marked food, fun, clothing & giving. We just wanted him to be aware of the trade-offs he made, and where the money actually went. No judgment on how he spent it, with one exception. Charitable giving was non-negotiable. If he had not given away 10% of what he was given, to good and godly causes, that amount would not be included next month. Use it or lose it. Turns out he spent a lot less on sneakers and a lot more at McDonalds and the movies. Hey, it's his money – his decision. His two older brothers were on the same plan and all three have been prospering in business and in life. Phil what you teach in Rule1 is awesome. Blessings on you and your family!

Advice starts at 1.21

You lost me at credit card

My parents did a terrible terrible job in every area of parenting

I do everything in the list, except is never burn her Pokemon cards :o. Maybe see them online and get the money back!

Not get a JOB. Set up business' and to reinvest any money. But I'm guessing that's kind of what he meant by a JOB.

Brilliant video Phil. Your videos are great – keep it up!

Burnt up the Pokeman cards? Talk about some Charzards

You could have sold the cards

Teaching my 6 n 3 year old is better to wait for Two later better then take the one now.

i LOVE this guy

Agree with most of these Rules.Love this

Spot on. I'm doing these things with my kids. Except I don't call it an allowance, we call it the work pay system. I don't pay for them to clean their rooms or put their dishes away, but they can earn to shovel snow, mow, clean bathrooms, vacuum.

"not in sociology…. Not to offend out sociologist" hahaha

Hi Phil, your videos, podcast and books are just wonderful. I am pretty sure not even you can see how positive the impact of your work is. THANK YOU

Great video. Thank you for making it. I'm starting to teach my 4 yr old daughter about money /finance and that she has to earn things like toys etc

I really enjoyed this video. When I was younger, I didn’t have anyone to teach me financial stuff. The book that helped me was, Rich Dad Poor Dad. This is also a good site: http://www.Preparemykid.com

Phil, can you recommend me a book about investing for absolute beginners that cover the right numbers involved with a good stock and how to predict the future of a stock. It would also be great if it involved bonds or other financial plans to get ahead for retirement. I am 18 and haven’t taken any classes about investing and would love to learn how to manage my money to prepare myself for when I’m ready to settle down. I would love to buy a book to use since it’s easier for me to know where to start and to study rather than watching a bunch of videos. But please take note that I barely know anything about investing compared to people such as yourself, so something that explains everything would be really appreciated. In particular, how to calculate everything, why, and what do they mean for the stock.

I was reading buffettology by Mary Buffett. All her calculations on intrinsic value are calculated using "per share equity value". She said coke in 1988 had $1.07. How is this number calculated or is there a free financial site where you can just find the number at? I've dug through CNN money, yahoo, and morning star to no luck

I do not agree with paying your children for getting an A or for doing chores. They should be taught to get A for their on self satisfaction and reward for their effort. Chores are family responsibility and not should be associated with any compensation.

my parents did a pretty good job

90% or more adults don't know to wait til they can afford stuff. living paycheck to paycheck or worse, living in debt because you had to have that couch/outfit/car/house… ugh