How to Fall Like a Superhero

Content creator Hannah Koumakis, who lives in New Zealand, explained how implementing the pocket money system (taught by her father) helped her to set long-term savings goals at 7 years of age. This enabled her to buy a car at 16 and a house at 23.

The pocket money system helped:

"...teach us the value of each dollar and to make us completely in charge of our finances from such a young age."

• to teach prioritization skills, budgeting and money management skills

"...we actually had to split off our pocket money into different accounts. We didn't just get the full $140*...we had $70 for long-term savings...which obviously left us with $70. And then we didn't just get that $70. We also had to pay $14 towards our church, which is tithe...And then we also had to put aside $20 to short-term savings...for our car. So again, at the age of seven, they were making us save for our car, which left us with $36 and $36 had to cover everything that we wanted in our life...from socks to underwear to clothing, to if we went out to McDonald's."

Setting money goals can help teach responsibility and discipline. Barry Choi, Personal Finance and Travel Expert, talks about the money goals and money memories from his teen years.

First job:

"My first paying job...I was probably 16 or 17. It was data entry. It was at my uncle's company, and he was the CFO. So obviously that's how I got that hookup..."

First purchase:

"So, when I got first access to my debit card...I immediately spent half my savings, which wasn't a lot. In high school...PlayStation had just come out. It was the biggest thing ever. I spent all my money on that. But then once I got a consistent job, I was probably like 18,...that's when I started to save. And the reason I started to save...is because my parents encouraged me to open up an RSP...at the time I was only setting aside $25 or $50 a month, but...that's when I became a saver."

"...I keep talking about this PlayStation and how it blew my savings, but I got so much joy out of it. I think it was worth it. And this is what I was saying... If you set aside for your goals and you spend guilt-free after, don't feel bad about it."

Money Mindset

"Just knowing that money is there to work for you...So, if you can earn more money, obviously that's more beneficial. For most people, having a high income is the best, but once you start investing your money, the power of compound interest can go a very long way. So generally speaking, if you can invest early, save early, you'll be set up for financial success."

Author Anthony Delauney, author of the Owning the Dash series of books, talks about his own Money Mistakes and:

• memorable purchases
• his cautious tendencies
• understanding your child's mindset

What is one purchase you made when you were young that you remember fondly?

A gift for his mom
"Seeing the joy that you can bring to other people with the tool of money is really exciting. Giving is one of the best sensations in the world..."

What is one thing you now realize was a waste, but at the time you really wanted?

"I think that waste is not so much a thing...I think the waste is worry...and I'm being a hypocrite in this... I was voted in high school among my peers as the most worrisome person in our school...but I think that a lot of times, we make decisions - some good, some bad...but the amount of time we spend worrying about our decisions is really what the biggest waste is...because the worry doesn't do anything to help and only hurts us mentally and physically."

So, you were cautious with money growing up...

"Yes, I would say that I was cautious, but that the caution can be as much of a drawback...sometimes being too cautious can put you in harm's way as well...I've learned the mistakes of being too cautious."

What Anthony has learned...

Telling people what to do, doesn't work all the time.
"...two people could be in very different situations, different mindsets..."

"...my fear of discussing things, my fear of asking questions is what caused me to fail early in life and I think it's really important...young adults, children, to feel the confidence of asking questions...there's no such thing as a stupid question..."

Anthony Delauney, author of the Owning the Dash book series for kids, wants to emphasize that money is a tool.

In this episode, he also talks about:

• how you can empower kids by letting them make decisions. Give them the opportunity to feel ownership over their own money.
• how you can teach delayed gratification to young kids, who may not understand what money is, by using relatable objects, like candy.
• how you can foster confidence by allowing kids to make mistakes in a safe environment and without fear of being criticized or belittled.
• being mindful that kids are always watching and taking note of your money-related emotions.

"Children tend to monitor and learn from the things we do and how we act with our own money...so when we go to the grocery store or when we go to certain activities ...and we spend money or we use that tool, how do we use it? ...and what's our behaviour like around it? Do we like talking about it? Do we not talk about it at all? Those behaviours are things children pick up on very quickly."

"Just because you tell children what to do, does not mean they will follow that lesson...so the most important thing as a parent...that parents need to be aware of, is what they're doing themselves...Are they being honest with themselves? If they're telling their children to do one thing, but they're not doing it themselves, that's a recipe for trouble down the road."

"They don't understand, per se, all the concepts around money...but they certainly pay attention to the emotion that parents have around money..."

The full episode (also available on your preferred podcast player) contains specific techniques and teaching moments to emphasize that money is a tool.

Looking for more? Revisit on Wednesday for a bonus episode. Don't miss out on hearing Anthony reflect on his money past, including details about:

• his first job
• his first purchase
• saver or a spender?

Author Ellen Sabin on Financial Confidence and the importance of teaching moments.

Excerpts from our conversation:

First job

...at an ice cream store

"I sort of loved the feeling of...power, if I can say that word. I loved the idea that I was bringing money in...my parents gave me the privilege of saying, 'if you earn it, it's all yours.'

Saver or Spender?

...thanks to her mother's technique

"I learned at a young age, that having balance on what I spent and saved was a good thing."

First purchase regret

...a pair of name-brand jeans, which were "5x's more expensive" than other jeans

"...but those are good teaching moments. We're all going to do that sometimes... as long as we learn from the habit of not doing it all the time and learning from our mistakes...then all is good."

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.

8-year-old Sammie had a great idea; to have a buddy bench installed in her school yard.

This idea could have been dismissed or forgotten.

Instead, she collaborated with her mom, did some research and brought the idea to her school principal.

During the height of the pandemic when lockdowns were common and schools were closed, social media was key to staying connected. But that's when 16-year-old Keegan Lee, decided to give it up and record her observations and feelings.

And now at 18-years-old and in her first year at The University of North Carolina at Chapel Hill, she says that she is "so much happier because I found that not everything in your life needs to be put on the internet."

Can girls play the drums?

Aiwen Voth, an 11-year-old student from Calgary, Alberta definitely thinks so.

Did you know that one-third of Americans said they would rather clean a bathroom than solve a math problem?  What does this stat reveal?
It reveals the power of math stereotypes and myths...that they create fear and anxiety. 

What do you think? Would you rather clean a bathroom or work on solving a math problem? 

In today's episode, we hear from Vanessa Vakharia, also known as The Math Guru, also known as The Lady Gaga of Math Education. Listen to the full episode to hear why she doesn't like the label 'Math Person.'

For this episode, we hear from three high school students. They share with us their thoughts on social media, self confidence and being mindful about their own comparison tendencies.

Does the thought of public speaking scare you?

How do you feel the night before you have to give a speech in front of your teacher and classmates?

King Bethel, 15-year-old student and singer/songwriter from Detroit, Michigan shares his thoughts on the importance of sharing your voice...because no one else can! He also talks about his mindset before stepping on stage to give a speech, to sing the US national anthem or when performing one of his songs.