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INTRODUCTION TO EPISODE 34
It can be a tricky conversation to have, but teaching your kids financial management from a young age can help instill good money habits now and into the future. When you show them how to make money and what to do with the money earned, you’re equipping them with business skills early on in their life.
In this episode, Mike Acker shares how to speak to your kids about finances and how to raise their learning bar to help them achieve what they’re truly capable of. We learn the five areas of finances to teach our kids and how to make them understand the same. Listen in!
EPISODE 34 SUMMARY & HIGHLIGHTS
What are the five areas of financial management that you can teach your kids?
You can teach your kids about the capital that goes behind starting a business. Make them understand that when starting a business, some money needs to be put behind it.
- Business expenses
There are three types of business expenses that you could talk to your kids about. These are - fixed, variable, and periodic expenses.
Talk to your kids about paying people for the work they do. Make them understand that this amount is proportional to the overall effort they put in the business.
Show your kids how there’s revenue that is going to come in from their business.
Teach your kids what profit basically means. Make them understand the simple math behind calculating profits - expenses (labour plus business expenses) minus revenue equals profit.
“Know your kids. Know your grandkids. Know them and believe that they’re able to do more than you currently do.”
“Teach them now the basics of business, financial management, and they’re going to be so far ahead of the game that they’ll be able to advance someday. You'll be laying back and living off the incredible work that your kids do.”
(Full show notes & more resources visit connect.stepstoadvance.com)
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