104: Liz Frazier Peck - From Allowances to Financial Independence: Guide to Raising Money-Savvy Kids

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In this episode, I speak with Liz Frazier Peck, a Fee-only Certified Financial Planner and a passionate advocate for financial literacy. Liz shares her journey from growing up in a financially savvy household to becoming a leading voice in personal finance education.

We discuss the importance of introducing financial concepts early in life, drawing parallels between learning to swim and learning to manage money. Liz's approachable insights remind us that comfort with financial topics begins in the formative years, shaping our ability to navigate the financial pools of adulthood with confidence.

Liz also opens up about her personal experiences, from her initial career moves to the pivotal moments that steered her back to her roots in financial planning. Her story is a testament to the power of education and the impact of having financially literate role models.

This conversation is not just about numbers; it's about preparing the next generation to face financial realities with knowledge and confidence. Whether you're a parent looking to guide your children or an adult seeking to truly understand finance for yourself, this episode offers valuable perspectives on making financial education accessible and engaging.

Join us as we explore how to create a foundation of financial understanding that can support a lifetime of informed decisions.

📺 Watch on YouTube

https://youtu.be/niVNmXmW5vs

Key Takeaways

00:03:16 - Importance of Financial Education from a Young Age

00:13:19 - The State of Financial Literacy and Education

00:25:02 - Teaching Financial Concepts at Different Ages

00:30:56 - The Concept and Benefits of Giving Children an Allowance

00:33:39 - Avoiding Misinformation in Financial Education

Tweetable Quotes

"I love seeing more and more people talking about finance now because it's just, we talked about it with our families when we were younger, and I think it did the opposite of stress us out as adults. It made us comfortable with money. It's kind of like if you take an 18-year-old to a pool and you've never introduced them to water or never taught them to swim, and you just throw them in there, they're going to be like, what are you doing? This is crazy. So it's the same thing with money."

"I think that adults need to realize that they don't have to understand what a hedge fund manager does to be successful in their own financial management. There are some basic ideas that really are in my book for kids. If adults understand, it makes a big difference and they don't need to know anything more complicated."

"I believe allowance should be more about giving them the opportunity to practice and learn on their own. Make it relevant, then they're interested in it because it's theirs."

Guest Resources

Website - https://www.lizfrazier.com

Facebook - https://www.facebook.com/lizmfrazier

Instagram - https://www.instagram.com/lizfrazierpeck/

LinkedIn - https://www.linkedin.com/in/lfpprofile/

Book Mentioned:

Beyond Piggy Banks and Lemonade Stands: How to Teach Young Kids About Finance - https://www.amazon.com/Beyond-Piggy-Banks-Lemonade-Stands/dp/1475847610

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