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

Upcoming Event! How Can Mindfulness Help You Reach Financial Independence? Do you want to reduce money anxiety, but don’t know who to trust? Would you like to learn how to set up and manage your own retirement plan? Do you want to know how we create a passive income stream you can’t outlive? If yes, join us and learn how to answer the 4 critical financial independence questions:Am I on track for financial independence?What do I need to do to get on track?How do I design a mindful investing portfolio?How do I manage that portfolio and my income over time through changing markets? Learn more: https://courses.mindful.money/financial-independence-bootcamp 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/niVNmXmW5vsKey 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 EducationTweetable 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 -...