At the end of April I was asked to share some advice on talking to kids about money on the Fox News Morning Show.  In case you missed it, here’s the video with tips for parents not sure how or when to start the conversation about money with their kids:

Holiday money mistakes are a great teachable moment for kids. It’s easy to break the bank during the holiday season. Talk openly with your kids – always in an age-appropriate way – about gift-giving this past season and discuss options to make sure next year’s spending stays within budget.

Discuss starting a holiday savings account now where money is deposited each month in preparation for the end of year spending. Consider layaway options for bigger gifts. Plan for homemade gifts. Maybe a summer garden will provide the family with the makings of some homemade jam to gift next December. And don’t forget to think about the opportunities to earn some extra cash this summer when school is out. A good old-fashioned lemonade stand could help make a nice contribution to the holiday savings account.

Over 5 years ago I met Chicago City Treasurer Stephanie Neely when we both volunteered as Principals for a Day at a south side elementary school in Chicago.  I gave her a Money Savvy Pig so she could give it to her then 4-year-old son so they had something visual at home to help them talk about money.  Over the holidays, the Treasurer shared her story with the Chicago Examiner of the impact the Money Savvy Pig has had on her son becoming a “determined saver”.  Here’s a link to the article:  http://www.examiner.com/city-hall-in-chicago/federal-program-teaches-youth-about-money

Since that first meeting, Treasurer Neely has become a wonderful partner and advocate to help reach young Chicago Public School students with lessons of financial literacy.  With the Treasurer, through The Money Savvy Generation Foundation, we created a truly unique and rewarding program called the Financial Education Initiative for Students and Families.  To see a video of the impact from the 2011 program, click below.

Thank you, Treasurer Neely, for sharing the Money Savvy Pig with your son – and for making financial literacy a priority in Chicago. Because of you, and the other program supporters, over 200,000 Chicago Public School elementary students have learned about the basics of personal finance over the last few years.  Lessons that will last a lifetime.  Thank you!

In today’s world of fast-faced communication, tight schedules and even tighter budgets, the thought of making a million dollars now is appealing – especially for kids.  Though your kids may not be able to be a millionaire by age 21, I’ve created five tips that will teach kids how to think like one.  And thinking like a millionaire is the first step toward becoming one.  I’ve broken these tips down and will post one every couple days.

Here’s the first tip on how to think like a millionaire:

#1 Learn how to delay gratification

Self-control is the key to wealth.  The good news for those of us who have kids who were not born with the ability to delay gratification is that self-control can be learned.

In a recent survey by the National Academy of Sciences of more than 1,000 children who were studied from birth to age 32,  researchers found that “the kids who scored the lowest on measures of self-control—those who were more impulsive and easily frustrated and had the most trouble with delaying gratification or waiting their turn in line—were roughly three times as likely by adulthood to report having multiple health problems and addictions, earning less than $20,000 a year, becoming a single parent or committing a crime than kids with the most self-control.” Continue reading