#17: Set a Strong Financial Foundation by Hiring Your Kids (with Jamie Trull, Financial Literacy Coach & Profit Strategist)
Involving your kids in your business will give them tremendous hands-on financial education that will stick with them through adulthood. It might be a bit daunting at first, but there are a lot of ways to make it enjoyable and sustainable for both you and your child. In this episode, Alec and Julie sit down with Jamie Trull, a former corporate finance professional turned entrepreneur, about teaching kids about money through employing them, the importance of financial literacy, and tips on teaching money skills at an early age.
Jamie talks about her journey balancing entrepreneurial pursuits while teaching her children the value of work, delayed gratification, and responsible money habits. Jamie also shares her experiences teaching her children about debt, credit cards, and making financial decisions.
You’ll also hear all about Jamie’s "Hiring Your Kids Toolkit" which provides a step-by-step guide for business owners to legally employ their children, introducing them to work and money management. The toolkit not only gives parents a guide in employing their kids, but it also serves as a platform to teach children crucial financial skills that will last a lifetime. Listen to this episode as we explore the nuances of how Alec, Julie and Jamie teach their kids about money, the joys and challenges of involving kids in the family business, and the empowering impact of early financial education.
KEY POINTS:
Jamie Trull's background and her role in helping entrepreneurs with financial literacy
Overview of the "Hiring Your Kids Toolkit" and its benefits for business owners and children
Employing children in the family businesses, issues to know, and the benefits
The four buckets approach for children's money management: Spend, Save, Invest, Donate The benefits of kids having ownership over their own money at a young age, so they can start to save and invest early
Teaching kids delayed gratification, compound interest, and practical financial skills Teaching kids about debt, interest, and preparing them for financial situations
Using tools and resources to teach financial concepts
The need to equip kids to navigate financial decisions
The value of taking action and starting small
Don't forget to rate, review, and subscribe to the How To Teach Your Kids About Money Podcast, by your friends at Cents of Responsibility.
Please let us know if you enjoyed this episode or have any suggestions for future episodes. We'd love to hear from you! In the meantime, teach cents-ibly!
Relevant Links: Hiring Your Kids Toolkit - https://sales.jamietrull.com/hiring-your-kids?affiliate=centsofresponsibility
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In this episode:
- Alec Lindenauer, COR's Chief Allowance Officer, Financial Planner and Certified Financial Education Instructor℠
- Julie Frans, COR’s Chief Community Officer
- Jamie Trull, Financial Literacy Coach and Profit Strategist
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Guest Bio: Jamie Trull is a financial literacy coach and profit strategist who focuses on helping small business owners understand finance and make profitable decisions. Before that, she also worked in corporate finance for many years. She’s also a mom of two kids. Jamie usually focuses on teaching entrepreneurs, but this summer she’s shifted her focus to teaching parents about how to hire their own kids.
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Want more resources to teach your child about money?
Check ‘em out here: 💰How To Teach Your Kids About Money Podcast: https://www.centsofresponsibility.com/podcast?utm_source=podcast&utm_medium=shownotes&utm_campaign=ep17
💰Cents of Responsibility Blog: https://www.centsofresponsibility.com/blog?utm_source=podcast&utm_medium=shownotes&utm_campaign=ep17
💰Cents of Responsibility YouTube Channel: https://www.youtube.com/@centsofresponsibility
If you’ve thought about taking a complete, comprehensive course to teach your kids all about money, check out our flagship course here: https://www.centsofresponsibility.com/CORCourse1?utm_source=podcast&utm_medium=shownotes&utm_campaign=ep17
Also, follow us at these places below and say hi!
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The content in this episode is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein constitutes a solicitation, recommendation, endorsement, or offer by Cents of Responsibility, its representatives, or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
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