Every parent wants their children to be successful financially, but running to the rescue can actually hinder their financial growth and understanding.
The hard truth: Let your kids fail
In this episode, Financial Dignity® Coach, Christine Luken, speaks with author, podcast host, and co-founder James Lenhoff, CFP® about how to set kids up for financial success. James focuses on why letting kids and teenagers fail with money is beneficial to their financial literacy and shares his experience with letting his own kids experience failure with money.
Christine and James discuss:
- Why parents often swoop in and rescue their kids rather than letting them experience failure with money
- Some of the long-term issues that result from making financial mistakes as a child or teenager without any financial consequences
- What the progression of “failing with money” in a controlled environment looks like
- The long-term benefits of letting kids fail with money when the amounts and consequences are relatively small
- And more
- The Rich Life Podcast
- Living a Rich Life: The No-Regrets Guide to Building and Spending Wealth by James Lenhoff
Connect with Christine:
- Christine Luken, Financial Dignity® Coach
- LinkedIn: 7 Pillars, LLC
- LinkedIn: Christine Luken
- Twitter: Christine Luken
- Email: Hello@ChristineLuken.com
Connect with James Lenhoff:
About our Guest:
James Lenhoff, CFP® is the Director Of Mission and co-founder of Wealthquest. James is a certified financial planner and a certified life coach. He is passionate about the emotional and relational aspects of money and is on a mission to change the conversation about money. James is the author of “Living a Rich Life: The No-Regrets Guide to Building and Spending Wealth” and he is the host of The Rich Life Podcast.
James has been married to his wife, Amy, for over 20 years. They have three children. Max, Wes, and Mia. In his free time, he loves to share adventures with his family through travel, golfing, and boating.
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