Greenlight: A Great Tool to Teach Your Kids about Money, Ep #183

Why is it important to teach your kids about money when they are young? How do you teach your kids about money in a day and age where everything is moving digital? I still have an 11 and 13-year-old at home who I need to educate on spending, saving, and investing. I have found a great tool that anyone can use to teach their kids about money—Greenlight. Learn all about it in this episode of Best in Wealth! NOTE: I am not an affiliate of or compensated by Greenlight. I simply think it is a great tool to teach your kids how to be financially responsible. [bctt tweet="In this episode of Best in Wealth, I share a great tool that you can use to teach your kids about money. Check it out! #wealth #investing #PersonalFinance #FinancialPlanning #WealthManagement #Greenlight" username=""] Outline of This Episode [1:13] Visiting my daughter in Washington, D.C. [3:40] Teaching my 23-year-old financial responsibility [8:49] Use the “Greenlight” app to teach your kids about money How to teach your kids about money in a digital world I have a 23-year-old, a 13-year-old, and an 11-year-old daughter. Life was a lot different when my 23-year-old was younger. I carried more cash at the time. I wanted to teach my oldest daughter how to save, spend, give, and how to invest. Dave Ramsey—who has been instrumental in getting my family out of debt—offers “Financial Peace Junior” to help teach kids how to manage money. It is exactly what I used with my oldest daughter. When she earned money, it was allocated between spending, saving, and giving. When her savings account was large enough, we opened up a brokerage account for her to start investing money. She was investing in mutual funds when she was 12 years old. I have not done as good of a job with my 11 and 13-year-old daughters. I decided to put an end to that. But the problem is that I do not carry cash anymore. Secondly, when I do finally give my kids money, they end up spending everything that they are making because I am not equipping them with mechanisms to save and give. We have told all of our kids that if they want a car they have to save up money to buy it themselves. We are willing to match $1 for each $1 they save to buy their first car. My 23-year-old saved $2,000 and we matched it and got her a $4,000 Toyota Corolla. If my 11 and 13-year-old do not save money, they will not get money. So they need to start now. So what am I using to teach them how to be financially responsible? Greenlight. [bctt tweet="How do you teach your kids to be financially responsible in a digital world? I share a great tool in this episode of Best in Wealth! #wealth #investing #PersonalFinance #FinancialPlanning #WealthManagement #Greenlight" username=""] Why you need to use the app “Greenlight” Here is why I think you should sign up for this app. When you sign up, you have to link your bank account. Once you do that, you can move money from your checking account into the Greenlight account, where you can set up an individual account for each of your kids. Your kids can download the same app on their phones. With the basic Greenlight plan, your kids will have access to a spending account and a savings account. You can also give right from the app. So I can take money from my checking account and transfer it into the master account. Last Friday, my daughter Eva spent 7 hours cleaning the house. We had a conversation about how the money would be allocated and most of it went into her savings. So I took the money I wanted to give her and assigned it between her savings and spending account. When I moved the money, she immediately got a text to check her app because she got paid. Other features of the Greenlight app What else does Greenlight offer? Greenlight will send you a debit card for your child that is accepted anywhere Mastercard is accepted (the...