TNMU #141: Money Talk with Kent Irwin (Part 2)

It’s time for the Money Talk, part 2. Back once again is guest Kent Irwin, Pastor of Financial Stewardship at Vineyard Columbus. This time, we look at money from the perspective of dad and mom. You already have a desire for your kids to succeed; giving them the tools to manage money well is a key component of making that happen. But how do you do that well? Listen in and find out.   Music Credit: "Funkorama" Kevin MacLeod (incompetech.com)   Expanded Notes: Big challenges parents face today with kids and money: Parents are seen as ATM for the kids Suggestions for goals with kids: Putting “fences” around money Model as parents desired behavior for kids Prepare kids to have a plan when 18 (giving them increased responsibility for their decisions) Establish giving, saving, and spending goals Give them a budget to manage on their own (their money, their choices) Debt is a form of slavery, though not all debt is the same Avoiding consumer debt leads to more wealth, more generosity and less stress Teaching kids about money is part of raising adults Model for your kids and let them see your process Some good next steps to grow as husband and father Start with some open and nonjudgemental communication with wife Establish plans to learn and grow together, such as financial coaches or Dave Ramsey content Suggested resources: Total Money Makeover, Dave Ramsey The Millionaire Next Door, Thomas J. Stanley and William D. Danko Debt Proof Living, and Seven Money Rules for Life, Mary Hunt Managing God’s Money, Randy Alcorn Contact Kent at [email protected]