How old were you when you finally learned how to manage money? This week’s guest is the founder and CEO of FamZoo, Bill Dwight. He stopped by to discuss teaching your kids about money, the tools that worked for his kids, how to prepare your kids for future financial success, and life in general.
00:56 – Inspiration behind FamZoo
05:01 – How does FamZoo work?
6:42 – The dangers of overdraft protection
10:04 – Using IOU accounts to teach kids about loans
13:40 – Best age to start teaching kids about money
16:13 – Money education regardless of family budget
17:55 – Using allowance to teach kids about electronic payment
19:45 – Using FamZoo to teach kids about compound interest
21:30 – Introducing kids to the stock market
23:01 – The family 401k getting kids accustomed to saving/investing instead of spending
29:53 – What can you do if your kids are already in college and need to learn about money
34:30 – The importance of using a financial system to teach your kids about money
35:55 – Kids can learn about charitable giving through FamZoo
38:04 – Final advice for parents trying to teach their kids financial literacy
39:34 – Learn more about FamZoo