Kareen MillsFounder & CEO, Friendsgiving Live® · Most Influential Filipina ’23 🏆 Founder of the World’s Largest Friendsgiving Festival for Women | Angel | Keynote | Sugar Mommy™ Media | Psalm 25:1 ✞

This is why your kids aren’t learning from you #parentingtips #personalfinance

25 Jul 2024 · 1 min

Watch on YouTube

1:01

In this concise YouTube monologue, speaker Kareen Mills outlines three actionable strategies for parents—especially those over 40—to instill financial responsibility and wealth-building habits in their children. First, she advises against paying children for household chores, framing chores as a contribution to the family team. Second, she recommends involving kids in a family business, providing real work experience and a paycheck, illustrated by her own example of having her children shred papers after school. Third, she suggests using the children’s earned income to teach banking and investing, emphasizing a dollar-for-dollar matching program that encourages kids to invest independently. The overall message is that these practices will empower children to develop strong financial habits and contribute to long-term family wealth.

Chapters

Match your kids' investments dollar for dollar. If you're over 40 and you want to be wealthy and you want your kids to be wealthy as well, listen to the top 3 things you should do. Number 1, never ever pay them for home chores. It is their contribution to the team that you have called household. Number 2, if you have a business, have them work in your business like I did with my children. They were my paper shredders. Letters after school, and I paid them a paycheck. And number 3, use their paycheck to get them in the game and teach them banking and investing. Make sure when you get to the investing part, match their investment dollar for dollar. When you empower them with a matching plan, they will on their own start investing their money. Make sure you