Posted on by Sean Merron

2FD 010: All About Kids with Our Guest Erik Olson

Kids and money can be a serious matter.

We love our kids and would do anything for them but knowing the boundaries of teaching and giving can be a tough game to play.

Join us and our special guest Erik Olson as we share some insight into his life and what’s worked for him over the years. Buying the first car, saving for college, paying an allowance and teaching good spending habits are just a drop in the bucket. CHA-CHING!

Tune In Now!

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Discussion Points

  • Planning for a car when your kids start driving.
  • Police auctions.
  • The affect of adding a young driver to your insurance policy.
  • Baby sitting as a first business.
  • Saving for your child’s college with pre-paid or 529 plans.
  • Evaluating the funds in your 529 plan options.
  • Opening IRAs when your kids start working.
  • Understanding your child’s college motivation and how it affects your retirement.
  • Reducing the stress on your college children with financial assistance.
  • Teaching appreciation in working to make a purchase.
  • The balance between making your kids struggle for certain purchases and giving them help.
  • Encouraging your children to apply to more scholarships.
  • How to teach your kids financial responsibility.
  • Separating money from chores.
  • Using prepaid cards for your kids expenses.
  • Dividing your kids money for giving, saving and spending.
  • Teaching your kids to plan for expenses when they’re young and the consequences are small.

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Thanks to http://www.bensound.com/ for the music used in the show.