We have five children and in recent months they have been asking some significant questions about their money and their future. Everything from how health insurance will handle a pregnancy, how to find a good job and a reasonable apartment, and how to sell old video games to finance purchasing a new game.
Each of our kids is at a different age and stage but they all have questions about money that are significant to their life and how they are moving forward. As we listen to their questions, we are wondering how to prepare them to find answers and make sure they understand how today’s decisions might affect tomorrow. Do they know the spiritual implications of how they relate to money?
Our guest puts it so well when he says, “Get the money thing wrong and it can shipwreck your life. Get the money thing right and it can contribute mightily to a life of great joy and impact.” We all want our kids to get the money thing right, so we are excited to dig into this topic with our guest, Matt Bell.
Matt is the managing editor at Sound Mind Investing as well as an author, speaker, and dad to three kids. Matt has a powerful testimony about his faith and his finances. He is passionate about helping others manage their finances well.
Matt shares with us:
- How money management reveals what we believe about God
- If allowances are a helpful tool or a hurtful handout
- Little ways you can prepare your children to handle finances
- And more!
We hope you enjoy this conversation and feel better equipped to teach your children about finances!
- [BOOK] Trusted: Preparing Your Kids for a Lifetime of God-Honoring Money Management
- Sound Mind Investing
- Connect with Matt on Instagram, Facebook, or his website
1) Consumers or stewards? Our identity has a big impact on how we handle money. Culture tells us that we are consumers and is continually reminding us of all the things we don’t have. Whereas Scripture tells us that we are to be stewards of our resources. To be a steward we need to be mindful of what we spend our money on and how we plan ahead for things like college, buying a house, retirement, and more. Before we can address the right way to handle money with our kids, we have to address the issue of identity.
2) Talk honestly about what things cost. It is important to avoid sugarcoating the cost of living in the real world. This may mean not buying your child every toy that catches their eye or finding ways to help them save up for things they want. You can do this in age-appropriate ways such as giving them an allowance, helping them earn money through chores, or helping them find additional ways to save money.
3) Cultivate generosity. This is just as important as teaching your children about money. Generosity is a skill that has to be learned. You can help your children learn this by teaching them how to spot opportunities to share resources. It could start with asking what kid sits alone at school or sharing their food or spending time picking up trash around your neighborhood.
Meet Our Guest
Matt Bell is an author, personal finance writer, speaker, and managing editor at Sound Mind Investing. He has authored five books on personal finance including Trusted: Preparing Your Kids for a Lifetime of God-Honoring Money Management. Matt is passionate about helping people manage money more effectively and joyfully by teaching the practical application of biblical financial principles. Matt lives in the Louisville area with his wife, Jude, and their three children.