Marilyn Wechter: Setting Your Children Up for Success
Can you continue to pursue and achieve success without raising spoiled children? Marilyn Wechter, returning guest from our very first episode, has over 35 years of experience as a wealth counsellor and financial therapist. In this episode, she talks about raising children to have a good relationship with money.
From the common characteristics of spoiled children to helping your child develop patience and delayed gratification and when to give your kid a credit card, Marilyn covers it all. Marilyn and Matt discuss how to raise competent, confident, autonomous adults.
Re-introducing Marilyn. [00:44]
Changing the way we use money and material benchmarks with kids. [01:56]
Exploring why people don’t like talking about money. [02:56]
Why you need to get clear about what money means to you. [03:42]
Being aware of the messages you’re sending to children. [04:22]
Using everyday opportunities to teach your kids about money. [05:46]
Raising kids to be competent adults. [08:38]
Four characteristics of spoiled kids. [10:11]
The positive traits we want to help our kids to develop. [11:04]
Holding financial values as a constant. [11:33]
Teaching kids patience around money. [12:43]
The danger of substituting things for time. [15:34]
Using debit cards to teach kids about budgeting. [16:58]
Distinguishing an allowance from earned money. [17:53]
Engaging your kids in conversations about money. [19:03]
Helping your kids develop a realistic context and perspective. [20:31]
Making sure kids have some skin in the game. [23:06]
Marilyn’s seven key principles for raising successful young people. [26:14]
Connect with the Hill Investment Group on Instagram @hill_investment_group, Facebook @hillinvestmentgroup, Twitter @takethelongview, and on LinkedIn
We love our listeners! If you would like to drop us a line or be a guest on the show, please contact Matt.