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#80: Teaching kids about money isn’t easy, but it’s crucial if you want to boot them off your payroll after they graduate from school.But while financial literacy is good, helping your kids build the mindset and momentum to achieve financial independence is even better.It requires that they internalize (and value) aggressive saving, investing, and compounding…not just living within their means.That’s why I was so excited to chat this week with Doug Nordman and Carol Pittner, father and daughter co-authors of a new book on how to teach next-generation financial independence.We discuss:Why it’s important to let kids make their own financial choices (and mistakes) when the stakes are lowWhy letting your kids buy “One Special Thing” per shopping trip is an effective teaching strategyWhy you might want to pay your kids for jobs, but not chores…and the difference between the twoWhy it might not be a good idea to pay your kids for getting good grades, and what you can do insteadWhy “profit sharing” is an especially powerful strategy to teach kids about savings and frugalityHow to create a “kid 401k” to teach your kid lasting lessons about compounding and long-term investingHow to incentivize your kid to contribute to a Roth IRA early onHow to handle the question of “how rich are we?”Check it out here:https://hackyourwealth.com/teaching-kids-about-money-financial-independenceWhat strategies do you use to teach your kids about saving, investing, and compounding? How are you helping them learn about financial independence, if at all? Let me know by leaving a comment.Don't miss an episode, hit that subscribe button...If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes!Apple PodcastsOvercastSpotifyStitcherI need your help, please leave a listener review :)If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!Links mentioned in this episode:Raising Your Money-Savvy Family For Next Generation Financial IndependenceThe Military GuidechildFIREFinancial literacy for kids: how to teach your kids about money (HYW077)9 Crucial Money Lessons Your Kids Must Learn to Succeed as Adults (HYW027)How to financially prepare for starting a family with Kevin Mahoney (HYW038)The best parenting guidance I’ve learned for raising successful childrenSchedule a private 1:1 consultation with meHYW private Facebook community Intro/Outro: Old Bossa by Twin Musicom.