Should I rescue my child from money mistakes?

Physician Family Financial Advisors Podcast

Should I rescue my child from money mistakes? Dr. Foster Cline, Adult and Child Psychologist and author of, Parenting with Love and Logic, joins us to discuss his concepts to teach children from a young age the value of money. Dr. Cline proposes we give our children responsibility with their money and allow them to make mistakes from which to learn and grow. Listen as we provide examples from our own lives on how to raise financially responsible children. This could provide you with the answer to your child and money worries!

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IN THIS EPISODE

• [01:30] Introduction to Dr. Foster Cline and his book, Parenting with Love and Logic.
• [03:38] Dr. Cline’s idea that in order to teach your children life lessons, that you as a parent should take thoughtful and reasonable risks to allow your children to fail.
• [08:00] Dr. Cline gave his children a small allowance and allowed them to spend as they saw fit to learn the importance of money from an early age.
• [14:30] How to frame choices and teach your children to make decisions on their own at different developmental milestones.
• [19:00] How to implement love and logic when your children are older that provides them more responsibility and how that can build on your parent/child relationship.
• [24:00] The importance as a parent to not appear perfect to your children. Dr. Cline encourages you to share financial mistakes you’ve made with your children and how you learned from those mistakes.
• [29:00] Advice on how to model the behavior and maintain a positive relationship with finances in front of your kids.
• [35:00] Should you rescue your child from their financial mistakes?

LINKS MENTIONED

Parenting With Love and Logic - https://www.amazon.com/Parenting-Love-Logic-Updated-Expanded/dp/1576839540

Dr. Cline’s Facebook - https://www.facebook.com/foster.cline.12

BIO

Foster Cline is an adult and child psychiatrist, Founder with Jim Fay of the Love and Logic Institute and author of many books and articles on Parenting. PARENTING WITH LOVE AND LOGIC BOOKS have sold over a million copies and have been translated into 6 languages. It is in its 36th printing and 3rd edition. Dr Cline has given workshops in almost all states and in most Western and Latin American Countries. He is retired and living with his wife of 61 years. His grandchildren now have their own Podcast on parenting. NUCLEAR PARENTING available on any podcast playlist.

NOTICE

Physician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.