News & Story Ideas
Financial socialization — developing the knowledge, skills and mindset to properly manage money — begins at home. From her new book, "Money Minded Families," Stephanie shares how parents can teach kids to spend, save and share wisely, and develop the skills they need to become self-sufficient for life.
Financial socialization includes our mindset as well as our knowledge and skills about money and financial practices. Stephanie shares top ways parents can instill kids with a positive mindset and healthy habits around money, including modeling conscious spending, connecting saving with goals, finding teachable moments, and involving kids in spending decisions.
Stephanie shares money lessons for homebound families, including how to create a family mission statement with a purpose for each family member, plus other free resources available at her website, www.moneymindedfamilies.org.
Before we teach our children about financial matters, we must first understand and become aware of our own relationship with money, Stephanie says. She explains the different money personality types, including “Cash Splasher,” ‘Social Value Spender,” “Fitbit Financier,” “Hoarder,” and “Ostrich.”
Stephanie shares research on how self‐control, optimism, and deliberate thinking impact positive financial behaviors and lead to decreased anxiety about financial matters.
Values and goals serve to clarify, validate, and channel our behavior, whether we’re saving for children’s college, starting and building a business, or planning to retire early. Stephanie shares how to make sure your spending aligns with your values and how parents can use-goal setting to teach children the steps they need to take to reach their dreams.
Like learning to read, ride a bicycle, or drive a car, teaching our children sound financial practices should be a basic rite of passage for our children, Stephanie says. She discusses why kids will need to be more financially savvy than ever to confront an uncertain future.
No one controls how markets behave, but as investors we can control how we spend, save, share, and react. Stephanie discusses how having an investment plan can help you remain focused on your goals, tune out the noise, and stay disciplined through market volatility.
Stephanie shares why you should put at least 30 percent of the money you receive in savings before it’s gone.
Stephanie discusses what it takes to become financially self-sufficient, including viewing frugality as freedom, being curious and active about making smart financial decisions, and staying determined not to rely on government or corporations to dictate when and what your retirement will look like.
Unconscious beliefs around money can limit our choices and our children’s. Stephanie shares three of the most prevalent ones that sabotage success.
A family budget can help boost our financial awareness and wellness. Stephanie explains how tracking spending by discretionary and non-discretionary (needs) can help you save more for what really matters to you.
From her work helping adults manage credit card debt and her experience as a mom, Stephanie shares common mistakes parents make and why kids need to earn first to save, spend, and share.
Understanding your goals and the full power of your resources allows you to determine how much risk you are willing to take in order to achieve your goals (rewards). Stephanie explains how taking time to understand risk and reevaluate your goals, at least annually, will keep your risk and reward in proper balance.
Parents should involve kids in planning to pay for college to help them "engage in a higher level of thinking" about what they choose to study and why, Stephanie says. For instance, the cost of skipping one class in a 15‐week semester is about $70, while the cost of failing a class can be $3,000 or more! She shares how family financial planning provides teachable moments about the value of a college education.
Research shows that parents have the power, through financial socialization, to provide kids with good habits to carry them through the rest of their lives. Stephanie shares how.
Understanding and updating our attitudes around money is the key to achieving our goals, Stephanie says. She explains why we we must "shift our perspective from what we knew to what we need to know in order to survive and thrive in the new world in which we find ourselves."