Skip to content
Financial literacy is an area in which almost everyone needs some help.
Assisting youth with this key aspect of life can boost their confidence—often dramatically.
It changes their identity and lifts their vision for what they can go out and achieve.
In a previous post I mentioned Australian author and investment adviser, Scott Pape.
Since that post, he has a new book, “The Barefoot Investor for Families: The only kids’ money guide you’ll ever need.”
Scott outlines some techniques to educate children about money management.
Some of the information is applicable to Australians, but, the principles are international.
THE MONEY MEAL – Scott discusses
- setting up a family tradition.
- having a Money Meal dinner, once a week.
- everyone helping with the meal and clean-up.
- having a script about how you can introduce this tradition.
- children having three jobs to do each week – and they only get paid if they do them.
- after dessert, spending 3 minutes reviewing who has done their 3 jobs for the week.
- receiving their pay and place money in their 3 jam jars.
THE THREE JARS:.
SPLURGE – Day-to-day spending such as movies, etc.
SMILE – Savings goals -saving up for things that will make them smile.
GIVE -Helping people out.
The rule is that every jar gets some money every payday. They determine what amount each jar gets.
Scott has suggestions on how to make the dinners interesting such as the ‘Family Legends’ game.
He also explains how to introduce one of the ‘The Barefoot Ten’ concepts at the Money Meal.
THE BAREFOOT TEN:.
Before your child leaves home, they should have:
OPENED A ZERO-FEE, HIGH-INTEREST SAVINGS ACCOUNT.
BOUGHT AND SOLD SOMETHING SECOND-HAND.
LEARNED TO COOK AT LEAST TWO LOW-COST DELICIOUS NUTRITIOUS MEALS FROM SCRATCH.
VOLUNTEERED IN THEIR LOCAL COMMUNITY.
SAVED AT LEAST $100 ON YOUR HOUSEHOLD BILLS.
PROMISED TO NEVER GET A CREDIT CARD.
SECURED A PART-TIME JOB FROM AGE 15.
EARNED AT LEAST ONE GLOWING REFERENCE FROM A BOSS.
OPENED UP AN ULTRA-LOW-COST, HIGH-GROWTH SUPER FUND.
SET UP A SAVINGS ACCOUNT FOR A HOME DEPOSIT.
If they are familiar with these concepts as they enter adult life, they will have a great head start.
This can change their identity and lift their vision for what they can go out and achieve.
They feel prepared, and in control.
You can learn more about the Barefoot Investor, Scott Pape on his website found at
You can find the previous post of January 2018 about financial literacy at
WHAT CAN WE DO?
It has been demonstrated that our youth learn the desired skills from youth group sessions.
What are your thoughts and comments? To forward them, please see the “How Can You Help?” section below.
HOW CAN YOU HELP?
Comment and Request more information in ‘Leave a Reply’ to this post.
Subscribe to our newsletter.
Join a Moderators session (Discuss how to moderate online sessions)
A PARENT’S GUIDE:
There is a guide available which assists parents and others working with youth.
The guide enables a person to be proactive in the success of a child’s future.
It contains activities to assist youth to gain critical soft skills.
They will become more resourceful and independent when they practice and gain these skills.
The guide is available from Our Future Leaders.
EVERY CHILD DESERVES A WONDERFUL FUTURE.
Victoria, BC Canada
Posted in Blog
and tagged Children
, coaching children
, Home Schooling
, Mentoring youth
, Online sessions