With the magic of TikTok editing, the clip features Schader having a conversation with her money managing alter ego.
This mom on TikTok shared a great method for teaching kids about money, and it’s a financial game changer!
TikToker Lisa Schader (@moneyfitmoms) is a parent and financial coach who often posts about life as a mom, and shares advice on investing and money management. In one of Schader’s videos, she explains how to teach kids to save and invest money, and her advice is golden.
At the beginning of the video, Schader asks how she can teach her kids the importance of saving and investing.
The clip playfully cuts to a shot of Schader as her financial adviser self, with glasses and her hair pulled back in a no-nonsense bun.
Her financial counterpart explains that she and her partner pay their kids an allowance once a month, setting aside 10% for donating and 20% for investing. They can use the remainder for spending, but have the option to save or invest more.
She mentions that her kids are also only allowed to purchase things once a month on allowance day, to practice delayed gratification and contentment with what they already have.
In response to the original Schader asking if the kids ever choose to save or invest more of their allowance, her finance doppelganger says they sometimes do.
She mentions that she and her partner show the kids their investment account balances and how that money increases on its own, which motivates them to invest more. Additionally, her kids sometimes save up their spending money to buy something more expensive in the future.
When the original Schader asks if the kids’ allowance is contingent on chores, her finance double discloses that it isn’t, as chores are not optional, and her kids are required to contribute to the household so they can learn responsibility.
However, if her kids are saving up for a big-ticket item, she and her partner will give them extra opportunities to earn more money.
Many viewers were impressed with Schader’s helpful financial advice.
“Love it,” complimented one user.
“We’re similar. They get a minimal allowance every month. We also put money each month in their charity account and into their investment account,” shared one parent.
As Schader’s video demonstrates, it’s never too early to start teaching your kids the value of a dollar.
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