Follow Money: Faith & Finance here on Spotify https://open.spotify.com/show/7chJcqGhtIhy6MSKAr6HsI?si=Xzw9IASeTMOxQUDOpxkPWA

Proudly produced by the same people that do Raising Teens.

Should you burden your maturing youngin' on how you make your money work for your household? Should you spell it out for them so they understand how the adults in the household have sacrificed for their well being as well as the comforts in life which they enjoy? Or should you let them enjoy life, and live a carefree unemcumbered life because after all, they've got a whole lotta years of adulting to enjoy?

Key Takeaways:

• It's crucial for children to learn about money early on, including budgeting, saving, and investing.
• Transitioning from cash to digital transactions presents challenges in teaching kids about the value of money.
• Encouraging children to work part-time can provide valuable financial skills and experiences.
• Understanding new financial tools such as Afterpay and digital banking is essential for today's youth.
• Engaging in open, non-judgmental conversations about finances can help mitigate money-related mistakes.

Notable Quotes:

• "One out of one people in the world need to understand and deal with money." — Pete Burrows
• "The earlier you can start [financial education], the better." — Pete Burrows
• "It's a good idea to set up bank accounts for kids to teach them about saving and spending." — Pete Burrows
• "Mistakes are your best resource because you can learn from them." — Pete Burrows
• "You want to keep open conversations… lean into [money] learning opportunities." — Pete Burrows

Got a question, comment or personal story to share? Send it through at hopepodcasts.com.au. Ben and Pete will get stuck into it on a future episode.

Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.

Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.

Support the show: https://hope1032.com.au/donate

See omnystudio.com/listener for privacy information.

To hear more Money: Faith & Finance, click on this apple podcast link:
https://podcasts.apple.com/au/podcast/money-faith-finance/id1656825243

Teenagers earning money and paying you board? What about adult kids living under your roof?

Joni asked Pete and Ben to get stuck into the family affair of working out if your kids with jobs need to stump up. So they did, diving deeper than their kneejerk response of "YES". Growing up with the expectation of paying board, Pete and Ben acknowledge the changed landscape of home ownership and accessibility. But the life lesson of paying board remains, as well as the opportunity to live out biblical principles of respect.

Key Takeaways:

• Financial Responsibility: Charging board teaches young adults to manage finances and prepares them for independent living.
• Family Dynamics: Open communication about finances and responsibilities can reduce tension and foster understanding among family members.
• Economic Landscape: Rising costs of living and rental rates contribute to adult children staying home longer.
• Adapting Traditions: Modern families may need to adjust traditional approaches to rent and board, weighing financial necessity against educational opportunity.
• Value-Based Discussions: Families can leverage biblical principles, such as honouring parents, to guide discussions about board.

Notable Quotes:

• "Shouldn't they, in a sense, contribute to the cost of the house? And I think the answer is yes." – Pete Burrows
• "In adulthood, spoiler alert, you're going to cop 100% of the cost of living." – Pete Burrows
• "We're trying to prepare you for adulthood. And in adulthood…you need to pay a percentage of those costs." – Pete Burrows
• "Is it more about while you're here, we're trying to teach you a lesson?" – Ben McEachen

Got a question, comment or personal story to share? Send it through at hopepodcasts.com.au. Ben and Pete will get stuck into it on a future episode.

Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.

Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.

Support the show: https://hope1032.com.au/donate

See omnystudio.com/listener for privacy information.

About the Guest:

Dr. Jay-Lee Nair is an esteemed Australian sports psychologist with deep expertise in performance anxiety among young athletes. Residing in Singapore since 2012, she specializes in strategies to help high achievers and perfectionists thrive in competitive sports. Her impactful work in psychology and sports spans from her educational pursuits in the United States, where she earned Academic All American Honors while playing collegiate golf. Dr. Nair's passion is further evidenced by her book "Good Sport," reflecting her commitment to leveraging her experiences and insights for the betterment of young athletes globally.

Key Takeaways:

• Parental Role in Sports: The importance of parents acting as collaborators rather than directors in their children's athletic development, providing support through attentional silence and non-verbal encouragement.
• Handling Performance Anxiety: Young athletes should focus on controllable elements within their performance to mitigate anxiety linked to results-focused thinking.
• Effective Post-Game Debriefing: Introducing the "Good Better How" methodology helps to ensure debriefs are constructive and focused on strengths and areas for improvement.
• Gender-Specific Insights: The role of relationships and community in keeping girls engaged in sports through their teenage years.
• Promoting the Green Zone: Fostering a culture where athletes are encouraged to react positively to mistakes can help them develop resilience and maintain strong performances.

Notable Quotes:

• "Help young athletes connect with their strengths and that just takes conversations, questions, helping them build their independent awareness."
• "Pointing out their mistakes just exacerbates their dilemmas when it comes to competition."
• "When athletes get to a certain age, the focus on improvement shifts to scrutiny of mistakes and technical perfection."
• "Mistakes are statistics. If we prioritize reactions to mistakes, they develop resilience in their games."
• "My hope is that all young athletes embrace and learn their strengths and start to transfer that to every other part of their life."

Resources:

• Dr. Jay-Lee Nair's book: Good Sport
• Follow Dr. Jay-Lee on Instagram

Click here to contact Collett or ask her a question or Click here to contact the Raising Teens team.

Collett is a psychologist, qualified teacher, speaker, and internationally published author, with 25 years' experience working in private and public schools, as well as in private practice.

Visit Raising Teens for more resources, click here for Collett's books, or join the discussion on Facebook.

Listen to more from our Hope Podcasts collection at hopepodcasts.com.au. And send the team a message via Hope 103.2’s app, Facebook or Instagram.

Support the show: https://hope1032.com.au/donate

See omnystudio.com/listener for privacy information.