How to Teach Kids About Money? 3 Parent-Child Financial Conversation Tips Starting from Buying Lunch
In this article, you'll learn:
A Simple Family Outing That Revealed Financial Blind Spots
Last weekend, I came back from a business trip to Yilan (宜蘭, a county in northeastern Taiwan) and decided to make Sunday a rest day for the whole family. In a life driven by hustle and goals, a rest day is a luxury for me. But even on rest days, as the only adult male in the house, the duty of going out to find food still falls on my shoulders. This time, I decided to take my 3-year-old son out to find lunch — and thus began an unusual little adventure.
Small Joys in Family Life
Asking my son what he wants to eat along the way seems simple, but it’s actually quite meaningful. His answers are always surprising — things like “white rice,” “carrots,” or even “daddy’s cooking.” These responses not only show his innocence but also remind me of the simple joys in life. Of course, the real purpose of asking is hoping he’ll help share the burden of this daily dilemma.
Riding on the scooter, we weaved through the streets of Taichung (台中, a major city in central Taiwan) — from Wenxin Road to Xiangshang Road, from Xiangshang Road to Gongyi Road, from Gongyi Road to Dongxing Road, from Dongxing Road to Nantun Road — hunting for today’s biggest challenge like treasure hunters… lunch. In the end, we settled on a dumpling shop near home, wrapping up our little adventure. I say “adventure,” but really it was more like aimlessly searching for food and then ending up back at a familiar place buying something we already know and love.
Doesn’t Your Financial Behavior Look Kind of the Same?
This seemingly aimless outing let me enjoy quality time with my kid — simply being together is a kind of happiness, really. But it also sparked some reflections from this financial planner on most people’s financial behavior. Many people struggle when choosing what to eat, and I’ve realized that a similar kind of decision paralysis exists in personal finance. Without clear goals, your financial situation often just drifts along with no direction, not knowing where the money’s going.
It’s like every day at noon when you and your coworkers are trying to figure out what to eat for lunch, or every evening when you and your family are racking your brains over dinner. But honestly, unless you plan out a weekly menu like they do in school cafeterias, this is a problem you face every single day.
Personal finance is the same way. When your finances have no clear goals, it’s exactly like not knowing what to eat every day. When you want to plan your money properly, it’s like discussing with coworkers and family which financial products would actually work.
My Son’s Red Envelope Money and Financial Insights
During this past Lunar New Year, I asked my son about his red envelope money (he’s only three). I asked him what was inside the red envelopes.
Son: Money.
Me: And what is money?
Son: Money can buy PAW Patrol toys!
Me: What else can money do?
Son: Buy lots and lots of PAW Patrol toys!
Me: But after you buy PAW Patrol toys, where does the money go? How many times can you buy toys?
Son: I want to buy them lots and lots of times!
Me: The money in your hand — once you spend it, it’s gone! But let me ask you: are you going to grow up?
Son: I’m going to grow up!
Me: Did you know that money can grow up too?
Son: How can money grow up?
Me: Look! Your money is a stack of bills! If you turn your money into stocks, it’ll keep growing! If money grows up too, you can buy toys even more times — just like when you weren’t tall enough to turn on lights or reach elevator buttons, but now you can do all of that.
Son: Then money needs to grow up too!
This conversation sparked his fundamental understanding of money. From my son’s perspective, money can be transformed into the PAW Patrol toys he craves. But when I asked what else money could do, I guided him to think about the potential for money to grow — helping him understand that money can “grow up” too, just like he grows taller.
Financial planning isn’t just about growing wealth — it’s about a deeper understanding of life. Through this aimless lunch-hunting trip, I hope you can see that financial planning isn’t just about accumulating wealth — it’s a deep understanding and sense of responsibility toward life.
Setting financial goals is the first step in managing your money. Using the SMART framework to set specific, measurable, achievable, relevant, and time-bound goals is a crucial step toward financial freedom.
In our daily lives, whether we’re choosing lunch or managing our finances, there’s hidden wisdom about life and expectations for the future. Let’s find our own rhythm in this busy world, approach wealth rationally, and enjoy every bit of joy that life brings.
Further Reading
The Lazy Conclusion
The truth is, everyone has inertia. This inertia might come from your family upbringing or life experiences. But regardless, we all know that to become different, you need to step out of the comfort zone you didn’t even realize you were in. When you think about it, personal finance is the same way — going from spending money carelessly to managing it rationally. Only then can you use money to make yourself truly free.
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