Episode 056 – The Power of Financially Educating Your Children | Roisin
Hello FI Europe listeners! In this episode we talk with Roisin, who attended our Retreat in Portugal with her husband and two daughters, and discuss with her about financial education, how she is raising her daughters providing them a drive and a purpose and letting them know how money works and how it can be used to find a satisfying career and ultimately a better life.
We also talk about:
- Real estate investment
- Landlord strategies
- Setting goals
- Part-time jobs
- Money games
- The cult of not being busy
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The importance of financial education
Roisin is based in the UK, she rents houses and is a pilates instructor. As soon as she and her husband could afford it they invested in property, going back as far as 2002 – it was a gut feeling, with the FI movement yet to move its first steps. Very soon she realized that money is the key to independence and that her daughters needed to gain a knowledge in this regard, in order to be able to choose the career path and lifestyle that better suits them. Roisin is approaching the topic of FI by making them aware of the available options and letting them make their choices along the way.
Financial education: real life scenarios
Giving a financial education to children is an ongoing process that involves a number of different tools and strategies, in order to find the right approach for the current situation. Roisin describes her take on this topic, mentioning games, spreadsheets, the importance of letting them have an actual work experience as soon as possible, exposing them to the ethical aspects of spending and even a book for protecting children to aggressive marketing tactics!
The power of being supportive
Roisin is very careful in avoiding any kind of negative message, using a “yes, and” approach in order to avoid putting obstacles when evaluating options and possible trajectories for their lives. That goes with saving and spending as well: every time spending for something is considered, be it a concert ticket or a movie, instead of preventing it, options for saving and “financing” the extra cash are proposed.
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