Money at Home. Money for the Future.

I am currently building an app that teaches kids about personal finance. As part of that process, I created a syllabus, which guides families through the basics of money education.

The steps include helping kids earn, save, and spend money thoughtfully.

As the user advances, they can invest and donate money. I have been thinking a lot about each of these pillars and, in particular, how important it is to teach kids the value of charitable behavior and delayed gratification.

Having spoken with hundreds of parents, kids, and families, two things are clear to me:

  1. Delayed gratification (and its practical financial application, compound interest) is important to practice. It is a skill best learned through practical, hands-on, learning. It is a growth mindset. When money is earned, it should be saved. Helping kids obtain exposure to building a foundation that grows is crucial and can percolate into other areas of their lives.
“Knowledge and productivity are like compound interest. The more you know, the more you learn; the more you learn, the more you can do; the more you can do, the more the opportunity.” — Richard Hamming

2. Learning to financially support charities, non-profits, and organizations doing high impact work around the world is important. All parents want their kids to be kind, thoughtful, and engaged with the world around them.

Donating small sums of money to charity is important. What is even more important is teaching kids how to become passionate about a topic, to show them people working on these topics, and to get them involved in some capacity.

“If we’re destroying our trees and destroying our environment and hurting animals and hurting one another and all that stuff, there’s got to be a very powerful energy to fight that. I think we need more love in the world. We need more kindness, more compassion, more joy, more laughter.” — Ellen DeGeneres

Teaching kids about money means different things to different families. I hope that Pennybox can help kids learn how to save and think critically about money today, tomorrow, and in the future.

Thanks for reading. I’m doing my best to help kids and families become financially literate. If you’re interested, you can gain early access here.