Discover Runaway Expenses by comparing your cost of living to the average American. I’m walking through an exercise using data from the Bureau of Labor and Statistics with my daughter. We are going to compare our family’s expenses versus the averages from the Consumer Expenditure Survey. Go through the steps yourself and find areas of opportunity to cut costs or even reveal a philosophical vulnerability, as I did.
How do you think your children would manage money if given the opportunity to earn income, pay expenses, and reap the rewards of a 20% compounding interest rate? My wife and I conducted a 20 week experiment and reviewed our kids decisions using the RoosterMoney app. Are you curious how my kids did and what can be learned from the exercise? I certainly was.
Relating the concept of financial independence (FI) to an activity a child understands is important. This is a letter to my son explaining how his video games are about money management and he doesn’t even know it.