Teach Your Kids About Money: Use the BYOB Idea

As a financial planning business, our top priority is to ensure that you and your family are taken care of; not only when the main income earner passes away or if they become disabled, but through every step  of  life.  It's  a  well-known  fact  that  the  public  school  system  has  little  to  do  with money education for kids in Canada. Sad but true.  So, teaching the proper care and stewardship of finances falls heavily on the parent.  BUT, if you are OUR client, we want to meet your kids!  As an extension of you,  we consider them to be our clients.  One family brought their  son in to sit  down with Rob. Upon  the boys request,  we set up a savings  account to deposit  his allowance  into each month! We love that.


A  great  way  to teach your kids about saving money is to  open up a  BYOB  for them.  (You  know, "Become Your Own Banker" ...  we blogged about it a while back.) As parents, you can  open up this unique  whole life  insurance policy for your kids when they're  young for  a FRACTION of the cost if they were to wait until they're older.  Tell them that you're doing it because you want to help them save for their future. When you fully grasp the idea of the infinite banking concept (another term for BYOB) you will agree this is an amazing tool for your children's future. 

As  they  grow,  so will  the value of the BYOB  as well as their  understanding  (especially if  we get a chance to explain it to them).  Finally,  when they hit 18 or so,  have their first job and feel confident to take it over, you can change the ownership to your child and they're off! 



So, still not  sure what a BYOB even is? We would LOVE to set up a time  to meet and explain this  awesome concept.  You can  book a meeting right over here.