Today’s guest is Sam X Renick. Sam and I talk about what inspired him to start getting the message out to kids about teaching them great money habits, and how he created the character Sammy Rabbit to be a platform for this message. We discuss the importance of habit formation around saving, spending, giving and earning. And we talk about why saving is the #1 money habit kids can learn and why the numerous benefits of developing that habit transcend the actual financial benefit or interest income that the kids would receive. We talk about how parents can use money scripts to develop positive associations around money with their kids. We talk about why we should give our money a purpose. We get into why we, as parents, are most qualified to teach our kids about money, even if we cannot role model everything that we want them to learn and that why it’s important to teach them when they are young to take advantage of that window of opportunity. We also cover why habits are so powerful and why they are predictive in helping our kids succeed.
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Sam X Renick
Sam is an internationally recognized leader and pioneer in financial literacy. He founded the “It’s a Habit!” Company over 20 yrs ago and co-created the children’s storybook character Sammy Rabbit to make it easy for anyone to talk to and teach young children about great money habits. Sam has written books, produced stories and songs like Sammy’s Big Dream, Get in the Habit and more, while delivering his innovative brand of financial education to more than a-quarter million children in 8 countries and 40 states. He has won multiple awards including New Jersey Coalition for Financial Education Lifetime Achievement Award and the National Financial Educators Council Instructor of the Year Award to name a few. Sam currently resides in the Greater Los Angeles Area.
- Early childhood lessons around money that Sam’s parents taught him
- The powerful attitude instilled in him by Sam’s father: “Get what you want, but you need to do something for it”
- The number one regret he heard from his clients in the 30-50 year-old range regarding saving
- What inspired him at 40 years old to help families and get the message out to kids on teaching kids great money habits and how Sammy Rabbit was born
- Why instilling a strong work ethic in kids is important
- The importance of developing habit formation around saving, spending, giving, earning
- Why saving is the most important money habit kids can learn and why the benefits transcend financial wellness
- How the habit of saving teaches delayed gratification, instills discipline, gets them to spend smarter, helps kids set goals, and builds kids’ confidence and esteem
- Practical strategies to help kids learn habits
- Money scripts parents can use to help their kids develop positive associations and good habits
- Why consistency is so important and why it is important to emphasize savings habits to combat the spending patterns seen in today’s society
- How to cultivate the earning habit and the goal setting habit
- Why we should give our money a purpose
- The benefits of teaching kids delayed gratification and how needs and wants change and evolve over time
- That someone is going to teach your kids about money, so it might as well be us since when they are young, they are in the window of opportunity to lay down some good money habits
- How we are making progress in helping our kids learn about financial literacy and education
- Why you should not worry if you cannot role model everything or money mistakes that you want to teach your kids if you have financial issues.
- How parents can collaborate with the character Sammy Rabbit through storybooks, skits, programs
- Why habits are so powerful and why they are predictive
- Fun activities that parents can use to teach kids about money including having a transparent piggybank, setting aside a family savings jar and family meetings
- How to Read A Book by Mortimer Adler
- Jordan Peterson’s 12 rules for life by Jordan Peterson
- The Richest Man in Babylon by George Clasan
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Thanks to Sam for joining me this week!
In case you missed it, make sure to catch up on last week’s episode “Episode 013: Make Money Moments Matter with Dani Mendonsa”!