Photo courtesy of Serene MGMT
Parents often joke about children believing that money grows on trees. But what you could change that misconception? Entrepreneur Jatali Bellanton wants to partner with parents to transform the way children view money. According to Bellanton, the foundational framework for financial freedom can be established before a child begins preschool, which is why she started the Kids Who Bank Initiative. I had the privilege of interviewing Bellanton about Kids Who Bank and how parents can begin to introduce financial literacy to their children. Check out some highlights from our chat below.
BGM: What is Kids Who Bank?
JB: Kids Who Bank is a financial literacy organization that I started with a financial literacy book to teach kids financial basics. The initiative has bridged into adults as well. The adult portion is called Brilliant Minds Unite.
BGM: What can parents expect their kids to learn through this program?
JB: We teach them stocks. We teach them how to invest. We teach them that Jordans only cost $1-$5 to make. So when you’re investing in Jordan’s, can you flip the Jordan’s before you just buy them and wear them and make a profit at least? It’s not about not enjoying your money or not enjoying your life, but it’s really about making sure that our kids don’t have that problem. I’ve met adults who were millionaires and living check to check. Kids Who Bank, to me, is changing the narrative of our relationship with our money.”
BGM: How soon can parents introduce financial literacy to their kids?
JB: We have a picture book and for that, I would say you can introduce at 2 or 3 years old. Once they start to make requests and they can say, I want this and I want that, they can start learning about budgeting or earning their items. Even for something as simple as a toy or a treat, they can learn to earn. “Oh, you want a gummy? Did you clean your table? Did you eat all of your greens and vegetables?” We don’t realize that even those little lessons are teaching our children. It’s teaching them that they have to earn, budget and save.
BGM: What is the best way for parents to introduce financial literacy to children?
JB: Well, my husband and I will tag-team my son and say, “Hey, you need to clean your room so that you can earn a quarter towards your Hot Wheels car.” Then, at the end of the week, he can pick out a toy but he earned it. Then there were a couple of times where he didn’t earn it and we’d have to lay down the law like, “Hey, sorry but you didn’t do what you needed to do this week to get that car.” There will be a pouty face and he will be sad but we have to stick to it. The biggest tip when parents are teaching financial literacy to their kids is that you have to stick to your guns. Then, when they get around five years old, I would start showing them stocks and explaining the stock market. If you’re into real estate, show them the perks of purchasing this house. If you’re buying a house or you’re an investor, start teaching them that world. They can begin to understand that some items appreciate in value. Or even when they leave the lights on, teach them this is what happens when you leave the lights on. The electricity bill goes up by xyz and if it didn’t go up, here’s what we’d have in the budget to your next video game.”
