Millionaire or Bust header image

MOB #89 – Teaching Kids Finance: Scarcity

May 11th, 2009 · podcasts

In this week’s episode of Millionaire or Bust, the main topic was educating kids about finances. But, first I covered the news for the week:

  1. The coin toss was right, Wall Street extended its rally.
  2. There were no bank closures.
  3. US unemployment hit 8.9%, while job losses moderated.
  4. Oil prices rallied again despite massive supply.
  5. US banks need to up capital to meet ‘stress tests.’
  6. More cell phone users dropping landlines.

Then finally I talked about educating kids about finances. I talked about what I think is the key topic to teach and reinforce and that is scarcity. I give some tips and tricks that might be useful in teaching kids about scarcity in order to prepare them better for the real world.

If you enjoy Millionaire or Bust, please head on over to iTunes and give it a nice review. If you have some feedback on how to make the show better, shoot me an email and help me improve the show. I appreciate all your comments. Thanks for listening everyone!

Tags: ··

6 responses so far ↓

  • 1 Shawno // May 12, 2009 at 11:08 am

    Dropping the landline ain’t gonna work for me. My cell gets no reception inside my home, and I need the landline for work. I had considered it before we moved here, though. In a lot of ways, cell phones are much more affordable than landlines.

  • 2 David van Sunder // May 12, 2009 at 3:58 pm

    Shawno, I hear you on that. One of the places I used to live had horrible reception except outside. That would hardly work as a primary phone while at home. We still have the landline as well, but we only have one cell phone. That goes with whoever needs it because either we’re together or one of us is home.

    As for our landline, we have the most basic plan with no extra features. In fact, it can only make local calls. It’s really just for emergencies and receiving calls. I’ve actually debated whether or not to go skype as the home phone, but for emergencies that doesn’t really work if the power or internet is out.

  • 3 Maria Isabel // May 15, 2009 at 1:58 pm

    This is a very good show. I really believe that children need to learn responsibility while they are young in order to do better in today’s world.
    As a teacher I did this with my students through activities and work that they needed to do to get money to buy whatever I had in my classroom store. This worked beautifully for me and for them because they felt good about what they got for their work. Parents can do the same at home.

  • 4 MOB #91 - Pooling Resources | Millionaire or Bust // May 25, 2009 at 2:02 am

    […] talking about the cost of landlines versus cellphones in reference to an article mentioned in Episode #89. The second was an email from Ryan Hafey from the Network of Money Makers podcast. He was […]

  • 5 Finance Dude // Jun 4, 2009 at 11:05 am

    I wish my parents had taught me this when I was younger. Even now I tend to be a spendthrift who uses the plastic waaaaaaaaaayy to much. At least I’m getting better. 🙂

  • 6 mcdonalds coupons // Sep 13, 2009 at 12:08 pm

    Thank you very much for this imformative blog post.

Leave a Comment