3 Steps for Expert Money Management for Homeschooling Families

In the past few months, David and I interviewed Michael Reynolds, a Certified Financial Planner and owner of Elevation Financial. He also has a podcast called Wealth Redefined. During our interview, he provided his expertise on financial wisdom, money psychology, and more. In addition to being a financial expert, he is also a father. 

Throughout the interview, he provided money management tools for homeschooled children. 

• Teach your children that money comes from work.
• Instruct your children to invest. 
• Let go of money shame and communicate openly about money. 

Intro to Money Management

First, teach your homeschoolers that money comes from work. It comes from bringing value to others’ lives. Mr. Reynolds suggests teaching them through practical experience, such as starting a small business, so they can learn quickly about money and finances. This will also help homeschoolers learn life skills and from failure. Teach your children to save their money and avoid debt, especially student loan debt. If they accrue debt, encourage them to pay off small debts first to build momentum, which Mr. Reynolds recommends. 

Next, teach your children to invest their money. Starting young will teach them not only to discern but also to gain a deep understanding of the financial process. By avoiding debt, such as credit cards and loans, your homeschooler can build their investments. Ask them questions about how they can invest. They will be able to set financial goals and reach their dreams. 

Finally, don’t practice money shame in your household. Show that you pay off your debts and make financial decisions with wisdom. Offer grace to yourself and your family members when you mess up. Also, have open conversations about money. Talk about financial smarts (if age-appropriate) with your children. Talk about the importance of avoiding debt and instead saving money. In addition, Mr. Reynold recommends setting up a reward/allowance system. 

You can also discuss family financial goals and inspire your children to create their own goals. Explain your financial plan to your homeschoolers and set a family goal. Save up for something special. 

Conclusion

In conclusion, Mr. Reynolds supplied clear, expert advice on how to create a successful financial future. Homeschooling families can walk away from his words with confidence and know that they truly can take care of their financial future. His words can inspire families to learn financial literacy and make wise decisions. 

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- NxtEra

Written by Bethany (@thebookwormgirl_bethany)

Helpful Links: 

Facebook: (12) Facebook

Instagram: (2) Instagram

X: Michael Reynolds, CFP® (@michaelreynolds) / X

LinkedIn: (9) Michael Reynolds, CFP® | LinkedIn

YouTube: (4) Elevation Financial - YouTube

Website: Elevation Financial | Modern Fiduciary Financial Planning & Investment Management
Spotify: Wealth Redefined® | Podcast on Spotify