Teaching Kids About Money With Art Rainer

08/23/22 • 25 min

Sharing the Gospel is the most important thing you can do for your kids, but perhaps the second most important thing is teaching them how to handle money wisely. We’ll talk about that with Art Rainer today. Art Rainer is the author of several books on personal finance, including a few on teaching kids about money. We recently talked about Ranier’s 3-volume series The Secret Slide Money Club, which has very entertaining and educational stories for younger kids, teaching them how to handle money from a biblical perspective. Today, Art Ranier explains why it is so important to teach kids financial stewardship and understanding God’s ownership. He says it’s never too early to start teaching your kids and grandkids, beginning with very simple concepts and working your way up to more complex principles as your kids get older and are able to grasp more advanced lessons. Rainer and Rob West explain the value of the jar approach: One jar devoted to money to live, one to save, and one for giving. They also discuss whether parents should pay their kids for completing household chores or for completing extra tasks. Additionally, Rainier explains the vital importance of teaching kids the biblical concept of generosity and how to convey the principle. They also talk about preparing kids financially for heading off to college, when they’re likely to be tempted to pile up credit cards and other debt. Art Rainer's 3-book series for kids called The Secret Slide Money Club. And you can learn more about Art at ArtRanier.com. On today’s program, Rob also answers listener questions: ● How do you go about creating a spending plan? ● Can you repay Social Security benefits to expand benefits down the road? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to [email protected]. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Previous Episode

In God We Trust

Before you can do anything else with money, you have to earn it. Today on MoneyWise, scriptural counsel and practical advice about earning. Every so often on Monday, we review the five basic things you can do with money. You can earn it, live on it, give it away, you can owe it to someone, and you can grow it for the future. Earn / Live / Give / Owe / Grow. Today, our focus is earning. EARNING IS A BLESSING Generally speaking, working a job that pays you a wage or owning a business that produces a profit is good. These are God-given means by which we support ourselves and our loved ones and give to churches and other ministries. But earning money is not simply a means to various other ends. The work we do to make our way in the world has value in and of itself. It is through our work that God does a lot of his work of molding our character, building our perseverance, and sparking the creativity he has put within us. As my friend Howard Dayton likes to say, As the carpenter builds the house, the house builds the carpenter. What we do to earn money shapes us day after day after day. And therefore it is appropriate to ask God to guide our money-making tasks and use them to his glory. THE DANGERS OF EARNING Now, there are downsides to making money both if you make a lot of it and if your earnings are modest. Let me focus first on those who make a good salary or own a profitable business. Watch out! Never forget Deuteronomy 8:18, which reads: You shall remember the LORD your God, for it is He who is giving you power to make wealth. It is so easy, when making good money, to think you’ve accomplished it all yourself. If you start to feel that way, here’s a suggestion. Pull a dollar bill out of your wallet or a 10 or a 20 or whatever and look for the place where it says these words: In God We Trust. The only reason you have that money is because the very God who is mentioned on all your money has given you the power the creativity, the skills, the network of contacts, and so much more to make wealth. So humbly thank him for your success. For those whose earnings are modest, I want you to do the same thing. Pull out a dollar, or a coin, and find those same words: In God We Trust. And you can pray this prayer or something like it: Lord, it’s tough making ends meet sometimes, but I am trusting you. I believe you are the Lord of all, and you will make a way for me. Now, I can’t tell you why some godly people prosper financially and other godly people don’t. That is all wrapped up in the mystery of God’s providence. But I can remind you of the words of the Apostle Paul. He writes this: Rejoice in the Lord always. I will say it again: Rejoice!... Do not be anxious about anything, but in every situation, by prayer and petition, with thanksgiving, present your requests to God.And the peace of God, which transcends all understanding, will guard your hearts and your minds in Christ Jesus. And then he goes on to says this: I have learned to be content whatever the circumstances. I know what it is to be in need, and I know what it is to have plenty. I have learned the secret of being content in any and every situation, whether well fed or hungry, whether living in plenty or in want. I can do all this through him who gives me strength. Now, don’t misunderstand. There is nothing wrong with asking God to provide a better-paying job, or asking him to help your business succeed if it is struggling. But the size of a paycheck can never be the true source of joy and contentment. That source is Jesus alone. So remember: God knows your needs. He knows you need money to live on and he will make a way. And he knows all about the inflationary environment we’re in too! His ability to provide is not hampered by the inflation rate. Now if you’re one of those people who earns a good living, ask the Lord how he wants you to make use of what he’s entrusted to you. It’s his money. You’re a steward, a manager. Ask the Lord how to use what you earn to advance his purposes in the world. You might not hear an answer right away, but if you ask in obedient faith, God will open your eyes over time to needs that you can help meet. Again, whether you have modest earnings or a well-paying situation, always remember what’s written on the money: In God We Trust. On today’s program, Rob also answers listener questions: ● What are structured notes and how do they work within your investment portfolio? ● Can you claim home improvement costs against capital gains? ● How do you go about activating a special needs trust? RESOURCES MENTIONED: ● Xx Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to [email protected]. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Next Episode

More Inflation Fighters

Saving a dollar here and there is great. But you may need inflation fighters that give bigger, quicker results. We’ve got a bunch of them for you today on MoneyWise. We should always be looking for ways to save money and be faithful stewards of what God has given us, but it’s especially important with prices on the rise. Proverbs is often our go-to book for wisdom on saving. Proverbs 21:20 reads, Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it. And Proverbs 10:4 tells us, A slack hand causes poverty, but the hand of the diligent makes rich. MONEY-SAVING TIPS 1. AVOID DEBT. And if you’re in debt, get out of it as quickly as you can. Stop using credit cards unless you pay off the balance each month. Pay down what you owe. Use the snowball method that we’ve talked so much about before. Start with the smallest debt. When that’s paid off, move on to the next, and so on. If you’re paying thousands of dollars a year in interest on credit cards, imagine how that could beef up your emergency fund or earn in a retirement account! 2. AUTOMATE YOUR SAVINGS. Automate your savings. Have part of every paycheck transferred automatically into savings. Do that first to build up your emergency fund, then when that’s fully funded with 3 to 6 months’ living expenses, start putting that money into a qualified retirement plan like a 401k or IRA. If you rely on yourself to do it manually, it probably won’t happen. 3. SAVE MONEY FROM TAX REFUNDS OR PAY RAISES. Try to bank at least half of your raises and all of your tax refund. However, you really shouldn’t be getting much of a refund at all. That’s just giving Uncle Sam interest-free use of your money. So adjust your withholdings to get as close to zero as possible. 4. STAY HEALTHY. Eat a well-balanced diet, exercise, and get plenty of sleep. Watch your weight. Why? Because healthcare is expensive. No matter what kind of plan you have, the less health care you use, the less you’ll pay in deductibles and the more you save. Studies show that if you’re overweight and out of shape, on average you’ll spend more on health care in your later years. 5. TAKE A SIDE JOB. Take a side job or put in extra hours at work. Or think outside the box. Maybe you can drive for Uber or Lyft, or rent out a room through Airbnb. If you work just 10 hours a week at $12 an hour, it adds up to more than $6,000 a year, more than wiping out the effects of inflation. 7. CALL YOUR CREDITORS. Is your time worth a hundred, or maybe two hundred dollars an hour? Unless you’re a brain surgeon, probably not. But that’s what you can save by spending an hour or two on the phone every year with each of your monthly creditors. These include: home, auto, health insurance companies, your smartphone carrier, Internet, cable providers, and credit card companies. Go over your plans with a customer service rep to make sure you’re paying as little as possible for the product or service you need. Do this especially if you have automatic renewal. They may have added items you don’t want or need. 8. GET OUT OF DEBT. This last money-saving idea is for those who haven’t completed the first one yet get out of debt! It’s a little more difficult in times of rising interest rates, but an annual call to your credit card issuer to ask for a lower rate could result in saving hundreds of dollars a year. On today’s program, Rob also answers listener questions: ● When does it make sense to use investment funds to pay off debt? ● What is the best way to start investing for kids and college? ● How much information should someone have to provide to get a line of credit? RESOURCES MENTIONED: ● Bankrate.com Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to [email protected]. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29