We talk about Lesson three in this episode, which Chad likes to call “Show Me the Money.” We define income and expenses using the lemonade stand business model to provide some tools to help parents remove the shroud of mystery from family finances.

In this episode we cover:

• Jon, Chad & Robin share their experience with family finances growing up (2:36)
• Removing the mystery from home expenses (7:07)
• Having a budget makes defining Income & Expenses easier (9:25)
• Make the income and expense conversation real by using the lemonade stand example (14:07)
• Discuss scaling the lemonade business model to tie in the lesson of emotion to money (29:18)
• The analogy between the family budget and a lemonade stand (32:14)
• Expenses can be broken down into needs and wants (33:29)
• Parents need to be consistent with financial/budget lessons to benefit their children (37:10)
• Never forget to tie this lesson on income and expenses to how you feel (39:58)