Kids & Money Episode 04
Hosted by: Chad Jones
As parents discuss needs vs. wants with their children, this discussion leads to defining two concepts – quality of life and standard of living. In this episode, we discuss these concepts and how they relate to one another but are not connected.
In this episode we cover:
- What is a high standard of living (2:33)
- Can the quality of life be defined by the things you own (5:48)
- Chad’s definition of quality of life (8:45)
- Having breathing room in your finances is the definition of rich (10:23)
- Can you have a low quality of life and a high standard of living or vice versa (14:17)
- Don’t put a ceiling on kids when it comes to finding their joy (18:30)
- The $1000 game to play with kids to teach standard of living and breathing room (19:59)
- Standard of living and quality of life are not correlated (29:20)
- How to get kids to consider others when they make choices with a cinnamon roll (33:44)
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