Kids & Money Episode 04 | Bookynotes Blog blog | Bookynotes

Kids & Money Episode 04


Hosted by: Chad Jones

November, 2021

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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