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)
Sample Block Quote
Nam tempus turpis at metus scelerisque placerat nulla deumantos sollicitudin delos felis. Pellentesque diam dolor an elementum et lobortis at mollis ut risus. Curabitur semper sagittis mino de condimentum.