This week’s guest for our Teach Kids Money Series is Pongee Barnes of Little Owners. Pongee began her career in real-estate while in college. She is an entrepreneur and has co-written a series along with her sons all about kid entrepreneurship as a way to each financial literacy and entrepreneurship,

Why is it important to teach basic financial literacy to kids?

It’s imperative to teach kids basic financial literacy fundamentals because these are life skills that most of us learn too late in life. As a black woman, in our community these are not conversations or skills we learn early and one of my objectives for Little Owners is to break that tradition. We want to empower children early so that when they are presented with credit applications on college campuses or trying to make sound financial decisions for their future they will be armed with the proper education.

Many parents do not feel confident talking about money, let alone teach money topics like entrepreneurship. What advice/tips do you have for parents to start the money conversation?

I think parents can use their own personal financial situation to discuss money topics, being transparent with your child about some of financial mistakes you’ve made can prevent the child from falling into the same hole. Also I encourage parents to invest in financial education, start with books and podcasts. Also some financial institutions offer free webinars to teach you how to budget, raise your credit score, or buy a house etc.

Many parents are struggling to juggle work, kids, etc. while home. How can parents incorporate teaching financial basics seamlessly into their daily lives?

It’s important to find practical ways in our life to introduce financial fundamentals, one way can be lessons in the grocery store. Most people have a food budget, when your shopping use a list and allow your child to see the prices of the food you select to allow them to be apart of the financial decisions. Use cash when you’re paying for items, this helps you spend less and your children are able to understand the value of money. Lastly, I recommend giving children a minor allowance, this will help them create a budget.

I like to do the three jar system: Save, Invest, Give. Saving allows the child to spend the money on things they want such as a video game system etc. Invest is the jar for purchasing investments such as a vending machine which is what my kids are saving for in their investment jar, but this can also be used for things like purchasing a stock. Teaching kids about money doesn’t have to be complicated use your everyday purchasing experiences to instill these lessons.

Do you recommend any tools (your own or other organizations) to help parents in this process?

Our website has free family activities for children on our website www.littleowners.com.

Little Owners is a kids business book company that educates children about entrepreneurship and becoming a kidpreneur. Check out their many titles that range in topics from real-estate investor, franchise owner to vending machine entrepreneurs.

Check Little Owners on Facebook and Instagram.

Photo by August de Richelieu from Pexels