What Parents Get Wrong About Money and Their Kids | The Oprah Podcast

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"Priceless Facts About Money" by Mellody Hobson, published by CANDLEWICK | PENGUIN RANDOM HOUSE, is available wherever books and audio books are sold: www.penguinrandomhouse.com/books/767987/priceless-…

In this episode of The Oprah Podcast, financial expert and Co-CEO and President of Ariel Investments, ‪Mellody Hobson, offers practical advice to simplify financial conversations for families.

Mellody shares details about struggling with money as a child, lessons she's taught her daughter and fascinating historical facts about money from her New York Times best-selling children's book, "Priceless Facts About Money."

People from around the country join via Zoom to ask Mellody how to address financial questions and situations with their children. 

00:00:00 - Welcome Mellody Hobson
00:01:38 - Mellody’s book "Priceless Facts About Money"
00:02:44 - Mellody turned her money trauma into her life’s purpose
00:05:15 - 77% of adults are anxious about money
00:08:38 - Most surprising thing Mellody learned while writing the book
00:10:08 - What most parents get wrong about money and their kids
00:17:56 - Welcome Kelly, mother of two
00:19:43 - How to explain the power of money to young kids
00:23:42 - Welcome Kristi, mother of a teen son
00:25:56 - What's a good saving/spending plan for a teen?
00:28:30 - What is a family-match 401K plan?
00:31:03 - Welcome Lindsay, mother of a 7-year-old
00:31:51 - What age is appropriate for a kid to have a debit card?
00:34:30 - Welcome 21-year-old, Jordan
00:35:29 - What advice would Mellody give to her 21-year-old self?
00:37:20 - What is the rule of 12?
00:39:16 - Mellody’s money advice for young adults
00:44:43 - How much should you have in an your emergency fund?
00:45:30 - The number one money takeaway from Mellody Hobson

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