Financial Sobriety
Financial Sobriety
Episode 45: Teach Your Children - Uncle Sam Takes His Cut
Episode 45: Teach Your Children - Uncle Sam Takes His Cut
Episode 45: Teach Your Children - Uncle Sam Takes His Cut
Tuesday 24th August 2021
Matthew and Jim explain taxes to kids in 'Financial Sobriety'. Learn tips for parents on financial education and the 'pay yourself first' strategy.
29 minutes
Informative
Educational
Thought-provoking
Engaging
Supportive
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Get the buttons here!Teaching Kids About Taxes: A Crash Course with Matthew and Jim
But again, I'm happy to have made those mistakes, because they've led us to where we are here Today, of course, but one of the most important things you helped me learn was this idea of pay myself first
Picture this: your kid lands their first job and is thrilled about that first paycheck. But wait—why is the amount smaller than expected? In this episode of 'Financial Sobriety', hosts Matthew Grishman and Jim Gebhardt break down the confusing world of taxes and withholding for young earners. They dive into their own early experiences with money and share practical tips for parents to help their kids understand why Uncle Sam takes a cut.
Matthew and Jim highlight the 'pay yourself first' strategy, encouraging kids to prioritize savings before spending. They also tackle common myths about taxes and explain the benefits of tax withholding as a form of forced savings. Beyond that, they discuss the value of consulting a financial advisor and touch on the importance of social security benefits. This episode isn't just about numbers; it's about setting up your kids for financial success.
With their conversational style and relatable anecdotes, Matthew and Jim make a potentially dry topic engaging and easy to grasp. Whether you're a parent looking to guide your child through their first financial steps or someone curious about the basics of taxes, this episode offers valuable insights in a friendly, supportive way.