Hi everyone! I hope you’re having an awesome week so far.
Today I’d like to share a video with you that I think you’ll love. Last year I participated in Financial Literacy Month with Steve from MoneyPlanSOS. The idea was to create a one minute video to promote financial literacy. It was fun and one of the videos I made featuring my son (4 years old at the time), was picked up by CBS Money Watch. I received a lot of great emails from that video so I thought I would do something with Isaac again this year.
This year we were supposed to create a two minute video. I really believe money should be an open topic of discussion at home? What better way to promote financial literacy than by having Isaac answer a few questions about money and debt.
Here is my video contribution for Steve’s annual Financial Literacy Month project. Please enjoy!
In case your allergic to adorable 5 year olds who recommend being “radical” when paying off debt, here is the transcript.
Q: What do your kids know about money?
Isaac: Hi. I’m Isaac. I’m 5 years old.
Q: Do you know what money is used for?
Isaac: Saving, spending, and giving.
Q: How do we get money? Where does it come from?
Isaac: Hard work!
Q: What is DEBT?
Isaac: Debt is spending money you don’t have to buy things you can’t afford.
Q: If I want a new iPhone, why shouldn’t I just put it on a credit card?
Isaac: You’ll have to pay for it with interest.
Q: Do you know what it means to live debt free?
Isaac: Living without owing anyone money.
Q: Is that a good thing?
Isaac: Yeah, it’s the best
Q: Are you debt free?
Isaac: Of course, I’m a kid silly. But my Mommy and Daddy are.
Q: Why do you like it so much.
Isaac: Because my Mommy and Daddy get to hang out with us, a lot.
Isaac: Because they don’t have to work as hard to pay their debt.
Q: In your opinion, what’s the biggest threat to building wealth?
Isaac: Definitely debt. It’s hard to do it when someone else owns your paycheck.
Q: If someone wants to get out of debt, what should they do first?
Isaac: Save for a rainy day so they don’t have to use credit cards.
Q: What should they do next?
Isaac: Umm, I would tell them to be radical.
Q: Have you ever sold your toys to get extra money?
Isaac: Yes. But I also give my toys to GoodWill.
Q: Do you think it’s important to give some of your money to people who need help?
Isaac: Yes. God wants us to help as very many people as we can.
Q: Do you think more parents should talk to their kids about money?
Isaac: Yeah. I’m only 5 years old and I’m never going to get into debt.
Q: Thank you for sharing your financial wisdom, Isaac!
Isaac: You’re welcome. I love helping people stay out of debt.
I’d love to hear what you think about it so please feel free to share your thoughts in the comments section below. I would also love it if each of you could share this video with someone else to help spread awareness for the importance of financial literacy — especially amongst our youth.
In case you missed my video from last year here it is.