Money shapes children long before they understand it. Kids absorb financial messages through emotion, behavior, and family culture, often forming beliefs by age seven that follow them into adulthood.

In this episode, Dr. Nicholas Michels joins Dan to explore how children learn about money, why parents often feel unprepared to teach it, and how small, intentional choices can break generational patterns. Together they discuss practical tools for building financial confidence in kids, the psychological roots of money habits, and how to pass down values that last longer than wealth.

If you want to raise kids who understand money, make confident choices, and grow into financially free adults, this conversation will give you the perspective and tools to start today.

Key Talking Points:

• Why kids learn about money emotionally first
• How childhood tension shapes adult behavior
• Modeling openness vs. secrecy
• Practical tools: allowances, games, and real decisions

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Episode References & Resources:

• Foundational money habits are often formed by age seven – University of Cambridge (2013)
• Only 23 percent of kids say they talk to their parents frequently about money – NFEC (2024)
• Around 70 percent of wealthy families lose their wealth by the second generation and 90 percent by the third – Williams Group (2025)

Connect with Dr. Nicholas:

• Website: https://www.drnickmichels.com
• LinkedIn: https://www.linkedin.com/in/nicholas-michels-phd
• Instagram: @coachdrnick

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Thank you for listening. This podcast is for education only and is not financial advice.