May 19, 2021

45. Teaching Kids the Power of Money through Participatory Budgeting with Luke Hohmann

45. Teaching Kids the Power of Money through Participatory Budgeting with Luke Hohmann

Luke Hohmann is CEO and Founder of FirstRoot and one of the world’s leading experts on applying Participatory Budgeting at scale, in both communities and in business settings. On this episode of CFO at Home, Luke and Vince discuss using the...

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Kids And Money

Luke Hohmann is CEO and Founder of FirstRoot and one of the world’s leading experts on applying Participatory Budgeting at scale, in both communities and in business settings. On this episode of CFO at Home, Luke and Vince discuss using the principles of Participatory Budgeting to teach kids the power of money, both in schools and at home, and more.

  • Key Takeaways
    • Participatory Budgeting 
      • Allows kids to have a say in family decisions on how discretionary dollars in their home are spent 
        • Planning family vacations
        • Charitable donations
        • Home Improvements
      • Teaches budgeting basics
      • Encourages collaboration between kids and parents on making financial decisions 
      • Can work for kids as young as 8-10 years old
      • Teaches kids to
        •  Talk through, negotiate, and make choices with a budget  
        • Value the opinions of others in through shared budgeting