4 Priceless Money Lessons for Kids

Financial Literacy: A gift that lasts a lifetime.

From things like financial decisions and tradeoffs to the importance of having an emergency fund: Our day to day circumstances are full of teachable moments we can and should share with our children.

Delayed Gratification

One of the most significant financial lessons a child can learn is that he/she might have to wait or save to buy something they desire.  Let’s be honest…this is tough for all age groups, but learning it early can truly set the trajectory towards financial success.  Giving a child a savings goal, reviewing their progress often and celebrating once that goal is achieved will positively reinforce this simple yet difficult concept.

Being in charge of their budget

Are your children always asking you for money?  A friend of mine found a way to change that behavior by having his kids sign a contract of what expenses he would pay for, then giving them a set amount of money to spend each month for clothing, cellphone bill and extras. “My son’s hard lesson came when his friend pushed him into a pool along with his cellphone. … He learned why it’s important to build a reserve for unexpected expenses,” my friend said. Giving your kids a paycheck allows them the chance to make financial decisions – and experience the resulting consequences firsthand.

The Roots of Retirement

Parents strive to raise children who will hit the ground running when it comes to retirement savings.  Through experience, we believe it is important to let your children know that retirement is the biggest expense they’ll ever save for, and it’s important to start early. To help them in understanding the value of compound interest, allow them to open a savings account where they can personally experience the power of this phenomenon sooner rather than later.

The Power of Credit

When you’re young, it’s easy to rely on credit–which can jeopardize your financial future. Help your child understand the importance of a good credit score, and explain how to keep it strong. Share stories about how you financed your first house, and explain in concrete terms how the interest rate affected the overall purchase price.  Recognizing credit as a tool rather than a crutch is a key to financial aptitude.

In giving your child the gift of financial literacy, you’re helping set them up for a brighter future.

*This article was written by Michael J. Purifoy, CPA, CFP®, Executive Vice President, SageSpring Wealth Partners and Wealth Advisor, RJFS

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Jeffrey T. Dobyns


President, SageSpring | Financial Advisor, RJFS 

Jeffrey T. Dobyns

President, SageSpring | Financial Advisor, RJFS

Beyond crunching numbers and investment strategies, at SageSpring, we’re about building relationships. When you encounter Founder & President of SageSpring, Jeff Dobyns, it’s easy to understand why this is at the very heart of who we are as a firm. You won’t find stuffy formalities with Jeff; instead, you can expect to find him sharing a warm smile, communicating a compelling vision, or patiently untangling life’s complex challenges with clients. He believes in truly getting to know clients, understanding their aspirations and priorities, and navigating their financial plans with a tailored, comprehensive approach. Our team members have often been caught taking notes on Jeff’s effortless relationship skills from a distance, and we admire them for striving to learn from one of the best. 

Jeff’s financial expertise and wisdom are the perfect match to his innate people skills. Jeff holds the prestigious CERTIFIED FINANCIAL PLANNERTM certification, Chartered Life Underwriter (CLU®), and Chartered Financial Consultant (ChLU®) designations, and has held executive positions with financial planning firms for more than two decades. 

His dedication extends beyond the office to the boardroom and the local community, where Jeff is passionate about giving back. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. Jeff actively supports other initiatives in the community by sitting on the board of The Signatry of Middle Tennessee and the Halftime Institute of Nashville. 

Witnessing his four children, Gracyn, Hunter, Tanner, and Logan, excel on the field is almost just as rewarding, if not more, than celebrating the victories of seeing his clients overcome obstacles and build wealth. Spending weekends boating on the lake, hiking mountain trails, and fishing with his family are the moments Jeff cherishes most. It’s this grounded perspective that reveals the true meaning of wealth for Jeff: not just numbers on a page, but the freedom to create experiences that enrich your life and the lives of those you love. When you choose the Dobyns McMillin Wealth Team, you choose more than financial expertise. You choose a partner who champions your dreams, celebrates your victories, and walks besides you on the path to achieving your unique goals.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER TM, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.