What Kids Should Know About Keeping Their Money Safe
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Welcome to a special edition of Your Money Briefing. It's Wednesday, December 6th. I'm Arianna Espuru for The Wall Street Journal. Over the past three weeks, we've explored some of the ways that kids are learning about money and spending it.
They said they would hand their kids cash and the kids would hand it right back and say, nope, I want Roblox or Minecraft coins or V-Bucks for Fortnite.
How some kids are using social media to make money.
Facebook, Instagram, Twitter, anything you can think of, MySpace, all of it.
Are you on the MySpace page? Nah, I was just joking. And what options kids have to save that money once they have it.
It's really a great exercise to start early on because you're teaching yourself, hey, I shouldn't really spend more than what I'm bringing in.
So what do young savers need to know about keeping their money safe? And how can they start practicing good money habits to last over the years? That's after the break.
This podcast is brought to you by ReliaQuest. Cyber criminals are constantly attacking. They want your data. They want your identity. They want your innovation. ReliaQuest fortifies your business with agentic defense, AI that detects, contains, and eliminates cyber threats in minutes.
What is this episode’s focus on kids and money safety?
It helps your security team move faster at the work that matters most to protect the business now and delivers insights to help them predict what's next. ReliaQuest, agentic defense for the enterprise. Learn more at ReliaQuest.com. That's R-E-L-I-A-Q-U-E-S-T.com.
We've gone over what can influence spending habits for kids, how they're making money, and where they can store it. Up next, keeping it safe. And there's two parts to that. Creating good spending habits and not falling into some of the pitfalls that come with digital accounts. Don't worry, we'll talk about both of them. First off, having healthy financial habits matters for kids. Leslie Jones is a youth financial education analyst at the Consumer Financial Protection Bureau. Remember that budget we talked about earlier in the series? It can be hard to stick to it, but Leslie says it's worth sticking with.
If you start giving yourself rules like that, then what's nice as an adult is hopefully they're still kicking in, because that's what we do. It's like, okay, I can afford to do Starbucks twice this week. Well, we need to help kids figure out what their financial habits and norms are going to be, what's going to be important to them. Some kids are naturally savers, some kids are naturally spenders.
And if you're a kid and you realize you're a spender, that's okay. It just means it's even more important to lean on an adult in your life to help you figure out what you can cut back on.
Being the voice in their head but outside of their head that says, do you need that? Is that important? Would it be nice to wait for this? And to give them some big goals to save for so that it's easier for them to say no to the little things.
So what could responsible spending look like for a kid with a small business? I spoke to a pair of young entrepreneurs who've started using some responsible money habits they learned from starting their Florida-based surfing brand, Crepic.
There was big waves, so I was surfing them. And when I came out of the water, my brother Ethan said, how was it? And I said, it was crazy, but epic. It was Crepic. And then that's how the name was created.
That's Merritt Perlin. He's 11 years old. He and his 15-year-old brother Ethan started their business in 2017, and they now sell hats and clothing, mostly online, to people looking for some adventure.
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