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Lisa Schader, CPA @MoneyFitMoms 🤓💸

💸Successful kids AND a cleaner house?! 🏠🤩

Published about 9 hours ago • 2 min read

Hey Reader,

Believe it or not, I don’t constantly lecture my kids about finances.

Instead, we focus on helping them practice the TWO specific skills that researchers proved actually predict adult financial success.

The best part? These two habits also improve other things (like happy relationships) later in life and . . . make your house cleaner today (yes, really).

But first, an analogy.

The Engine vs. The Steering Wheel

Think of financial independence like driving a car.

🏎️ High Income = Powerful, fast car 🏎️

Education and career progression do matter! They build the engine, aka your income-earning potential. More valuable skills and competence = Higher income.

But even though a fast car can reach the destination quicker, a powerful engine won't help you if you can't steer.

🧠 Smart financial choices = Good Driving

WEALTH ACCUMULATION: The steering and brakes come from 1. work ethic and 2. impulse control. That is why in longitudinal research (like the landmark 40-year Dunedin Study), a disciplined earner making $65,000 often accumulated a higher net worth than an impulsive earner making $180,000.

Decades of research back the importance of these TWO critical skills:

  1. HARD WORK (Chores build career success): The 85-year Harvard Grant Study revealed that childhood chores were one of the strongest predictors of adult career achievement. So the next time your kids complain about cleaning the bathroom, remind them you're setting them up for success. 😜
  2. SELF CONTROL (beats IQ!): The Dunedin Study showed childhood self-control predicted adult net worth, savings, and credit scores far better than IQ or family wealth. (And if your kid wasn't born with natural patience, don't worry—impulse control is a muscle that can be built--let's talk about how.👇)

Why Lectures Don't Work

Imagine giving a teen a driver's license after only reading a manual—no road time, no practice behind the wheel. That’s traditional financial literacy, and studies show classroom-style lessons explain very little of real-world money habits.

Kids don't learn how to drive from a lecture; they need to get behind the wheel. 🛞

That is why our kids have always had an allowance. They make real-world trade-offs with small stakes—making $10 toy mistakes today so they avoid $10,000 credit card mistakes tomorrow.

Money Fit Challenge of the Month: 🚗 🔑 Hand over the keys. Give your kids a simple system to practice delayed gratification with real dollars.

Already happy with your current allowance system? Awesome -- you're set! If not, check out my step-by-step guide on How to Set Up a Free Allowance App for Kids to see how we fund our family "bank," set up Save/Spend/Give buckets, and help kids practice saving for big goals (delayed gratification).

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​Hit reply and tell me: What did your parents do right that set you up for success?

Your nerdiest financial friend,

Lisa Schader, CPA

Financial Educator | Founder of MoneyFitMoms

Want help getting your finances on track? That's my passion! 🤗

P.s. This is your monthly reminder to update your Net Worth​

. . . an easy way to track your financial progress.

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Lisa Schader, CPA @MoneyFitMoms 🤓💸

🤓 CPA helping moms:📈 Invest confidently🚸 Raise money-savvy kids 🤑 👉 My FREE Money Challenge helps you accomplish the MOST important financial tasks step-by-step!

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