How to Get Rich While Raising a Family

 

Author and financial journalist Kimberly Palmer talks about her new book, “Smart Mom, Rich Mom,” including why we need to talk to our kids about money and how to make smarter money choices for ourselves and our families.

Kimberly Palmer:  Even at age 8, boys are already saying that they’re better at money than girls. They talk about it more than girls. And, I mean, as a mom of — I have a 6-year-old daughter now — that really bothers me. Like, why are we already seeing these gender differences pop up so young?

So, my daughter, who was sitting there observing all this, she piped up and she said — I thought she was gonna defend me. But she looked at me, and she said, “Mommy, Daddy has to work. Like, stop bothering him. You need to get us.”

I was like, wow. You know, where did that come from? Why does she think it’s Daddy’s job to work and Mommy’s job to drive carpool?

She always asks for stories of my childhood as, you know, kids do. She’d always want me to tell her stories, so I tried to incorporate a financial element into that.

One big, big topic that, uh, I think is really hard for me, for sure, and also, I think, a lot of women is negotiating with money. So either salaries or any time you kind of have to negotiate, um, money.

And I didn’t know what to do, so I said, “Let me call you back. I’ll call you right back.” So first I called my husband, and I said, “What should I say?” What would your husband say? He said, “Just say a really big number.”

So I was like, OK. Let me call Alison, my best friend, and see what she says. I actually texted my best friend, Alison.

What would your best friend say if you said, “What should I say?” Don’t go too high. Interesting. She actually said, “Before you call them back, stand like Superwoman.”

So, I think that my main message is to embrace our inner financial superpower.

This video originally appeared on Vimeo.