Before getting a lesson in financial literacy with Beth Kobliner we first took a call from Steve in Connecticut.  Steve, who is still working, has a 401(k) from an old employer and is looking for a way to minimize the tax hit.  Should he pay now or wait until retirement? March 18 JOM Hour One

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Now on to our guest in hour two this week...

You will often hear me say that before you worry about the financial future of your kids, you need to make sure you’re taking care of yourself first. But that doesn’t take you off the hook for discussing money with your kids.

Think of it as another one of the talks...so now in addition to the sex talk, the drug and alcohol talk, we can add the money talk. All of these conversations must occur at every stage of your child’s development, with age-appropriate messaging that the kids can absorb.

That's why we’re talking to Beth Kobliner, author of Make Your Kid A Money Genius (Even If You're Not): A Parents’ Guide for Kids 3 to 23. 

March 18 JOM Hour Two

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I know there are a lot of you out there listening with kids or thinking about starting a family, wondering how to have such conversations:

• How much debt should we take on for college?
• Should I give my teen a debit or credit card?
• Should I give my child an allowance?
• My kid wants to move back home...should I charge rent?

Those are just some examples and there’s plenty more in the book. Whether you’re a rookie in the parenting game or a veteran, this book will help. As Beth says, “Think of it as a guide for parents that offers the financial facts of life for kids 3 to 23.”

Whether you have kids, are planning on it or know someone with kids, I encourage you to check it out.  It’s never too soon to start the money talk with your children.  

P.S. We have a new podcast!  It's called Better Off and it's sponsored by Betterment.  It's similar to the radio show yet a bit different.  We'd love hear your feedback!  You can download it via iTunes, Spotify or Google Play.  If possible, please leave a rating and/or review in iTunes.

Thanks to everyone who participated this week, especially Mark, the Best Producer/Music Curator in the World. Here's how to contact us:

• Call 855-411-JILL and we'll schedule time to get you on the show LIVE 

• Send an email: askjill@jillonmoney.com 

• Tweet us: @jillonmoney and @MTalercio

Kids and money can be a thorny topic for parents. Luckily, personal finance expert, author and architect of the great MoneyAsYouGrow web site, Beth Kobliner joins us to celebrate Financial Literacy Month. According to research, money habits start to form by age 7, so we need to start talking to kids between the ages of 3 and 5.

• Download the podcast on iTunes
• Download the podcast on feedburner
• Download this week's show (MP3)

Start by identifying coins and their value and discuss the difference between something that is free, like playing with a friend, and an item that costs money, like an ice cream cone. You should also introduce the concept of work and the idea that you may have to wait for something you want.

You can start paying your child an allowance as early as age 6. Most experts agree that an allowance should not be based on household chores, rather it’s better to choose an amount based on what you already spend on small discretionary items your child likes but doesn’t need — like a toy. Make it clear that the amount you’re giving replaces what you would have been spending on her. You should encourage kids to save 10 percent of their allowance by opening a savings account and explain the concept of earning interest. To reinforce the savings habit, consider a "matching plan" for your child's savings: You put in 25 cents for every dollar she saves.

When it comes to teenagers and young adults, you should have the first of many conversations about debt. Explain why it’s important to avoid using credit card cards to buy things you can't afford to pay for with cash. As kids get to high school, you can start talking about the cost of college and about whether or how much the family plans to contribute towards education.

Thanks to everyone who participated this week, especially Mark, the Best Producer/Music Curator in the World. Mark is back in the US and makes another appearance on the show. Here's how to contact us:

• Call 855-411-JILL and we'll schedule time to get you on the show LIVE 

• Send an email: askjill@jillonmoney.com 

• Tweet us: @jillonmoney and @MTalercio