Our ‘Rooster Heroes’ series brings you financial experts from all over the world, asking them 10 quick fire questions on all things pocket money and allowances – so you learn from the best. They’re all leaders in their field, and they’re all people we at RoosterMoney admire.
This month we spoke to Lynnette Khalfani-Cox, also known as, ‘The Money Coach’.
Lynette is an expert and speaker on personal finance, on top of being a New York Times bestselling author. Also a mother of three, Lynnette’s appeared on Oprah, the Today show and MSNBC.
1. What’s your earliest money memory? ?
My earliest money memory is actually of my parents arguing a lot about finances and the fact that there wasn’t enough money to go around.
2. What did you want to be when you were a kid? ?
When I was 5 years old, I told my mom I wanted to be a doctor. By the time I was 18 and headed off to college, she thought I wanted to major in Biology. I said: “Why do you think that?!” and she replied “Don’t you want to be a doctor?” I answered “No way, Mom! I was 5 when I told you that!” We compromised, and I was an “undeclared” major for my first year at the University of California, Irvine.
My youngest daughter, Alexis, has been telling me since she was 7 that she wants to become a doctor. If she changes her mind, so help me God! Haha.
3. What's your favourite candy? ?
Snickers. I love chocolate waaaaay too much.
4. Describe your money personality ?
I’m a planner. I don’t mind spending on experiences and to create wonderful memories. But I also prefer to plan and budget for those luxuries.
“I don’t mind spending on experiences to create wonderful memories. But I also prefer to plan and budget for those luxuries.”
5. What's the best bit about your job? ?
As a Money Coach, I get to help people change their lives. For me, educating people about personal finances isn’t simply about dollars and cents; it’s about knowing that good money management will help them in so many other aspects, like having more harmonious relationships, less stress and more personal freedom.
6. Do you give your kids an allowance? And if so, what's the system? ?
We give our kids what we call an “Academic Allowance.” It’s tied to grades. They get money for earning A’s and B’s.
“I wish more women would know their worth and negotiate – especially for higher salaries.”
7. Best piece of money advice you’ve ever been given? ?
Some of the best money advice I’ve ever received was from my sister, Debby who always told me to bring my A-game and be excellent, know my worth, and then ask for it. I wish more women would know their worth and negotiate – especially for higher salaries.
8. What’s your top tip for parents on teaching kids the value of money? ?
I think parents should teach kids that they have four choices for handling money: they can save it, spend it, invest it, and donate it. Too often, children think money is just meant for spending.
9. How will we be paying for things in 2040? ?
I don’t have a crystal ball, but I believe that Blockchain is definitely going to change or improve the way we pay for things. My best prediction is our own biometrics, fingerprints, eye retinas etc. will be scanned for payments.
“Blockchain is definitely going to change or improve the way we pay for things.”
10. Bonus: Favourite app on your phone (apart from RoosterMoney of course!) ?
My favorite app on my phone is RocketMiles, which lets me book hotels on the fly (I travel a lot) while also earning free air miles.
Anything else you’d like to add.
Just that the earlier we teach kids about money, the better off all future generations will be!