Five Tips to Promote Financial Success
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In this episode of Sound Living, K-State Research and Extension Family Resource Management Specialist Elizabeth Kish joins host Jeff Wickman to explore five key principles for financial success—earn, save and invest, protect, spend, and borrow—during Financial Literacy Month. Kish emphasizes that financial management is a continuous process, not a one-time task, and encourages listeners to use April as a time to reflect on their financial habits, review emergency savings, insurance coverage, retirement accounts, and spending patterns. She highlights the importance of intentional decision-making, especially when it comes to big purchases, advocating for research, comparison shopping, and avoiding 'spending leaks' like daily coffee runs. A significant portion of the discussion centers on how parents can talk to children about money in age-appropriate, purposeful ways—shifting from saying 'we can't afford it' to explaining the reasoning behind financial choices. This helps children understand values, priorities, and the emotional weight of money, reducing stress and building long-term financial literacy. The episode also promotes practical tools like the My Money Five framework from mymoney.gov and K-State’s Financial Checkup publication, which offer worksheets and resources for self-assessment. Kish stresses that financial success isn't about rigid rules but about creating personalized plans that align with individual goals and values. The conversation underscores that open, ongoing dialogue within families—especially around money—can foster transparency, reduce anxiety, and empower the next generation with real-world financial skills. The tone is constructive, encouraging, and grounded in actionable steps.
Use April as a monthly reset to review your financial health across the five principles: earn, save and invest, protect, spend, and borrow.
Replace 'we can't afford it' with 'let’s talk about that later—I’ll explain why this isn’t a good purchase' to teach children about values and decision-making.
Practice the 'rule of three' when making big purchases: research three credible options and compare features, not just price.
Review emergency savings and insurance (home, auto) in April to prepare for spring and summer weather risks.
Avoid 'spending leaks' by evaluating small, recurring expenses like coffee or snacks and consider whether they align with your goals.
…and 3 more takeaways available in PodZeus
Introducing Financial Literacy Month and the Five Principles
“Financial Literacy Month started out as Youth Financial Literacy Day, and now it's a month, which is good. The thing about money is it's a process, right? It's not a one-and-done usually.”
Earning and Maximizing Benefits
Kish discusses the 'earn' principle, emphasizing the importance of understanding pay and benefits—like vacation time and personal days—so people don’t leave value on the table.
Saving, Investing, and Tax Refunds
“What are you going to do with it? Or do you really want to loan the government... that money for over the course of a year? Or would you rather have that amount spread out over 12 months to do other things with?”
Protecting: Insurance and Emergency Savings
“April is also a good time to look at your homeowner's insurance to see how you're covered in the event of storms, tornadoes, floods, that kind of thing.”
Spending Wisely and Talking to Kids About Money
“Rather than maybe saying, oh, that costs too much. We don't have the money. You might say, I hear what you're saying. Let's talk about that at another time and I'll walk you through why I don't think that's a great purchase.”
“Rather than maybe saying, oh, that costs too much. We don't have the money. You might say, I hear what you're saying. Let's talk about that at another time and I'll walk you through why I don't think that's a great purchase.”
“Financial Literacy Month started out as Youth Financial Literacy Day, and now it's a month, which is good. The thing about money is it's a process, right? It's not a one-and-done usually.”
“What are you going to do with it? Or do you really want to loan the government... that money for over the course of a year? Or would you rather have that amount spread out over 12 months to do other things with?”
Host
Guest
Elizabeth Kish
person
Jeff Wickman
person
K-State Research and Extension
organization
My Money Five
other
Kansas State University
organization
mymoney.gov
product
Bradford Wiles
person
Financial Checkup
other
K-State Radio Network
media
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