Episode 2 : Money, Money, Money

Money. You don’t have to love it, but you do need it. In this episode, we dig into our first super financial literacy term and discuss money. Where did it come from? What can it do for you? And is paper cash, nearing an end!? We’ll discuss this and more in season 2 episode 2 of the Ca$h Kid Podcast! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Money, Money, Money

Money isn’t the most important thing in life, but it’s reasonably close to oxygen on the “gotta have it” scale. ~Zig Ziglar

Welcome back to another episode of the Cash Kid Podcast. Whether you're listening from Amazon Music, Apple Podcasts, Spotify, the cashkidpodcast website, or wherever you like to listen from, we’re glad you are here! 

In this episode, we start to dive into some financial literacy terms we need to know and understand. And you guessed it, today we’re talking about money. You don’t have to love it… but you do need it. The Cash Kid Podcast is underway! 

Intro tease:

So you’ve got some cash. Maybe from an allowance, or that money your grandma gave you for your 7th birthday. Here you go, sweetie. Thanks, Grandma.

Whatever it is, what are you going to do with it? Spend it, hide it away… or maybe invest it? Let’s start learning how to make that money grow.

Time to learn how to be a cash kid.

Money. Why do we have it? Where did it come from? And are the days of holding paper cash nearing an end? 

Well, money or forms of it have been around for thousands of years. Money serves to measure the value of an item. Back before coins or cash, people bartered or exchanged, goods and services. For instance, maybe one villager would trade his one goat for five chickens. The value of the one goat was considered worth five chickens. 

Over time, the methods used to pay for a product or service developed into the use of coins. Precious metals like gold and silver started to be used in trading. Lydians in 600 BC were the first known to make coins from these precious metals. The first paper money known was introduced in China around 800AD. But it wasn’t until the 17th Century that Western civilizations turned to the use of paper money. Today, central banks print banknotes or paper money and use special security features to prevent them from being easily fake. 

Money now has taken the form of everything from the U.S. dollar to cryptocurrencies like Bitcoin. Thanks to the creation of modern-day money, buying, selling, and trading is easier than it’s ever been.

But while here in the US we are familiar with the US Dollar. Different countries have different currencies or forms of money. In the US, we have the US Dollar. But in India, it’s a rupee. And the value of the currency of one US dollar is equivalent to 82 rupees (at the time of this podcast). This is known as an exchange rate. The value of one currency versus another country. This actually changes as it’s tied to the global market. So if the US market were to go up, then the value of the dollar would be even greater. Google has an easy currency converter if you want to try it out and compare your currency to another and see the difference in value.

Will paper money one day go away? 

Well, who knows? But Elon Musk stated so in a podcast interview four years ago stating cryptocurrency is a far better way to transfer value than pieces of paper. Our generation may be the ones to touch those green bills or shiny coins the least ever. 

Just remember money is a tool. You can make it work for you. Build wealth. Give to others and make a difference. Or cause yourself financial ruin and make a mess of things with it. Having money doesn’t always translate to happiness or bliss either as many might think. Having money means having choices. It gives you independence and freedom. 

Like Zig Zigler said in our opening quote. It’s not the most important thing in life, but you gotta have it. And learning to manage it well early in life is what this podcast is about.

A book review coming up next!

We’re introducing a new segment on the show today. My Mom… “Hello”… is going to start giving a quick book review in some shows. Warren Buffet and Mark Cuban are avid readers and have both stated in interviews that everyone has access to the same information they do. It’s just a matter of who takes the time to consume that information. Books are a great tool and there are many financial books to choose from. My Mom is focused on the ones she feels are good starting points for our listeners. Take it away Mom!

Mom: Thanks, Cash Kid! Today I’m spotlighting the book “How to Turn $100 into 1,000,000” by James McKenna and Jeannine Glista. I was able to check this out at our local library. It’s a great starter book to break down basic money concepts. It gives creative ways to make money and make it grow at a young age. Check it out of your local library or it’s less than ten dollars on Amazon. Happy reading!

Thanks, Mom!

Just remember, money is a tool that can help you throughout your life. So, get motivated to grow your super financial skills in the next episode.

Remember to visit our website at cashkidpodcast.com, leave a review wherever you are listening from, and follow us on Instagram. Cash Kid Out!