Episode Details

How can Catholic parents faithfully prepare their children—not just spiritually, but financially? In this special episode of The NFP Podcast, Amylynn welcomes her husband, Dr. Joey Smith, finance professor at Washington and Lee University, for a practical conversation on raising financially responsible children. Together they explore how good stewardship is an important part of responsible parenthood and how small decisions today can make a lasting impact on your children's future. Joey shares simple, practical strategies for teaching children about saving, investing, generosity, and delayed gratification. He also explains powerful financial tools available to families—including 529 College Savings Plans, Custodial Roth IRAs, Trump Accounts, and UTMA/UGMA investment accounts—and discusses when each may be appropriate. Whether you're just beginning your financial journey or looking for ways to give your children a strong foundation, this episode offers encouragement and practical ideas to help your family become faithful stewards of the gifts God has entrusted to you. In this episode: Why responsible parenthood includes financial stewardship Teaching children healthy money habits The power of compound growth 529 Plans for education Custodial Roth IRAs for working teens Trump Accounts and how they work UTMA/UGMA investment accounts Practical ways to build generational financial wisdom Love responsibly. Resources: 1. Connect with Dr. Joey Smith- https://www.linkedin.com/in/dr-joey-smith-cfa-0bb38a53/ 2. 529 Plan | College Savings Account | Vanguard- https://investor.vanguard.com/accounts-plans/529-plans?msockid=205ee2fb3a22653939d1f2d43b7064a9 3. 529 Plans - College Savings Plans - Fidelity- https://www.fidelity.com/529-plans/overview?selectTab=5&imm_pid=92206297623&immid=100833_SEA&imm_eid=ep482887995324&utm_source=MICROSOFT&utm_medium=paid_search&utm_account_id=8528177315&utm_campaign=NAT&utm_content=92206297623&utm_term=fidelity+529+application&utm_campaign_id=100833&utm_id=9223640349&gclid=a7db42688aa11b97131d2837d124a77f&gclsrc=3p.ds& 4. Schwab 529 Plan | Charles Schwab - https://www.schwab.com/529-plan?msockid=205ee2fb3a22653939d1f2d43b7064a9 5. Roth IRA: What it is and How to Open an Account | Vanguard- https://investor.vanguard.com/accounts-plans/iras/roth-ira?msockid=205ee2fb3a22653939d1f2d43b7064a9 6. Roth IRA | Grow Your Retirement Savings | Fidelity Investments- https://www.fidelity.com/retirement/roth-ira?imm_pid=169651397728&immid=100724_SEA&imm_eid=ep343248515473&utm_source=MICROSOFT&utm_medium=paid_search&utm_account_id=4877339293&utm_campaign=RET&utm_content=169651397728&utm_term=open%20roth%20ira%20fidelity&utm_campaign_id=100724&utm_id=21419194274&gclid=6c90012c377f17cef7fb6b736b5b5e92&gclsrc=3p.ds 7. What are Inherited and Custodial IRAs? | Charles Schwab- https://www.schwab.com/ira/inherited-and-custodial-ira?src=SEM&s_kwcid=AL!5158!10!78821460456308!!!!78821871557002!!62077778!5439996897&ef_id=a3550ca4fbc31e20376166fba0396fdb:G:s&keywordid=78821871557002&msclkid=a3550ca4fbc31e20376166fba0396fdb 8. Trump Accounts- https://trumpaccounts.gov/