Luke Noble is the founder and CEO of Noble Financial Group, a fee-based financial and estate planning firm headquartered in North Andover, Massachusetts. Since establishing the firm in 2010, he has grown the business to oversee more than $300 million in assets. Luke specializes in personalized estate strategies, executive benefit planning, and wealth preservation for individuals, families, and business owners.
A graduate of Salem State University with a degree in finance, he holds multiple advanced credentials, including Certified Financial Planner (CFP), Chartered Financial Consultant (ChFC), Accredited Estate Planner (AEP), and Chartered Advisor for Senior Living (CASL). His deep understanding of financial education and wealth management uniquely equips him to advise families on instilling financial responsibility in the next generation.
Recognized consistently by Boston Magazine as a Five Star Wealth Manager, Luke was also honored by Forbes as one of the nation’s top wealth managers under 40. He actively serves on the Essex County Estate Planning Council and the board of the nonprofit Gifts that Matter.
A good understanding of how money works is a crucial skill to possess. Helping your kids understand how to earn money, invest, save, and avoid debt puts them on the track to long-term financial success and stability. For the most part, giving your kids financial education does not always require textbooks or formal lessons. In fact, it is more effective to teach your children financial literacy by incorporating it into their day-to-day activities while ensuring the lessons are tailored to their age and developmental capacity.
First, introduce your kids to basic money concepts. As early as the age of three, children can learn and understand the value of money. First, teach them to identify coins and bills, helping them to understand that money is often exchanged for goods and services rendered. This helps them to see that they must work to earn money. For children between the ages of three and six, you can utilize play-based learning tools such as pretend grocery stores or toy cash registers. You can help them count coins or pay for items at their pretend grocery shop.
A very important aspect of financial stability is saving. In a world of constant and immediate gratification, both children and adults often struggle to save. However, it is way easier when people learn to save when they are kids. You should teach them the importance of delayed rewards. For kids, use clear jars instead of piggy banks so they can see how their savings accumulate. You can also help them set up short-term saving goals while helping them track progress for a purchase they intend to make. To motivate them to save even more, you can help them add a little money so they can reach their saving goals early enough.
Allowances are also helpful in teaching your children financial responsibility. Rather than giving your children money without any context in mind, you could tie it to specific responsibilities or chores that they have carried out. This helps them to better understand the concept of earning. For instance, if you have kids between the ages of six and 12, you can create a weekly allowance system based on their chores. Encourage them to split their money into three jars labeled save, spend, and give.
As your kids grow into teenagers and start earning money through part-time jobs or freelance gigs, it’s the perfect time to introduce them to budgeting. Show them how to track income and expenses using simple budgeting apps like YNAB, Mint, or Greenlight. Write down together to build a monthly budget, helping them allocate money for savings, spending, and maybe even giving. Talk about the value of setting aside an emergency fund and how to recognize and resist impulse purchases.
Around the ages of 10 to 12, consider setting up a youth account for your kids. This helps your child get familiar with basic banking and financial services. Use the opportunity to teach them how to read a bank statement, monitor their deposits and withdrawals, and understand how interest can help their savings grow over time. These lessons lay a strong foundation for money management and build confidence in using real financial tools.
Before your teen heads to college or applies for a credit card, make sure they understand how borrowing money works. Explain the mechanics of credit cards, like interest charges, minimum payments, and due dates, and how these affect long-term debt. Teach them about credit scores and the importance of paying bills on time. You can even let them manage a prepaid card or a low-limit student credit card under your supervision to practice responsible use in a safe environment.