1 00:00:00,640 --> 00:00:03,120 Speaker 1: You're listening to the FITZI and whipp A podcast. 2 00:00:03,360 --> 00:00:06,280 Speaker 2: Really excited about this because, I mean, Scottie Peate, we 3 00:00:06,320 --> 00:00:09,280 Speaker 2: know the Barefoot investor and how important he's been for finance. 4 00:00:09,720 --> 00:00:11,440 Speaker 1: But we want to focus on the kids. 5 00:00:11,520 --> 00:00:14,280 Speaker 2: And you know, Scott's always said that the next generation 6 00:00:14,600 --> 00:00:16,319 Speaker 2: is the one that we need to look after, and 7 00:00:16,360 --> 00:00:20,079 Speaker 2: as parents now it is so vital that we teach 8 00:00:20,160 --> 00:00:23,000 Speaker 2: our kids about money. His new book, Barefoot Kids, Your 9 00:00:23,000 --> 00:00:26,599 Speaker 2: Epic Money Adventure is out now online and all good bookstores, 10 00:00:26,640 --> 00:00:28,040 Speaker 2: and he joins us now, Scotty. 11 00:00:27,760 --> 00:00:30,240 Speaker 3: Pain you good morning, guys. How are you going? 12 00:00:30,280 --> 00:00:31,920 Speaker 4: She's got him a good mate before we get onto 13 00:00:31,920 --> 00:00:33,560 Speaker 4: the book. I mean we had to be not long ago. 14 00:00:33,600 --> 00:00:36,599 Speaker 4: Scotty said to be mate, forget everything by a racehorse 15 00:00:36,640 --> 00:00:37,040 Speaker 4: and a boat. 16 00:00:37,080 --> 00:00:37,959 Speaker 1: It's a really good night. 17 00:00:38,960 --> 00:00:42,040 Speaker 3: So I actually think that I was talking about ghos coin. 18 00:00:42,840 --> 00:00:45,720 Speaker 3: What we were talking about, Scotty, can you remember? Only? 19 00:00:46,080 --> 00:00:48,760 Speaker 4: I think so, Scotty, can you tell me we were 20 00:00:48,800 --> 00:00:51,040 Speaker 4: talking about this the other day? The idea of people's 21 00:00:51,440 --> 00:00:55,040 Speaker 4: quite quitting that goes on. And you you live out 22 00:00:55,080 --> 00:00:56,800 Speaker 4: in the country, don't you, and you've you know, you 23 00:00:56,880 --> 00:00:59,319 Speaker 4: have a quiet life in terms of people being able 24 00:00:59,400 --> 00:01:01,760 Speaker 4: to access you, but you're still getting your job done 25 00:01:01,800 --> 00:01:04,480 Speaker 4: in a sense. Yeah, you work for yourself. But people 26 00:01:04,560 --> 00:01:08,000 Speaker 4: kind of not needing that desire to climb the corporate ladder, 27 00:01:08,560 --> 00:01:11,959 Speaker 4: just getting their job done so they can really focus 28 00:01:12,000 --> 00:01:12,960 Speaker 4: on living life. 29 00:01:13,600 --> 00:01:16,280 Speaker 3: Yeah, I can tell you that. You know, obviously, I 30 00:01:16,319 --> 00:01:19,680 Speaker 3: live out on a farm. I'm doing this for my farm, 31 00:01:19,880 --> 00:01:21,880 Speaker 3: and I think COVID that's one thing that's come out 32 00:01:21,880 --> 00:01:24,039 Speaker 3: of COVID. People have realized that they don't have to 33 00:01:24,280 --> 00:01:27,880 Speaker 3: travel forty five minutes into in buyer public transport to 34 00:01:27,920 --> 00:01:30,400 Speaker 3: shuffle emails around and then go home. So the idea 35 00:01:30,400 --> 00:01:32,560 Speaker 3: that you can work from home obviously has been a 36 00:01:32,560 --> 00:01:34,959 Speaker 3: big one. And I can tell you just around my 37 00:01:35,240 --> 00:01:38,960 Speaker 3: area there is so many people doing the tree change 38 00:01:38,959 --> 00:01:40,880 Speaker 3: and moving out here. It's a really good thing. 39 00:01:41,959 --> 00:01:44,440 Speaker 1: Can we talk about all right, let's focus on the kids. 40 00:01:44,480 --> 00:01:47,000 Speaker 2: Can I ask you, Scotty, what age do kids start 41 00:01:47,080 --> 00:01:49,680 Speaker 2: understanding the concept of money? Is there a certain age 42 00:01:49,800 --> 00:01:51,920 Speaker 2: or is it up to the parents teaching them. 43 00:01:52,480 --> 00:01:54,720 Speaker 3: I think it's up to the parents teaching them. Like 44 00:01:54,760 --> 00:01:57,400 Speaker 3: I've got a four year old and she goes and 45 00:01:57,440 --> 00:01:59,280 Speaker 3: we live on a farm obviously, so she goes and 46 00:01:59,320 --> 00:02:04,360 Speaker 3: collects thee Sometimes they get scrambled, that's okay, yeah, But effectively, 47 00:02:04,440 --> 00:02:06,360 Speaker 3: all I'm trying to do is not really teach them 48 00:02:06,360 --> 00:02:09,400 Speaker 3: about money. Money's just sort of the tool to actually 49 00:02:09,400 --> 00:02:12,400 Speaker 3: teach them to get out of bed and enjoy working, 50 00:02:13,120 --> 00:02:15,320 Speaker 3: you know, just save up for a goal, like to 51 00:02:15,360 --> 00:02:18,680 Speaker 3: achieve a goal and to actually be kind and generous. 52 00:02:18,680 --> 00:02:20,799 Speaker 3: So maybe you might want to buy some plowers for 53 00:02:20,919 --> 00:02:23,079 Speaker 3: grant or that sort of thing. So for me, it's 54 00:02:23,120 --> 00:02:25,080 Speaker 3: not so much about money. It's more about the ideas 55 00:02:25,120 --> 00:02:25,799 Speaker 3: behind it. 56 00:02:26,160 --> 00:02:28,040 Speaker 4: Because I mean, I don't know if we created the 57 00:02:28,040 --> 00:02:29,760 Speaker 4: wrong idea, but you know, we do a lot of 58 00:02:29,880 --> 00:02:31,960 Speaker 4: We've got two jars at home for Ted and Jack 59 00:02:32,560 --> 00:02:34,840 Speaker 4: for the boys six and seven, and if they do something, 60 00:02:34,880 --> 00:02:36,760 Speaker 4: you know, you can get a dollar. That kind of thing. 61 00:02:37,639 --> 00:02:38,760 Speaker 1: Good. Yeah, it's good. 62 00:02:38,800 --> 00:02:41,120 Speaker 4: It works, but it becomes a bit disposable as well, 63 00:02:41,240 --> 00:02:43,640 Speaker 4: because you're using it as a very easy card to 64 00:02:43,639 --> 00:02:46,200 Speaker 4: play for one of the kids. And secondly, when there's 65 00:02:46,200 --> 00:02:50,359 Speaker 4: money going into the jar, there's a lack of I 66 00:02:50,360 --> 00:02:54,760 Speaker 4: suppose structure in it because they're not working towards one thing, 67 00:02:55,000 --> 00:02:57,400 Speaker 4: like they're not going, okay, well, there's when I can 68 00:02:57,440 --> 00:02:59,839 Speaker 4: get thirty dollars. I know I can buy that one thing. 69 00:03:00,280 --> 00:03:03,040 Speaker 4: So I think with those ideas, you kind of need 70 00:03:03,120 --> 00:03:04,280 Speaker 4: to carry it through, don't you. 71 00:03:05,080 --> 00:03:06,639 Speaker 3: Yeah. And you know, one of the things like I'm 72 00:03:06,680 --> 00:03:08,720 Speaker 3: a I'm a dad of four kids under the age 73 00:03:08,760 --> 00:03:12,240 Speaker 3: of nine, so my life is just a nightmare most 74 00:03:12,240 --> 00:03:16,000 Speaker 3: of the time, totalmuzzles. What I tried to do with 75 00:03:16,080 --> 00:03:19,560 Speaker 3: this book is to actually write directly to kids. So 76 00:03:19,639 --> 00:03:23,239 Speaker 3: it's a primarius between five and say fourteen or they're 77 00:03:23,240 --> 00:03:26,480 Speaker 3: about but it's written directly to the kids, so the 78 00:03:26,560 --> 00:03:29,480 Speaker 3: parents obviously have control. But what I wanted is the 79 00:03:29,639 --> 00:03:35,480 Speaker 3: kids to actually take this on board and that it's 80 00:03:35,840 --> 00:03:36,360 Speaker 3: at my part. 81 00:03:36,880 --> 00:03:38,600 Speaker 4: Scotty breaking up, You might need to climb to the 82 00:03:38,600 --> 00:03:39,440 Speaker 4: top of the next hill. 83 00:03:40,840 --> 00:03:45,280 Speaker 2: Yeah we lost him, Scott to just take take a 84 00:03:45,320 --> 00:03:46,720 Speaker 2: step to the left and we'll have a chat to 85 00:03:46,760 --> 00:03:49,040 Speaker 2: you a little bit more as well, Scotty. At the moment, 86 00:03:49,080 --> 00:03:51,880 Speaker 2: without the economy, the global economy around the world, it 87 00:03:51,920 --> 00:03:54,600 Speaker 2: is pretty scary. I mean, the kids are exposed to 88 00:03:54,680 --> 00:03:57,400 Speaker 2: all this cryptocurrency now as well. When we talk about 89 00:03:57,520 --> 00:04:01,960 Speaker 2: kids saving their money for something that they want or 90 00:04:02,720 --> 00:04:05,000 Speaker 2: the one question I want to ask you, Scotty, is 91 00:04:05,040 --> 00:04:08,880 Speaker 2: that I was never taught by my parents about investing, 92 00:04:09,000 --> 00:04:11,920 Speaker 2: So putting money aside and putting into something that will 93 00:04:11,920 --> 00:04:14,760 Speaker 2: grow with years to come. You know, it was always 94 00:04:14,760 --> 00:04:17,440 Speaker 2: the dollar mine account. That's all we really had growing up. 95 00:04:17,800 --> 00:04:20,320 Speaker 2: So how do we do that with our kids and 96 00:04:20,400 --> 00:04:23,000 Speaker 2: talk about investing that if we can leave this money 97 00:04:23,000 --> 00:04:24,560 Speaker 2: in there for a certain amount of time, you can 98 00:04:24,600 --> 00:04:25,320 Speaker 2: watch it grow. 99 00:04:26,040 --> 00:04:28,520 Speaker 3: Yes, one of the things that I do in the 100 00:04:28,560 --> 00:04:32,280 Speaker 3: book is I talk about investing in a way that's 101 00:04:32,320 --> 00:04:34,680 Speaker 3: really simple. So it's kind of like a I make 102 00:04:34,720 --> 00:04:37,080 Speaker 3: the analogy of an apple tree. You plan a little tree, 103 00:04:37,200 --> 00:04:39,400 Speaker 3: and the longer you leave it, the more apples it grows. 104 00:04:40,000 --> 00:04:42,160 Speaker 3: But more so than that, I've got a little girl 105 00:04:42,200 --> 00:04:46,400 Speaker 3: who's eight years old who actually explains to the kids 106 00:04:46,400 --> 00:04:49,159 Speaker 3: in the book that she's investing. So the old days 107 00:04:49,200 --> 00:04:51,320 Speaker 3: of having to have a thousand bucks to actually start 108 00:04:51,400 --> 00:04:54,640 Speaker 3: investment accounts don't exist anymore. You can actually download an 109 00:04:54,680 --> 00:04:57,719 Speaker 3: app on mum or dad's phone and start investing for 110 00:04:57,720 --> 00:05:00,920 Speaker 3: as little as five bucks. Then our job as parents 111 00:05:00,920 --> 00:05:04,160 Speaker 3: to do is to say, every time you drive through maccas, Hey, maccas, 112 00:05:04,160 --> 00:05:07,000 Speaker 3: you actually own part of McDonald's. Hey, those nights that 113 00:05:07,040 --> 00:05:11,160 Speaker 3: you've got you actually own harda kniket. Those thoughts of 114 00:05:11,240 --> 00:05:14,680 Speaker 3: ways of just making it sort of normalized to the 115 00:05:14,760 --> 00:05:17,279 Speaker 3: kids so that they're not forty or fifty and freaking 116 00:05:17,320 --> 00:05:18,880 Speaker 3: out when they have to go and sort out their 117 00:05:18,880 --> 00:05:21,719 Speaker 3: super in front of a financial planner. It's just something 118 00:05:21,720 --> 00:05:22,800 Speaker 3: they've always done. 119 00:05:23,040 --> 00:05:26,280 Speaker 2: So stop market is still big for you, you know, investing 120 00:05:26,279 --> 00:05:28,679 Speaker 2: in the companies that you think, you know for kids. 121 00:05:28,800 --> 00:05:30,560 Speaker 2: I mean Disney is another one as well that a 122 00:05:30,600 --> 00:05:32,240 Speaker 2: lot of kids like to invest in. 123 00:05:32,320 --> 00:05:34,280 Speaker 1: Is that still the big one for you, Scotty. 124 00:05:34,480 --> 00:05:37,200 Speaker 3: Yeah, I mean for me. You get an index fund, 125 00:05:37,240 --> 00:05:39,120 Speaker 3: so you own all the biggest companies in the world. 126 00:05:39,120 --> 00:05:42,000 Speaker 3: It makes it really simple for us as parents because 127 00:05:42,080 --> 00:05:43,760 Speaker 3: you know, I play this game with my kids all 128 00:05:43,800 --> 00:05:46,240 Speaker 3: the time. Although they are the barefoot investors. Kids, Do 129 00:05:46,279 --> 00:05:48,880 Speaker 3: we own that Disney? Yes you do, Netflix, Yes you 130 00:05:48,920 --> 00:05:51,719 Speaker 3: do Apples, Yes you do. So it's just that idea 131 00:05:51,800 --> 00:05:54,000 Speaker 3: that you know, with a small amount of money, you 132 00:05:54,040 --> 00:05:56,400 Speaker 3: can own all the biggest companies in the world, and 133 00:05:56,960 --> 00:05:59,359 Speaker 3: just that idea of the kids understanding that is a 134 00:05:59,400 --> 00:05:59,880 Speaker 3: life chame. 135 00:06:00,560 --> 00:06:02,520 Speaker 1: Thanks great growing up your right fits. 136 00:06:02,560 --> 00:06:05,080 Speaker 4: It was like, well, no, that's not part of our 137 00:06:05,120 --> 00:06:08,119 Speaker 4: world because that's that's grown up stuff that's adult stuff. 138 00:06:08,160 --> 00:06:11,120 Speaker 4: So investing share market whatever that might look like, that's 139 00:06:11,120 --> 00:06:11,680 Speaker 4: something you do. 140 00:06:11,640 --> 00:06:12,440 Speaker 1: When you get a lot. 141 00:06:12,600 --> 00:06:14,719 Speaker 2: Do you love the kids rocking up to school though, 142 00:06:15,160 --> 00:06:17,880 Speaker 2: Scotty and saying to their classmates that they own Netflix. 143 00:06:17,920 --> 00:06:21,680 Speaker 4: Yeah, Dad said, we did, absolutely, And. 144 00:06:21,720 --> 00:06:24,039 Speaker 3: I've got a guy that says, I don't I don't 145 00:06:24,080 --> 00:06:26,279 Speaker 3: need the budding sausage. I own the Buddy. 146 00:06:29,480 --> 00:06:31,359 Speaker 4: That is great. What a great message, Scotty. 147 00:06:31,680 --> 00:06:32,000 Speaker 1: It is. 148 00:06:32,080 --> 00:06:35,400 Speaker 2: It is a great book, Scotty, and especially one for kids, 149 00:06:35,440 --> 00:06:38,000 Speaker 2: because I mean Barefoot Investor. We read it to our 150 00:06:38,080 --> 00:06:40,880 Speaker 2: kids and we try to explain it, but this this 151 00:06:40,920 --> 00:06:42,839 Speaker 2: way is the best way to do it through your books. 152 00:06:42,880 --> 00:06:44,719 Speaker 2: And we really appreciate your time, buddy. 153 00:06:45,320 --> 00:06:47,120 Speaker 3: Thank you very much, guys. I really appreciate it. And 154 00:06:47,160 --> 00:06:50,000 Speaker 3: I was joking about the doge coin. We are not 155 00:06:50,080 --> 00:06:50,680 Speaker 3: investing in. 156 00:06:50,640 --> 00:06:53,920 Speaker 1: Dog stay away from Crimino, Scotty. 157 00:06:54,640 --> 00:06:59,080 Speaker 3: Yeah, absolutely, thanks buddy. Thanks guys, you're listening 158 00:06:59,120 --> 00:07:00,880 Speaker 1: To the fits for podcast.