WEBVTT - Teaching Kids About Money #061 0:00:00.080 --> 0:00:02.800 Welcome to how to Money. I'm Joel and I Matt, 0:00:02.920 --> 0:00:25.079 and today we're discussing teaching our kids about money. Joel, 0:00:25.120 --> 0:00:28.840 So you know that I love Zenny Optical. And it's 0:00:28.880 --> 0:00:31.520 not because they sponsor us. They do not give us 0:00:31.520 --> 0:00:34.160 any money or anything. But they save me a ton 0:00:34.320 --> 0:00:36.680 of money. Dog, and they save everybody it's any money 0:00:36.680 --> 0:00:39.000 who shops there. Yeah, and what I love recently, man, 0:00:39.040 --> 0:00:41.519 is that they specifically sent me an email that was 0:00:41.880 --> 0:00:44.479 targeting the fact that you could specifically spend money from 0:00:44.520 --> 0:00:47.560 your f s A You're Flexible Spending account or your 0:00:47.720 --> 0:00:50.400 h s A your health savings account. You can use 0:00:50.400 --> 0:00:53.840 that money to buy z Any eyeglasses, any eyeglasses really, yeah, 0:00:53.880 --> 0:00:56.360 obviously any eyeglasses. But the fact that Zenny, I mean 0:00:56.400 --> 0:00:59.960 it was just frugal eyeglasses coupled with tax advantage, healthcare 0:01:00.040 --> 0:01:02.240 savings accounts. I mean just all that sort of marrying 0:01:02.240 --> 0:01:05.479 together made me extremely happy. I love Zenny, dude, I've 0:01:05.480 --> 0:01:07.720 been rocking them for like six years now. Yeah. So 0:01:07.920 --> 0:01:11.039 I personally don't wear eyeglasses, but if I did, Oh, 0:01:11.080 --> 0:01:12.959 your eyes are perfect, blah blah blah. I mean, I've 0:01:12.959 --> 0:01:14.640 got a perfect vision. I could probably fly a fighter 0:01:14.720 --> 0:01:16.480 jet or something like that. I'm not gonna do it, 0:01:16.520 --> 0:01:19.000 but prefer to podcast. Actually, I think you're too tall. 0:01:19.040 --> 0:01:20.039 I think you have you have to be like a 0:01:20.080 --> 0:01:22.440 certain height. Oh that's a good point. Yeah, And you're 0:01:22.480 --> 0:01:24.640 so tall you'd pass out because the g's all the 0:01:24.640 --> 0:01:26.480 blood and rush out of your head and you'd be 0:01:26.520 --> 0:01:28.520 those guys passing out, just crashing into the ocean way 0:01:28.520 --> 0:01:31.960 to crush my dreams. Thanks, thanks for that. But I 0:01:32.080 --> 0:01:34.400 might as well get eyeglasses now too. Then I've been 0:01:34.400 --> 0:01:36.120 pretending this whole time that I had a good vision. 0:01:36.400 --> 0:01:39.440 I thought you had a chance. Yeah. So, but Zenny 0:01:39.480 --> 0:01:42.080 is awesome and they have the cheapest eyeglasses around. And 0:01:42.080 --> 0:01:44.479 there was an article recently in the l A Times 0:01:44.560 --> 0:01:47.480 by consumer writer David Lazarus, and man, he's just like 0:01:47.520 --> 0:01:49.960 a great writer if you want to follow consumer issues. 0:01:50.080 --> 0:01:53.200 And so he recently wrote about why eyeglasses cost so 0:01:53.280 --> 0:01:56.560 much in the United States, And it's because there's this 0:01:56.880 --> 0:02:01.400 major company that owns pretty much all of the major 0:02:01.640 --> 0:02:05.760 frame manufacturers lens manufacturers, and they also own actually a 0:02:05.760 --> 0:02:09.440 lot of the eyeglass shops as well. Like yeah, and 0:02:09.480 --> 0:02:12.760 so there looks it's two companies combined, but initially it 0:02:12.800 --> 0:02:16.280 was called just Luxotica, and then they acquired another lens company, 0:02:16.520 --> 0:02:20.160 and so ultimately there's this sounds like a monopoly to me. Yeah, 0:02:20.160 --> 0:02:22.640 there's this monopoly cartel. And when it comes to eyeglasses 0:02:22.639 --> 0:02:24.600 in our country, and the only way around it is 0:02:24.639 --> 0:02:28.840 to buy online with companies like Zenny Optical or Warby Parker, 0:02:29.160 --> 0:02:31.079 and Warby Parker is a little more expensive than Zenny, 0:02:31.120 --> 0:02:33.960 and Zenny actually has I think, from what I've seen, 0:02:34.000 --> 0:02:36.720 pretty much almost as cool frames as Warby Parker for 0:02:36.720 --> 0:02:39.040 a fraction of the cost even of Warby, but Warby 0:02:39.120 --> 0:02:41.240 is awesome too. But either way you go, that's how 0:02:41.280 --> 0:02:44.280 you're gonna save money on eyeglasses. There's a recent discussion 0:02:44.320 --> 0:02:46.000 in our Facebook group that you can find if you 0:02:46.040 --> 0:02:48.800 search how to money just asking about cheap eyeglasses and 0:02:48.880 --> 0:02:52.079 Zenny man just keeps getting brought up by everybody because 0:02:52.240 --> 0:02:54.480 they are one of the best ways to save And 0:02:54.480 --> 0:02:56.959 if you go to the traditional route to get eyeglasses, man, 0:02:57.040 --> 0:02:59.000 you're gonna spend way too much. But I guess at 0:02:59.040 --> 0:03:00.919 least the bright side is you're taking out of your 0:03:00.919 --> 0:03:03.280 health savings account, right, That's right. And a quick tip 0:03:03.320 --> 0:03:05.680 for folks as well. A lot of times people complain 0:03:05.760 --> 0:03:07.680 that the glasses don't fit them super well when they 0:03:07.680 --> 0:03:09.839 come from Zenny, right because they're just getting shipped from 0:03:09.840 --> 0:03:12.840 overseas and there's not a technician someone there in the 0:03:12.880 --> 0:03:15.840 store that's fitting them to your face. And here's the deal. 0:03:16.120 --> 0:03:18.679 When the glasses are that inexpensive, and we're talking under 0:03:18.720 --> 0:03:22.000 twenty bucks, sometimes ten or even six dollars, do not 0:03:22.120 --> 0:03:25.120 be afraid to hit those glasses with a hair dryer. 0:03:25.480 --> 0:03:28.960 Almost all the glasses I've received from Zenny, I've modified slightly, 0:03:29.120 --> 0:03:30.680 and you just heat them up with a hair dryer 0:03:31.000 --> 0:03:33.520 and very slowly, obviously, like you don't want to just 0:03:33.520 --> 0:03:37.000 like blast it and have your plastic frames start like blistering. Right, 0:03:37.520 --> 0:03:39.839 it's a bad look. But you get them soft enough 0:03:40.000 --> 0:03:41.640 slowly over time, and you can kind of bend the 0:03:41.640 --> 0:03:43.280 bridge in a little bit so it fits your face 0:03:43.280 --> 0:03:45.320 a little bit more. If if maybe the arms aren't 0:03:45.320 --> 0:03:47.280 curling around your ears enough like you want them to, 0:03:47.640 --> 0:03:49.840 you heat that up and so you soften the plastic 0:03:49.840 --> 0:03:51.640 a little bit and that allows you to bend it. Obviously, 0:03:51.640 --> 0:03:53.000 there's a little bit of metal in there as well 0:03:53.080 --> 0:03:54.960 to add to add a little bit of sturdiness. But 0:03:55.520 --> 0:03:58.880 you would never think to do that with two ray 0:03:58.920 --> 0:04:01.080 bands that you got from sung Glass, Hut or prol 0:04:01.160 --> 0:04:03.600 Vision wherever. But when you get a cheaper pair like that, 0:04:03.680 --> 0:04:05.680 I didn't hesitate at all because I thought, what am 0:04:05.720 --> 0:04:08.320 I gonna lose? Like six bucks? That's exactly what I'm 0:04:08.320 --> 0:04:10.240 gonna lose six or six dollars. That's the way to 0:04:10.280 --> 0:04:12.440 get a much better fit. And honestly, that's pretty much 0:04:12.480 --> 0:04:14.480 all they do in store as well. They just have 0:04:14.680 --> 0:04:17.320 these heated beads sort of thing that they sort of 0:04:17.360 --> 0:04:19.400 dip the glasses in and it gently warms it and 0:04:19.440 --> 0:04:22.240 then they just bend it. So, yeah, if your glasses 0:04:22.240 --> 0:04:24.680 from Zenny aren't fitting your face really well, hit it 0:04:24.720 --> 0:04:26.800 with a hair dryer and just slowly start bending it 0:04:26.839 --> 0:04:28.840 a little bit, and before you know, you're gonna have 0:04:28.880 --> 0:04:31.160 a pair of glasses that fits you very very well. 0:04:31.360 --> 0:04:33.159 That's so awesome, dude, I love I love that. D 0:04:33.279 --> 0:04:35.800 I y your eyeglasses, buy them super cheap, and then 0:04:35.960 --> 0:04:38.120 bet them to fit your face yourself, all right, Like 0:04:38.240 --> 0:04:40.800 I think people, especially when it's so cheap, really, what 0:04:40.839 --> 0:04:42.719 do you have to lose? Yeah? Exactly, And I would 0:04:42.839 --> 0:04:44.360 know again, I would never have thought to have done 0:04:44.360 --> 0:04:46.520 that on an expensive pair, but with Zenny, why not. 0:04:46.720 --> 0:04:48.520 And so most people when they buy from Zenny, they 0:04:48.520 --> 0:04:50.159 try to buy like three or four pairs at once. 0:04:50.320 --> 0:04:53.240 It just kind of helps. Just you'll find maybe some 0:04:53.360 --> 0:04:55.600 fit your face better than others. And in case you 0:04:55.640 --> 0:04:57.400 lose one, you gotta back up hair. It's nice and 0:04:57.480 --> 0:05:00.760 when you're spending forty or fifty bucks overall for repairs, like, 0:05:00.800 --> 0:05:03.000 why not do it? Yeah? Man, that's right, all right, Matt. 0:05:03.000 --> 0:05:05.800 Since we're talking about teaching kids about money today, I 0:05:05.839 --> 0:05:09.200 wanted to mention quickly that there's some good news on 0:05:09.360 --> 0:05:12.320 the personal finance front, personal finances being taught in schools. 0:05:12.520 --> 0:05:15.279 It turns out that New Jersey just enacted to law 0:05:15.520 --> 0:05:19.520 that's gonna require personal finance classes in in schools in 0:05:19.560 --> 0:05:21.320 the state. In the state of South Carolina at the 0:05:21.360 --> 0:05:24.920 same time has a proposed piece of legislation that kids 0:05:24.920 --> 0:05:26.680 would have to take personal finance in high school and 0:05:26.720 --> 0:05:30.120 then pass a test before graduation knowing more about debt 0:05:30.320 --> 0:05:32.760 and budgeting and just all these things that. Right, you 0:05:32.839 --> 0:05:35.000 and I we wish we learned in school, but we didn't, 0:05:35.040 --> 0:05:36.680 and so we kind of had to be self taught 0:05:36.720 --> 0:05:38.720 when it comes to personal finances in so many ways. 0:05:38.880 --> 0:05:41.800 And I've heard that same gripe from some of our listeners. 0:05:41.839 --> 0:05:44.680 Even Brendan in our Facebook group recently said, I love 0:05:44.720 --> 0:05:47.360 this podcast in this Facebook community. Man, I wish they 0:05:47.400 --> 0:05:49.560 taught us this stuff in public school. And that's the 0:05:49.560 --> 0:05:51.760 sentiment that a lot of people have. I'm trying to 0:05:51.839 --> 0:05:55.080 learn on the fly and I'm finally getting into personal finances, 0:05:55.240 --> 0:05:58.159 but nobody talked to me in school. And that's totally true. 0:05:58.320 --> 0:06:00.799 And in fact, there's a financial report card that gets 0:06:00.800 --> 0:06:04.200 pridate that gets provided by a Center for for Financial Literacy, 0:06:04.360 --> 0:06:06.560 and only five states in our nation get an a 0:06:06.920 --> 0:06:10.520 grade for their financial education efforts, and so that's a 0:06:10.760 --> 0:06:12.840 that's a bummer, right, Yeah, that's pretty rough, dude. We 0:06:12.920 --> 0:06:15.320 learned about trapezoids and all these other things that we 0:06:15.360 --> 0:06:17.800 never come across again after we graduate. But the fact 0:06:17.839 --> 0:06:20.559 that personal finance is something that we use literally pretty 0:06:20.640 --> 0:06:23.479 much every day of our lives, we're not learning about 0:06:23.520 --> 0:06:25.800 it in schools. I think it's a huge disservice to 0:06:25.839 --> 0:06:27.880 our students, and so like, we would love to change that. 0:06:27.920 --> 0:06:29.520 So you know what, you and I we need to 0:06:29.520 --> 0:06:31.320 try to make something happen in our state. You know, 0:06:31.400 --> 0:06:33.239 I was actually thinking when you mentioned in South Carolina 0:06:33.240 --> 0:06:37.160 about Chad's behind that junk, Oh Chad from our Monday episode, 0:06:37.480 --> 0:06:39.680 Chad Carson kind of changing the world up there in 0:06:39.720 --> 0:06:42.279 South Carolina, at least in Clemson. Yeah, man, I couldn't 0:06:42.279 --> 0:06:44.520 agree with you. More personal finance needs to be taught. 0:06:44.560 --> 0:06:46.000 All right, Matt, let's move on to the beer that 0:06:46.040 --> 0:06:48.800 we're drinking today on the show. It's another beer from 0:06:48.839 --> 0:06:52.239 listener Alex, who sent us something for Monday's episode as well. 0:06:52.520 --> 0:06:55.840 This is a beer called Peanut Brother by Great Notion Brewing. 0:06:56.120 --> 0:06:58.479 It's a peanut butter chocolate stout. I'll let you go 0:06:58.560 --> 0:07:01.480 first this week. What's your one war to describe this beer? Buddy? 0:07:02.000 --> 0:07:04.960 Oh man, this is good beer. It's been a minute 0:07:04.960 --> 0:07:07.400 since we've had a peanut butter stout. My one word 0:07:07.520 --> 0:07:10.800 is going to be refreshing. Yeah, but you want to 0:07:10.800 --> 0:07:14.320 expect in that word. Yeah, man, this beer is powerful 0:07:14.440 --> 0:07:17.680 and tasty, and so my word is going to be Reese's. 0:07:18.400 --> 0:07:21.880 That's obvious. Sometimes you just gotta go with the obvious 0:07:21.920 --> 0:07:23.720 thing right in front of you, all right, Matt, onto 0:07:23.720 --> 0:07:26.560 the topic of hand teaching our kids about money. You know, 0:07:26.640 --> 0:07:28.880 since there isn't a formal system in place when it 0:07:28.880 --> 0:07:32.160 comes to teaching our kids about money, the job falls 0:07:32.200 --> 0:07:35.200 squarely on us as parents. And so hopefully this is 0:07:35.240 --> 0:07:38.200 something that we've realized and that we can intentionally teach 0:07:38.280 --> 0:07:42.240 lessons as we shape our kids perceptions towards money. But 0:07:42.320 --> 0:07:44.080 at the very least, we have to keep in mind 0:07:44.120 --> 0:07:47.960 that our own attitudes get absorbed as our kids are 0:07:48.000 --> 0:07:50.960 adopting our views towards money. Yeah, man, I think that 0:07:51.000 --> 0:07:53.560 there that we placed a lot more pressure on teachers nowadays, 0:07:53.600 --> 0:07:56.119 and we expect our teachers to teach our kids everything 0:07:56.160 --> 0:07:58.160 they need to know in regards to life and how 0:07:58.160 --> 0:08:00.320 to move through it, and as parents, sometime aimes we 0:08:00.400 --> 0:08:02.440 take a back seat thinking that our teachers are gonna 0:08:02.600 --> 0:08:04.920 do the heavy lifting in regards to some of that teaching, 0:08:05.280 --> 0:08:08.240 and teachers do a great deal of teaching for our kids. 0:08:08.240 --> 0:08:10.560 They I'm so amazed already at at how much my 0:08:10.640 --> 0:08:13.120 kids learn are learning in school, but also it's our 0:08:13.200 --> 0:08:15.880 job as parents to reinforce those things and then also 0:08:15.920 --> 0:08:17.240 teach some things that they're not going to learn in 0:08:17.280 --> 0:08:20.000 school and personal finance, you know what, bummer I wish 0:08:20.000 --> 0:08:21.760 it was a part of high school courses, but it's 0:08:21.800 --> 0:08:23.520 something that we have to teach them even if it 0:08:23.640 --> 0:08:25.600 was in high school courses. It's something that we need 0:08:25.640 --> 0:08:28.800 to start teaching them way before they get to that 0:08:28.840 --> 0:08:31.280 point as well. And so we're gonna talk about in 0:08:31.280 --> 0:08:34.280 this episode how to teach to different ages and stages, 0:08:34.559 --> 0:08:37.880 some of our philosophies on how we're teaching our kids 0:08:37.920 --> 0:08:39.920 and how we're planning in the future to teach our 0:08:39.960 --> 0:08:43.280 kids about money, as well as some key principles and 0:08:43.400 --> 0:08:46.880 tactics that you should consider taking in your own family 0:08:46.920 --> 0:08:49.480 life as you seek to raise children that know how 0:08:49.520 --> 0:08:51.720 to go out in the world and handle their personal 0:08:51.760 --> 0:08:54.480 finance as well. And so we'll dive into all that 0:08:54.520 --> 0:09:06.160 stuff right after the break. All right, Joel, we're gonna 0:09:06.200 --> 0:09:09.439 talk now about some principles that we feel are incredibly 0:09:09.480 --> 0:09:11.800 important for us to teach our kids. And the first 0:09:11.840 --> 0:09:14.880 one that we're gonna cover now is the value of money. 0:09:15.400 --> 0:09:17.160 You know, honestly, this is the biggest lesson that I 0:09:17.160 --> 0:09:19.080 want to teach my kids, right is for them to 0:09:19.400 --> 0:09:22.880 understand that they receive money because they've done work. At 0:09:22.920 --> 0:09:25.560 this point in the raising of our kids, I don't 0:09:25.559 --> 0:09:28.760 plan to give our kids allowances. Right, There's something about 0:09:28.840 --> 0:09:31.240 that that there's a stipend that you just get money 0:09:31.280 --> 0:09:34.360 because you're alive and live under my roof. That kind 0:09:34.400 --> 0:09:36.280 of rubs me the wrong way. I would approach it 0:09:36.320 --> 0:09:38.559 more from an angle like the like their own commission. 0:09:38.679 --> 0:09:40.480 There are jobs that need to be done, and there 0:09:40.480 --> 0:09:42.480 are things that we're going to have talked about, and 0:09:42.520 --> 0:09:44.440 if they do have that desire to earn money, that 0:09:44.520 --> 0:09:45.719 this is how you do it. Do you feel like 0:09:45.760 --> 0:09:48.400 that's a little too hardcore. No, I don't think so. Honestly, 0:09:48.559 --> 0:09:51.120 I don't plan on giving my kids an allowance. I 0:09:51.160 --> 0:09:54.360 think there are decent reasons for giving your kids an allowance. 0:09:54.400 --> 0:09:56.600 I'm not completely opposed to the idea, but for me, 0:09:56.640 --> 0:09:57.880 I mean, I think, yeah, when you get out in 0:09:57.920 --> 0:10:00.840 the real world, the way you earn money is typically 0:10:01.240 --> 0:10:04.760 pretty much solely through through work, right, and so helping 0:10:04.960 --> 0:10:08.800 your kids establish that correlation that you get money by working, 0:10:09.280 --> 0:10:11.400 I think is the right way to go. And like 0:10:11.440 --> 0:10:13.880 you said, giving them a stipend for living under your roof, 0:10:14.080 --> 0:10:16.920 I mean until we have something like potentially universal basic 0:10:16.960 --> 0:10:19.320 income in our country. If we have that, then maybe 0:10:19.720 --> 0:10:22.400 I will revert more to an allowance to model right right, 0:10:22.440 --> 0:10:24.720 but that doesn't exist, and so it doesn't model our 0:10:24.760 --> 0:10:27.000 current systems that we have, our current economy. Yeah, and 0:10:27.160 --> 0:10:28.800 so for me, I want to give an example. My 0:10:28.840 --> 0:10:31.440 parents didn't pay for my first car, didn't even really 0:10:31.440 --> 0:10:33.840 put a dollar towards it. I knew from the get 0:10:33.840 --> 0:10:36.640 go that I had to work and save every dollar 0:10:36.760 --> 0:10:39.040 that I made to to buy my first car, and 0:10:39.080 --> 0:10:42.600 so I distinctly remember how much money I spent on 0:10:42.640 --> 0:10:46.560 my first car, and I remember the care that I 0:10:46.640 --> 0:10:49.760 took of that car because I bought it with all 0:10:49.760 --> 0:10:52.280 my own dollars. I remember how many cars I looked 0:10:52.280 --> 0:10:55.040 at in order to buy that first car, and it 0:10:55.120 --> 0:10:57.280 was such a big moment for me, and it was 0:10:57.320 --> 0:11:00.680 such a good money lesson that I had to make 0:11:00.720 --> 0:11:03.000 the money myself. And then I had to go make 0:11:03.000 --> 0:11:04.679 that purchase. And my dad was there every step of 0:11:04.720 --> 0:11:07.160 the way. He helped me to make the purchase, but 0:11:07.520 --> 0:11:09.280 the money was all mine. It was one of my 0:11:09.400 --> 0:11:12.600 first big time growing up decisions. And I feel like 0:11:12.640 --> 0:11:15.880 you actually kind of rob your kids of something like that, 0:11:16.120 --> 0:11:19.120 of kind of a coming of age moment, and we 0:11:19.120 --> 0:11:21.280 we lament in our culture how our kids are growing 0:11:21.400 --> 0:11:24.600 up at later and later stages, but yet we're we 0:11:24.640 --> 0:11:27.600 refused to give them the ability to make decisions on 0:11:27.640 --> 0:11:29.640 their own and to kind of hand the reins over 0:11:29.640 --> 0:11:32.080 to them. And a lot of it has to do, honestly, 0:11:32.400 --> 0:11:35.400 with taking control of their own money at an earlier 0:11:35.440 --> 0:11:37.920 and earlier age. Yeah, at that point you were able 0:11:37.960 --> 0:11:41.120 to truly learn the value of money because you had 0:11:41.160 --> 0:11:43.760 worked for And that's my big rub with the allowances 0:11:43.840 --> 0:11:45.600 that I think a lot of times the argument for 0:11:45.640 --> 0:11:47.640 an allowance is that, well, we want to teach our 0:11:47.720 --> 0:11:49.920 kids how to handle money. We want to teach them 0:11:49.920 --> 0:11:52.640 how to spend it and how to save it, but 0:11:53.160 --> 0:11:55.720 I think how to earn it is one of the 0:11:55.760 --> 0:11:58.840 most important lessons that you can learn about money, at 0:11:58.880 --> 0:12:01.360 least initially. Is the end we're gonna get to a 0:12:01.360 --> 0:12:04.040 principle that might be a little more advanced, but initially 0:12:04.640 --> 0:12:07.040 you get money because you work. And and the other 0:12:07.080 --> 0:12:09.040 thing is too, is that it's important to note that 0:12:09.080 --> 0:12:12.240 as parents we can still love on our kids with gifts. 0:12:12.640 --> 0:12:15.600 My girls aren't only ever going to receive money from us, 0:12:15.679 --> 0:12:17.719 from from my wife and I just because they've done 0:12:17.760 --> 0:12:20.360 a chore or a job, or they've accomplished something. There's 0:12:20.360 --> 0:12:21.920 gonna be times when we give them things because we 0:12:21.960 --> 0:12:24.640 love them. I think there's a fine line between. Certainly, 0:12:24.640 --> 0:12:27.320 there's hardcore lessons that I want to teach, for sure, 0:12:27.600 --> 0:12:29.280 but at the same time, there's gonna be moments where 0:12:29.280 --> 0:12:31.080 we kind of break the rules because you know what, 0:12:31.240 --> 0:12:33.120 I'm your father and I love you and I want 0:12:33.160 --> 0:12:35.679 you to have this. You know what I'm saying, Yeah, completely, 0:12:35.720 --> 0:12:39.040 and yeah, there's times where having those solid rules and 0:12:39.040 --> 0:12:41.680 then that occasional time where you're able to do something 0:12:42.360 --> 0:12:45.160 a little bit out of the ordinary and give your 0:12:45.240 --> 0:12:48.240 kids something super awesome that they've been asking for or wanting. 0:12:48.640 --> 0:12:50.600 I think that's super important at the same time, Matt. 0:12:50.679 --> 0:12:53.080 And so right now, my kids are super young, they're 0:12:53.120 --> 0:12:55.480 five and three, and so what I'm trying to instill 0:12:55.520 --> 0:12:58.199 in them is that they can make a specific small 0:12:58.240 --> 0:13:00.680 dollar amount for work that they do around the house. 0:13:00.800 --> 0:13:03.840 Typically that's cleaning up the room or really just picking 0:13:03.880 --> 0:13:05.720 up their stuff because it gets all over the place, right, 0:13:06.080 --> 0:13:08.000 And then what we do is we're able to go 0:13:08.080 --> 0:13:10.720 out to the dollar store or something like that and 0:13:10.720 --> 0:13:13.160 they're able to spend their dollar or if they've saved 0:13:13.200 --> 0:13:14.839 it up. They maybe they have three or four dollars, 0:13:14.880 --> 0:13:17.000 which is really cool because we're kind of starting really 0:13:17.040 --> 0:13:19.679 small to teach that idea of you want this thing, 0:13:19.800 --> 0:13:21.440 but you don't qubably have enough money for it yet, 0:13:21.480 --> 0:13:23.800 so saving for a little bit longer, you're gonna be 0:13:23.840 --> 0:13:25.600 able to afford that, maybe in a couple of weeks. 0:13:25.960 --> 0:13:28.679 But instilling that idea that they get money when they 0:13:28.679 --> 0:13:31.800 work has been so awesome. My oldest daughter like often 0:13:31.880 --> 0:13:33.920 volunteers now to do work and she's like, can I 0:13:33.920 --> 0:13:35.040 get paid for it? And so we have to have 0:13:35.080 --> 0:13:37.280 that discussion and we'll talk about that in just a 0:13:37.280 --> 0:13:39.240 little bit. Do we get paid for every chore or 0:13:39.320 --> 0:13:41.480 are there certain things that are that we do just 0:13:41.559 --> 0:13:43.920 being just because we're part of the family. So it 0:13:43.920 --> 0:13:45.760 sounds like some of that's kind of taken to it. Then, huh, 0:13:45.840 --> 0:13:47.960 Like she's got the idea of of working and sort 0:13:47.960 --> 0:13:50.000 of earning the money she does. My three year old 0:13:50.000 --> 0:13:52.920 not so much. She's kind of on the sidelines and 0:13:52.960 --> 0:13:55.400 now not working for the money oftentimes, and then she 0:13:55.480 --> 0:13:57.960 just doesn't get paid and she doesn't really mind it 0:13:58.000 --> 0:14:00.760 at that point in time, but she actually really doesn't 0:14:00.760 --> 0:14:02.600 like it when we're at the dollar store and she 0:14:03.040 --> 0:14:06.480 doesn't have enough money to wake up calling. Yeah. Yeah, 0:14:06.720 --> 0:14:08.800 so I think she'll get into it. She's three. I'm 0:14:08.800 --> 0:14:11.280 trying to find ways to keep a balance where they 0:14:11.280 --> 0:14:13.679 don't feel terrible about the fact that they didn't do 0:14:13.720 --> 0:14:16.480 that work, but you know, coaching them along the way 0:14:16.960 --> 0:14:18.600 so the next time there is work to be done, 0:14:18.800 --> 0:14:20.880 they're both ready to get up and and start cleaning 0:14:20.960 --> 0:14:22.760 up because I need their help out around the house 0:14:22.800 --> 0:14:25.040 now at this point, right, yeah, man, they're getting to 0:14:25.080 --> 0:14:27.000 that age where where they can certainly help out around 0:14:27.000 --> 0:14:28.920 the house. Our daughter is also five, but we just 0:14:28.960 --> 0:14:30.560 started way too young, and I think we kind of 0:14:30.720 --> 0:14:32.480 kind of burned her a little bit. Like we started 0:14:32.520 --> 0:14:35.320 the chores and the tasks that she could earn money 0:14:35.800 --> 0:14:38.760 when she was three years old, and it didn't really stick. 0:14:38.960 --> 0:14:41.360 Like she didn't at all understand the value of money 0:14:41.360 --> 0:14:43.480 like she would she would earn the money and then 0:14:43.520 --> 0:14:45.520 she knew it was money, so she would stash at 0:14:45.560 --> 0:14:49.160 places and she would kind of forget where money was, 0:14:49.240 --> 0:14:51.000 and that we would find this money is kind of 0:14:51.000 --> 0:14:52.880 scattered around the house like a little pack rat. She's 0:14:52.920 --> 0:14:55.320 like a hoarder. Yeah, yeah, she knew that it was valuable, 0:14:55.320 --> 0:14:57.480 but she didn't quite understand what it was for. And 0:14:57.520 --> 0:14:59.520 so maybe that's more on us as parents to kind 0:14:59.520 --> 0:15:01.200 of connect the as dots and maybe show up at 0:15:01.200 --> 0:15:03.480 the store to show that, hey, if this is something 0:15:03.480 --> 0:15:05.200 that you want, this is something that you can buy 0:15:05.240 --> 0:15:07.560 with with your own money. And honestly, what I think 0:15:07.640 --> 0:15:09.800 might help now is the fact that our oldest daughters 0:15:09.800 --> 0:15:13.880 can read. Because we had a chore chart before and 0:15:13.920 --> 0:15:15.800 we would have the jobs written out, but we'd have 0:15:15.840 --> 0:15:17.840 to tell them what they had to do. But now 0:15:17.880 --> 0:15:19.360 she might be able to look at that and read 0:15:19.440 --> 0:15:21.200 and you know it's it'll say bed, and she might 0:15:21.200 --> 0:15:24.280 know that, Okay, I have to go make my bed now. Right. So, yeah, 0:15:24.360 --> 0:15:27.080 we're certainly at the very early stages of teaching our 0:15:27.160 --> 0:15:29.280 kids about money. But these are the principles that we've 0:15:29.320 --> 0:15:32.000 identified to be important to us that we are teaching 0:15:32.000 --> 0:15:34.240 our kids. Yeah, and studies have shown math that you 0:15:34.280 --> 0:15:37.520 should really start as young as potentially three, and obviously, 0:15:37.560 --> 0:15:39.880 like hardcore lectures aren't going to get the job done, 0:15:40.080 --> 0:15:42.680 but starting young is really important. So we're trying to 0:15:42.680 --> 0:15:44.600 do that. And so if you have kids of almost 0:15:44.640 --> 0:15:47.040 any age, it's important to to find out where they're 0:15:47.040 --> 0:15:49.560 at and give them money. Coaching you know where they're at, 0:15:49.600 --> 0:15:52.080 specifically in life. So let's move on to our second 0:15:52.080 --> 0:15:54.680 principle that we want to cover, which is that giving 0:15:55.080 --> 0:15:58.720 right is just as important as saving and spending. If 0:15:58.720 --> 0:16:01.240 you're so focused on earning money and feeling like that 0:16:01.320 --> 0:16:04.480 every time you do something good, you perform, you do 0:16:04.520 --> 0:16:07.280 what you're supposed to do, you then receive that money. 0:16:07.400 --> 0:16:09.480 I think that sort of mindset, if that gets too 0:16:09.600 --> 0:16:12.320 ingrained into a child, that can lead to a lack 0:16:12.360 --> 0:16:15.840 of compassion, right. And that's where generosity and an open 0:16:15.880 --> 0:16:18.280 hand to where you're not so attached to your money 0:16:18.480 --> 0:16:21.120 can sort of create that balance. I want to have 0:16:21.200 --> 0:16:23.920 kids who have compassion, right, and who have that sort 0:16:23.920 --> 0:16:26.480 of generous heart, so that when they're in a situation 0:16:26.560 --> 0:16:29.000 where they see somebody in need or somebody that might 0:16:29.000 --> 0:16:31.720 be less fortunate, they're not immediately thinking, oh, why aren't 0:16:31.720 --> 0:16:33.800 you working harder? No doubt, Matt, and I feel like 0:16:34.000 --> 0:16:36.480 a lot of families will do this differently, Right, We'll 0:16:36.520 --> 0:16:41.000 teach their kids about generosity and giving a little bit differently, 0:16:41.040 --> 0:16:43.960 and that's okay. And I think one thing is important 0:16:44.040 --> 0:16:46.600 it's hard for a kid to visualize the impact of 0:16:46.600 --> 0:16:49.320 their dollars being given away if it goes into a 0:16:49.400 --> 0:16:52.520 jar and you write a check based on that amount. 0:16:52.800 --> 0:16:55.600 So I would recommend to to folks to go serve 0:16:55.800 --> 0:16:58.880 with your kids at the same time. So maybe your 0:16:58.960 --> 0:17:00.840 check is going to one chair and you serve at 0:17:00.880 --> 0:17:03.320 another with your kids. However, it works where you can 0:17:03.360 --> 0:17:06.520 help your kids connect the dots in a meaningful way 0:17:06.600 --> 0:17:10.560 that their money is going to actually physically help other people. 0:17:10.880 --> 0:17:13.639 Maybe it's serving at a soup kitchen or playing bingo 0:17:13.800 --> 0:17:17.240 at a retirement home nearby where you live. But look, kids, 0:17:17.320 --> 0:17:19.080 the money that you earned and then the portion that 0:17:19.119 --> 0:17:22.159 you donated actually went to serve donuts and coffee for 0:17:22.200 --> 0:17:24.919 our friends at this at this retirement home, or to 0:17:25.200 --> 0:17:27.800 provide the food that we're serving at this soup kitchen. 0:17:27.840 --> 0:17:30.280 There are just ways to help connect the dots, and 0:17:30.320 --> 0:17:33.680 oftentimes you need a tangible experience in order to kind 0:17:33.680 --> 0:17:35.600 of drive that point home. And we have a whole 0:17:35.720 --> 0:17:38.800 episode on giving that we did a while back, and 0:17:38.920 --> 0:17:42.480 especially if you're looking to find a good charity that 0:17:42.640 --> 0:17:45.320 uses your money, well, we talked about websites to use 0:17:45.400 --> 0:17:48.000 in that episode. They will help you find charities that 0:17:48.040 --> 0:17:50.720 are doing really good work, and you can find charities 0:17:50.800 --> 0:17:53.040 that use most of their money to go to the 0:17:53.040 --> 0:17:55.600