Speaker 1: Welcome to how to Money. I'm Joel and I Matt,
Speaker 1: and today we're discussing teaching our kids about money. Joel,
Speaker 1: So you know that I love Zenny Optical. And it's
Speaker 1: not because they sponsor us. They do not give us
Speaker 1: any money or anything. But they save me a ton
Speaker 1: of money. Dog, and they save everybody it's any money
Speaker 1: who shops there. Yeah, and what I love recently, man,
Speaker 1: is that they specifically sent me an email that was
Speaker 1: targeting the fact that you could specifically spend money from
Speaker 1: your f s A You're Flexible Spending account or your
Speaker 1: h s A your health savings account. You can use
Speaker 1: that money to buy z Any eyeglasses, any eyeglasses really, yeah,
Speaker 1: obviously any eyeglasses. But the fact that Zenny, I mean
Speaker 1: it was just frugal eyeglasses coupled with tax advantage, healthcare
Speaker 1: savings accounts. I mean just all that sort of marrying
Speaker 1: together made me extremely happy. I love Zenny, dude, I've
Speaker 1: been rocking them for like six years now. Yeah. So
Speaker 1: I personally don't wear eyeglasses, but if I did, Oh,
Speaker 1: your eyes are perfect, blah blah blah. I mean, I've
Speaker 1: got a perfect vision. I could probably fly a fighter
Speaker 1: jet or something like that. I'm not gonna do it,
Speaker 1: but prefer to podcast. Actually, I think you're too tall.
Speaker 1: I think you have you have to be like a
Speaker 1: certain height. Oh that's a good point. Yeah, And you're
Speaker 1: so tall you'd pass out because the g's all the
Speaker 1: blood and rush out of your head and you'd be
Speaker 1: those guys passing out, just crashing into the ocean way
Speaker 1: to crush my dreams. Thanks, thanks for that. But I
Speaker 1: might as well get eyeglasses now too. Then I've been
Speaker 1: pretending this whole time that I had a good vision.
Speaker 1: I thought you had a chance. Yeah. So, but Zenny
Speaker 1: is awesome and they have the cheapest eyeglasses around. And
Speaker 1: there was an article recently in the l A Times
Speaker 1: by consumer writer David Lazarus, and man, he's just like
Speaker 1: a great writer if you want to follow consumer issues.
Speaker 1: And so he recently wrote about why eyeglasses cost so
Speaker 1: much in the United States, And it's because there's this
Speaker 1: major company that owns pretty much all of the major
Speaker 1: frame manufacturers lens manufacturers, and they also own actually a
Speaker 1: lot of the eyeglass shops as well. Like yeah, and
Speaker 1: so there looks it's two companies combined, but initially it
Speaker 1: was called just Luxotica, and then they acquired another lens company,
Speaker 1: and so ultimately there's this sounds like a monopoly to me. Yeah,
Speaker 1: there's this monopoly cartel. And when it comes to eyeglasses
Speaker 1: in our country, and the only way around it is
Speaker 1: to buy online with companies like Zenny Optical or Warby Parker,
Speaker 1: and Warby Parker is a little more expensive than Zenny,
Speaker 1: and Zenny actually has I think, from what I've seen,
Speaker 1: pretty much almost as cool frames as Warby Parker for
Speaker 1: a fraction of the cost even of Warby, but Warby
Speaker 1: is awesome too. But either way you go, that's how
Speaker 1: you're gonna save money on eyeglasses. There's a recent discussion
Speaker 1: in our Facebook group that you can find if you
Speaker 1: search how to money just asking about cheap eyeglasses and
Speaker 1: Zenny man just keeps getting brought up by everybody because
Speaker 1: they are one of the best ways to save And
Speaker 1: if you go to the traditional route to get eyeglasses, man,
Speaker 1: you're gonna spend way too much. But I guess at
Speaker 1: least the bright side is you're taking out of your
Speaker 1: health savings account, right, That's right. And a quick tip
Speaker 1: for folks as well. A lot of times people complain
Speaker 1: that the glasses don't fit them super well when they
Speaker 1: come from Zenny, right because they're just getting shipped from
Speaker 1: overseas and there's not a technician someone there in the
Speaker 1: store that's fitting them to your face. And here's the deal.
Speaker 1: When the glasses are that inexpensive, and we're talking under
Speaker 1: twenty bucks, sometimes ten or even six dollars, do not
Speaker 1: be afraid to hit those glasses with a hair dryer.
Speaker 1: Almost all the glasses I've received from Zenny, I've modified slightly,
Speaker 1: and you just heat them up with a hair dryer
Speaker 1: and very slowly, obviously, like you don't want to just
Speaker 1: like blast it and have your plastic frames start like blistering. Right,
Speaker 1: it's a bad look. But you get them soft enough
Speaker 1: slowly over time, and you can kind of bend the
Speaker 1: bridge in a little bit so it fits your face
Speaker 1: a little bit more. If if maybe the arms aren't
Speaker 1: curling around your ears enough like you want them to,
Speaker 1: you heat that up and so you soften the plastic
Speaker 1: a little bit and that allows you to bend it. Obviously,
Speaker 1: there's a little bit of metal in there as well
Speaker 1: to add to add a little bit of sturdiness. But
Speaker 1: you would never think to do that with two ray
Speaker 1: bands that you got from sung Glass, Hut or prol
Speaker 1: Vision wherever. But when you get a cheaper pair like that,
Speaker 1: I didn't hesitate at all because I thought, what am
Speaker 1: I gonna lose? Like six bucks? That's exactly what I'm
Speaker 1: gonna lose six or six dollars. That's the way to
Speaker 1: get a much better fit. And honestly, that's pretty much
Speaker 1: all they do in store as well. They just have
Speaker 1: these heated beads sort of thing that they sort of
Speaker 1: dip the glasses in and it gently warms it and
Speaker 1: then they just bend it. So, yeah, if your glasses
Speaker 1: from Zenny aren't fitting your face really well, hit it
Speaker 1: with a hair dryer and just slowly start bending it
Speaker 1: a little bit, and before you know, you're gonna have
Speaker 1: a pair of glasses that fits you very very well.
Speaker 1: That's so awesome, dude, I love I love that. D
Speaker 1: I y your eyeglasses, buy them super cheap, and then
Speaker 1: bet them to fit your face yourself, all right, Like
Speaker 1: I think people, especially when it's so cheap, really, what
Speaker 1: do you have to lose? Yeah? Exactly, And I would
Speaker 1: know again, I would never have thought to have done
Speaker 1: that on an expensive pair, but with Zenny, why not.
Speaker 1: And so most people when they buy from Zenny, they
Speaker 1: try to buy like three or four pairs at once.
Speaker 1: It just kind of helps. Just you'll find maybe some
Speaker 1: fit your face better than others. And in case you
Speaker 1: lose one, you gotta back up hair. It's nice and
Speaker 1: when you're spending forty or fifty bucks overall for repairs, like,
Speaker 1: why not do it? Yeah? Man, that's right, all right, Matt.
Speaker 1: Since we're talking about teaching kids about money today, I
Speaker 1: wanted to mention quickly that there's some good news on
Speaker 1: the personal finance front, personal finances being taught in schools.
Speaker 1: It turns out that New Jersey just enacted to law
Speaker 1: that's gonna require personal finance classes in in schools in
Speaker 1: the state. In the state of South Carolina at the
Speaker 1: same time has a proposed piece of legislation that kids
Speaker 1: would have to take personal finance in high school and
Speaker 1: then pass a test before graduation knowing more about debt
Speaker 1: and budgeting and just all these things that. Right, you
Speaker 1: and I we wish we learned in school, but we didn't,
Speaker 1: and so we kind of had to be self taught
Speaker 1: when it comes to personal finances in so many ways.
Speaker 1: And I've heard that same gripe from some of our listeners.
Speaker 1: Even Brendan in our Facebook group recently said, I love
Speaker 1: this podcast in this Facebook community. Man, I wish they
Speaker 1: taught us this stuff in public school. And that's the
Speaker 1: sentiment that a lot of people have. I'm trying to
Speaker 1: learn on the fly and I'm finally getting into personal finances,
Speaker 1: but nobody talked to me in school. And that's totally true.
Speaker 1: And in fact, there's a financial report card that gets
Speaker 1: pridate that gets provided by a Center for for Financial Literacy,
Speaker 1: and only five states in our nation get an a
Speaker 1: grade for their financial education efforts, and so that's a
Speaker 1: that's a bummer, right, Yeah, that's pretty rough, dude. We
Speaker 1: learned about trapezoids and all these other things that we
Speaker 1: never come across again after we graduate. But the fact
Speaker 1: that personal finance is something that we use literally pretty
Speaker 1: much every day of our lives, we're not learning about
Speaker 1: it in schools. I think it's a huge disservice to
Speaker 1: our students, and so like, we would love to change that.
Speaker 1: So you know what, you and I we need to
Speaker 1: try to make something happen in our state. You know,
Speaker 1: I was actually thinking when you mentioned in South Carolina
Speaker 1: about Chad's behind that junk, Oh Chad from our Monday episode,
Speaker 1: Chad Carson kind of changing the world up there in
Speaker 1: South Carolina, at least in Clemson. Yeah, man, I couldn't
Speaker 1: agree with you. More personal finance needs to be taught.
Speaker 1: All right, Matt, let's move on to the beer that
Speaker 1: we're drinking today on the show. It's another beer from
Speaker 1: listener Alex, who sent us something for Monday's episode as well.
Speaker 1: This is a beer called Peanut Brother by Great Notion Brewing.
Speaker 1: It's a peanut butter chocolate stout. I'll let you go
Speaker 1: first this week. What's your one war to describe this beer? Buddy?
Speaker 1: Oh man, this is good beer. It's been a minute
Speaker 1: since we've had a peanut butter stout. My one word
Speaker 1: is going to be refreshing. Yeah, but you want to
Speaker 1: expect in that word. Yeah, man, this beer is powerful
Speaker 1: and tasty, and so my word is going to be Reese's.
Speaker 1: That's obvious. Sometimes you just gotta go with the obvious
Speaker 1: thing right in front of you, all right, Matt, onto
Speaker 1: the topic of hand teaching our kids about money. You know,
Speaker 1: since there isn't a formal system in place when it
Speaker 1: comes to teaching our kids about money, the job falls
Speaker 1: squarely on us as parents. And so hopefully this is
Speaker 1: something that we've realized and that we can intentionally teach
Speaker 1: lessons as we shape our kids perceptions towards money. But
Speaker 1: at the very least, we have to keep in mind
Speaker 1: that our own attitudes get absorbed as our kids are
Speaker 1: adopting our views towards money. Yeah, man, I think that
Speaker 1: there that we placed a lot more pressure on teachers nowadays,
Speaker 1: and we expect our teachers to teach our kids everything
Speaker 1: they need to know in regards to life and how
Speaker 1: to move through it, and as parents, sometime aimes we
Speaker 1: take a back seat thinking that our teachers are gonna
Speaker 1: do the heavy lifting in regards to some of that teaching,
Speaker 1: and teachers do a great deal of teaching for our kids.
Speaker 1: They I'm so amazed already at at how much my
Speaker 1: kids learn are learning in school, but also it's our
Speaker 1: job as parents to reinforce those things and then also
Speaker 1: teach some things that they're not going to learn in
Speaker 1: school and personal finance, you know what, bummer I wish
Speaker 1: it was a part of high school courses, but it's
Speaker 1: something that we have to teach them even if it
Speaker 1: was in high school courses. It's something that we need
Speaker 1: to start teaching them way before they get to that
Speaker 1: point as well. And so we're gonna talk about in
Speaker 1: this episode how to teach to different ages and stages,
Speaker 1: some of our philosophies on how we're teaching our kids
Speaker 1: and how we're planning in the future to teach our
Speaker 1: kids about money, as well as some key principles and
Speaker 1: tactics that you should consider taking in your own family
Speaker 1: life as you seek to raise children that know how
Speaker 1: to go out in the world and handle their personal
Speaker 1: finance as well. And so we'll dive into all that
Speaker 1: stuff right after the break. All right, Joel, we're gonna
Speaker 1: talk now about some principles that we feel are incredibly
Speaker 1: important for us to teach our kids. And the first
Speaker 1: one that we're gonna cover now is the value of money.
Speaker 1: You know, honestly, this is the biggest lesson that I
Speaker 1: want to teach my kids, right is for them to
Speaker 1: understand that they receive money because they've done work. At
Speaker 1: this point in the raising of our kids, I don't
Speaker 1: plan to give our kids allowances. Right, There's something about
Speaker 1: that that there's a stipend that you just get money
Speaker 1: because you're alive and live under my roof. That kind
Speaker 1: of rubs me the wrong way. I would approach it
Speaker 1: more from an angle like the like their own commission.
Speaker 1: There are jobs that need to be done, and there
Speaker 1: are things that we're going to have talked about, and
Speaker 1: if they do have that desire to earn money, that
Speaker 1: this is how you do it. Do you feel like
Speaker 1: that's a little too hardcore. No, I don't think so. Honestly,
Speaker 1: I don't plan on giving my kids an allowance. I
Speaker 1: think there are decent reasons for giving your kids an allowance.
Speaker 1: I'm not completely opposed to the idea, but for me,
Speaker 1: I mean, I think, yeah, when you get out in
Speaker 1: the real world, the way you earn money is typically
Speaker 1: pretty much solely through through work, right, and so helping
Speaker 1: your kids establish that correlation that you get money by working,
Speaker 1: I think is the right way to go. And like
Speaker 1: you said, giving them a stipend for living under your roof,
Speaker 1: I mean until we have something like potentially universal basic
Speaker 1: income in our country. If we have that, then maybe
Speaker 1: I will revert more to an allowance to model right right,
Speaker 1: but that doesn't exist, and so it doesn't model our
Speaker 1: current systems that we have, our current economy. Yeah, and
Speaker 1: so for me, I want to give an example. My
Speaker 1: parents didn't pay for my first car, didn't even really
Speaker 1: put a dollar towards it. I knew from the get
Speaker 1: go that I had to work and save every dollar
Speaker 1: that I made to to buy my first car, and
Speaker 1: so I distinctly remember how much money I spent on
Speaker 1: my first car, and I remember the care that I
Speaker 1: took of that car because I bought it with all
Speaker 1: my own dollars. I remember how many cars I looked
Speaker 1: at in order to buy that first car, and it
Speaker 1: was such a big moment for me, and it was
Speaker 1: such a good money lesson that I had to make
Speaker 1: the money myself. And then I had to go make
Speaker 1: that purchase. And my dad was there every step of
Speaker 1: the way. He helped me to make the purchase, but
Speaker 1: the money was all mine. It was one of my
Speaker 1: first big time growing up decisions. And I feel like
Speaker 1: you actually kind of rob your kids of something like that,
Speaker 1: of kind of a coming of age moment, and we
Speaker 1: we lament in our culture how our kids are growing
Speaker 1: up at later and later stages, but yet we're we
Speaker 1: refused to give them the ability to make decisions on
Speaker 1: their own and to kind of hand the reins over
Speaker 1: to them. And a lot of it has to do, honestly,
Speaker 1: with taking control of their own money at an earlier
Speaker 1: and earlier age. Yeah, at that point you were able
Speaker 1: to truly learn the value of money because you had
Speaker 1: worked for And that's my big rub with the allowances
Speaker 1: that I think a lot of times the argument for
Speaker 1: an allowance is that, well, we want to teach our
Speaker 1: kids how to handle money. We want to teach them
Speaker 1: how to spend it and how to save it, but
Speaker 1: I think how to earn it is one of the
Speaker 1: most important lessons that you can learn about money, at
Speaker 1: least initially. Is the end we're gonna get to a
Speaker 1: principle that might be a little more advanced, but initially
Speaker 1: you get money because you work. And and the other
Speaker 1: thing is too, is that it's important to note that
Speaker 1: as parents we can still love on our kids with gifts.
Speaker 1: My girls aren't only ever going to receive money from us,
Speaker 1: from from my wife and I just because they've done
Speaker 1: a chore or a job, or they've accomplished something. There's
Speaker 1: gonna be times when we give them things because we
Speaker 1: love them. I think there's a fine line between. Certainly,
Speaker 1: there's hardcore lessons that I want to teach, for sure,
Speaker 1: but at the same time, there's gonna be moments where
Speaker 1: we kind of break the rules because you know what,
Speaker 1: I'm your father and I love you and I want
Speaker 1: you to have this. You know what I'm saying, Yeah, completely,
Speaker 1: and yeah, there's times where having those solid rules and
Speaker 1: then that occasional time where you're able to do something
Speaker 1: a little bit out of the ordinary and give your
Speaker 1: kids something super awesome that they've been asking for or wanting.
Speaker 1: I think that's super important at the same time, Matt.
Speaker 1: And so right now, my kids are super young, they're
Speaker 1: five and three, and so what I'm trying to instill
Speaker 1: in them is that they can make a specific small
Speaker 1: dollar amount for work that they do around the house.
Speaker 1: Typically that's cleaning up the room or really just picking
Speaker 1: up their stuff because it gets all over the place, right,
Speaker 1: And then what we do is we're able to go
Speaker 1: out to the dollar store or something like that and
Speaker 1: they're able to spend their dollar or if they've saved
Speaker 1: it up. They maybe they have three or four dollars,
Speaker 1: which is really cool because we're kind of starting really
Speaker 1: small to teach that idea of you want this thing,
Speaker 1: but you don't qubably have enough money for it yet,
Speaker 1: so saving for a little bit longer, you're gonna be
Speaker 1: able to afford that, maybe in a couple of weeks.
Speaker 1: But instilling that idea that they get money when they
Speaker 1: work has been so awesome. My oldest daughter like often
Speaker 1: volunteers now to do work and she's like, can I
Speaker 1: get paid for it? And so we have to have
Speaker 1: that discussion and we'll talk about that in just a
Speaker 1: little bit. Do we get paid for every chore or
Speaker 1: are there certain things that are that we do just
Speaker 1: being just because we're part of the family. So it
Speaker 1: sounds like some of that's kind of taken to it. Then, huh,
Speaker 1: Like she's got the idea of of working and sort
Speaker 1: of earning the money she does. My three year old
Speaker 1: not so much. She's kind of on the sidelines and
Speaker 1: now not working for the money oftentimes, and then she
Speaker 1: just doesn't get paid and she doesn't really mind it
Speaker 1: at that point in time, but she actually really doesn't
Speaker 1: like it when we're at the dollar store and she
Speaker 1: doesn't have enough money to wake up calling. Yeah. Yeah,
Speaker 1: so I think she'll get into it. She's three. I'm
Speaker 1: trying to find ways to keep a balance where they
Speaker 1: don't feel terrible about the fact that they didn't do
Speaker 1: that work, but you know, coaching them along the way
Speaker 1: so the next time there is work to be done,
Speaker 1: they're both ready to get up and and start cleaning
Speaker 1: up because I need their help out around the house
Speaker 1: now at this point, right, yeah, man, they're getting to
Speaker 1: that age where where they can certainly help out around
Speaker 1: the house. Our daughter is also five, but we just
Speaker 1: started way too young, and I think we kind of
Speaker 1: kind of burned her a little bit. Like we started
Speaker 1: the chores and the tasks that she could earn money
Speaker 1: when she was three years old, and it didn't really stick.
Speaker 1: Like she didn't at all understand the value of money
Speaker 1: like she would she would earn the money and then
Speaker 1: she knew it was money, so she would stash at
Speaker 1: places and she would kind of forget where money was,
Speaker 1: and that we would find this money is kind of
Speaker 1: scattered around the house like a little pack rat. She's
Speaker 1: like a hoarder. Yeah, yeah, she knew that it was valuable,
Speaker 1: but she didn't quite understand what it was for. And
Speaker 1: so maybe that's more on us as parents to kind
Speaker 1: of connect the as dots and maybe show up at
Speaker 1: the store to show that, hey, if this is something
Speaker 1: that you want, this is something that you can buy
Speaker 1: with with your own money. And honestly, what I think
Speaker 1: might help now is the fact that our oldest daughters
Speaker 1: can read. Because we had a chore chart before and
Speaker 1: we would have the jobs written out, but we'd have
Speaker 1: to tell them what they had to do. But now
Speaker 1: she might be able to look at that and read
Speaker 1: and you know it's it'll say bed, and she might
Speaker 1: know that, Okay, I have to go make my bed now. Right. So, yeah,
Speaker 1: we're certainly at the very early stages of teaching our
Speaker 1: kids about money. But these are the principles that we've
Speaker 1: identified to be important to us that we are teaching
Speaker 1: our kids. Yeah, and studies have shown math that you
Speaker 1: should really start as young as potentially three, and obviously,
Speaker 1: like hardcore lectures aren't going to get the job done,
Speaker 1: but starting young is really important. So we're trying to
Speaker 1: do that. And so if you have kids of almost
Speaker 1: any age, it's important to to find out where they're
Speaker 1: at and give them money. Coaching you know where they're at,
Speaker 1: specifically in life. So let's move on to our second
Speaker 1: principle that we want to cover, which is that giving
Speaker 1: right is just as important as saving and spending. If
Speaker 1: you're so focused on earning money and feeling like that
Speaker 1: every time you do something good, you perform, you do
Speaker 1: what you're supposed to do, you then receive that money.
Speaker 1: I think that sort of mindset, if that gets too
Speaker 1: ingrained into a child, that can lead to a lack
Speaker 1: of compassion, right. And that's where generosity and an open
Speaker 1: hand to where you're not so attached to your money
Speaker 1: can sort of create that balance. I want to have
Speaker 1: kids who have compassion, right, and who have that sort
Speaker 1: of generous heart, so that when they're in a situation
Speaker 1: where they see somebody in need or somebody that might
Speaker 1: be less fortunate, they're not immediately thinking, oh, why aren't
Speaker 1: you working harder? No doubt, Matt, and I feel like
Speaker 1: a lot of families will do this differently, Right, We'll
Speaker 1: teach their kids about generosity and giving a little bit differently,
Speaker 1: and that's okay. And I think one thing is important
Speaker 1: it's hard for a kid to visualize the impact of
Speaker 1: their dollars being given away if it goes into a
Speaker 1: jar and you write a check based on that amount.
Speaker 1: So I would recommend to to folks to go serve
Speaker 1: with your kids at the same time. So maybe your
Speaker 1: check is going to one chair and you serve at
Speaker 1: another with your kids. However, it works where you can
Speaker 1: help your kids connect the dots in a meaningful way
Speaker 1: that their money is going to actually physically help other people.
Speaker 1: Maybe it's serving at a soup kitchen or playing bingo
Speaker 1: at a retirement home nearby where you live. But look, kids,
Speaker 1: the money that you earned and then the portion that
Speaker 1: you donated actually went to serve donuts and coffee for
Speaker 1: our friends at this at this retirement home, or to
Speaker 1: provide the food that we're serving at this soup kitchen.
Speaker 1: There are just ways to help connect the dots, and
Speaker 1: oftentimes you need a tangible experience in order to kind
Speaker 1: of drive that point home. And we have a whole
Speaker 1: episode on giving that we did a while back, and
Speaker 1: especially if you're looking to find a good charity that
Speaker 1: uses your money, well, we talked about websites to use
Speaker 1: in that episode. They will help you find charities that
Speaker 1: are doing really good work, and you can find charities
Speaker 1: that use most of their money to go to the
Speaker 1: actual people in need and not just to service overhead
Speaker 1: of a bulky nonprofit. Another thing that we prioritize when
Speaker 1: teaching our kids about money to distinguish between the work
Speaker 1: they need to do in order to get paid and
Speaker 1: then work that they need to do around the house
Speaker 1: just because they're part of the family. And so right now,
Speaker 1: I don't know about you, but I'm kind of airing
Speaker 1: on the side of paying my kids for work just
Speaker 1: to kind of teach them to concept. And there aren't
Speaker 1: really that many tasks that they can perform at ages
Speaker 1: three and five. Before I mow the lawn, my five
Speaker 1: year old can go pick up sticks in the backyard
Speaker 1: to make sure that I don't mow over them right.
Speaker 1: And she can obviously pick up her room and make
Speaker 1: her bed, and she's learning how to do more and
Speaker 1: more things, which is cool, But right now I'm airing
Speaker 1: on the side of paying her. But the older and
Speaker 1: older she gets, the more responsibilities that she's going to
Speaker 1: have in our house just being part of the family,
Speaker 1: and she's not gonna get paid for them, and so
Speaker 1: I think it's a line in the sand that you
Speaker 1: need to draw that's gonna be different at different ages.
Speaker 1: But that's an important thing for me to teach my kids,
Speaker 1: is that there are certain things they have to do
Speaker 1: just because they live in our house and because they
Speaker 1: are a part of this greater thing called a family unit. Dude.
Speaker 1: I love what you said about them getting older and
Speaker 1: then it changing because things do change, and something that
Speaker 1: may have started out as a task that they were
Speaker 1: paid for can then sort of graduate into something that
Speaker 1: they don't know. You just got to do that now
Speaker 1: because you're old enough, right, and now you get paid
Speaker 1: for these other things exactly. Yeah, these more complicated or
Speaker 1: these more labor intensive tasks. I think something else too
Speaker 1: that can differentiate between those two tasks or what you
Speaker 1: call them. For some reason, in my mind, I hear chores,
Speaker 1: and I think of it's just something you do because
Speaker 1: you're part of the family. Right. In my mind, you
Speaker 1: don't get paid for chores, even though I did, like
Speaker 1: as a kid, like that's just what my jobs were
Speaker 1: called as a kid, Like I did my chores, and
Speaker 1: then because that I was paid an allowance, I didn't
Speaker 1: get my allowance if I didn't do my chores. It's
Speaker 1: just the language that my parents used. But in my
Speaker 1: mind now, for whatever reason, chores to me are what
Speaker 1: you do as a family, because you're part of the
Speaker 1: family and you're expected to do them. What we tried
Speaker 1: to do when us three is we we tried to
Speaker 1: call the tasks that she were to perform where she
Speaker 1: would earn money. We tried to specifically call those jobs
Speaker 1: in order to mirror the real world, right, so to
Speaker 1: mirror the market and okay, are did you do your
Speaker 1: job this morning? If so, then you get paid. Chores
Speaker 1: to us were the things that by default, now you're
Speaker 1: just part of the family. Pick up your toys, right Like,
Speaker 1: that's just something that you have to do. And that
Speaker 1: all comes down to the individual family, right A task
Speaker 1: or a chore for one family might be a paid
Speaker 1: for a job in another family. It just depends on
Speaker 1: what you want to focus on as a parent. Yeah,
Speaker 1: I love that because then it makes it really simple
Speaker 1: to ask your kid at the end of the day,
Speaker 1: did you do your chores? And what jobs did you
Speaker 1: accomplish today? And so you can really divide that up
Speaker 1: in a meaningful way to kind of nail that home
Speaker 1: for the kids. Just creating that divide in terminology is
Speaker 1: so helpful, not just for the kids, but for how
Speaker 1: you talk to them about, you know, what they're actually doing. Man.
Speaker 1: You know, since it's been over a years since we've
Speaker 1: tried to get Eavy on board with the whole get
Speaker 1: doing your jobs and getting paid things, this is gonna
Speaker 1: get me pumped to uh give it another go because
Speaker 1: we got that Dave Ramsey Junior kit and we've got
Speaker 1: the clear envelope system where what's cool about that is
Speaker 1: they're clear and you can put the money in there
Speaker 1: and they can see it. But uh, yeah, we haven't
Speaker 1: really done that. In a minute, in a little bit, Matt,
Speaker 1: I've we're gonna talk about, you know, the cash system
Speaker 1: versus using There are some really cool apps out there
Speaker 1: and now to help families and kids figure out this
Speaker 1: money thing. And I just love that there are easy
Speaker 1: systems that help kids function in the real world when
Speaker 1: it comes to money. It's called fintech, yes, exactly financial technology.
Speaker 1: But I remember back in the days when we didn't
Speaker 1: have fintech, Matt, and we just had cash. Right, that's
Speaker 1: just a plain old cash, cash, money yeah. And one
Speaker 1: thing that my parents did that I really respect and
Speaker 1: I want to use too when it comes to how
Speaker 1: my kids spend money is giving a cap of an
Speaker 1: amount that I'll spend for my kids on certain things
Speaker 1: that our needs. Even because I remember distinctly when I
Speaker 1: was a kid, I wanted the cool sneakers. I wanted
Speaker 1: the Scottie Pippens shoes or whatever it was, and they
Speaker 1: were so expensive, and those Jordan's. I don't think I
Speaker 1: ever had a pair of George's, but I did have
Speaker 1: one pair of Scottie Pippens and I didn't have Jordan's,
Speaker 1: and they were pretty sick. I wasn't a sneaker head,
Speaker 1: So I want to, like you want to bother you
Speaker 1: know what I was into? Actually, I just I was
Speaker 1: in the sunglasses, are you huh? You remember back in
Speaker 1: the day how big Oakley's were, Like Oakley's were such
Speaker 1: a big deal completely and so, like you, my parents
Speaker 1: would cover basic clothing, right, like they're gonna pay for
Speaker 1: my clothes. There's a little bit gray though, Like they
Speaker 1: didn't set a hard cap, and so I could kind
Speaker 1: of negotiate. I could say, hey, you know, I really
Speaker 1: want the easily here you know that this is what
Speaker 1: I would like, but sunglasses. I'm a kid. I don't
Speaker 1: need sunglasses. And that was something that I had to
Speaker 1: work for myself, and my parents were not gonna put
Speaker 1: any of their money towards my Oakley I think they're
Speaker 1: called I wraps, but they're just like this, I don't
Speaker 1: know how to describe them, but they would like stick
Speaker 1: to your face, real real tight. That's why you gotta
Speaker 1: find the Folkleys, dude. But I was so into sunglasses,
Speaker 1: specifically Oakley's. I was such a sucker. You wanted to
Speaker 1: look like that cool summer lifeguard. Dude. That's totally true. Well,
Speaker 1: one of my friends was a lifeguard and we would
Speaker 1: go and and hang out with them at his pool
Speaker 1: and he had a pair of those white I think
Speaker 1: he had white Oakley I wraps back in the day. Dude,
Speaker 1: those were so freaking awesome. Yeah, but I just could
Speaker 1: remember my parents would set a cap on my shoes
Speaker 1: off few dollars and so every good point. Yeah, so
Speaker 1: every year, before before school would start, they would and
Speaker 1: and and actually, honestly, now I look back and I'm like,
Speaker 1: that was a lot. I mean right now, I mean
Speaker 1: I can get a sweet pair of Chucks on sales
Speaker 1: like twenty eight bucks, so fifty bucks seems like a lot,
Speaker 1: but yeah, they were really cool to have that cap.
Speaker 1: And anything over that that I wanted to spend was
Speaker 1: money that I had to save up from birthdays or
Speaker 1: Christmas and working for money on the side, so I
Speaker 1: was incentivized to go moilan or or to find some
Speaker 1: work if I really wanted the shoes that bad. And
Speaker 1: occasionally I did and I got that one pair of
Speaker 1: Scottie Pippins, and other times I settled for a cheaper
Speaker 1: pair of sneakers because I didn't have the funds, so
Speaker 1: I just had to roll with some lamer shoes. Plus,
Speaker 1: even if you did have the money, you would have
Speaker 1: had to decide what is the value of this money?
Speaker 1: Is it worth these fancy shoes? And maybe it wouldn't
Speaker 1: have been. And so after the break, we're gonna cover
Speaker 1: some specific tactics to keep in mind as you're trying
Speaker 1: to raise financially responsible children. And we're gonna cover one
Speaker 1: more principle as well that is quite lofty. So we're
Speaker 1: gonna get to that right after the break, all right, Matt,
Speaker 1: Before we get to the tax plays to help our
Speaker 1: kids learn these money lessons. Let's talk about one final principle,
Speaker 1: which is that we really want our kids to learn
Speaker 1: about the glorious thing that is passive income. And so
Speaker 1: we want to incentivize our kids by adding to the
Speaker 1: funds that they're willing to leave in savings. We want
Speaker 1: to essentially be a bank that pays generous interest amounts
Speaker 1: so that our kids are willing to leave money in
Speaker 1: their savings accounts. And then as they get older, we
Speaker 1: want to potentially even incentivize them to put money into
Speaker 1: a retirement fund. And so if our kids get a
Speaker 1: job when they're fifteen, sixteen, seventeen and they want to
Speaker 1: put aside money for their retirement, after lots of discussions
Speaker 1: about that, I'm sure I'm really excited about the fact
Speaker 1: that I can boost their ability to grow their wealth
Speaker 1: by matching their retirement fund contributions. That's that's something that
Speaker 1: sounds awesome to me. Yeah, well, specifically, man, I've heard
Speaker 1: of the four oh one k parent match. Not us
Speaker 1: really even to retirement, but even if a kid saving
Speaker 1: safe or a car, to match every dollar that the
Speaker 1: kid puts toward the vehicle, you will match that. And
Speaker 1: so essentially that if they set aside, says, well, now
Speaker 1: they can afford something that's three grand. And obviously in
Speaker 1: this case, right the idea is to drive home the
Speaker 1: principle of hey, if there's a four O one K
Speaker 1: with a match, you take it. Right when you get
Speaker 1: that job out of school and they have an employer
Speaker 1: match four own k where they're putting, oh, four percent
Speaker 1: or six percent of your salary towards retirement, and they're
Speaker 1: gonna match that, like, you take that match. That's free money.
Speaker 1: It's just a way to teach that principle. And obviously
Speaker 1: it's a little bit different right when when you're looking
Speaker 1: at a vehicle versus retirement. But I love the idea
Speaker 1: of sort of creating a game and finding a way
Speaker 1: to make it fun. And it's something that I think
Speaker 1: can be way more relatable when it's something that the
Speaker 1: kids care about. Here and now, Yeah, really what you're
Speaker 1: doing is you're incentivizing long term thinking, and that's a
Speaker 1: really hard concept for a teenager to grasp, and so
Speaker 1: you're gonna have to do a lot of talking about that,
Speaker 1: really showing them through action, whether it's matching a car
Speaker 1: purchase or matching contributions to something like a roth Ira. Obviously,
Speaker 1: they'll thank you later because that's gonna be huge when
Speaker 1: they're in their thirties and they look at their statement
Speaker 1: and they're like, holy mackerel, that's insane, how much that's grown.
Speaker 1: Mom and dad didn't tell me it was going to
Speaker 1: be this good. But creating that long term mindset in
Speaker 1: your kids, even if you don't see it taking root,
Speaker 1: they're learning something while you're doing that. And so really
Speaker 1: teaching passive income, although it's really hard, should definitely be
Speaker 1: a priority. Well yeah, I mean not only two teenagers,
Speaker 1: but even to adults to have that long term mental
Speaker 1: thought process. One of our recent Money pro episodes we
Speaker 1: had Grant on where he talked about how time does
Speaker 1: not equal money, and his whole talk was about disrupting
Speaker 1: that linear path of working and therefore you earn money,
Speaker 1: which sounds a little contradictory to our very first statement
Speaker 1: right where Okay, the way you get money is by working.
Speaker 1: And so that's why that's why this is such like
Speaker 1: an advanced principle. This is a really sort of lofty
Speaker 1: goal that we're trying to to teach kids, and that's
Speaker 1: why it's so important to start when they are kids,
Speaker 1: because even as adults, we have a hard time wrapping
Speaker 1: our head around the idea, Okay, well, how am I
Speaker 1: going to make money if I'm not actually working? Well,
Speaker 1: go back and listen to that episode with Grants Abatier.
Speaker 1: Like we talked about how you have to focus on investing,
Speaker 1: you have to focus on entrepreneurship. Right if you are
Speaker 1: able to create a business that is making money for you,
Speaker 1: where you're brokering other people's time and they're contributing and
Speaker 1: they're earning money, but at the same time they're earning
Speaker 1: you money, these are the ways that you need to
Speaker 1: start thinking about work, not just in Okay, I will work,
Speaker 1: I will punch the clock, and then I will receive
Speaker 1: a paycheck. That's how most of us think about money.
Speaker 1: That's how I think about money a lot of the time.
Speaker 1: But over the course of the years, we're working towards
Speaker 1: more of that passive income. But you gotta start thinking
Speaker 1: about that now. All right, Matt, let's talk about some
Speaker 1: of our favorite tactics to help our kids learn these
Speaker 1: money lessons. And one big question that comes up from
Speaker 1: folks right now is do we do a cash method
Speaker 1: or do we teach our kids through kind of these
Speaker 1: advanced fintech apps, And I think, honestly, it probably depends
Speaker 1: on the stage that your kid is in. Cash can
Speaker 1: be so much more tangible, especially if you've got youngsters.
Speaker 1: But certain apps will, as our kids get older, be
Speaker 1: more helpful with certain aspects of how they handle finances.
Speaker 1: And so I think I mentioned a while ago that
Speaker 1: when my daughter lost her teeth, you know, giving her
Speaker 1: coins actually meant a lot more to her than having
Speaker 1: a dollar bill. There's something about just having four yeah,
Speaker 1: clink them around in your hands, yeah, And so to
Speaker 1: seeing that that meant something to her and paying her
Speaker 1: through that method, well, that was the most effective way
Speaker 1: to do it. But as your kids get a little
Speaker 1: bit older, and you also want them to learn how
Speaker 1: to handle plastic because that's a part of our everyday
Speaker 1: world now. And you want your kid to leave your
Speaker 1: house not just knowing how to balance a checkbook, because
Speaker 1: checks are going away folks like that. That's not gonna
Speaker 1: be an important skill at some point. So you want
Speaker 1: them to know how to handle a plastic card in
Speaker 1: their wallet, and there are apps that can help them
Speaker 1: do that. There's one that I like called green Light,
Speaker 1: and it costs five dollars a month, which might sound expensive,
Speaker 1: but honestly, it's a small drop in the bucket if
Speaker 1: you're thinking about helping your kids handle their finance as well.
Speaker 1: And there's another one that's similar called fam Zoo, and
Speaker 1: so i'd encourage you to look at either one of
Speaker 1: those if you have older kids and you really want
Speaker 1: them to learn how to handle plastic, well, it's kind
Speaker 1: of like learning how to ride a bike with the
Speaker 1: training wheels because you're in control. And you can also
Speaker 1: incentivize them to save more of their money by offering
Speaker 1: a higher interest rate, like we talked about earlier. And
Speaker 1: I love that that you can do it digitally because
Speaker 1: your kids, if they've got a smartphone and they're rolling
Speaker 1: with apps and they want a credit card or a
Speaker 1: debit card, I mean something like green Light or fam
Speaker 1: Zoo is the perfect option I think for for older kids,
Speaker 1: especially as you're seeking to teach them how to handle
Speaker 1: their money well as they go out on their own
Speaker 1: at some point. Another sort of broad tactic that we
Speaker 1: can keep in mind is to model the behavior that
Speaker 1: we want our kids to learn. I was listening to
Speaker 1: an interview with Jail Collins, who's just this brilliant sort
Speaker 1: of mastermind investor, and he was talking about how he
Speaker 1: regretted that he lectured too much. He's got a daughter,
Speaker 1: and he felt that he he was just harping on
Speaker 1: money and hitting those sort of hard money lessons way
Speaker 1: too young, way too often with his daughter, which hit
Speaker 1: a little close to home, considering that's when I feel
Speaker 1: like that, you know, we've already done with our oldest daughter.
Speaker 1: And you know, what he realized was that, man, I
Speaker 1: was just lecturing way too much and instead of what
Speaker 1: it turns out that she needed to see was she
Speaker 1: needed to see it lived out. And he was actually
Speaker 1: able to see now like twenty five years later, that
Speaker 1: his daughter was able to learn that from his wife,
Speaker 1: Like his wife is super frugal and led by example,
Speaker 1: and his daughter was able to learn that from her.
Speaker 1: And so in that case, it wasn't about, you know,
Speaker 1: the lecture, the big talk and this is the lesson
Speaker 1: that I'm going to teach you, but in fact it
Speaker 1: was more of the day to day. Obviously, all kids
Speaker 1: are different, right, like some kids will learn more readily
Speaker 1: from clear spoken word, like here is a lesson that
Speaker 1: you're gonna learn now, hear me. But for a lot
Speaker 1: of other kids, and I would probably even say most kids,
Speaker 1: they might learn much better from seeing it lived out
Speaker 1: in their parents lives. Yeah, I think if we take
Speaker 1: the do as I say, not as I do approach,
Speaker 1: it's not gonna work out very well. And you know
Speaker 1: that too. Like if you go to work with a
Speaker 1: boss who kind of has that approach, they say, do
Speaker 1: what I tell you to do, but they don't take
Speaker 1: the same prescription that they're doubling out. You don't really
Speaker 1: want to follow in their footsteps, and your kids will
Speaker 1: be the same. And so practicing some of these things
Speaker 1: in your own life will be readily apparent to your
Speaker 1: kids as they try to emulate you and Matt, like
Speaker 1: as our kids try to emulate us, the way that
Speaker 1: we act in front of them is going to be crucial,
Speaker 1: and honestly, a huge part of this is also admitting
Speaker 1: our mistakes, being real in front of them, and being
Speaker 1: able to have an open and honest conversation about the
Speaker 1: times where we didn't live up to our ideals. There's
Speaker 1: really something about a parent choosing to be vulnerable about
Speaker 1: their mistakes that really resonates with a kid and has
Speaker 1: long lasting impact. I mean, I still remember those conversations
Speaker 1: with my parents when they were up front about a
Speaker 1: mistake or something that hadn't gone the way they had planned,
Speaker 1: and just the fact that they would choose to confide
Speaker 1: in me as a kid was meaningful. And the same
Speaker 1: thing happens for us as parents. When we assume that
Speaker 1: our kids can handle that sort of information and we
Speaker 1: lovingly share it with them, there's something that connects in
Speaker 1: their mind in a way that lectures and even just
Speaker 1: modeling it perfectly just doesn't do. Kids are freaking awesome
Speaker 1: and and I mean naturally our kids that they tend
Speaker 1: to act in the ways that we will act, and
Speaker 1: so if we're generous, they will tend to be generous
Speaker 1: as well. And like I mentioned earlier, I like our
Speaker 1: kids don't always turn out like us exactly. They form
Speaker 1: their own lives, but their default is to act in
Speaker 1: a similar way as us their parents. So make sure
Speaker 1: that you are living it out as well. And like
Speaker 1: we mentioned earlier, start early with your kids. Kids are
Speaker 1: so impressionable, especially from the ages of three to seven,
Speaker 1: And like Matt just mentioned, doing the lecture at age three,
Speaker 1: four or five it's not going to work out so well,
Speaker 1: But making sure not to avoid talking about money in
Speaker 1: those years, because there are a time where kids are
Speaker 1: forming their biggest opinions about so many things as they
Speaker 1: see us live and as they see us talk, and
Speaker 1: so making sure that those conversations and those little lessons
Speaker 1: are being started early. That's a huge tactic to employ
Speaker 1: to start your kids on the right money path. And
Speaker 1: then finally make sure that you're talking about money. Often
Speaker 1: bringing up the subject kind of takes away from that taboo.
Speaker 1: We did an entire episode where we talked about you
Speaker 1: should be talking about money. You should be talking about
Speaker 1: your personal finances, and so maybe say when you're planning
Speaker 1: a trip, you can talk that through with them, you
Speaker 1: can talk about the expenses. The goal is to have
Speaker 1: healthy conversations surrounding money. A lot of us grew up
Speaker 1: in households where the only time money was talked about
Speaker 1: was because there were fights going on, but because money
Speaker 1: was tight or there are disagreements. You don't want the
Speaker 1: only time that money is ever discussed to be a
Speaker 1: stressful time. You have control over that. We have control
Speaker 1: over that as parents, and so that's why we talk
Speaker 1: about money that's why we enjoy it. We think it's important.
Speaker 1: But we know especially that it's important for our kids
Speaker 1: to hear us talking about money in a healthy way
Speaker 1: and in a way that's encouraging to each other and
Speaker 1: to our our families. So let's make sure that we're
Speaker 1: all trying to do that in our lives. Regul early.
Speaker 1: You gotta know that there's sometimes that there are difficult
Speaker 1: and sometimes heated discussions that need to happen about money. Yeah,
Speaker 1: sometimes it's just disagreements, right, Like, it's not a huge deal,
Speaker 1: But those discussions should really take place behind closed doors
Speaker 1: where your kids hopefully cannot hear you, because those do
Speaker 1: leave a lasting impression. So trying to avoid those situations
Speaker 1: where they're mega influenced by arguments about money is a
Speaker 1: good idea. It's okay to hear parents disagree or have
Speaker 1: an alternative take, but heated argument is is something different
Speaker 1: and can create long lasting negative connotations with money. You
Speaker 1: don't want that knockdown, drag out fight, right right, Yeah,
Speaker 1: so a dinner table discussion great place for for money.
Speaker 1: Or Emily, I want those sneakers now she refuses to
Speaker 1: buy me those Jordans. I want it's really only the
Speaker 1: Scotties for you, Joel. All right, Matt, let's get back
Speaker 1: to the beer we had, Peanut Brother by Great Notion Brewing.
Speaker 1: I do love the name of this beer, Peanut Brother.
Speaker 1: It's got like this sort of amish looking art block
Speaker 1: print on the on the can, and the guys on
Speaker 1: the can have these super awesome long beards just like
Speaker 1: you find in Portland. And this is a beer from Portland,
Speaker 1: so uh, and the Portland mixed with Pennsylvania like almost
Speaker 1: kind of right right in a top hat too to
Speaker 1: boot right. Nicely done. And Matt, the word I used
Speaker 1: to describe this week's beer was Reese's because this is
Speaker 1: a peanut butter chocolate stout. Well, my question for you
Speaker 1: is that you said this is a powerful beer. Why powerful?
Speaker 1: Did you have some events as a child where you
Speaker 1: thought Reese's peanut butter cups them candies is powerful? You
Speaker 1: know it's funny. I'm not even a huge fan of
Speaker 1: Reese's peanut butter cups. I know what is wrong with you? Dude?
Speaker 1: That is the best peanut butter, peanut butter inside of
Speaker 1: a Reese's peanut butter cup. Somehow it is like this
Speaker 1: magical peanut butter. It's that's the best. I don't want
Speaker 1: to get into a fight right now, but I will.
Speaker 1: I will if we have to, I'll take you down.
Speaker 1: And you know that. But this beer, man is so good.
Speaker 1: There's something really awesome about a peanut butter chocolate stout
Speaker 1: to me. I don't know, Maybe I need to eat
Speaker 1: some more Reese's, maybe maybe I'll feel differently about him now.
Speaker 1: But this beer was really be good. Totally tasted like
Speaker 1: a Reese's, but for me way better. Yeah. With it
Speaker 1: being a milk stout, was a little creamier, a little smoother,
Speaker 1: It had that lactose and my word, was refreshing. And
Speaker 1: that's because it's sort of felt like a refreshing glass
Speaker 1: of milk with a little bit of peanut butter going
Speaker 1: on in it. A lot of times like peanut butter
Speaker 1: stouts are exactly like they sound, thick and chunky, like
Speaker 1: there's not actual chunks of anything right in the beer,
Speaker 1: but they're pretty thick and heavy. This beer drink really light,
Speaker 1: really refreshing. It's sort of like a cold glass of milk,
Speaker 1: but maybe with a little bit of Rees's peanut butter
Speaker 1: cup on the side. I'm partial to a glass of milk,
Speaker 1: and that's probably why I like this beer way more
Speaker 1: than I like Reese's peanut butter cups. All right, Joel's
Speaker 1: time now for our final thoughts. All right, Matt, first
Speaker 1: final thought we have to share is that Emily and
Speaker 1: I are having a baby. Yeah. I didn't know if
Speaker 1: you're gonna share with folks, man, you're kind of wait
Speaker 1: until the end a little bit. Yeah, I wasn't sure
Speaker 1: a wind to drop the news. But we're pregnant with
Speaker 1: baby number three. So yeah, we're really excited. We've gone
Speaker 1: in seeing the ultrasound we got saw that heartbeat and
Speaker 1: super fast and uh, that's awesome, man, it's just excited. Man.
Speaker 1: It's another kid to to love on, to be a
Speaker 1: part of our family, and also to teach about money. Right,
Speaker 1: that's right. Yeah, that's awesome and congrats, thanks buddy. So
Speaker 1: we'll move on. And the first principle that we want
Speaker 1: to teach the kids that we bring into this world,
Speaker 1: we want to we want to teach them the value
Speaker 1: of money. It's tough out there for kids. Most kids
Speaker 1: don't learn how to handle their personal finances very well.
Speaker 1: We went over the fact that they're they're they're just
Speaker 1: isn't much education to be had in the public school system,
Speaker 1: and so that's on us to teach our kids that
Speaker 1: they get money typically and almost always through working for it,
Speaker 1: and arguably just as important is giving. We want to
Speaker 1: teach our kids to have generous hearts and to be compassionate.
Speaker 1: It's not focus on just earning and amassing just every
Speaker 1: single dollar that they can. Yeah, man money and everything.
Speaker 1: So and also it's important to help our kids distinguish
Speaker 1: between doing work and getting paid for it and just
Speaker 1: the chores that they have to complete for being a
Speaker 1: part of the family. And the last principle that we
Speaker 1: focused on today is to teach our kids about passive income.
Speaker 1: This is gonna be a little bit trickier, especially for
Speaker 1: younger kids, but as our kids get older, we're gonna
Speaker 1: find ways to teach them the principles of compounding interest,
Speaker 1: of finding ways to make your money work for you,
Speaker 1: and not just investing, but teaching our kids the ways
Speaker 1: of entrepreneurship. We want to incentivize that long term thinking,
Speaker 1: and then you really want to model that behavior for
Speaker 1: your kids. It's so important for them to see you
Speaker 1: living out what you believe that's more important than any
Speaker 1: lecture that you'll ever give is the way you live
Speaker 1: this out in front of them. But at the same time,
Speaker 1: you do have to have those conversations, and usually it's
Speaker 1: gonna be small conversations here and there. They're gonna be
Speaker 1: more interspersed into your daily life as opposed to sit
Speaker 1: down on the couch long term, long form discussions. Teaching
Speaker 1: your kids about money isn't necessarily easy. We're not trying
Speaker 1: to make it sound like that, but it is important
Speaker 1: and hopefully you can implement some of these principles into
Speaker 1: your family's life to make sure your kids have just
Speaker 1: a little bit better of a grasp on personal finances
Speaker 1: before they leave the nest. That's right, man. Going back
Speaker 1: to the beginning of the show, we talked about how
Speaker 1: schools are starting to implement this right. However, that's not guaranteed,
Speaker 1: and so much of this they need to learn from
Speaker 1: us as parents, So now is the time to start.
Speaker 1: So man, that's gonna be it for today. Thank you
Speaker 1: everyone for listening to the show. We really appreciate it.
Speaker 1: You can find us on the web at how to
Speaker 1: money dot com. There we'll have our show notes up
Speaker 1: and that's right. If you like this show, if you
Speaker 1: found it helpful, we greatly appreciate it. If you'd leave
Speaker 1: a review on Apple Podcasts that helps us get the
Speaker 1: word out about the show to other personal finance enthusiasts
Speaker 1: and other parents that want to help teach their kids
Speaker 1: how to handle money well. And don't forget to hit
Speaker 1: the subscribe button while you're there. That's right, Papa Joel.
Speaker 1: So until next time, Best Friends Out, Best Friends Out
Speaker 1: Man