1 00:00:00,040 --> 00:00:02,920 Speaker 1: Welcome to How the Money. I'm Joel and I am that, 2 00:00:03,160 --> 00:00:07,119 Speaker 1: and today we're discussing fast tracking your kids to financial success. 3 00:00:26,480 --> 00:00:28,720 Speaker 1: You know, Joel, since this is a kid's episode, because 4 00:00:28,720 --> 00:00:31,840 Speaker 1: I mean, we should be having an an a beer, 5 00:00:31,960 --> 00:00:35,040 Speaker 1: a non alcoholic beverage instead of our typical craft beer. 6 00:00:35,400 --> 00:00:36,960 Speaker 1: Maybe we can all assess me street and have like 7 00:00:36,960 --> 00:00:40,520 Speaker 1: Cookie Monster deliver the message, or at least a butter beer. Sure, 8 00:00:40,760 --> 00:00:44,120 Speaker 1: which they never addressed this in the Harry Potter books, 9 00:00:44,120 --> 00:00:46,200 Speaker 1: but it does seem like there's a small trace amount 10 00:00:46,200 --> 00:00:49,280 Speaker 1: of alcohol and butter beer because like the Dobby whatever 11 00:00:49,280 --> 00:00:51,519 Speaker 1: would get drunk on butter beer. I guess it just 12 00:00:51,560 --> 00:00:55,240 Speaker 1: didn't affect the kids as much. Maybe it only affected household. 13 00:00:55,360 --> 00:00:57,400 Speaker 1: It's just yeah, our our kids are talking about it 14 00:00:57,440 --> 00:00:59,400 Speaker 1: the other day. They're like, well, we can have butter beer, 15 00:00:59,440 --> 00:01:01,960 Speaker 1: but we can't have are whiskey. And then Kate never talking, 16 00:01:01,960 --> 00:01:04,920 Speaker 1: We're like, wait a minute, technically it's not addressed. But 17 00:01:04,959 --> 00:01:08,120 Speaker 1: I do think there's small amounts of alcohol in butter beer. 18 00:01:08,160 --> 00:01:09,800 Speaker 1: But that's not what we're talking about today. We're talking 19 00:01:09,800 --> 00:01:12,080 Speaker 1: specifically about kids and how it is that you can 20 00:01:12,080 --> 00:01:14,880 Speaker 1: give your kids just a massive leg up um I 21 00:01:14,880 --> 00:01:19,240 Speaker 1: feel oftentimes when we're in young adulthood, we say to ourselves, 22 00:01:19,360 --> 00:01:22,119 Speaker 1: if only I had known this ten years ago, twenty 23 00:01:22,200 --> 00:01:23,800 Speaker 1: years ago, if if only I had been able to 24 00:01:23,840 --> 00:01:25,840 Speaker 1: start my life with this knowledge that I have now, 25 00:01:25,840 --> 00:01:28,960 Speaker 1: I would have made some different decisions. And so basically 26 00:01:29,080 --> 00:01:31,960 Speaker 1: that is what we're talking about today, the different lessons 27 00:01:32,000 --> 00:01:35,280 Speaker 1: that you can begin teaching your kids who are still 28 00:01:35,319 --> 00:01:37,880 Speaker 1: at home, but then also specifically some of the accounts 29 00:01:37,920 --> 00:01:41,520 Speaker 1: and some of the specific strategies that you can employ 30 00:01:41,640 --> 00:01:43,959 Speaker 1: with your kids in order to get them investing for 31 00:01:44,080 --> 00:01:45,679 Speaker 1: their future. And we hear that from how the Money 32 00:01:45,680 --> 00:01:47,680 Speaker 1: Listeners a lot they're like, man, I wish I had 33 00:01:47,680 --> 00:01:49,800 Speaker 1: this information when I was a lot younger. Some of 34 00:01:49,880 --> 00:01:52,680 Speaker 1: some of who are something upon this podcast late thirties, 35 00:01:52,720 --> 00:01:55,280 Speaker 1: early forties or even later in their life, and they're like, man, 36 00:01:55,280 --> 00:01:57,200 Speaker 1: this has been transformational. But if I had known this 37 00:01:57,240 --> 00:01:59,760 Speaker 1: stuff when I was early twenties, I would be crushing 38 00:01:59,760 --> 00:02:02,160 Speaker 1: it now, which is true, like the early even more 39 00:02:02,520 --> 00:02:05,760 Speaker 1: transform I would be a beautiful butterfly already instead of 40 00:02:05,800 --> 00:02:08,200 Speaker 1: in the pupa state. Right there's a lot of kids 41 00:02:08,200 --> 00:02:10,120 Speaker 1: stuff that is coming to mind. Right now, We're not 42 00:02:10,160 --> 00:02:12,160 Speaker 1: going to incorporate more into the you might even sink 43 00:02:12,160 --> 00:02:15,720 Speaker 1: the Reading Rainbow soundtrack Mitochondria. Do you remember Mitochondria? That's 44 00:02:15,720 --> 00:02:18,320 Speaker 1: the powerhouse of the cell. Would be like some schoolhouse 45 00:02:18,320 --> 00:02:20,440 Speaker 1: for rocks. I mean, there's so many options here, lots 46 00:02:20,639 --> 00:02:22,679 Speaker 1: of different things we learned in school. But before we 47 00:02:22,720 --> 00:02:24,640 Speaker 1: get rolling, man, I want to mention something We've been 48 00:02:24,639 --> 00:02:27,120 Speaker 1: emailing a little bit with a listener who actually happens 49 00:02:27,160 --> 00:02:30,480 Speaker 1: to be Ukrainian. He and he's also living in Ukraine, 50 00:02:30,919 --> 00:02:33,480 Speaker 1: and he was asking about maybe some sort of financial 51 00:02:33,480 --> 00:02:36,360 Speaker 1: goals that he had, and he kind of casually mentions 52 00:02:36,400 --> 00:02:39,760 Speaker 1: how his savings and financial goals have been on pause 53 00:02:39,960 --> 00:02:44,239 Speaker 1: for the past eight months, and oh, yeah, I wonder why, 54 00:02:44,280 --> 00:02:48,440 Speaker 1: maybe because Russia has completely invaded his country. But I 55 00:02:48,440 --> 00:02:50,919 Speaker 1: don't know, he simultaneously. He didn't put that out there 56 00:02:50,960 --> 00:02:53,040 Speaker 1: just for us to like feel bad for him necessarily. 57 00:02:53,040 --> 00:02:55,239 Speaker 1: He was just a matter of factually stating that, like, yeah, 58 00:02:55,280 --> 00:02:57,960 Speaker 1: you know, I haven't been able to pursue my goals 59 00:02:57,960 --> 00:02:59,760 Speaker 1: like I have been, but I'm really excited for things 60 00:02:59,760 --> 00:03:01,520 Speaker 1: to get about going again. I mean, I wanted to 61 00:03:01,520 --> 00:03:03,560 Speaker 1: share that just because when you hear something like that, 62 00:03:03,600 --> 00:03:07,400 Speaker 1: it just gives you just some incredible perspective, right, some 63 00:03:07,440 --> 00:03:08,920 Speaker 1: of the problems that we have in our lives that 64 00:03:09,000 --> 00:03:12,280 Speaker 1: seem to loom so large in our minds, something causing 65 00:03:12,320 --> 00:03:15,400 Speaker 1: us stress. In reality, they're not all that big. And 66 00:03:15,520 --> 00:03:17,840 Speaker 1: especially if you're a listener and you live here in 67 00:03:17,880 --> 00:03:20,480 Speaker 1: the US, I think, I mean, I I feel that 68 00:03:20,520 --> 00:03:22,400 Speaker 1: I've got a lot to be thankful for within my 69 00:03:22,480 --> 00:03:25,079 Speaker 1: own life, not only for you know, me and you 70 00:03:25,280 --> 00:03:27,280 Speaker 1: and the business and our families, but just also for 71 00:03:27,360 --> 00:03:30,440 Speaker 1: our country. Even though we're all aware of what's been 72 00:03:30,480 --> 00:03:32,400 Speaker 1: going on over in Ukraine. When you kind of have 73 00:03:32,480 --> 00:03:34,400 Speaker 1: a I guess just like a personal somewhat of a 74 00:03:34,440 --> 00:03:37,480 Speaker 1: personal connection that brings it to life a whole lot more. 75 00:03:37,680 --> 00:03:39,200 Speaker 1: You're right, man, that does like and it just makes 76 00:03:39,240 --> 00:03:41,360 Speaker 1: me think, like, not that our country doesn't have problems 77 00:03:41,400 --> 00:03:43,120 Speaker 1: that need to be worked on, that need to be discussed, 78 00:03:43,560 --> 00:03:45,880 Speaker 1: but man, we're really lucky to live here. There's so 79 00:03:45,920 --> 00:03:48,280 Speaker 1: many good things about living in the United States, and 80 00:03:48,480 --> 00:03:50,760 Speaker 1: it doesn't My heart goes out to our listener in Ukraine. 81 00:03:50,800 --> 00:03:54,160 Speaker 1: I hope that his country is able to restore their 82 00:03:54,400 --> 00:03:56,720 Speaker 1: their freedom, their independence in the near future, and then 83 00:03:56,720 --> 00:03:59,680 Speaker 1: he's able to get his you know, goals of financial independence, 84 00:03:59,720 --> 00:04:02,360 Speaker 1: restore it soon too, and our heart goes out to 85 00:04:02,360 --> 00:04:05,000 Speaker 1: everybody in Ukraine, like your cause still matters over here, 86 00:04:05,080 --> 00:04:08,000 Speaker 1: and it's it's still something we're thinking about and talking about. 87 00:04:08,280 --> 00:04:10,400 Speaker 1: But Matt, let's move on. Let's let's mention the beer 88 00:04:10,440 --> 00:04:13,960 Speaker 1: that we're having on this episode. This is Postmeister october Fest. 89 00:04:14,040 --> 00:04:16,919 Speaker 1: It's by odd story. It's which is a brewery actually 90 00:04:16,920 --> 00:04:18,880 Speaker 1: had of Chattanoogat picked this beer up when I was 91 00:04:18,960 --> 00:04:21,240 Speaker 1: there just a couple of weekends ago, did you, Yeah, 92 00:04:21,360 --> 00:04:23,760 Speaker 1: so you actually were at this brewery. No, just a 93 00:04:24,040 --> 00:04:26,880 Speaker 1: local beer store there, which which is honestly it's Imbibe. 94 00:04:26,920 --> 00:04:29,600 Speaker 1: I think it's what it's called in in Chattanooga. Fantastic 95 00:04:29,680 --> 00:04:32,000 Speaker 1: beer store. Yeah, great selection. So next time you're in 96 00:04:32,040 --> 00:04:34,520 Speaker 1: Chattanooga one, I'll recommend you some hikes if you email me, 97 00:04:34,960 --> 00:04:37,120 Speaker 1: but I'll also recommend that you go to Imbibe and 98 00:04:37,600 --> 00:04:39,920 Speaker 1: pick up some beers there. So all right, Matt, let's 99 00:04:40,120 --> 00:04:42,040 Speaker 1: let's get onto the subject in hand. We're talking about 100 00:04:42,080 --> 00:04:46,920 Speaker 1: fast tracking your kids to financial success. And for some reason, 101 00:04:47,080 --> 00:04:49,520 Speaker 1: as we were fast tracking, right, I started maybe think 102 00:04:49,560 --> 00:04:52,360 Speaker 1: about racing. And I'm not a huge racing fan, but 103 00:04:52,680 --> 00:04:56,000 Speaker 1: Americans have kind of You're always challenging me to foot races, like, 104 00:04:56,600 --> 00:04:58,520 Speaker 1: just take it easy, dude, going for a walk. Well, 105 00:04:58,560 --> 00:05:01,040 Speaker 1: I prefer wrestling, but you know, foot races are fun too. 106 00:05:01,320 --> 00:05:03,960 Speaker 1: But Formula one has kind of come back in vogue 107 00:05:04,040 --> 00:05:09,600 Speaker 1: with the success of Netflix's Drive to Survive. Yeah, and 108 00:05:09,800 --> 00:05:12,360 Speaker 1: and it's honestly, it's a really it's a really interesting show. 109 00:05:12,440 --> 00:05:14,200 Speaker 1: I never was in the Formula one and I still 110 00:05:14,200 --> 00:05:15,920 Speaker 1: don't really like watch races or anything like that, but 111 00:05:16,320 --> 00:05:18,159 Speaker 1: the show. I watched some of that show at least, 112 00:05:18,200 --> 00:05:21,200 Speaker 1: and it was super interesting. But the interesting thing Matt 113 00:05:21,279 --> 00:05:24,040 Speaker 1: about being a Formula one driver is is that the 114 00:05:24,360 --> 00:05:27,280 Speaker 1: driver with the fastest lap time in trials the day 115 00:05:27,360 --> 00:05:29,560 Speaker 1: before the race, they get the what's known as the 116 00:05:29,600 --> 00:05:32,080 Speaker 1: pole position, Right, they get the top spot in the race. 117 00:05:32,320 --> 00:05:35,120 Speaker 1: Is that right there at the finish line, right at 118 00:05:35,120 --> 00:05:37,600 Speaker 1: the front starting point, so as also becomes the finish 119 00:05:37,640 --> 00:05:39,600 Speaker 1: line at some point later on the race. And uh, 120 00:05:40,040 --> 00:05:42,040 Speaker 1: but the pole position, we know so much about racing. 121 00:05:43,440 --> 00:05:46,280 Speaker 1: The pole position though it's crucial. It is this crucial 122 00:05:46,320 --> 00:05:49,320 Speaker 1: advantage to being able to win the race because, uh, 123 00:05:50,040 --> 00:05:53,480 Speaker 1: the stats show that if you start first, the person 124 00:05:53,520 --> 00:05:55,680 Speaker 1: first out of the gate. They win more than forty 125 00:05:55,760 --> 00:05:58,680 Speaker 1: two percent of the time, So there's sixteen cars. Makes 126 00:05:58,680 --> 00:05:59,920 Speaker 1: a lot of sense. But if you're in first place 127 00:05:59,920 --> 00:06:03,400 Speaker 1: to begin with, the chances are overwhelmingly you have a 128 00:06:03,520 --> 00:06:06,640 Speaker 1: much higher chance of success. Where you start matters. You 129 00:06:06,640 --> 00:06:08,400 Speaker 1: don't have to pass anybody, you're just I guess you're 130 00:06:08,400 --> 00:06:10,280 Speaker 1: just out there just driving really fast. You gotta stay 131 00:06:10,279 --> 00:06:11,640 Speaker 1: in front of people, right, that's all you gotta do 132 00:06:11,800 --> 00:06:14,400 Speaker 1: now having to worry about hitting tires with the other guys. Right. 133 00:06:14,440 --> 00:06:16,159 Speaker 1: But that's the thing with Formula one is that they 134 00:06:16,279 --> 00:06:18,080 Speaker 1: got those exposed tires, and I'm always like, how do 135 00:06:18,160 --> 00:06:20,440 Speaker 1: they not just like just launch, just jump onto each 136 00:06:20,440 --> 00:06:22,760 Speaker 1: other until makes it crazy? I mean that like Nascar 137 00:06:22,800 --> 00:06:24,440 Speaker 1: where you can kind of like push into each other 138 00:06:24,600 --> 00:06:27,480 Speaker 1: and bump each other into game finches. Really it's it's 139 00:06:27,520 --> 00:06:31,400 Speaker 1: pretty nuts. But anilimeters Joel millimeters. But where you're starting 140 00:06:31,480 --> 00:06:34,800 Speaker 1: right impacts impacts how you finish in a significant way 141 00:06:35,080 --> 00:06:37,159 Speaker 1: in Formula one. But the truth is it's the same 142 00:06:37,279 --> 00:06:40,080 Speaker 1: exact exact thing with money. And it doesn't mean that 143 00:06:40,200 --> 00:06:42,000 Speaker 1: like inheriting a trust fund, that's not what we're talking 144 00:06:42,000 --> 00:06:44,920 Speaker 1: about here. But if you're a parent, you greatly influence 145 00:06:45,080 --> 00:06:48,360 Speaker 1: whether your kids start out in the personal finance pole position. 146 00:06:48,600 --> 00:06:51,000 Speaker 1: We'll talk about passing on knowledge in this hose, but 147 00:06:51,000 --> 00:06:53,000 Speaker 1: we're also going to talk about the mechanics and the 148 00:06:53,040 --> 00:06:55,920 Speaker 1: accounts that can give your kid a leg up, which 149 00:06:56,080 --> 00:06:57,680 Speaker 1: most of us, if we're honest, didn't have, Like we 150 00:06:57,720 --> 00:06:59,640 Speaker 1: didn't learn about this stuff in school, and in all 151 00:06:59,680 --> 00:07:02,680 Speaker 1: likely your parents didn't teach you about personal finance, so 152 00:07:02,760 --> 00:07:05,120 Speaker 1: you kind of maybe started off behind the eight ball. Well, 153 00:07:05,160 --> 00:07:07,920 Speaker 1: how can you change that for the next generation. That's 154 00:07:08,160 --> 00:07:11,080 Speaker 1: the topic of today's episode, right, Yeah, Yeah, what you 155 00:07:11,320 --> 00:07:14,880 Speaker 1: know at the start has a remarkable impact on where 156 00:07:14,920 --> 00:07:16,840 Speaker 1: you are going to end up at the finish. It's 157 00:07:16,840 --> 00:07:19,200 Speaker 1: gonna have a remarkable impact on the quality of life 158 00:07:19,240 --> 00:07:21,000 Speaker 1: that you're gonna be able to lead. And we think 159 00:07:21,080 --> 00:07:24,520 Speaker 1: that there is a massive advantage gained in life when 160 00:07:24,560 --> 00:07:28,040 Speaker 1: you've got these basic financial literacy principles being taught to 161 00:07:28,280 --> 00:07:31,520 Speaker 1: two kids consistently as they are growing up. And it 162 00:07:31,560 --> 00:07:35,000 Speaker 1: doesn't have to be uber fancy or sophisticated, right, Like, honestly, 163 00:07:35,040 --> 00:07:38,960 Speaker 1: it's pretty simple and straightforward stuff, but it's incredibly foundational 164 00:07:39,000 --> 00:07:41,680 Speaker 1: as kids begin to develop their own ideas of how 165 00:07:41,760 --> 00:07:45,120 Speaker 1: does the world works. But let's say that you've got teenagers. Now, 166 00:07:45,640 --> 00:07:48,400 Speaker 1: maybe your kid wasn't necessarily hustling at age six selling 167 00:07:49,080 --> 00:07:51,240 Speaker 1: lemonade out in the neighborhood. Let's say didn't develop an 168 00:07:51,240 --> 00:07:53,800 Speaker 1: award winning app at the age of eight. That are 169 00:07:53,840 --> 00:07:56,560 Speaker 1: their kids? Who do that? Okay? I read about those 170 00:07:56,600 --> 00:07:59,200 Speaker 1: kids sometimes, like who are they? That's incredible either, I'm 171 00:07:59,240 --> 00:08:00,920 Speaker 1: not sure if their parents are amazing. I mean it's 172 00:08:00,920 --> 00:08:02,600 Speaker 1: probably both, and right, the parents and the kids are 173 00:08:02,640 --> 00:08:07,280 Speaker 1: pretty incredible nerds. But he signed play instead losers. But 174 00:08:07,400 --> 00:08:09,160 Speaker 1: even if you have a kid that's older, the truth is, 175 00:08:09,200 --> 00:08:11,480 Speaker 1: you still have time to get them pointed in the 176 00:08:11,600 --> 00:08:14,720 Speaker 1: right direction. Like, honestly, you still have influence. Even if 177 00:08:14,800 --> 00:08:16,320 Speaker 1: you have a grown adult who's out of the house, 178 00:08:16,600 --> 00:08:19,160 Speaker 1: who is you know, there's still your kid though. Uh. 179 00:08:19,200 --> 00:08:21,880 Speaker 1: And we actually talked about this with our friend Bobby 180 00:08:21,920 --> 00:08:24,680 Speaker 1: Rebel back in I think his episode five and eleven. 181 00:08:25,000 --> 00:08:27,360 Speaker 1: It's not too late. So that's right. We're gonna discuss 182 00:08:27,480 --> 00:08:30,200 Speaker 1: how to set your kids up for a successful financial 183 00:08:30,280 --> 00:08:33,720 Speaker 1: future in detail during this episode. Yeah, and most holks, 184 00:08:34,080 --> 00:08:36,080 Speaker 1: like I said, they learned in their thirties or forties, 185 00:08:36,120 --> 00:08:37,400 Speaker 1: and then they get started and they're like, man, I 186 00:08:37,480 --> 00:08:40,160 Speaker 1: wish I had known that stuff earlier instead of really 187 00:08:40,200 --> 00:08:42,400 Speaker 1: just learning from my bad beats, from the mistakes I 188 00:08:42,520 --> 00:08:44,839 Speaker 1: made and then having to kind of figure it out 189 00:08:44,880 --> 00:08:46,680 Speaker 1: from there. It just seems like a lot of people 190 00:08:47,080 --> 00:08:48,959 Speaker 1: and not only are you kind of learning along the 191 00:08:49,000 --> 00:08:51,880 Speaker 1: way from the mistakes you've made, but those mistakes actually 192 00:08:51,920 --> 00:08:54,160 Speaker 1: make it harder to make progress, right because let's say 193 00:08:54,360 --> 00:08:56,280 Speaker 1: one of those mistakes is taking on too much student 194 00:08:56,280 --> 00:08:58,920 Speaker 1: loan debt, or one of those mistakes is getting into 195 00:08:58,960 --> 00:09:02,160 Speaker 1: credit card debt up to your eyeballs and then realizing, 196 00:09:02,240 --> 00:09:04,560 Speaker 1: wait a second, wait a second, that's not the route 197 00:09:04,600 --> 00:09:06,400 Speaker 1: I should be taking. It just makes it that much 198 00:09:06,480 --> 00:09:08,559 Speaker 1: harder to get to the place where you want to be. 199 00:09:09,040 --> 00:09:11,160 Speaker 1: And so, yeah, the earlier kids start learning about money, 200 00:09:11,520 --> 00:09:13,360 Speaker 1: the more time they have to impleuent that knowledge, the 201 00:09:13,440 --> 00:09:16,480 Speaker 1: more they can avoid having to learn from mistakes, the 202 00:09:16,559 --> 00:09:18,800 Speaker 1: more they can just learn on the front end, and 203 00:09:18,880 --> 00:09:22,200 Speaker 1: then that gives them also time to to enjoy compounding returns, right, 204 00:09:22,240 --> 00:09:24,320 Speaker 1: which is something we talk about a lot on the show. 205 00:09:24,440 --> 00:09:27,520 Speaker 1: How your money working for you is huge. It makes 206 00:09:27,559 --> 00:09:30,480 Speaker 1: a massive impact on your ability to build wealth. Time 207 00:09:30,720 --> 00:09:32,959 Speaker 1: allows them to have more exposure to the market, and 208 00:09:33,040 --> 00:09:34,839 Speaker 1: it allows their money to kind of start doing the 209 00:09:34,880 --> 00:09:37,520 Speaker 1: heavy lifting on their behalf much sooner, and that that 210 00:09:37,559 --> 00:09:39,040 Speaker 1: means that they don't have to do as much heavy 211 00:09:39,120 --> 00:09:41,320 Speaker 1: lifting as most of us did in order to get 212 00:09:41,320 --> 00:09:44,160 Speaker 1: our financial financials on the right path. The earlier they 213 00:09:44,200 --> 00:09:46,200 Speaker 1: get started, it actually means they can be a little 214 00:09:46,240 --> 00:09:48,760 Speaker 1: more relaxed as they as they get up with their money, 215 00:09:49,160 --> 00:09:50,959 Speaker 1: and that's not the norm. That's pretty cool that you 216 00:09:51,040 --> 00:09:53,280 Speaker 1: can actually help your kid set them up for for 217 00:09:53,360 --> 00:09:55,760 Speaker 1: that sort of success, but it's definitely not what most 218 00:09:55,800 --> 00:09:58,880 Speaker 1: people experience with their personal finances. Yeah, yeah, So this 219 00:09:59,040 --> 00:10:01,040 Speaker 1: is why this is such an important thing, because your 220 00:10:01,120 --> 00:10:03,920 Speaker 1: kids have time on their side, and you know, Joe, 221 00:10:04,000 --> 00:10:06,959 Speaker 1: you're talking about compounding returns, like not, not only do 222 00:10:07,080 --> 00:10:09,400 Speaker 1: we see this eighth wonder of the world at play 223 00:10:09,720 --> 00:10:12,280 Speaker 1: with our you know, with our kids actual dollars, but 224 00:10:12,440 --> 00:10:14,920 Speaker 1: we also get to see the compounding effects of their 225 00:10:15,040 --> 00:10:17,400 Speaker 1: behavior as well. You know. It's it's just like the 226 00:10:17,480 --> 00:10:20,559 Speaker 1: virtuous cycle of how our money ends up making money 227 00:10:20,720 --> 00:10:24,280 Speaker 1: for us. Healthy habits build upon other healthy habits. I 228 00:10:24,400 --> 00:10:27,320 Speaker 1: think helping your kids establish these tried and true money 229 00:10:27,400 --> 00:10:30,200 Speaker 1: practices are going to serve them for years to come. 230 00:10:30,600 --> 00:10:32,880 Speaker 1: You can help them to create this base layer of 231 00:10:33,120 --> 00:10:35,920 Speaker 1: solid habits that they can use to propel their progress 232 00:10:36,240 --> 00:10:38,120 Speaker 1: even more as they get older. It's it's just kind 233 00:10:38,160 --> 00:10:41,640 Speaker 1: of like just again, imagine that snowball, and every single 234 00:10:41,720 --> 00:10:44,520 Speaker 1: time it revolves around it like the first time it revolved, 235 00:10:44,679 --> 00:10:46,000 Speaker 1: it picked up a little bit of snow. But then 236 00:10:46,000 --> 00:10:47,680 Speaker 1: the next time it does an entire rotation, it's picked 237 00:10:47,720 --> 00:10:49,960 Speaker 1: up even more and it continues onward. Yeah, and it's 238 00:10:50,000 --> 00:10:52,440 Speaker 1: all those like we're always teaching our kids these other habits, 239 00:10:52,520 --> 00:10:56,000 Speaker 1: healthy habits right as they're growing up. Rush in your teeth, yeah, 240 00:10:56,120 --> 00:10:59,680 Speaker 1: and like being respectful to your friends, parents, take care 241 00:10:59,679 --> 00:11:02,199 Speaker 1: of your Yeah. I mean I remember having sir and 242 00:11:02,280 --> 00:11:04,200 Speaker 1: ma'am beat into me as a kid, like I had 243 00:11:04,240 --> 00:11:06,199 Speaker 1: to respond to my parents that way. But that's the 244 00:11:06,280 --> 00:11:08,160 Speaker 1: kind of thing that like we're always teach her and 245 00:11:08,240 --> 00:11:10,280 Speaker 1: kids to do stuff like that. But for some reason, 246 00:11:10,440 --> 00:11:12,079 Speaker 1: money habits get left out of the mix for the 247 00:11:12,160 --> 00:11:14,920 Speaker 1: most part. So most kids, they know how to be polite, 248 00:11:15,000 --> 00:11:16,679 Speaker 1: they know how to be kind, they know how to 249 00:11:16,760 --> 00:11:18,200 Speaker 1: take care of their bodies and how to brush their 250 00:11:18,200 --> 00:11:20,160 Speaker 1: teeth stuff like that, but they don't know how to 251 00:11:20,200 --> 00:11:22,199 Speaker 1: take care of their money, and that's a problem. But 252 00:11:22,280 --> 00:11:25,800 Speaker 1: the reality is that kids are malleable. That's another important 253 00:11:25,840 --> 00:11:27,679 Speaker 1: fact that we have to talk about because they just 254 00:11:27,880 --> 00:11:31,199 Speaker 1: soak up information, so dang well, they're ripe to be 255 00:11:31,280 --> 00:11:33,120 Speaker 1: taught some of these things. And so if we miss 256 00:11:33,160 --> 00:11:34,920 Speaker 1: out on the opportunity to teach them when they're young, 257 00:11:35,200 --> 00:11:38,280 Speaker 1: it only becomes difficult the older they get. Their prefrontal 258 00:11:38,440 --> 00:11:40,960 Speaker 1: cortexes are still being developed, so there's a lot more 259 00:11:41,000 --> 00:11:44,680 Speaker 1: elasticity going on that's those brains. And interestingly enough, there's 260 00:11:44,720 --> 00:11:47,160 Speaker 1: some recent research that shows that all of our brains 261 00:11:47,240 --> 00:11:50,040 Speaker 1: actually have more plasticity than scientists previously thought. I think 262 00:11:50,080 --> 00:11:53,040 Speaker 1: it's just came out. Speak for yourself, your brain is 263 00:11:53,080 --> 00:11:56,640 Speaker 1: done developing. Well. I thought this was kind of cool 264 00:11:56,720 --> 00:11:58,640 Speaker 1: that there's some of this research found that people still 265 00:11:58,720 --> 00:12:01,800 Speaker 1: in their sixties and seven, there's more plasticity in their 266 00:12:01,800 --> 00:12:04,400 Speaker 1: brain than they previously thought. They have more ability to 267 00:12:04,640 --> 00:12:08,720 Speaker 1: adapt and learn than was previously assumed. But of course 268 00:12:09,040 --> 00:12:13,240 Speaker 1: kids still have far more ability. They're changing that so 269 00:12:13,559 --> 00:12:16,559 Speaker 1: it's it's much easier to teach them money early on. 270 00:12:17,160 --> 00:12:19,679 Speaker 1: Based on their physiological makeup. They're just going to be 271 00:12:19,800 --> 00:12:23,600 Speaker 1: more susceptible to having these ideas get embedded deeply in there. 272 00:12:23,640 --> 00:12:25,439 Speaker 1: They're gonna stick around, and then they're going to have 273 00:12:25,480 --> 00:12:29,120 Speaker 1: an impact for years and decades to come. Teaching the 274 00:12:29,200 --> 00:12:33,000 Speaker 1: next generation something as important, something that we use on 275 00:12:33,080 --> 00:12:36,400 Speaker 1: a daily basis, something is necessary as personal finance. Doing 276 00:12:36,480 --> 00:12:38,640 Speaker 1: it regularly and starting at a young age is just 277 00:12:38,920 --> 00:12:42,640 Speaker 1: is massively important. Yeah, something else worth mentioning is, man, 278 00:12:42,720 --> 00:12:45,520 Speaker 1: I think that kids actually can help set you up 279 00:12:45,559 --> 00:12:47,960 Speaker 1: for financial success. You know the reason we're talking about 280 00:12:48,000 --> 00:12:51,120 Speaker 1: setting your kids up for financial successes for their own 281 00:12:51,160 --> 00:12:54,280 Speaker 1: well being. We're like, we're doing it for the kids themselves. 282 00:12:54,600 --> 00:12:56,960 Speaker 1: But obviously, you know, when when the stakes get raised 283 00:12:57,000 --> 00:12:59,600 Speaker 1: like this, it does like you could see a benefit 284 00:12:59,679 --> 00:13:01,839 Speaker 1: to you personally, but it could come full full circle 285 00:13:01,880 --> 00:13:04,200 Speaker 1: as well, because even though you may have been able 286 00:13:04,240 --> 00:13:06,400 Speaker 1: to plan as well as you thought you could, you 287 00:13:06,520 --> 00:13:08,679 Speaker 1: never know what kind of curveball's life might throw you 288 00:13:08,840 --> 00:13:11,160 Speaker 1: and down the road, maybe when you're in your golden years. 289 00:13:11,280 --> 00:13:13,240 Speaker 1: Hopefully your kids are in a great position to where 290 00:13:13,240 --> 00:13:15,400 Speaker 1: they might be able to welcome you into their home 291 00:13:16,000 --> 00:13:18,280 Speaker 1: when you are in your later years. Yeah, for sure, 292 00:13:18,320 --> 00:13:20,839 Speaker 1: and so hopefully you're planning well for your financial future. 293 00:13:21,240 --> 00:13:24,199 Speaker 1: But your kids who are financially savvy can help you 294 00:13:24,280 --> 00:13:27,120 Speaker 1: when you become old and infirm, Matt. Which I look 295 00:13:27,160 --> 00:13:29,599 Speaker 1: forward to those days personally, but you're doing it for 296 00:13:29,840 --> 00:13:32,160 Speaker 1: them for you know. I don't know if I told 297 00:13:32,160 --> 00:13:34,080 Speaker 1: you this. Emily and I recently took a marriage test 298 00:13:34,120 --> 00:13:35,920 Speaker 1: and one of the questions that there was one question 299 00:13:35,960 --> 00:13:37,840 Speaker 1: on there that made me smile, and it said are 300 00:13:37,880 --> 00:13:39,920 Speaker 1: you looking forward to growing old with your wife? And 301 00:13:39,960 --> 00:13:42,240 Speaker 1: I was like, heck, yes, I am, Like, I don't know, 302 00:13:42,320 --> 00:13:43,880 Speaker 1: I'm like kind of looking forward to old age. I 303 00:13:43,880 --> 00:13:45,800 Speaker 1: think it's gonna be fun. Yeah, I think it'll be fun. 304 00:13:45,880 --> 00:13:49,480 Speaker 1: I'm definitely still looking forward to like next month as 305 00:13:49,760 --> 00:13:51,160 Speaker 1: as well. I mean, I don't want to come to 306 00:13:51,200 --> 00:13:53,240 Speaker 1: come too fast. Yeah, Yeah, it's gonna it's gonna still 307 00:13:53,240 --> 00:13:55,560 Speaker 1: gonna be good. And hopefully, hopefully my kids are financially 308 00:13:55,600 --> 00:13:58,959 Speaker 1: savvy and they are able to, yeah, support us, not 309 00:13:59,120 --> 00:14:01,679 Speaker 1: not necessarily financial, but to be there for us and 310 00:14:01,800 --> 00:14:04,440 Speaker 1: to be on solid footing themselves. But let's talk about 311 00:14:04,520 --> 00:14:06,319 Speaker 1: how we get our kids to that point, Matt. Let's 312 00:14:06,320 --> 00:14:09,080 Speaker 1: talk about the most important factors that help fast track 313 00:14:09,360 --> 00:14:12,160 Speaker 1: kids to financial success that we can instill in them 314 00:14:12,240 --> 00:14:14,559 Speaker 1: as parents. Now we'll get through our thoughts on that 315 00:14:14,720 --> 00:14:26,080 Speaker 1: right after this. All right, we are back from the 316 00:14:26,160 --> 00:14:29,160 Speaker 1: break and again we're talking about fast tracking your kids 317 00:14:29,240 --> 00:14:31,960 Speaker 1: to financial success and you know, Joe, like, we'll talk 318 00:14:31,960 --> 00:14:34,400 Speaker 1: about some of those specific accounts that you can set 319 00:14:34,480 --> 00:14:36,480 Speaker 1: up for your kids, maybe even how much you should 320 00:14:36,480 --> 00:14:38,280 Speaker 1: be investing for their future. We'll get to that in 321 00:14:38,360 --> 00:14:40,040 Speaker 1: a bit, but first we wanted to touch on some 322 00:14:40,160 --> 00:14:45,040 Speaker 1: aspects that you can begin now like today, where there's 323 00:14:45,120 --> 00:14:47,840 Speaker 1: no income required, you know, in order to get that 324 00:14:47,840 --> 00:14:49,360 Speaker 1: ball rolling, because a lot of a lot of times, 325 00:14:49,400 --> 00:14:51,640 Speaker 1: in particular when it comes to investing, your kids need 326 00:14:51,680 --> 00:14:53,440 Speaker 1: to have that earned income. Or sometimes you're like, man, 327 00:14:53,520 --> 00:14:55,440 Speaker 1: I have an eighteen month old, Like, we're not talking 328 00:14:55,480 --> 00:14:58,760 Speaker 1: about investing yet, since where do I start? And investing 329 00:14:58,800 --> 00:14:59,960 Speaker 1: is a place you gotta get too, but it's not 330 00:15:00,000 --> 00:15:02,480 Speaker 1: the place you start. Yeah exactly. I mean so, so 331 00:15:02,720 --> 00:15:05,160 Speaker 1: I think when most folks, when most parents, in particular, 332 00:15:05,200 --> 00:15:07,640 Speaker 1: when they think about teaching their kids about money, like 333 00:15:07,760 --> 00:15:11,640 Speaker 1: they might instinctively think of maybe just the formal lessons 334 00:15:11,720 --> 00:15:14,200 Speaker 1: that they can teach, right, or or maybe they're thinking 335 00:15:14,520 --> 00:15:16,560 Speaker 1: like there's some kind of like kids and Money program 336 00:15:16,640 --> 00:15:19,400 Speaker 1: that they can sign up for. But we think that 337 00:15:19,800 --> 00:15:22,440 Speaker 1: the behavior that you're modeling for your kids and the 338 00:15:22,480 --> 00:15:25,200 Speaker 1: example that you're setting that that is even more crucial 339 00:15:25,840 --> 00:15:28,560 Speaker 1: because the reality is that what you do well that 340 00:15:28,680 --> 00:15:32,040 Speaker 1: means more over time than than what you say. And so, yeah, 341 00:15:32,080 --> 00:15:35,360 Speaker 1: you want your kids to not only do as you say, 342 00:15:35,480 --> 00:15:37,800 Speaker 1: but you want them to also do as you do. 343 00:15:38,440 --> 00:15:39,800 Speaker 1: And so one of the things that makes me think 344 00:15:39,840 --> 00:15:42,320 Speaker 1: of is the tone that you're setting when it comes 345 00:15:42,320 --> 00:15:44,840 Speaker 1: to talking about money. And so, for instance, every time 346 00:15:45,360 --> 00:15:47,680 Speaker 1: you talk about money, well, if it's a fight in 347 00:15:47,800 --> 00:15:50,280 Speaker 1: your house, um, I think what you're doing is you're 348 00:15:50,280 --> 00:15:52,600 Speaker 1: setting the expectation that anytime we talk about money like 349 00:15:52,720 --> 00:15:54,960 Speaker 1: this is how it should be talked about. Uh. And 350 00:15:55,080 --> 00:15:57,600 Speaker 1: so I think it's important to not just discuss what 351 00:15:57,880 --> 00:15:59,440 Speaker 1: it is that you're talking about, but how it is 352 00:15:59,520 --> 00:16:01,920 Speaker 1: that you're going about talking about that, because there's a 353 00:16:02,000 --> 00:16:05,320 Speaker 1: chance that your kids might completely push back against that 354 00:16:05,360 --> 00:16:07,360 Speaker 1: and they're gonna say, well, that's never going to be 355 00:16:07,440 --> 00:16:08,960 Speaker 1: what it's like when I grow up. But at the 356 00:16:09,000 --> 00:16:11,520 Speaker 1: same time, this is the expectation that you're setting, and 357 00:16:11,600 --> 00:16:13,640 Speaker 1: I think it can be an uphill battle if you 358 00:16:13,720 --> 00:16:15,520 Speaker 1: are setting that kind of negative tone. That kind of 359 00:16:15,640 --> 00:16:18,280 Speaker 1: negative vibe anytime you talk about money. Right. So one 360 00:16:18,320 --> 00:16:19,840 Speaker 1: example I think we could give to this Matt, just 361 00:16:19,960 --> 00:16:23,680 Speaker 1: in some other area of parenting is let's say you 362 00:16:24,080 --> 00:16:25,920 Speaker 1: enjoy cursing, which is totally fine, Like I don't have 363 00:16:25,960 --> 00:16:28,400 Speaker 1: a problem with that, but U but let's say, are 364 00:16:28,400 --> 00:16:32,320 Speaker 1: you talking about me specifically? Just general example here if 365 00:16:32,360 --> 00:16:35,080 Speaker 1: somebody likes cursing, just love to curse, Yeah, they love it, 366 00:16:35,320 --> 00:16:37,800 Speaker 1: and then they hear their kid cursing and like wait 367 00:16:37,840 --> 00:16:39,800 Speaker 1: a second, no, no, no, you're not allowed to do 368 00:16:39,920 --> 00:16:42,720 Speaker 1: that like this, I thought I taught you better than this. Well, 369 00:16:43,120 --> 00:16:44,960 Speaker 1: the fact is your kids are going to imitate what 370 00:16:45,080 --> 00:16:47,880 Speaker 1: you do. And so even if they don't do it 371 00:16:47,920 --> 00:16:49,160 Speaker 1: in front of you because they know it's gonna get 372 00:16:49,200 --> 00:16:51,560 Speaker 1: them in trouble, they're probably going to use that language 373 00:16:51,680 --> 00:16:53,320 Speaker 1: behind your back with their friends or something like that. 374 00:16:53,720 --> 00:16:56,600 Speaker 1: So the example we set, like how we behave our 375 00:16:56,680 --> 00:16:58,920 Speaker 1: kids are going to imitate that. They're going to respond 376 00:16:58,960 --> 00:17:01,000 Speaker 1: more to what we do than to what we say. 377 00:17:01,120 --> 00:17:03,200 Speaker 1: I just I just think that's ultimately, that's that's how 378 00:17:03,200 --> 00:17:04,840 Speaker 1: they learned how to be. In this word, they learn 379 00:17:04,920 --> 00:17:07,720 Speaker 1: how to be based on how we exist. And so 380 00:17:08,160 --> 00:17:10,080 Speaker 1: you got to think about that. Um so, so, yeah, 381 00:17:10,160 --> 00:17:12,720 Speaker 1: your example matters a lot. I still remember our conversation 382 00:17:12,800 --> 00:17:14,440 Speaker 1: Matt with Jail Collins back in the day, and he 383 00:17:14,520 --> 00:17:17,359 Speaker 1: basically said he gave more credit to his wife for 384 00:17:17,520 --> 00:17:20,040 Speaker 1: how his daughter turned out, even though he wrote like 385 00:17:20,119 --> 00:17:23,440 Speaker 1: a best selling investment book, right, the Simple Path to 386 00:17:23,480 --> 00:17:25,720 Speaker 1: Wealth that like tens and tens and thousands of people 387 00:17:25,720 --> 00:17:27,000 Speaker 1: have read. I don't know if I don't know if 388 00:17:27,000 --> 00:17:28,600 Speaker 1: it's sold a million copies or not yet, but he 389 00:17:28,680 --> 00:17:31,200 Speaker 1: wrote this massively successful. But but he said, no, no, 390 00:17:31,320 --> 00:17:33,200 Speaker 1: my wife modeled it day in and day out for 391 00:17:33,240 --> 00:17:35,480 Speaker 1: our daughter. She deserves the credit. And I think there's 392 00:17:35,480 --> 00:17:37,439 Speaker 1: a lot of truth to that that the modeling matters 393 00:17:37,520 --> 00:17:40,440 Speaker 1: more than the words that are said. Although the conversations 394 00:17:40,440 --> 00:17:43,760 Speaker 1: are important to you gotta have those discussions because even 395 00:17:43,800 --> 00:17:44,960 Speaker 1: if you need to have a little bit of both, 396 00:17:45,200 --> 00:17:47,480 Speaker 1: because like let's say, even even if you handle your money, 397 00:17:47,520 --> 00:17:50,040 Speaker 1: impact will be well, that's just not quite enough when 398 00:17:50,160 --> 00:17:52,440 Speaker 1: we're talking about transmitting that knowledge to our kids, because 399 00:17:52,480 --> 00:17:55,200 Speaker 1: it just it doesn't happen by osmosis, right, It doesn't 400 00:17:55,200 --> 00:17:57,480 Speaker 1: just seep in just because we're doing the right thing. 401 00:17:57,640 --> 00:17:59,240 Speaker 1: It kind of does, but it also kind of doesn't. 402 00:17:59,320 --> 00:18:01,719 Speaker 1: Let's say you have a million dollars in your four 403 00:18:01,720 --> 00:18:03,520 Speaker 1: o one K because you've been a great investor, but 404 00:18:03,640 --> 00:18:06,480 Speaker 1: you never ever ever talk about it with your kids. Well, 405 00:18:06,520 --> 00:18:08,399 Speaker 1: they don't necessarily know that, so you've got to use 406 00:18:08,440 --> 00:18:11,320 Speaker 1: words too, And so we would say it makes sense 407 00:18:11,400 --> 00:18:14,520 Speaker 1: to have more money talks, but to make them actually 408 00:18:14,520 --> 00:18:16,920 Speaker 1: a little more mundane. That might sound a little weird 409 00:18:16,960 --> 00:18:19,320 Speaker 1: to have mundane money talks, but we would say that 410 00:18:19,359 --> 00:18:23,840 Speaker 1: means chatting normally about purchases at the store, about delayed gratification, 411 00:18:23,880 --> 00:18:25,639 Speaker 1: how you're saving up for something, but it's gonna be 412 00:18:25,680 --> 00:18:27,760 Speaker 1: another six months till you can get it, until you've 413 00:18:27,760 --> 00:18:30,440 Speaker 1: saved up the cash to buy that thing without having 414 00:18:30,480 --> 00:18:32,680 Speaker 1: you go into debt for it, answering questions too, and 415 00:18:32,720 --> 00:18:35,080 Speaker 1: a thoughtful way. Kids have questions about money all the time. Yeah, 416 00:18:35,080 --> 00:18:37,760 Speaker 1: I think when you say mundane, that doesn't mean boring conversations. 417 00:18:37,800 --> 00:18:40,080 Speaker 1: It just means like talking about them in a in 418 00:18:40,160 --> 00:18:42,359 Speaker 1: a like day to day kind of way, where like 419 00:18:42,480 --> 00:18:44,399 Speaker 1: the emotion is removed from it, sort of like what 420 00:18:44,480 --> 00:18:46,240 Speaker 1: I was saying earlier too, Like it's it's a desire 421 00:18:46,320 --> 00:18:48,280 Speaker 1: to teach in the every day in the ordinary, And 422 00:18:48,640 --> 00:18:50,680 Speaker 1: you know not for these conversations every time you have 423 00:18:50,800 --> 00:18:53,919 Speaker 1: them to be just charged and loaded with with emotion 424 00:18:54,000 --> 00:18:55,800 Speaker 1: and monumental. You're not going to teach your kid how 425 00:18:55,840 --> 00:18:58,040 Speaker 1: to invest in like one sit down combo, like birds 426 00:18:58,040 --> 00:19:00,600 Speaker 1: in the B style chat, right, It's gonna take like short, 427 00:19:00,720 --> 00:19:05,000 Speaker 1: thoughtful combos over an extended period of time. And and 428 00:19:05,720 --> 00:19:07,800 Speaker 1: like that means including your kids and decisions. Mat I 429 00:19:07,840 --> 00:19:09,920 Speaker 1: don't know about you. Sometimes I have a hard time 430 00:19:10,840 --> 00:19:12,720 Speaker 1: letting my kids do things when I know they're gonna 431 00:19:12,720 --> 00:19:15,280 Speaker 1: make a mess. But but ultimately that's in their best interest, right, 432 00:19:15,560 --> 00:19:18,840 Speaker 1: whether it's yeah, learning to scrape their plates and put 433 00:19:18,920 --> 00:19:21,040 Speaker 1: them in the dishwasher, and I'm like, oh, I guess 434 00:19:21,040 --> 00:19:23,080 Speaker 1: I'll just do it myself because I do it better 435 00:19:23,080 --> 00:19:26,320 Speaker 1: than they do. But I think the same thing is 436 00:19:26,359 --> 00:19:28,880 Speaker 1: true when it comes to including them in money decisions. 437 00:19:28,960 --> 00:19:31,080 Speaker 1: It's like, well, it's gonna be quicker, it's gonna be 438 00:19:31,119 --> 00:19:33,560 Speaker 1: more efficient if I handle it myself. But if you 439 00:19:33,640 --> 00:19:35,840 Speaker 1: want your kids to be money savvy, you're gonna you're 440 00:19:35,840 --> 00:19:38,040 Speaker 1: gonna want to start including them in those money conversations 441 00:19:38,080 --> 00:19:40,480 Speaker 1: along the way, even though it's going to maybe draw 442 00:19:40,560 --> 00:19:43,040 Speaker 1: out the deliberation process. It's gonna make it take a 443 00:19:43,080 --> 00:19:45,320 Speaker 1: little bit longer. Ultimately, it's going to be in their 444 00:19:45,320 --> 00:19:47,080 Speaker 1: best interest if you kind of start including them in 445 00:19:47,119 --> 00:19:49,960 Speaker 1: those discussions and if you value their input. That's right. Yeah, 446 00:19:50,040 --> 00:19:51,639 Speaker 1: And you know, of course all kids are going to 447 00:19:51,680 --> 00:19:53,879 Speaker 1: be different, right, Like you're likely you're gonna have to 448 00:19:53,960 --> 00:19:57,440 Speaker 1: take a different tact with each one. Uh. Like, for instance, 449 00:19:57,440 --> 00:19:59,680 Speaker 1: you might have one kid who's a natural saver, and 450 00:20:00,040 --> 00:20:02,200 Speaker 1: you know, that might make you so proud, like makes 451 00:20:02,200 --> 00:20:04,160 Speaker 1: you feel really good that they're able to stock away 452 00:20:04,160 --> 00:20:06,600 Speaker 1: all that money, but they still need to learn how 453 00:20:06,680 --> 00:20:08,639 Speaker 1: to spend on things that are important to them. And 454 00:20:08,760 --> 00:20:10,840 Speaker 1: of course they'll need to be taught how to invest 455 00:20:11,119 --> 00:20:13,600 Speaker 1: as well. They maybe they're naturally a saver, but they're 456 00:20:13,640 --> 00:20:16,280 Speaker 1: not willing to put that money at risk by investing it. 457 00:20:16,680 --> 00:20:18,280 Speaker 1: And we are going to talk about investing here in 458 00:20:18,280 --> 00:20:20,560 Speaker 1: a little bit. But it's more than just you know, 459 00:20:20,640 --> 00:20:23,760 Speaker 1: like that natural proclivity that a kid might have. It's 460 00:20:23,800 --> 00:20:27,159 Speaker 1: the way that kids learn best that can vary as well. 461 00:20:27,480 --> 00:20:29,040 Speaker 1: It makes me think, like, for instance, it is your 462 00:20:29,080 --> 00:20:32,320 Speaker 1: kid more of a visual learner or an auditory one, 463 00:20:32,359 --> 00:20:34,480 Speaker 1: Like can you just have a conversation with them about stuff, 464 00:20:34,560 --> 00:20:37,480 Speaker 1: or is it helpful for them to see things, Because 465 00:20:37,600 --> 00:20:39,600 Speaker 1: if that's the case, like maybe playing a board game 466 00:20:39,680 --> 00:20:42,880 Speaker 1: like Monopoly, like that might help to generate a great 467 00:20:42,920 --> 00:20:45,680 Speaker 1: money discussion if they're able to see, I don't you know, 468 00:20:45,720 --> 00:20:47,639 Speaker 1: all the properties lined up, but they're they're holding that 469 00:20:47,720 --> 00:20:49,800 Speaker 1: play money in their hand. And so just keep that 470 00:20:49,800 --> 00:20:53,040 Speaker 1: in mind because if you're using ineffective methods of teaching 471 00:20:53,080 --> 00:20:55,879 Speaker 1: your kids, it might feel like trying to to put 472 00:20:55,920 --> 00:20:57,960 Speaker 1: a square peg in a round hole. Yeah, for sure 473 00:20:58,320 --> 00:21:01,640 Speaker 1: that the method matters. You're gonna adapt it to each kid. 474 00:21:02,119 --> 00:21:03,879 Speaker 1: You're not gonna be able to just like take the 475 00:21:03,960 --> 00:21:06,159 Speaker 1: exact same route with with everythingle Let's say you have 476 00:21:06,280 --> 00:21:08,280 Speaker 1: multiple kids. Some some people choose have one. That's great. 477 00:21:08,440 --> 00:21:10,320 Speaker 1: But with Matt, we've got three kids. They're all different. 478 00:21:10,520 --> 00:21:12,639 Speaker 1: You've got four, I've got three, and they're all different, 479 00:21:12,680 --> 00:21:14,840 Speaker 1: and so we I have to kind of approach them 480 00:21:15,160 --> 00:21:18,359 Speaker 1: uniquely in those conversations based on their personality and based 481 00:21:18,359 --> 00:21:20,240 Speaker 1: on kind of their bent when it comes to money, 482 00:21:20,359 --> 00:21:22,240 Speaker 1: and you can't. You can't. Just like, honestly, I feel 483 00:21:22,240 --> 00:21:24,520 Speaker 1: like I've learned so much from reading this The biophy 484 00:21:24,600 --> 00:21:27,199 Speaker 1: on on Warren Buffett. But like one of his mistakes 485 00:21:27,200 --> 00:21:28,840 Speaker 1: I feel like as a parent is he just assumed 486 00:21:29,080 --> 00:21:30,960 Speaker 1: that his kids were gonna be just like him. And 487 00:21:31,119 --> 00:21:33,480 Speaker 1: as far as their natural tendency to want to dive 488 00:21:33,520 --> 00:21:36,680 Speaker 1: into business and to be a self starter, uh, it 489 00:21:36,760 --> 00:21:40,440 Speaker 1: took them multiple decades to get to that point to 490 00:21:40,480 --> 00:21:43,239 Speaker 1: where they're making uh I think what he would call 491 00:21:43,600 --> 00:21:46,560 Speaker 1: savvy money and business moves. But like, I feel like 492 00:21:46,600 --> 00:21:48,080 Speaker 1: that would be an instance where he just assumed that 493 00:21:48,119 --> 00:21:49,600 Speaker 1: they're gonna be just like him, and that's just not 494 00:21:49,640 --> 00:21:50,960 Speaker 1: the kid. I think a lot of parents assume that, 495 00:21:50,960 --> 00:21:52,480 Speaker 1: and then once you especially if you have a few, 496 00:21:52,520 --> 00:21:54,680 Speaker 1: you're like, wait a second. They're all different, and maybe 497 00:21:54,720 --> 00:21:57,280 Speaker 1: they have little bits and pieces of of me and Emily, 498 00:21:57,359 --> 00:22:00,800 Speaker 1: but they also are completely themselves in some anyways. And 499 00:22:00,880 --> 00:22:03,639 Speaker 1: I don't really expect them to turn out just like 500 00:22:03,800 --> 00:22:07,359 Speaker 1: me or even anywhere close necessarily. But before kids can 501 00:22:07,400 --> 00:22:09,440 Speaker 1: do anything with their money, Matt, they've got to earn 502 00:22:09,560 --> 00:22:12,280 Speaker 1: some of it, right, And I think that's crucial to 503 00:22:12,720 --> 00:22:15,680 Speaker 1: help your kids form a connection between money that comes 504 00:22:15,720 --> 00:22:18,119 Speaker 1: into their lives and the work that it takes to 505 00:22:18,160 --> 00:22:20,640 Speaker 1: get it. This is just another one of those massively 506 00:22:20,720 --> 00:22:22,760 Speaker 1: important lessons that it takes when it comes to fast 507 00:22:22,800 --> 00:22:26,959 Speaker 1: tracking your kids to financial success, because I don't want 508 00:22:27,000 --> 00:22:29,480 Speaker 1: my kids thinking that they get money just because they're alive. 509 00:22:29,880 --> 00:22:32,720 Speaker 1: Just because they breathe doesn't mean they get money in 510 00:22:32,720 --> 00:22:35,880 Speaker 1: their bank account or that I give them cash straight 511 00:22:35,880 --> 00:22:38,080 Speaker 1: into their hands when they ask. So yeah, we would 512 00:22:38,119 --> 00:22:39,800 Speaker 1: say it's important to take some steps to help your 513 00:22:39,880 --> 00:22:42,359 Speaker 1: kids think of creative ways that they can earn money 514 00:22:42,680 --> 00:22:45,200 Speaker 1: for things that they end up wanting. You don't have 515 00:22:45,280 --> 00:22:47,159 Speaker 1: to necessarily help them with like a lemonated stand or 516 00:22:47,200 --> 00:22:50,119 Speaker 1: bake sale every single weekend or anything like that, Like 517 00:22:50,240 --> 00:22:52,359 Speaker 1: that's putting too much pressure on yourself and there's no 518 00:22:52,440 --> 00:22:54,639 Speaker 1: need to go that hardcore. But you might want to 519 00:22:54,680 --> 00:22:56,399 Speaker 1: make it like a quarterly goal or something like that 520 00:22:56,560 --> 00:22:59,359 Speaker 1: to to help them with ideas that can generate income. 521 00:22:59,480 --> 00:23:01,640 Speaker 1: And so much that depends on their age. Older they get, 522 00:23:02,000 --> 00:23:03,760 Speaker 1: they can probably do this on their own. They don't 523 00:23:03,760 --> 00:23:06,320 Speaker 1: even need you. Let's say they're eleven, twelve, thirteen. There's 524 00:23:06,320 --> 00:23:07,919 Speaker 1: things that they can do in the neighborhood to make 525 00:23:08,000 --> 00:23:10,919 Speaker 1: money that don't necessarily have to involve you coming up 526 00:23:10,960 --> 00:23:13,760 Speaker 1: with the idea of participating with them. Uh and and 527 00:23:13,840 --> 00:23:16,680 Speaker 1: so much depends on their intrinsic desires to We've done 528 00:23:16,720 --> 00:23:19,840 Speaker 1: things like selling hot cocoa, or we've done art sales 529 00:23:19,880 --> 00:23:22,240 Speaker 1: where the girls like they make their own art and 530 00:23:22,320 --> 00:23:23,679 Speaker 1: then they put it out for sale at the end 531 00:23:23,680 --> 00:23:26,159 Speaker 1: of the driveway, or just selling old toys like right 532 00:23:26,160 --> 00:23:28,159 Speaker 1: and are there are their toys that they've had that 533 00:23:28,200 --> 00:23:31,200 Speaker 1: they've gotten for holidays over the years and birthdays that 534 00:23:31,320 --> 00:23:33,080 Speaker 1: they feel like they could part with and they'd rather 535 00:23:33,160 --> 00:23:34,879 Speaker 1: have the cash than to have these toys that they 536 00:23:34,880 --> 00:23:37,040 Speaker 1: don't play with anymore. These are all kind of great 537 00:23:37,080 --> 00:23:39,280 Speaker 1: ways to teach them how to make money, the value 538 00:23:39,280 --> 00:23:40,960 Speaker 1: of a dollar and stuff like that, But are really 539 00:23:41,000 --> 00:23:43,400 Speaker 1: so much of it starts with helping them find ways 540 00:23:43,440 --> 00:23:46,040 Speaker 1: to earn money and understand that that is the main 541 00:23:46,160 --> 00:23:48,600 Speaker 1: way that money comes into your life. Totally. Yeah, I 542 00:23:48,680 --> 00:23:51,080 Speaker 1: think kind of thinking about these things creatively with your kids, 543 00:23:51,160 --> 00:23:53,520 Speaker 1: it's it's sort of the gift of entrepreneurship. Yeah, Like 544 00:23:53,600 --> 00:23:56,359 Speaker 1: the ability for you to impart upon your kids the 545 00:23:56,440 --> 00:23:59,199 Speaker 1: knowledge that they could potentially earn money in all all 546 00:23:59,240 --> 00:24:01,640 Speaker 1: of these different types of ways. I think that's that's 547 00:24:01,640 --> 00:24:04,400 Speaker 1: an incredible lesson that we can help train our kids 548 00:24:04,440 --> 00:24:07,640 Speaker 1: in as well, but on on that note, allowances, let's 549 00:24:07,640 --> 00:24:09,440 Speaker 1: talk about that because I think a lot of folks 550 00:24:09,560 --> 00:24:11,680 Speaker 1: like this, this question always comes up when we start 551 00:24:11,720 --> 00:24:15,119 Speaker 1: talking about helping kids to handle their money effectively. And 552 00:24:15,359 --> 00:24:17,919 Speaker 1: you know, I think allowances can be a good idea. 553 00:24:18,520 --> 00:24:21,000 Speaker 1: You know, ensuring that your kids have money to to save, 554 00:24:21,200 --> 00:24:24,040 Speaker 1: to spend, invest to give money like that puts the 555 00:24:24,119 --> 00:24:28,440 Speaker 1: concepts that you're discussing into practice for them. Uh So, yeah, 556 00:24:28,480 --> 00:24:30,359 Speaker 1: get you know, giving your kids a set amount of 557 00:24:30,440 --> 00:24:32,920 Speaker 1: money each week based on their age, that that can 558 00:24:33,040 --> 00:24:35,399 Speaker 1: be smart. But it's also important to to create a 559 00:24:35,440 --> 00:24:38,240 Speaker 1: distinction that there are just going to be some chores 560 00:24:38,280 --> 00:24:41,199 Speaker 1: they're they're gonna be some tasks out there that they 561 00:24:41,320 --> 00:24:43,399 Speaker 1: have to help with just because they're part of the family, 562 00:24:43,520 --> 00:24:46,040 Speaker 1: not because uh it's something that they're going to get 563 00:24:46,040 --> 00:24:48,800 Speaker 1: paid for. Uh. And so keep that in mind. But 564 00:24:49,000 --> 00:24:52,600 Speaker 1: it's a fine balance to strike when you are um basically, 565 00:24:52,680 --> 00:24:54,639 Speaker 1: what we're focusing on are the different practices of what 566 00:24:54,720 --> 00:24:57,320 Speaker 1: you can do with money once you haven't in hand. 567 00:24:57,440 --> 00:24:59,720 Speaker 1: That's what I feel like an allowance focuses on. But 568 00:25:00,000 --> 00:25:03,680 Speaker 1: you still want to keep them receiving that money. Very 569 00:25:03,760 --> 00:25:07,400 Speaker 1: close to the concept of working for that money. Otherwise, 570 00:25:07,640 --> 00:25:11,080 Speaker 1: I think if you use allowances ineffectively, it can have 571 00:25:11,160 --> 00:25:13,080 Speaker 1: a negative impact, right, like making it feel like that 572 00:25:13,160 --> 00:25:15,720 Speaker 1: money just falls out of thin air. So first tying 573 00:25:15,800 --> 00:25:17,800 Speaker 1: that money to the work that they're doing, and then 574 00:25:17,840 --> 00:25:20,480 Speaker 1: focusing on those other practices as well, like like you know, 575 00:25:20,560 --> 00:25:23,040 Speaker 1: like I mentioned, spending, saving, investing, giving. I think it's 576 00:25:23,080 --> 00:25:25,480 Speaker 1: really important too for parents to set budgets for certain 577 00:25:25,520 --> 00:25:27,040 Speaker 1: things that they spend money on, and then if their 578 00:25:27,080 --> 00:25:29,120 Speaker 1: kids want something it's more expensive, say all right, that's 579 00:25:29,119 --> 00:25:30,920 Speaker 1: gonna come out of your money. So I mean, my 580 00:25:31,000 --> 00:25:33,600 Speaker 1: parents did this with me really well, when like buy 581 00:25:33,640 --> 00:25:36,000 Speaker 1: and sneak or something, Remember your sneakers. Yeah, it's like 582 00:25:36,080 --> 00:25:38,160 Speaker 1: like listen, there's a money threshold that they're gonna spend 583 00:25:38,160 --> 00:25:39,959 Speaker 1: if I want the fancier ones, I got to come 584 00:25:40,000 --> 00:25:42,280 Speaker 1: to the table with my birthday, Christmas allowance money whatever 585 00:25:42,359 --> 00:25:45,600 Speaker 1: that is, And so that made me rethink. It helped 586 00:25:45,640 --> 00:25:48,679 Speaker 1: me realize the value of the thing that I wanted. 587 00:25:48,960 --> 00:25:51,920 Speaker 1: And lots of times I took the cheaper item that 588 00:25:52,000 --> 00:25:54,560 Speaker 1: my parents would fully subsidize, and on occasion I would 589 00:25:54,600 --> 00:25:57,240 Speaker 1: pony up the extra dough to get the exact item 590 00:25:57,320 --> 00:25:59,520 Speaker 1: that I really wanted so much depending on how much 591 00:25:59,560 --> 00:26:01,840 Speaker 1: money I had and how valuable that thing actually was. 592 00:26:02,000 --> 00:26:04,840 Speaker 1: But not those Scottie Pippens. The Scotty Pippens I did get, 593 00:26:05,080 --> 00:26:07,120 Speaker 1: Oh you did? I did? That was like the one 594 00:26:07,119 --> 00:26:09,920 Speaker 1: fancy pair of Yeah, and they were awesome, but they're 595 00:26:10,000 --> 00:26:12,320 Speaker 1: worth it. They were worth that was your craft. I 596 00:26:12,359 --> 00:26:15,040 Speaker 1: still remember those things that age twelve, but that's while 597 00:26:15,080 --> 00:26:17,440 Speaker 1: shoes kind of where my my craftier equivalent at that point. 598 00:26:17,640 --> 00:26:19,720 Speaker 1: But those are the kind of discussions I think that 599 00:26:19,840 --> 00:26:22,080 Speaker 1: are really fruitful is saying, like, listen, we've only got 600 00:26:22,160 --> 00:26:24,880 Speaker 1: this much money to allocate towards a school book bag 601 00:26:25,000 --> 00:26:28,000 Speaker 1: or whatever it is, and it introduces the idea of scarcity, 602 00:26:28,240 --> 00:26:30,280 Speaker 1: but like the fact that there is only so much 603 00:26:30,320 --> 00:26:32,760 Speaker 1: money so or at least only so much money that 604 00:26:32,800 --> 00:26:34,719 Speaker 1: we're willing to spend, right, Because that's the other thing 605 00:26:34,880 --> 00:26:37,040 Speaker 1: as well, is it's not to put this fear that 606 00:26:37,080 --> 00:26:39,040 Speaker 1: we're going to run out of money, like before your 607 00:26:39,080 --> 00:26:41,040 Speaker 1: kids and some with some families that might definitely be 608 00:26:41,080 --> 00:26:43,600 Speaker 1: the case. But in other cases you probably have plenty 609 00:26:43,600 --> 00:26:46,240 Speaker 1: of money that you could buy an extra pair of 610 00:26:46,240 --> 00:26:48,040 Speaker 1: shoes or a different jacket or something like that that 611 00:26:48,080 --> 00:26:49,919 Speaker 1: your kid might, but it's about being honest and saying, well, 612 00:26:49,960 --> 00:26:52,200 Speaker 1: this is how much we're willing to spend beyond that 613 00:26:52,320 --> 00:26:53,720 Speaker 1: that's on you. And by the way, so we're talking 614 00:26:53,720 --> 00:26:55,800 Speaker 1: about earning and talking about allowances, let's talk about like 615 00:26:55,920 --> 00:26:58,200 Speaker 1: especially as kids get older. I think it's important to 616 00:26:58,200 --> 00:27:00,960 Speaker 1: mention high school jobs here because, uh, we think of 617 00:27:01,040 --> 00:27:03,000 Speaker 1: those as being a really good thing and that a 618 00:27:03,119 --> 00:27:06,040 Speaker 1: lot of kids should probably be working at that point 619 00:27:06,040 --> 00:27:09,040 Speaker 1: in time. And the reality, Matt, when you look at 620 00:27:09,040 --> 00:27:11,480 Speaker 1: the numbers, is that fewer kids are actually doing this. 621 00:27:11,600 --> 00:27:15,400 Speaker 1: Something close to fewer young folks are working in high 622 00:27:15,400 --> 00:27:17,920 Speaker 1: school than was the norm decades ago. I think some 623 00:27:18,040 --> 00:27:20,199 Speaker 1: folks would say, you've got the whole rest of your 624 00:27:20,240 --> 00:27:21,840 Speaker 1: life to work, why would you want to get started 625 00:27:21,880 --> 00:27:25,159 Speaker 1: when you're fifteen. Don't don't ruin his childhood, right exactly? 626 00:27:26,080 --> 00:27:28,440 Speaker 1: I mean, I guess I get that response, like it 627 00:27:28,520 --> 00:27:30,879 Speaker 1: makes sense to me, But I would say, I would retort. 628 00:27:30,920 --> 00:27:32,639 Speaker 1: I would say, there's there's like a host of skills 629 00:27:32,920 --> 00:27:35,800 Speaker 1: like time management, of working with the team, personal responsibility, 630 00:27:36,119 --> 00:27:38,320 Speaker 1: learning to like look an adult in the eyes, those 631 00:27:38,400 --> 00:27:41,040 Speaker 1: kinds of things that a kid is able to learn 632 00:27:41,440 --> 00:27:43,879 Speaker 1: if they have a real after school job that they 633 00:27:44,200 --> 00:27:45,639 Speaker 1: might not be able to learn in the same way 634 00:27:45,680 --> 00:27:48,080 Speaker 1: at least at home. That I would say the most 635 00:27:48,160 --> 00:27:50,880 Speaker 1: important benefits that you get of working at that age, 636 00:27:50,920 --> 00:27:52,879 Speaker 1: they go just way beyond making money. It's not about 637 00:27:53,200 --> 00:27:55,119 Speaker 1: the five dollars and fifteen cents an hour MATT that 638 00:27:55,200 --> 00:27:57,760 Speaker 1: I made when I was fourteen working at the fast 639 00:27:57,760 --> 00:28:00,920 Speaker 1: food restaurant across from across from my school. But it's 640 00:28:01,000 --> 00:28:03,960 Speaker 1: about all those other intangible benefits that served me that 641 00:28:04,160 --> 00:28:06,879 Speaker 1: like I had to learn at an earlier age, and 642 00:28:06,920 --> 00:28:09,959 Speaker 1: I feel like they paid massive dividends moving forward when 643 00:28:10,000 --> 00:28:12,760 Speaker 1: I like went into an actual career. Yeah, it's not 644 00:28:12,840 --> 00:28:15,520 Speaker 1: like you set yourself up for success with uh your 645 00:28:15,600 --> 00:28:18,200 Speaker 1: minimum wave right said job, it's not about them. It's 646 00:28:18,240 --> 00:28:20,040 Speaker 1: less about the money, right, No, I wasn't that even 647 00:28:20,080 --> 00:28:22,440 Speaker 1: really investing that money. It's it's barely helping buy like 648 00:28:22,480 --> 00:28:24,880 Speaker 1: the cheapest car possible. It's not one of those things 649 00:28:24,880 --> 00:28:26,800 Speaker 1: in the car maybe covered your gas is literally an 650 00:28:26,840 --> 00:28:30,399 Speaker 1: eighteen hundred dollar Toyota Corolla or whatever, but it's uh 651 00:28:30,680 --> 00:28:31,960 Speaker 1: or no, it was a camera. They just were the 652 00:28:32,000 --> 00:28:34,080 Speaker 1: signs of Corollas back then. But those are the kind 653 00:28:34,080 --> 00:28:36,040 Speaker 1: of things that like, it's it's not about the money, 654 00:28:36,040 --> 00:28:38,120 Speaker 1: It's about all those other things I learned, showing up 655 00:28:38,160 --> 00:28:40,120 Speaker 1: on time, getting the job done, doing stuff I didn't like, 656 00:28:40,280 --> 00:28:43,040 Speaker 1: like squeezing lemons. I was the worst. All right, Well, 657 00:28:43,080 --> 00:28:45,400 Speaker 1: so earning money that is the first step, right, but 658 00:28:45,520 --> 00:28:48,000 Speaker 1: let's talk about what you do after that, and hopefully 659 00:28:48,080 --> 00:28:51,160 Speaker 1: that includes saving a good portion of that earned income. 660 00:28:51,960 --> 00:28:56,040 Speaker 1: One great tactic to incentivize your kids savings is by 661 00:28:56,120 --> 00:28:59,959 Speaker 1: paying what we would call an astronomically high interest rate, 662 00:29:01,160 --> 00:29:03,200 Speaker 1: which is a great way to help them to understand 663 00:29:03,480 --> 00:29:05,600 Speaker 1: that their money, that he can make money, even if 664 00:29:05,640 --> 00:29:08,239 Speaker 1: it's just sitting around. That is exactly what we did 665 00:29:08,320 --> 00:29:11,880 Speaker 1: with our oldest daughter. We were sitting down and I 666 00:29:12,000 --> 00:29:16,480 Speaker 1: was paying her two weekly in order for her to 667 00:29:16,960 --> 00:29:19,240 Speaker 1: understand that this was something that she could do that 668 00:29:19,280 --> 00:29:21,400 Speaker 1: would actually move the needle. Because I remember when I 669 00:29:21,480 --> 00:29:23,560 Speaker 1: was a kid going to the bank and Dad, no, 670 00:29:23,680 --> 00:29:25,720 Speaker 1: we we opened us savings account. I don't know what 671 00:29:25,960 --> 00:29:27,760 Speaker 1: rate that they're they're they were paying, but I was 672 00:29:27,800 --> 00:29:30,120 Speaker 1: only earning like pennies. And I just remember even at 673 00:29:30,160 --> 00:29:32,760 Speaker 1: the time, thinking, I don't think this is like teaching 674 00:29:32,800 --> 00:29:35,640 Speaker 1: me the lesson you think, because I had like zero 675 00:29:35,760 --> 00:29:39,760 Speaker 1: desire to to continue to save more money, but finding 676 00:29:39,800 --> 00:29:43,160 Speaker 1: a way to help those lessons to sink in and 677 00:29:43,240 --> 00:29:45,560 Speaker 1: then help your kids as well to consider what it 678 00:29:45,720 --> 00:29:47,360 Speaker 1: is that they're saving for. I think that can be 679 00:29:47,440 --> 00:29:50,480 Speaker 1: helpful as well. Again with with our oldest, she's a 680 00:29:50,640 --> 00:29:54,240 Speaker 1: really content child, uh and there's not it doesn't seem 681 00:29:54,280 --> 00:29:55,520 Speaker 1: like there's a whole that that she wants, and so 682 00:29:55,560 --> 00:29:58,440 Speaker 1: I've kind of been surprised at the fact that, uh, 683 00:29:58,640 --> 00:30:01,160 Speaker 1: we're having to trying to like prod her a little 684 00:30:01,160 --> 00:30:02,640 Speaker 1: bit and be like, hey, you know, this is something 685 00:30:02,680 --> 00:30:05,360 Speaker 1: you could potentially get, kind of like dangling some of 686 00:30:05,400 --> 00:30:07,320 Speaker 1: these carrots in front of her in order for her 687 00:30:07,400 --> 00:30:10,480 Speaker 1: to be more ambitious. It's good overall. I think it's 688 00:30:10,480 --> 00:30:12,840 Speaker 1: a good thing that she's content, But when it comes 689 00:30:12,880 --> 00:30:15,720 Speaker 1: to being like an aggressive saver, it's not necessarily stoking 690 00:30:15,760 --> 00:30:18,520 Speaker 1: the fire, you know what I'm saying. But you know, 691 00:30:18,960 --> 00:30:22,360 Speaker 1: all savings eventually become expenses as well, because what is 692 00:30:22,400 --> 00:30:24,240 Speaker 1: it that you're saving up for it, Well, it's typically 693 00:30:24,280 --> 00:30:26,000 Speaker 1: spend money. And so I think part of this is 694 00:30:26,040 --> 00:30:28,640 Speaker 1: helping your kids to consider some of these different spending 695 00:30:28,680 --> 00:30:31,080 Speaker 1: decisions so that you know they don't end up buying 696 00:30:31,120 --> 00:30:33,840 Speaker 1: things on a whim that they're going to later regret. Yeah, 697 00:30:33,840 --> 00:30:36,160 Speaker 1: I mean, I think I mentioned a couple of months 698 00:30:36,200 --> 00:30:39,280 Speaker 1: ago taking my oldest nine year old to to Costco 699 00:30:39,560 --> 00:30:42,800 Speaker 1: and she wanted this like squishy mellow pillow thing, and 700 00:30:43,280 --> 00:30:46,000 Speaker 1: I think it was eighteen dollars, I don't remember, but 701 00:30:46,080 --> 00:30:48,160 Speaker 1: it was a spur of the moment, and so we 702 00:30:48,240 --> 00:30:50,720 Speaker 1: said she had zero desire to have that until she 703 00:30:50,760 --> 00:30:52,560 Speaker 1: saw She had never talked about getting one of these before. 704 00:30:52,600 --> 00:30:54,920 Speaker 1: I think she already had one, Like it's conra Nickels, Like, 705 00:30:54,960 --> 00:30:56,880 Speaker 1: she's got so many stuffed animals, it's hard for me 706 00:30:57,040 --> 00:30:58,920 Speaker 1: to be like, great, yeah, let's spend money on this. 707 00:30:59,160 --> 00:31:00,960 Speaker 1: But it's her money, so she gets to choose those things. 708 00:31:01,400 --> 00:31:03,120 Speaker 1: But we have a forty eight hour role. And so 709 00:31:03,200 --> 00:31:05,080 Speaker 1: I was like, listen, if you really want this, two 710 00:31:05,160 --> 00:31:07,120 Speaker 1: days from now, I will bring you back here and 711 00:31:07,200 --> 00:31:09,840 Speaker 1: we will get this squashy mellow and it's all yours, like, 712 00:31:09,880 --> 00:31:12,160 Speaker 1: spend your money on it, but well, let's make thoughtful 713 00:31:12,360 --> 00:31:15,520 Speaker 1: purchasing decisions. And so two days later she remembered it 714 00:31:15,560 --> 00:31:17,240 Speaker 1: and she wanted it. I was assuming she was going 715 00:31:17,320 --> 00:31:19,480 Speaker 1: to completely forget about it, but no, she was like, no, 716 00:31:19,840 --> 00:31:21,440 Speaker 1: it piqued my interest. This is the thing I want 717 00:31:21,480 --> 00:31:23,120 Speaker 1: to spend my money on, and I think it's okay. 718 00:31:23,160 --> 00:31:25,840 Speaker 1: Then I took her back when we got it. But sometimes, uh, 719 00:31:26,000 --> 00:31:28,560 Speaker 1: teaching your kids money about how to use money effectively, 720 00:31:28,640 --> 00:31:30,360 Speaker 1: it's gonna take a little more from you because that 721 00:31:30,400 --> 00:31:32,400 Speaker 1: I had to drive back and and it actually let 722 00:31:32,440 --> 00:31:34,640 Speaker 1: her get get the eyem that she wanted. But it's 723 00:31:34,880 --> 00:31:37,200 Speaker 1: that's that's what it takes though. It takes patience and time, 724 00:31:37,320 --> 00:31:39,360 Speaker 1: and I think oftentimes we're not willing to give it 725 00:31:39,640 --> 00:31:41,560 Speaker 1: that kind of time, you know, Like that's the like 726 00:31:41,640 --> 00:31:43,480 Speaker 1: I was thinking about when we were talking about the 727 00:31:43,560 --> 00:31:45,600 Speaker 1: ability for kids to learn things because their minds are 728 00:31:45,600 --> 00:31:47,760 Speaker 1: more malleable. I was reading some up on that, and 729 00:31:48,160 --> 00:31:51,560 Speaker 1: oftentimes it's because kids are willing to explore, and exploring 730 00:31:51,600 --> 00:31:54,160 Speaker 1: takes time. And as adults, we I mean, we often 731 00:31:54,240 --> 00:31:57,520 Speaker 1: times have so many different responsibilities and tasks that we 732 00:31:57,600 --> 00:32:00,360 Speaker 1: have to get done. We don't explore. We just immediately 733 00:32:00,400 --> 00:32:03,440 Speaker 1: jumped to conclusions, we make our decision, and essentially we're 734 00:32:03,520 --> 00:32:06,360 Speaker 1: kind of closing off our mind from the ability to 735 00:32:06,480 --> 00:32:08,760 Speaker 1: making some of these new connections. It does take just 736 00:32:08,840 --> 00:32:11,520 Speaker 1: a little bit more time, and you know, Another aspect 737 00:32:11,680 --> 00:32:13,880 Speaker 1: I think as you're teaching your kids about money is 738 00:32:14,280 --> 00:32:16,520 Speaker 1: just to keep in mind who you surround yourself with, 739 00:32:16,880 --> 00:32:19,760 Speaker 1: like specifically who your kids are friends with, as this 740 00:32:20,040 --> 00:32:22,960 Speaker 1: will either have a positive or negative impact on their 741 00:32:23,000 --> 00:32:25,880 Speaker 1: understanding of some of these lessons. So, for instance, it's 742 00:32:25,880 --> 00:32:28,160 Speaker 1: going to be harder to make that connection between working 743 00:32:28,240 --> 00:32:30,800 Speaker 1: really hard and earning that money if they're friends are 744 00:32:30,800 --> 00:32:33,880 Speaker 1: getting everything handed to them on a on a silver platter. Uh. 745 00:32:33,920 --> 00:32:36,080 Speaker 1: And so this might not be something that you discuss 746 00:32:36,160 --> 00:32:38,040 Speaker 1: with them directly, but it's just something to keep in 747 00:32:38,160 --> 00:32:40,160 Speaker 1: mind as it. You know, I think it will tint 748 00:32:40,480 --> 00:32:42,480 Speaker 1: how they see everything, not just in how they earn money, 749 00:32:42,480 --> 00:32:44,800 Speaker 1: but then also how they spend money, because you know, 750 00:32:45,000 --> 00:32:47,120 Speaker 1: Selma might see some of her friends with those and 751 00:32:47,160 --> 00:32:49,120 Speaker 1: they're like, well, they get those all the time. It's 752 00:32:49,120 --> 00:32:50,880 Speaker 1: sort of the like the song that's just kind of 753 00:32:50,920 --> 00:32:53,000 Speaker 1: playing in the background. Um, it's it's it's that's the 754 00:32:53,040 --> 00:32:55,080 Speaker 1: water that we live in. And oftentimes we're not even 755 00:32:55,160 --> 00:32:58,120 Speaker 1: aware of their desires or what they think is normal 756 00:32:58,280 --> 00:33:01,200 Speaker 1: or acceptable exactly. And it is to a certain extent 757 00:33:01,280 --> 00:33:02,880 Speaker 1: you don't have you don't have full control over this. 758 00:33:02,920 --> 00:33:04,880 Speaker 1: You don't have full control over who they're gonna be 759 00:33:04,880 --> 00:33:07,040 Speaker 1: friends with and they're going to experience thing is so 760 00:33:07,120 --> 00:33:08,680 Speaker 1: part of that is how you talk about it when 761 00:33:08,720 --> 00:33:10,160 Speaker 1: they do. Like the other day, I think I mentioned 762 00:33:10,200 --> 00:33:11,480 Speaker 1: again I don't know if I talk about this on 763 00:33:11,520 --> 00:33:13,480 Speaker 1: the show, but someone's like, I want an Apple Watch 764 00:33:13,560 --> 00:33:15,120 Speaker 1: and we're like, what are you? What are you talking about? 765 00:33:15,120 --> 00:33:17,680 Speaker 1: That's crazy? Those are really expensive. Um, but we're not 766 00:33:17,800 --> 00:33:21,600 Speaker 1: an Apple family anymore. Well, and like Emily has this 767 00:33:21,720 --> 00:33:24,600 Speaker 1: like fake smart watch that cost twenty bucks on Amazon 768 00:33:24,800 --> 00:33:26,960 Speaker 1: and she's like, Mom, you've got one, and and I'm like, no, 769 00:33:27,080 --> 00:33:29,160 Speaker 1: I don't. I've got a fake twenty one that you 770 00:33:29,200 --> 00:33:31,240 Speaker 1: know that That just tracks a couple of basic things. 771 00:33:31,600 --> 00:33:34,440 Speaker 1: And so having those conversations be like one, well, just 772 00:33:34,440 --> 00:33:36,240 Speaker 1: because one of your friends has one doesn't mean that 773 00:33:36,280 --> 00:33:39,680 Speaker 1: everybody's got it. And to just because even if all 774 00:33:39,680 --> 00:33:41,120 Speaker 1: your friends had it, that doesn't mean that's what our 775 00:33:41,160 --> 00:33:43,720 Speaker 1: family does. And you have to have those family values 776 00:33:43,760 --> 00:33:46,080 Speaker 1: and have the ability to have those discussions even when 777 00:33:46,120 --> 00:33:48,720 Speaker 1: their friends are living life in a different way financially. 778 00:33:48,960 --> 00:33:51,000 Speaker 1: There's a family culture you're trying to establish, and that's 779 00:33:51,120 --> 00:33:53,360 Speaker 1: that's important. Yeah, I mean, yeah, there's there's a lot. 780 00:33:53,560 --> 00:33:55,360 Speaker 1: So you said that, like you don't always have control 781 00:33:55,400 --> 00:33:57,360 Speaker 1: over like who your kids become friends with, and that's 782 00:33:57,360 --> 00:33:59,840 Speaker 1: totally true, but we do have control over the environments, 783 00:34:00,240 --> 00:34:03,000 Speaker 1: like generally speaking, that we in the neighborhood that you 784 00:34:03,040 --> 00:34:05,000 Speaker 1: live in the neighborhood, and even just like how we 785 00:34:05,040 --> 00:34:07,240 Speaker 1: approach consumption, right, like if you are always at the 786 00:34:07,920 --> 00:34:10,719 Speaker 1: at the store, and that's maybe how you know mom 787 00:34:10,840 --> 00:34:13,000 Speaker 1: or daddy how they like to relieve a little bit 788 00:34:13,000 --> 00:34:14,360 Speaker 1: of stress, you can maybe go to the store, you 789 00:34:14,440 --> 00:34:17,560 Speaker 1: buy something new. Uh, that all of these things, I mean, 790 00:34:17,600 --> 00:34:19,759 Speaker 1: this goes back to the example that you're setting for 791 00:34:19,880 --> 00:34:22,920 Speaker 1: your kids. But if you are surrounding them with consumption, 792 00:34:23,000 --> 00:34:25,520 Speaker 1: well chances are that's going to be something that they 793 00:34:25,600 --> 00:34:27,840 Speaker 1: tend to revert to. But yeah, you know, like a 794 00:34:27,880 --> 00:34:30,160 Speaker 1: lot of these lessons can begin at a really young 795 00:34:30,239 --> 00:34:32,800 Speaker 1: age before they're earning an income, but once they do 796 00:34:32,880 --> 00:34:34,800 Speaker 1: have a job, once your kid does have an earned income, 797 00:34:34,840 --> 00:34:38,000 Speaker 1: they can start investing for their future. And so we're 798 00:34:38,040 --> 00:34:40,520 Speaker 1: going to talk about teaching your kids to invest which 799 00:34:40,560 --> 00:34:43,879 Speaker 1: accounts are best for them, plus thinking about college costs 800 00:34:43,920 --> 00:34:46,000 Speaker 1: as well. We get to all of that right after this. 801 00:34:55,480 --> 00:34:57,800 Speaker 1: All right, let's keep going we want our kids to 802 00:34:57,960 --> 00:35:00,040 Speaker 1: be to be money savy. We want our kids be 803 00:35:00,040 --> 00:35:01,440 Speaker 1: able to handle money well. We want them to be 804 00:35:01,960 --> 00:35:05,360 Speaker 1: confident in their abilities to use the tool that is 805 00:35:05,480 --> 00:35:08,439 Speaker 1: money to help them throughout life. We want our kids, 806 00:35:08,520 --> 00:35:10,759 Speaker 1: we want every hid of money listener want their kids 807 00:35:10,800 --> 00:35:13,640 Speaker 1: to be confident with money too. And again it's something 808 00:35:13,719 --> 00:35:15,719 Speaker 1: that doesn't get taught or it's on us to be 809 00:35:15,800 --> 00:35:18,200 Speaker 1: able to make sure that they have that ability. But 810 00:35:18,280 --> 00:35:20,360 Speaker 1: let's talk about how to invest, because that is one 811 00:35:20,360 --> 00:35:22,880 Speaker 1: of those things like getting your kids started. The earlier 812 00:35:22,960 --> 00:35:25,479 Speaker 1: the better right on the investing front. But this isn't 813 00:35:25,520 --> 00:35:28,480 Speaker 1: typically something that you're gonna be covering with them when 814 00:35:28,480 --> 00:35:31,760 Speaker 1: they're in grade school. This is maybe like slightly more advanced, 815 00:35:31,960 --> 00:35:34,200 Speaker 1: and they also don't typically have the money to get 816 00:35:34,200 --> 00:35:37,160 Speaker 1: started investing in some of these concepts I've talked about 817 00:35:37,160 --> 00:35:39,040 Speaker 1: with my fourth grade at this point, because like when 818 00:35:39,080 --> 00:35:42,000 Speaker 1: we talked about investing, and we're gonna talk about plans 819 00:35:42,040 --> 00:35:43,879 Speaker 1: and saving for college in a second, but she when 820 00:35:43,920 --> 00:35:45,320 Speaker 1: she asked me whether or not I was saving for 821 00:35:45,360 --> 00:35:47,480 Speaker 1: her college, I was like, yeah, a little bit. I 822 00:35:47,560 --> 00:35:49,120 Speaker 1: am saving a little bit, and here's how it works, 823 00:35:49,160 --> 00:35:51,320 Speaker 1: and it's actually I'm actually investing for your college. It 824 00:35:51,440 --> 00:35:53,960 Speaker 1: was a perfect chance to talk to her about investing 825 00:35:54,000 --> 00:35:57,520 Speaker 1: in how it works. But uh, yeah, you're really one 826 00:35:57,520 --> 00:35:59,520 Speaker 1: of the things you're gonna want to focus on, I think. 827 00:35:59,760 --> 00:36:01,680 Speaker 1: But for you get to the mechanics of the accounts 828 00:36:01,719 --> 00:36:03,160 Speaker 1: and stuff like that, is you want to talk about 829 00:36:03,480 --> 00:36:06,560 Speaker 1: maybe how amazing compounding returns can be. Because to me, 830 00:36:06,640 --> 00:36:09,200 Speaker 1: that's the thing that can hold somebody's imagination because it 831 00:36:09,360 --> 00:36:11,799 Speaker 1: is a pretty impressive concept. And the better you can 832 00:36:11,840 --> 00:36:14,200 Speaker 1: paint that picture, the more it can can help connect 833 00:36:14,239 --> 00:36:16,880 Speaker 1: the dots. I think for your child to understand what 834 00:36:17,040 --> 00:36:19,719 Speaker 1: you're doing when you're investing, and and then also to 835 00:36:19,760 --> 00:36:22,400 Speaker 1: be able to talk about how you yourself are investing, 836 00:36:22,520 --> 00:36:25,680 Speaker 1: like one of those one of those convos where uh, like, 837 00:36:25,760 --> 00:36:28,480 Speaker 1: how you're directing your dollars and why. But I think 838 00:36:28,520 --> 00:36:30,759 Speaker 1: the older they get, the easier it becomes to cover 839 00:36:30,880 --> 00:36:33,640 Speaker 1: that ground intellectually. But it also gets easier to help 840 00:36:33,680 --> 00:36:37,560 Speaker 1: them then funnel money into an account, start tracking their progress, uh, 841 00:36:37,640 --> 00:36:39,799 Speaker 1: and then helping them get excited about growing that money 842 00:36:39,880 --> 00:36:42,359 Speaker 1: for their future. That's so true, man. Yes, let's talk 843 00:36:42,360 --> 00:36:45,279 Speaker 1: about which accounts are best for kids to start investing in. 844 00:36:45,440 --> 00:36:48,719 Speaker 1: And this may not come as a surprise to most 845 00:36:48,760 --> 00:36:50,640 Speaker 1: folks out there, but our favorite, of course is the 846 00:36:50,760 --> 00:36:53,879 Speaker 1: rath I ra A. This account can help kids start 847 00:36:53,920 --> 00:36:56,960 Speaker 1: investing super early. But the thing is they have to 848 00:36:57,040 --> 00:36:59,480 Speaker 1: have an earned income in order to be able to 849 00:36:59,520 --> 00:37:03,000 Speaker 1: stalk away money into this account. But that doesn't necessarily 850 00:37:03,040 --> 00:37:05,759 Speaker 1: mean that they've got a legit job at like a 851 00:37:06,040 --> 00:37:08,359 Speaker 1: fast food restaurant where you know, at the ages eight 852 00:37:08,480 --> 00:37:12,680 Speaker 1: or something like that, it's legal. Yeah, maybe they should, 853 00:37:13,440 --> 00:37:17,320 Speaker 1: but mowing lawns, babysitting like that counts as earned income 854 00:37:17,440 --> 00:37:20,080 Speaker 1: as well. Working as a poolboy like that's like as 855 00:37:20,160 --> 00:37:22,719 Speaker 1: a twelve year old, that's something. One of the ways 856 00:37:22,760 --> 00:37:25,520 Speaker 1: I got creative working in the neighborhood is taking care 857 00:37:25,520 --> 00:37:28,080 Speaker 1: of people's pools, testing the water. I got really good 858 00:37:28,120 --> 00:37:30,920 Speaker 1: at making sure that pH man we nailed it. Like 859 00:37:31,000 --> 00:37:33,680 Speaker 1: I added those droplets of die or I don't know 860 00:37:33,760 --> 00:37:36,520 Speaker 1: what was in it, but I made the solution match 861 00:37:36,640 --> 00:37:39,480 Speaker 1: the color, and that told me how many additional chlorine 862 00:37:39,520 --> 00:37:41,920 Speaker 1: sticks they needed. But you take that earned income, uh, 863 00:37:42,000 --> 00:37:44,279 Speaker 1: and then you're then able to start putting some of 864 00:37:44,320 --> 00:37:47,400 Speaker 1: that money within a roth Ira account. But the max 865 00:37:47,760 --> 00:37:50,080 Speaker 1: that they can stock away into these accounts is six 866 00:37:50,160 --> 00:37:54,000 Speaker 1: thousand dollars for this year next year, But they're also 867 00:37:54,120 --> 00:37:57,200 Speaker 1: capped at their earned income level, right, and so let's 868 00:37:57,280 --> 00:38:00,640 Speaker 1: let's say they only make bucks. Well, that's now they're 869 00:38:00,640 --> 00:38:03,239 Speaker 1: seeling of what they can contribute to that account. So 870 00:38:03,280 --> 00:38:04,880 Speaker 1: you gotta keep that in mind as well. But there 871 00:38:04,920 --> 00:38:07,239 Speaker 1: are many reasons that we love the rath I RA. 872 00:38:07,560 --> 00:38:10,480 Speaker 1: For one, it's it's super flexible. Right if your kid 873 00:38:10,520 --> 00:38:12,640 Speaker 1: wants to tap some of those funds to say, like 874 00:38:12,760 --> 00:38:14,680 Speaker 1: buy a house in their twenties, that's something that they 875 00:38:14,680 --> 00:38:17,000 Speaker 1: can totally do. But it's also the best from a 876 00:38:17,120 --> 00:38:21,279 Speaker 1: tax perspective. They'll be sheltering decades worth of returns from 877 00:38:21,360 --> 00:38:24,920 Speaker 1: taxation going this route, while they are most certainly going 878 00:38:25,000 --> 00:38:27,840 Speaker 1: to be at the lowest tax bracket they'll ever be 879 00:38:28,000 --> 00:38:30,000 Speaker 1: in their lives. Yes, in their entire lifetime, it's never 880 00:38:30,000 --> 00:38:31,840 Speaker 1: gonna be better than that, exactly. So yeah, this is 881 00:38:31,840 --> 00:38:34,279 Speaker 1: a perfect time if they have earned income, to get 882 00:38:34,320 --> 00:38:36,759 Speaker 1: started on that rath. And the cool thing is you 883 00:38:36,800 --> 00:38:39,520 Speaker 1: can actually help them make that happen, not just by 884 00:38:39,640 --> 00:38:42,000 Speaker 1: like literally taking them to the website, helping them fill 885 00:38:42,000 --> 00:38:44,680 Speaker 1: out the information and starting that custodial wrath. But one 886 00:38:44,719 --> 00:38:47,279 Speaker 1: other thing we want parents to consider is if you 887 00:38:47,360 --> 00:38:50,560 Speaker 1: have the financial ability, and that's not everyone is to 888 00:38:50,600 --> 00:38:54,360 Speaker 1: make a matching contribution when your kid opts to prioritize 889 00:38:54,360 --> 00:38:56,399 Speaker 1: their future by sticking money in that rath. Let's say 890 00:38:56,760 --> 00:38:59,239 Speaker 1: they're like foregoing the now in favor of the future 891 00:38:59,280 --> 00:39:02,120 Speaker 1: because you have with them about investing. That's great and 892 00:39:02,160 --> 00:39:04,879 Speaker 1: it's worth celebrating. But let's say they do make something 893 00:39:04,960 --> 00:39:07,879 Speaker 1: like six thousand dollars in a given year, we would 894 00:39:07,880 --> 00:39:10,120 Speaker 1: say that you should offer, if you can, again to 895 00:39:10,200 --> 00:39:12,239 Speaker 1: stick three thousand dollars of your own money into their 896 00:39:12,280 --> 00:39:15,319 Speaker 1: retirement account. If they opt to invest three thousand bucks 897 00:39:15,400 --> 00:39:17,200 Speaker 1: of their own money. And this is a couple of 898 00:39:17,239 --> 00:39:19,719 Speaker 1: things I think you know. It helps them understand that 899 00:39:19,840 --> 00:39:22,880 Speaker 1: they're gonna likely have other matching options in their working career, 900 00:39:23,239 --> 00:39:24,920 Speaker 1: none of them are going to be as generous as 901 00:39:25,000 --> 00:39:27,560 Speaker 1: the one that you're giving them, but helps them realize, okay, cool, 902 00:39:27,640 --> 00:39:29,960 Speaker 1: This is actually kind of part of the mechanism of investing. 903 00:39:30,239 --> 00:39:33,800 Speaker 1: Employers often contribute sometimes dollar for dollar based on what 904 00:39:33,920 --> 00:39:36,320 Speaker 1: you contribute, and helps get them ready for that. But 905 00:39:36,800 --> 00:39:38,799 Speaker 1: it also makes it far more likely that they're going 906 00:39:38,840 --> 00:39:40,680 Speaker 1: to be excited to do it. Because who doesn't get 907 00:39:40,719 --> 00:39:43,400 Speaker 1: excited about free money? And so if you're like, hey, 908 00:39:43,480 --> 00:39:45,640 Speaker 1: you should totally do this, and guess what, not only 909 00:39:45,680 --> 00:39:48,000 Speaker 1: should you do it, but I'm going to help incentivize 910 00:39:48,040 --> 00:39:50,000 Speaker 1: you to do it. It's going to create some excitement 911 00:39:50,080 --> 00:39:52,680 Speaker 1: around the process, which is good. That's what you want, Like, 912 00:39:52,760 --> 00:39:54,320 Speaker 1: you want your kid to be to get to be 913 00:39:54,440 --> 00:39:56,880 Speaker 1: pumped about investing for their future, and it's kind of 914 00:39:56,920 --> 00:39:58,320 Speaker 1: hard to do that. But free money is one of 915 00:39:58,320 --> 00:40:00,160 Speaker 1: the ways I think that that you can act. Will 916 00:40:00,200 --> 00:40:01,399 Speaker 1: you do that? And then you can kind of track 917 00:40:01,440 --> 00:40:04,120 Speaker 1: the progress together. Download the app on their phone so 918 00:40:04,200 --> 00:40:06,480 Speaker 1: they can log in, not robin Hood hopefully so they 919 00:40:06,520 --> 00:40:08,279 Speaker 1: can like day trade, but you know where they can 920 00:40:08,320 --> 00:40:10,759 Speaker 1: see the progress of their accounts over time. And then 921 00:40:10,800 --> 00:40:12,800 Speaker 1: you guys can have you know, regular or monthly or 922 00:40:12,840 --> 00:40:15,160 Speaker 1: quarterly discussions abou kind of what's going on with their 923 00:40:15,160 --> 00:40:18,040 Speaker 1: account and and how much they're investing and stuff like that. Yeah, 924 00:40:18,280 --> 00:40:20,400 Speaker 1: I think one of the reasons matching can be just 925 00:40:21,000 --> 00:40:22,919 Speaker 1: an exciting thing for kids as well as because let's 926 00:40:22,920 --> 00:40:24,480 Speaker 1: say a kid earns six thousand dollars, Well, they're not 927 00:40:24,480 --> 00:40:27,000 Speaker 1: gonna want to put every single dollar into that roth 928 00:40:27,080 --> 00:40:29,239 Speaker 1: Ira like where they've got no spending money. It's like, 929 00:40:29,239 --> 00:40:30,800 Speaker 1: all right, cool, I made six thousand dollars of this 930 00:40:30,840 --> 00:40:32,839 Speaker 1: summer and you're like, all right, let you go ahead, 931 00:40:32,880 --> 00:40:34,919 Speaker 1: slide all that money over into that new wrath Ira. 932 00:40:35,640 --> 00:40:38,400 Speaker 1: That's gonna be really discouraging when it comes to the 933 00:40:38,480 --> 00:40:41,640 Speaker 1: ability to kind of realize some of those tangible benefits 934 00:40:41,680 --> 00:40:43,319 Speaker 1: of having worked that job in the here and now. 935 00:40:43,640 --> 00:40:45,600 Speaker 1: Like it makes me think about a craft Bier equivalent, Like, 936 00:40:45,960 --> 00:40:48,320 Speaker 1: you want to be smart for the long term, but simultaneously, 937 00:40:48,480 --> 00:40:52,000 Speaker 1: you want to make life enjoyable in the here and 938 00:40:52,040 --> 00:40:53,839 Speaker 1: now as well, and you want to help your kids 939 00:40:53,960 --> 00:40:56,319 Speaker 1: know how to do that to strike the balance exactly. Yeah, 940 00:40:56,560 --> 00:40:58,440 Speaker 1: speaking of helping your kids, you can help them to 941 00:40:58,480 --> 00:41:00,680 Speaker 1: build a solid credit score as well. That's something that 942 00:41:01,200 --> 00:41:03,520 Speaker 1: we would encourage you to do. Is something to be 943 00:41:03,640 --> 00:41:05,600 Speaker 1: attentive to. And so you can do this by making 944 00:41:05,640 --> 00:41:08,520 Speaker 1: sure that your your child is an authorized user on 945 00:41:08,640 --> 00:41:11,279 Speaker 1: your credit card. That can help you to achieve that. 946 00:41:11,880 --> 00:41:13,560 Speaker 1: But only do this if you if you pay off 947 00:41:13,600 --> 00:41:16,239 Speaker 1: that card on time and in full every single month 948 00:41:16,320 --> 00:41:18,120 Speaker 1: at the end of every building cycle at the very least. 949 00:41:18,440 --> 00:41:22,440 Speaker 1: If not, you could actually be hurting your kids fledgling 950 00:41:22,520 --> 00:41:25,560 Speaker 1: credit file. But here's the thing. You don't actually give 951 00:41:25,640 --> 00:41:27,799 Speaker 1: them access to your card, and so by adding them 952 00:41:28,280 --> 00:41:30,560 Speaker 1: as an authorized user, they get all the benefits of 953 00:41:30,680 --> 00:41:33,160 Speaker 1: having that credit to their name without any of the 954 00:41:33,200 --> 00:41:35,040 Speaker 1: headache to you if you were to have a kid 955 00:41:35,320 --> 00:41:37,600 Speaker 1: with a credit card. But by doing this, the credit brrers. 956 00:41:37,600 --> 00:41:40,080 Speaker 1: They start to build this file on each kid that 957 00:41:40,160 --> 00:41:42,120 Speaker 1: you that you do this for, and you're building a 958 00:41:42,200 --> 00:41:46,080 Speaker 1: solid credit history for them before they've even had the 959 00:41:46,160 --> 00:41:48,320 Speaker 1: ability to even get their own credit card. This is 960 00:41:48,560 --> 00:41:51,480 Speaker 1: a highly underrated, I think tip for a lot of 961 00:41:51,520 --> 00:41:53,520 Speaker 1: folks out there, and something that could totally give your 962 00:41:53,600 --> 00:41:56,320 Speaker 1: kids a leg up for sure. Agreed, Yeah, building that 963 00:41:56,400 --> 00:41:58,920 Speaker 1: credit file now, getting them started in the right direction, 964 00:41:59,160 --> 00:42:02,040 Speaker 1: having an actual to score a decent credit score when 965 00:42:02,239 --> 00:42:04,799 Speaker 1: they graduate high school, that's pretty cool and that's something 966 00:42:04,880 --> 00:42:07,560 Speaker 1: you can do pretty easily. Again, like Matt said, though, 967 00:42:07,560 --> 00:42:09,279 Speaker 1: as long as you're handling your own credit, well, that's 968 00:42:09,280 --> 00:42:10,400 Speaker 1: the only time you want to do that, because you 969 00:42:10,440 --> 00:42:12,839 Speaker 1: don't want to set your kid up for with having 970 00:42:13,160 --> 00:42:15,920 Speaker 1: a bad credit score when when they graduate. But on 971 00:42:16,000 --> 00:42:18,839 Speaker 1: the credit no, Matt, it's it's also important that our 972 00:42:18,920 --> 00:42:22,600 Speaker 1: listeners help their kids protect their credit, and that means 973 00:42:22,680 --> 00:42:24,960 Speaker 1: that you should be freezing their credits. Right. But here's 974 00:42:24,960 --> 00:42:27,600 Speaker 1: the thing, you might not even take this step for yourself, 975 00:42:28,040 --> 00:42:31,160 Speaker 1: and so it's important to do that also. Uh So, yeah, 976 00:42:31,440 --> 00:42:33,120 Speaker 1: free your own credit, right, we want you to do that. 977 00:42:33,480 --> 00:42:35,560 Speaker 1: You've actually got an article on our website that will 978 00:42:35,600 --> 00:42:38,360 Speaker 1: link to that includes the links to the credit bureaus 979 00:42:38,360 --> 00:42:41,040 Speaker 1: in order to get this done. Interestingly enough, it's a 980 00:42:41,120 --> 00:42:43,600 Speaker 1: little bit different process for minors than it is for 981 00:42:43,680 --> 00:42:46,279 Speaker 1: fully grown adults, and so the realities it's not going 982 00:42:46,320 --> 00:42:49,319 Speaker 1: to take very long, but this article is gonna help 983 00:42:49,440 --> 00:42:51,880 Speaker 1: basically hold your hand and help you get your credit frozen, 984 00:42:52,200 --> 00:42:54,439 Speaker 1: get your kidsredit credit frozen, and I don't know, maybe 985 00:42:54,480 --> 00:42:57,760 Speaker 1: ten or fifteen minutes to freeze everyone in your family's credit. 986 00:42:57,800 --> 00:43:01,080 Speaker 1: And basically what this does is it's just preventing someone 987 00:43:01,120 --> 00:43:03,680 Speaker 1: from opening up credit in your name or in your 988 00:43:03,760 --> 00:43:05,480 Speaker 1: kiddo's name. And so we want to make sure that 989 00:43:05,560 --> 00:43:07,319 Speaker 1: you get this done because not only are you trying 990 00:43:07,320 --> 00:43:09,600 Speaker 1: to help them build a solid credit score for their future, 991 00:43:09,600 --> 00:43:11,480 Speaker 1: you want to make sure that nobody's gonna be able 992 00:43:11,480 --> 00:43:14,120 Speaker 1: to hijack their credits in order to do like nefarious 993 00:43:14,160 --> 00:43:15,959 Speaker 1: things with it. That's right. Yeah, Okay, let's talk about 994 00:43:16,000 --> 00:43:18,680 Speaker 1: college for a second. Uh, we've we've done entire episodes 995 00:43:18,680 --> 00:43:21,440 Speaker 1: on college and specifically how we think it's overrated. I 996 00:43:21,480 --> 00:43:25,480 Speaker 1: think that was episode fight. We would recommend you go 997 00:43:25,800 --> 00:43:28,279 Speaker 1: listen to that one if that sounds interesting to you. 998 00:43:28,520 --> 00:43:32,080 Speaker 1: But the value of a college degree, it certainly can 999 00:43:32,440 --> 00:43:35,520 Speaker 1: be massive for a lot of folks. Degrees are also 1000 00:43:35,640 --> 00:43:37,719 Speaker 1: not as valuable as they used to be as well, 1001 00:43:38,120 --> 00:43:39,840 Speaker 1: and so the key then is to talk with your 1002 00:43:39,920 --> 00:43:44,040 Speaker 1: kids about the value proposition of higher education. Uh, you 1003 00:43:44,080 --> 00:43:45,480 Speaker 1: want to look at the costs. You want to you 1004 00:43:45,520 --> 00:43:47,600 Speaker 1: want to look at what that will get you, Um, 1005 00:43:47,760 --> 00:43:49,080 Speaker 1: what you think that might be able to earn you 1006 00:43:49,160 --> 00:43:51,239 Speaker 1: down the road. You've got to have a degree, of course, 1007 00:43:51,280 --> 00:43:54,160 Speaker 1: to become like a lawyer or a doctor. Uh, it's 1008 00:43:54,200 --> 00:43:56,160 Speaker 1: going to be helpful for other jobs out there as well, 1009 00:43:56,200 --> 00:44:00,080 Speaker 1: but engineers. Yeah, but it's not completely necessary, right for 1010 00:44:00,200 --> 00:44:02,839 Speaker 1: a lot of other careers that that your kids might 1011 00:44:02,880 --> 00:44:05,279 Speaker 1: want to embark on. And so the key to making 1012 00:44:05,360 --> 00:44:08,680 Speaker 1: college worth it is by keeping costs low and to 1013 00:44:08,800 --> 00:44:10,719 Speaker 1: help your kids make this important decision. It's important to 1014 00:44:10,760 --> 00:44:14,640 Speaker 1: have these conversations over the years. Uh, not just you know, 1015 00:44:14,719 --> 00:44:18,359 Speaker 1: after they've had ten years of percolating thoughts in their 1016 00:44:18,400 --> 00:44:21,000 Speaker 1: head as to, you know, what higher education and what 1017 00:44:21,160 --> 00:44:23,239 Speaker 1: college might look like for them. You don't want them 1018 00:44:23,280 --> 00:44:26,000 Speaker 1: to get seventeen years of thinking one thing in their 1019 00:44:26,040 --> 00:44:28,040 Speaker 1: mind and then all of a sudden, a year seventeen, 1020 00:44:28,080 --> 00:44:30,279 Speaker 1: you're like, oh, by the way, this is what we're thinking. Yeah, 1021 00:44:30,280 --> 00:44:32,120 Speaker 1: you don't have the acceptance letters. Someone in the mail 1022 00:44:32,480 --> 00:44:34,840 Speaker 1: basically being like nope, to expensive. Note. Don't want it 1023 00:44:34,880 --> 00:44:36,560 Speaker 1: to be a surprise. That's a wrong way to handle it. 1024 00:44:36,640 --> 00:44:38,360 Speaker 1: But you've got a bunch of years to kind of 1025 00:44:38,400 --> 00:44:41,160 Speaker 1: talk about that and to kind of start helping your 1026 00:44:41,280 --> 00:44:44,640 Speaker 1: child think forward about that process and and think about 1027 00:44:44,680 --> 00:44:46,759 Speaker 1: a budget for that as well, so they make a 1028 00:44:46,840 --> 00:44:50,080 Speaker 1: decision that's reasonable for the family finances and reasonable for 1029 00:44:50,120 --> 00:44:52,600 Speaker 1: their future that they're not getting saddled with a bunch 1030 00:44:52,640 --> 00:44:54,799 Speaker 1: of debt, because you want to prevent that as well. 1031 00:44:54,880 --> 00:44:56,920 Speaker 1: Like we see the horror stories right and left mat 1032 00:44:57,040 --> 00:45:00,680 Speaker 1: of kids being just graduating with ridicu this amount of debt, 1033 00:45:01,000 --> 00:45:03,560 Speaker 1: not being able to find a job in the career 1034 00:45:03,640 --> 00:45:06,239 Speaker 1: field that they've chosen, and it's tough sletting right, having 1035 00:45:06,520 --> 00:45:09,200 Speaker 1: a loan payment, that's the size of a mortgage payment 1036 00:45:09,400 --> 00:45:11,399 Speaker 1: and not having the income to back it up. That's 1037 00:45:11,440 --> 00:45:13,080 Speaker 1: what we want your kids to avoid. If you want 1038 00:45:13,120 --> 00:45:16,200 Speaker 1: your kid to be set up for financial success, that 1039 00:45:16,320 --> 00:45:19,040 Speaker 1: might mean going to college, but it definitely means avoiding 1040 00:45:19,120 --> 00:45:21,279 Speaker 1: a ton of student debt in the process. And and 1041 00:45:21,360 --> 00:45:23,480 Speaker 1: that's why we don't recommend saving for college in a 1042 00:45:24,200 --> 00:45:27,000 Speaker 1: account as a must do for most folks. That's it's 1043 00:45:27,000 --> 00:45:29,440 Speaker 1: an important thing to mention as well, Like it's it's 1044 00:45:29,440 --> 00:45:31,440 Speaker 1: already true that there are easier ways to pay for 1045 00:45:31,520 --> 00:45:33,400 Speaker 1: college than for your own retirement. Right. They don't make 1046 00:45:33,440 --> 00:45:37,160 Speaker 1: scholarships sadly for sixty five year old retirees. If they did, 1047 00:45:37,239 --> 00:45:40,719 Speaker 1: that would be awesome, But your child might qualify for 1048 00:45:41,160 --> 00:45:43,920 Speaker 1: scholarships for different ways. They could do work study, like 1049 00:45:44,000 --> 00:45:47,000 Speaker 1: they're all sorts of different ways to help pay for 1050 00:45:47,080 --> 00:45:49,759 Speaker 1: the costs of college. And so it's more important for 1051 00:45:49,880 --> 00:45:53,240 Speaker 1: you to prioritize your own funding your own retirement accounts 1052 00:45:53,400 --> 00:45:56,360 Speaker 1: than it is to fund their college savings account. And 1053 00:45:56,360 --> 00:45:59,440 Speaker 1: at the same time, we'd rather see most folks spending 1054 00:45:59,520 --> 00:46:03,520 Speaker 1: more money on killer experiences for their children, like stuff 1055 00:46:03,560 --> 00:46:06,760 Speaker 1: like art classes and sports and going to sporting events 1056 00:46:06,800 --> 00:46:09,840 Speaker 1: are educational trips. Maybe it's a family trip to Washington, 1057 00:46:09,960 --> 00:46:11,920 Speaker 1: d C. To see all the Smithsonian something like that, 1058 00:46:12,320 --> 00:46:14,399 Speaker 1: like which are all free, by the way, they're all free, 1059 00:46:14,520 --> 00:46:16,239 Speaker 1: and the plane ticket of the car ride is gonna 1060 00:46:16,239 --> 00:46:18,440 Speaker 1: cost you money, so is the hotel. But that's a 1061 00:46:18,520 --> 00:46:20,719 Speaker 1: really cool kind of thing like that. That to me 1062 00:46:20,880 --> 00:46:23,480 Speaker 1: means more than saving up more in a five account 1063 00:46:23,640 --> 00:46:25,719 Speaker 1: to reduce the cost of college when there are so 1064 00:46:25,800 --> 00:46:27,360 Speaker 1: many other ways to help pay for it, and so 1065 00:46:27,440 --> 00:46:31,080 Speaker 1: many other thoughtful UH approaches you can take to reducing 1066 00:46:31,120 --> 00:46:33,800 Speaker 1: the cost. And there are certainly like tax advantages to 1067 00:46:33,920 --> 00:46:36,520 Speaker 1: investing with within a five nine, but there are a 1068 00:46:36,600 --> 00:46:39,000 Speaker 1: lot of folks who should avoid them, at least until 1069 00:46:39,000 --> 00:46:41,839 Speaker 1: they're maxing out their own retirement accounts in the first man. 1070 00:46:42,120 --> 00:46:44,120 Speaker 1: I'm not sure if if our listeners saw the most 1071 00:46:44,160 --> 00:46:47,279 Speaker 1: recent stats from the Brookings Institution, but they say that 1072 00:46:47,360 --> 00:46:50,759 Speaker 1: it's gonna cost dollars to raise a kid, and this 1073 00:46:50,920 --> 00:46:53,919 Speaker 1: is before college as well. This is a lot of money, 1074 00:46:54,440 --> 00:46:56,200 Speaker 1: you know. Although we do think that you can probably 1075 00:46:56,320 --> 00:46:59,880 Speaker 1: get by UH with less by spending less money up 1076 00:47:00,040 --> 00:47:02,960 Speaker 1: here's the rub. We are often so focused on giving 1077 00:47:02,960 --> 00:47:05,319 Speaker 1: our kids the best stuff, right, like we want them 1078 00:47:05,360 --> 00:47:07,160 Speaker 1: to have more than we had. We want them to 1079 00:47:07,520 --> 00:47:10,440 Speaker 1: for their childhood to maybe be better than what we experienced. 1080 00:47:10,480 --> 00:47:13,600 Speaker 1: And that's completely understandable, but I think we can take 1081 00:47:13,640 --> 00:47:16,000 Speaker 1: that instinct too far and instead of working with them 1082 00:47:16,080 --> 00:47:18,880 Speaker 1: to provide some financial literacy in their lives, like a 1083 00:47:19,000 --> 00:47:22,960 Speaker 1: meaningful personal finance education will go so much further than 1084 00:47:23,040 --> 00:47:26,360 Speaker 1: brand new gadgets, right, rather than some new sneakers like 1085 00:47:26,400 --> 00:47:31,680 Speaker 1: you like your Scottie's sin Joel's right. But I mean 1086 00:47:31,719 --> 00:47:33,840 Speaker 1: the reality is that if your kid is confident about 1087 00:47:34,080 --> 00:47:36,840 Speaker 1: how to handle money, they're gonna be light years ahead 1088 00:47:37,080 --> 00:47:40,200 Speaker 1: of their peers um and that confidence then we'll radiate 1089 00:47:40,280 --> 00:47:42,719 Speaker 1: I think outwards into other areas of their lives as well. 1090 00:47:42,719 --> 00:47:45,319 Speaker 1: It's like the superpower that will it'll stick with them 1091 00:47:45,400 --> 00:47:47,399 Speaker 1: for decades to come, and it's something that you're gonna 1092 00:47:47,440 --> 00:47:49,839 Speaker 1: be able to start instilling in them even now at 1093 00:47:49,880 --> 00:47:52,719 Speaker 1: the very early age, like they might like barely even 1094 00:47:52,760 --> 00:47:55,279 Speaker 1: know how to talk or to even listen to what 1095 00:47:55,360 --> 00:47:57,960 Speaker 1: you're saying. But I promise all of these lessons, the 1096 00:47:58,040 --> 00:48:00,359 Speaker 1: example that you're setting, the tone that you're said within 1097 00:48:00,400 --> 00:48:03,080 Speaker 1: your household anytime you talk about money, all of these aspects, 1098 00:48:03,120 --> 00:48:05,040 Speaker 1: all of these lessons are working to get your kids 1099 00:48:05,080 --> 00:48:07,879 Speaker 1: on that fast track to financial success. And it really 1100 00:48:08,040 --> 00:48:10,480 Speaker 1: is an amalgamation of a lot of small things over 1101 00:48:10,600 --> 00:48:12,759 Speaker 1: an extended period of time. Right's. Unfortunately there's no like 1102 00:48:12,840 --> 00:48:17,239 Speaker 1: magic bullet, there's no special potion or anything. But we 1103 00:48:17,360 --> 00:48:19,440 Speaker 1: barely sort of touched on it. But it takes patience, 1104 00:48:19,560 --> 00:48:21,680 Speaker 1: you know, And it takes a willingness from a parent 1105 00:48:21,800 --> 00:48:23,880 Speaker 1: to be able to pour into their kids, uh, and 1106 00:48:23,960 --> 00:48:27,560 Speaker 1: to be able to find those opportunities to teach them 1107 00:48:27,640 --> 00:48:30,399 Speaker 1: in the everyday moments. And often times we just want 1108 00:48:30,440 --> 00:48:32,319 Speaker 1: to like, yeah again, just sign them up for sign 1109 00:48:32,360 --> 00:48:34,000 Speaker 1: them up for some some sort of program and for 1110 00:48:34,080 --> 00:48:35,719 Speaker 1: life to be easy for us. Like you said, we 1111 00:48:35,760 --> 00:48:38,399 Speaker 1: want to optimize everything, and that often means not having 1112 00:48:38,440 --> 00:48:41,400 Speaker 1: those conversations that are necessary to teach the next generation 1113 00:48:41,600 --> 00:48:43,920 Speaker 1: how to do the right thing for their future and 1114 00:48:44,239 --> 00:48:46,520 Speaker 1: with their money. But let's get back to the beer, Matt. 1115 00:48:46,640 --> 00:48:49,200 Speaker 1: This one was do It in october Fest from Odd Story, 1116 00:48:50,000 --> 00:48:51,640 Speaker 1: which is out of Chatta, New Good, Tennessee. What were 1117 00:48:51,640 --> 00:48:53,719 Speaker 1: thoughts on this beer? It was really tasty, man so 1118 00:48:54,120 --> 00:48:56,080 Speaker 1: in october Fest. So that meant that this is a 1119 00:48:56,480 --> 00:48:59,240 Speaker 1: mars en So it's just a it's a darker lagger, 1120 00:48:59,600 --> 00:49:02,280 Speaker 1: and in particular, if you are new to the craft 1121 00:49:02,320 --> 00:49:04,600 Speaker 1: beer scene, I would totally recommend that you look up 1122 00:49:04,760 --> 00:49:07,160 Speaker 1: either in october Fest or Marzen, because it's going to 1123 00:49:07,239 --> 00:49:10,360 Speaker 1: have some of these bready elements that I think you 1124 00:49:10,440 --> 00:49:13,080 Speaker 1: might be drawn to. Oftentimes, when folks are trying to 1125 00:49:13,080 --> 00:49:15,200 Speaker 1: get into craft beer and there they start off with 1126 00:49:15,320 --> 00:49:16,680 Speaker 1: like some of these crazy I p a S and 1127 00:49:16,680 --> 00:49:18,279 Speaker 1: they're just like, oh man, it's just way too bitter. 1128 00:49:18,360 --> 00:49:21,040 Speaker 1: I I cannot handle that. I'm like, well, yeah, no, 1129 00:49:21,360 --> 00:49:23,759 Speaker 1: I'm not surprised at all, like an I p A 1130 00:49:23,880 --> 00:49:25,600 Speaker 1: that that is an acquired taste. By the way, is 1131 00:49:25,600 --> 00:49:27,640 Speaker 1: it even legal to drink in october Fest in November? 1132 00:49:27,760 --> 00:49:30,160 Speaker 1: But I don't know. We're doing it anyway. You're allowed 1133 00:49:30,160 --> 00:49:32,000 Speaker 1: to breaking the craft your last today? Did you dig 1134 00:49:32,080 --> 00:49:33,520 Speaker 1: this one? Yeah? I liked it. I thought it was 1135 00:49:33,680 --> 00:49:36,360 Speaker 1: yeah MALTI. It had like some toasted notes, like a 1136 00:49:36,360 --> 00:49:38,680 Speaker 1: little bit of a caramel vibe, the nice little dry 1137 00:49:38,719 --> 00:49:41,400 Speaker 1: finish and october Fest or not. I like it when 1138 00:49:41,400 --> 00:49:42,879 Speaker 1: they come around every year. I don't drink a whole 1139 00:49:42,920 --> 00:49:44,600 Speaker 1: lot of them. They're not like a go to style. 1140 00:49:44,640 --> 00:49:47,520 Speaker 1: They're usually like they're a little bit reserved for me 1141 00:49:47,960 --> 00:49:50,560 Speaker 1: in their flavors, but they always fit the season. Yeah, 1142 00:49:50,600 --> 00:49:52,839 Speaker 1: they do always remind me of the Christmas to all 1143 00:49:52,920 --> 00:49:55,600 Speaker 1: dry crackley leaves on the ground exactly. No, it fits 1144 00:49:55,640 --> 00:49:56,920 Speaker 1: like I was glad to have this one today. I 1145 00:49:57,000 --> 00:49:58,440 Speaker 1: never thought about that. They kind of taste the way 1146 00:49:58,520 --> 00:50:00,800 Speaker 1: that leaves smell. Yeah, you know, like you kind of 1147 00:50:00,840 --> 00:50:02,839 Speaker 1: like walking if you're hiking in the woods or walking 1148 00:50:02,880 --> 00:50:05,040 Speaker 1: along the sidewalk and there's a bunch of dry leaves 1149 00:50:05,040 --> 00:50:06,800 Speaker 1: and you can kind of the sun's kind of beaten 1150 00:50:06,840 --> 00:50:08,880 Speaker 1: down on them and you can smell them. Marzin kind 1151 00:50:08,880 --> 00:50:10,160 Speaker 1: of reminds me of that. Are you go? All right? 1152 00:50:10,200 --> 00:50:12,520 Speaker 1: I like it a perfect, perfect weird for today. All right, 1153 00:50:12,520 --> 00:50:14,160 Speaker 1: all right, that's gonna do it for this episode. For 1154 00:50:14,160 --> 00:50:16,000 Speaker 1: folks who want the show notes, you can find those 1155 00:50:16,080 --> 00:50:17,879 Speaker 1: up on our website at how to money dot com. 1156 00:50:18,120 --> 00:50:20,040 Speaker 1: That's right, But buddy, that's going to be it until 1157 00:50:20,160 --> 00:50:22,959 Speaker 1: next time. Best Friends Out, Best Friends Out.