October 22, 2025 • 13 mins
Today, we’re diving into the nitty-gritty of teaching our kids about money and laying down some solid financial foundations for their futures. Remember that cute piggy bank? Well, it’s a great start, but we can’t just stop there! We’ll chat about ways to up our game with things like 529 plans and custodial accounts, because teaching financial literacy is key, my friends. Let’s get real—most of us didn’t learn this stuff growing up, so it’s our job to break that cycle and set our kiddos up for success. Investing for Your Children’s Future: Beyond the Piggy Bank? So, grab a seat, kick back, and let’s figure out how to make those future dollars grow!
Check out the full podcast episode here
Ever remember your first piggy bank? I do. It was a bright, cheerful little thing, but honestly, it didn’t last long before I was off spending that money at the arcade. Today, we’re diving into the whole idea of saving for our kids and how that piggy bank is just the tip of the iceberg. You see, starting with a piggy bank is cool and all, but let’s face it, kids need more than just a place to toss their loose change. We’re getting into the nitty-gritty of how to really invest in their future, beyond that ceramic or plastic pig. From 529 plans to custodial accounts, I’ve got some solid tips on how to set your kids up for financial success. I’ve seen firsthand how teaching them early can make a world of difference. So buckle up, we’re on a mission to help you break the cycle of financial shame and empower the next generation with some serious money smarts.
Takeaways:
- Starting early with a piggy bank is just the tip of the iceberg for teaching kids about money.
- Consistency in saving is key; it’s like planting seeds for your child's financial future.
- Teaching financial literacy to kids is crucial; many parents miss this important lesson.
- Using 529 plans or custodial accounts can really set your child up for success later on.
Links referenced in this episode:
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
You know something? I canstill remember my first piggy bank.
And honestly, the truth is, itdidn't last long before that money
was spent at the arcade. Sohere's the question for today. I
got this from a listener. Ithought, this is perfect, Ralph.
I've got a piggy bank startedfor my kids. But what's the next
step? To really invest intheir future. And the truth is a
piggy bank is a great start.So many people don't do those anymore.
(00:23):
Abby, my assistant and I weretalking about this before we started
recording today and we startedtalking about what kind of piggy
bank did you have? And I askedher a question. I said, abby, why
do you think they call it apiggy bank? And she says, ralph,
I'm not sure. Well, here's thething. Pigs get big and fat. That's
the whole point of it. Sothat's a good way to start your children.
But it's not enough. It's gotto be more than just those loose
(00:44):
chains in that piggy bankbecause there's all kinds of things
that are going to come up.Education to lifelong financial wisdom.
Let's talk about that ontoday's show, how to really invest
for your children. This isFinancially Confident Christian,
your daily dose of gospel,grounded insight and faith driven
tips to help you break thecycle of financial shame with confidence.
(01:09):
Hello there. Welcome back tothe show. I'm Ralph. This is Financially
Confident Christian. This isyour daily show to help you break
that cycle of financial shamethat so many people are feeling.
I hear from listeners everyday. We're all, a lot of us are feeling
this financial shame and Iwant to help you give, I don't want
to give you confidence. That'sthe whole point of today's show.
And today's show is all aboutthat. For 30 years as an accountant,
(01:31):
I've worked with familieshelping them set up savings and investment
accounts for their children'sfuture. Because, listen, children
are our future and we've gotto really think about how can we
teach them the skills that.And here's the problem. A lot of
us didn't learn the skillsourselves, but now we got to make
sure our children learn those.So I've been a financial coach, but
here's my real street credtoday. A lot of people say, well,
(01:52):
what's your street cred,Ralph? I've been a parent and I've
raised two boys. They're 24and 28 right now and they are completely
different as it relates tofinance. Even though good old dad
is an accountant and a financeguy. I've seen firsthand the impact
of starting early. So let metell you about a client that I worked
with many, many years ago.I've been in practice now for 30
(02:13):
years and I think it wasn'ttoo soon after I started I had this
young couple come in and man,they were just, they were in love
with each other. Just had alittle baby and they said, Ralph,
we really want to see see ourdaughter go off to college. And I
said, well, here's one of thethings you could consider doing.
There's a thing called a 529plan. I'm not going to get into the
details about that today. Youcan check out our show at Financially
Confident Christian. It's alittle search button at the top and
(02:33):
just put in there 529 plan.I've done a couple shows about it.
That's not the topic fortoday's show. Just want to give you
some 30,000 foot views aboutinvesting. They sat down with me
and they said, we really wantto create something. Now this baby,
I mean this was in a babycarrier when they came in, this baby
was fresh. I'm talking aboutstraight out the oven fresh. But
they had an intention. And Iremember working with them over the
(02:54):
years and now as a matter offact, she's graduated from college
now. But I remember when shereached high school, they were coming
in and they were showing metheir 529 statement. Let me tell
you right now, they wereconsistent. They were sowing those
seeds every single month. Andby the time she reached college,
she had a strong foundationfor her college cost. Now here's
another little fun thing. Shewas a Cracker Jack student. She got
(03:16):
100% scholarship to go tocollege. So that money now is going
to be used for grandchildren.And see, it's all about consistency.
If you've not learned anythingelse in this investment series, we've
been doing this, it's going tobe a 30 day series for the entire
month. One of the keytakeaways, and I hope you're hearing
this, is consistency. And Ilove what Dave Ramsey said. Dave
and I aren't always on thesame page, but he said this and he
(03:39):
said, teach your kids how tohandle money and they'll never forget
it. I don't know about you,but if you're a parent raising kids
seems like they forgeteverything. Remember when I told
you, I don't remember that,dad, but teach them how to handle
money and they'll never forgetit. And I'm not saying That a piggy
bank isn't a great start. Abbyand I again, we were talking before
(03:59):
the show. She had a piggybank. Hers was plastic. She said
to me she was rough. It wasreal easy to get into it. Mine wasn't
so easy to get into, so Iended up breaking it. But I wanted
that money for the arcade. Butit is a great way to start teaching
kids about savings. It's astart. But listen, don't stop there.
So many parents don't teachtheir children financial literacy.
(04:19):
And as a country, and I'mspeaking for the US right now, I
think we do a poor job ofthis. So start there. Start to teach
them that financial literacyand do think about college savings.
My kids are 24 and 28. Iremember when they were just toddlers.
Next thing you know, they'regraduating from high school, going
on to College. So these 529plans, these ESA, these educational
(04:40):
savings accounts are powerfulcollege funding ideas. There's great
tax benefits to them. I'vedone shows on them. I'm not going
to get into that today.Another thing you can do is create
a custodial account. You mightbe like, what is that, Ralph? Well,
you can go to the bank and youcan open up an account with your
child. Remember, my mom anddad did this. I did this with my
kids. You teach themownership. I'll never forget it.
When I was a kid, they used togive you this thing called a passbook
(05:01):
to savings account. I'm reallydating myself. But you'd have this
book and every time you'd putmoney, you go into the bank, you
stand in line with all thecool people, you go up and give the
teller maybe two bucks or fivebucks, maybe you got it for birthday
money. And they'd stamp thatin the book. And I remember as a
kid, I was like, that's cool.Look at that, my money's growing.
What was my mom and dad doing?And I got to say my mom kind of took
(05:22):
the lead on this. They wereteaching me finances early. Maybe
that's why I'm an accountantnow. Of course, I grew up in accounting.
I've been doing accountingwork since I was 8. But that's a
whole nother story. But thetruth is, and I've seen this in my
own life, the earlier youteach kids about money, the stronger
their future foundation isgoing to be. And as part of that,
this is a Christian financeshow. One of the strongest things
(05:44):
that you can teach them isChristian stewardship. See, it goes
beyond money. Teach them aboutfaith. Based financial wisdom, because
that's really a legacy gift.Which leads me to this story. I never
forget this story. My youngestson. Now, my youngest son, he's more
of a spendthrift. He's not oneof these savers. My oldest kid, dude,
he will save. He probably gotmore saved than I have. He's a saver.
(06:05):
My youngest son is a spender.You talk about deficit spending.
This dude is spending moneyhe's never going to get. And I'm
not picking on him, but I'llnever get. He was a young kid and
we were going to church andwe're trying to teach the kids tithing,
giving something back to thechurch. And I said, listen, kids,
here's what I'm going toencourage you to do. Mom and dad
are going to give you anallowance. Now, I don't call it an
allowance because they workedfor it. I think it's a commission.
(06:25):
I did a show about that. Checkthat out. Don't pay your kids an
allowance. Pay your kids acommission. Encourage them to work.
Anyway, I said to them, kids,I want you to really think about
giving 10% of your commissionto church every Sunday. I never forget,
we're on the church. We'regoing to church. One Sunday morning,
we'd all piled in the truckand we're driving along, and I said
to the boys, I said, okay, areyou boys ready for your tithe today?
(06:47):
Of course. My oldest son is,yes, dad, I've got the money right
here. I've already figured itout. It's exactly 10% of the. Of
what I made on commission thisweek. I said, son, that is fantastic.
And he had done a great job.He understood it. My youngest son,
he's like, but, dad, do Ireally have to do this? This is my
money. I work so hard forthis. You know, I did. I don't remember
(07:07):
what he was doing at the time.He was probably four or five years
old. Maybe he was putting thedishes away from the dishwasher or
something like that. And hesaid, dad, do I really need to do
this? And he was so reluctant,but it was great because it gave
me that opportunity to talkabout the cheerful giver. We talked
about that on this show a fewtimes. My youngest son was certainly
not the cheerful give, but heunderstood that, that stewardship
(07:28):
lesson. And I'll never forget,we sat down in the pew and they passed
the cleat. And my oldest son,he dropped it in real quick. He heard
the clink go. My youngest son,he's looking at the plate and he
Looks at his money, he looksat the plate, and I gave him a little
nudge. Next thing you know,change went in the plate. Now, I
was half thinking he was goingto grab some out of the plate and
take an extra commission, butthank God he didn't do that. Well,
let's get to our Bible versetoday. This one comes from the book
(07:50):
of Proverbs. This is chapter22, verse 6. And this is all about
biblical foundation. This isone you want to understand and remember
this one again, Proverbs 22,6. Start children off on the way
they should go, and when theyare old, they will not turn from
it. That's this foundationthing right here. What is the Bible
telling us? Start showing offon the way they should go. And when
(08:13):
they're old, like me, 53 yearsold, I'm an old guy, they will not
turn from it. It all startswith that strong foundation, which
leads me to this bonus verse.This is two days in a row we're doing
a bonus verse, but I think weneed to do this. This is From Deuteronomy,
chapter 6, verses 6 and 7.These commandments that I give you
today are to be on yourhearts. Impress them on your children.
(08:37):
Talk about them when you sitat home and when you walk along the
road, when you lie down andwhen you get up. Yes, when you're
driving to church. Talk toyour kids about this. Talk to your
kids about finances. Talk toyour kids about faith and finance
together. When you're at home,when you're walking along the road,
when you lie down. Teach themearly and teach them often. It's
(08:57):
going to make all thedifference. Let's pray together right
now. Father, we come to youright now and we just ask for wisdom,
Lord, and especially asparents, if you're a parent right
now. Listen, Lord, we wouldjust want you to help us to prepare
our kids well for theirfuture. Lord, you've given us a huge
obligation here, Lord, we justask you right now to help us do that.
(09:17):
Help us to model thatstewardship, Lord, even if we didn't
grow up around that ourselves,help us to model that. And help us
to model our faith and helpour children to see us as being good
stewards of what you'veentrusted to us, Lord. And we just
thank you again for thesechildren you've entrusted us to.
And if we don't have children,maybe you're working with our grandchildren
or other people that we comeinto contact with. Lord, just give
(09:38):
us courage to do that. Give uscourage to help our children understand
Finance and teach them in theway they should go, like the scripture
says. And we ask this inconfidence in the name of Jesus.
Amen. All right, well, here'syour one action step for today. Not
going to be too complicatedtoday, but here's what I want you
to do. If you have a child ora grandchild or maybe you've got
a nephew or a niece, dolooking into some 529 plans or an
(10:03):
ESA account or maybe even acustodial account. I actually set
up one of these for my niecewhen she was born. Start to research
how to start your children oryour grandchildren this week on how
to build that foundation. Itdoesn't have to be big, but just
help them build thatfoundation. And as I said earlier,
piggy banks are a start.They're a great start. Don't do the
(10:23):
ceramic ones like Abby said.Do the plastic ones. You don't break
them. They're easy to dealwith. But be real about that. Real
growth comes from structuredaccounts. It's going to have to go
beyond that piggy bank. Thinkabout the 529 plans, the ESA, the
tax benefits of those aregreat. Like I said, I'll cover that
in another episode. You cancheck out our show notes for that.
All might consider thosecustodial accounts. They're a great
(10:44):
way to teach responsibility.Because here's the deal. Teaching
financial stewardship is themost valuable gift that you can ever
give your kids, yourgrandkids, your nieces and nephews.
You got to do that. Now, makesure you join me tomorrow. Tomorrow
I'm going to change topics alittle bit. We're still going to
continue on investments, asAbby said. Ralph, I love this topic.
For tomorrow. We're going totalk about how can I invest to create
(11:06):
passive income streams. Yeah.Tomorrow we're going to talk about
how to move beyond your dailysalary or your hourly wage and really
start to build money thatmakes money when you're asleep at
night. Yes, I got the secretson tomorrow's show. And here's what
I would like you to do for me.I don't ask you for this often, but
I would love it if you wouldsupport this show. Now, one of the
ways we do that is this thingcalled Buy me a Coffee. Now, listen,
(11:27):
I don't even drink coffee. Ido drink hot tea. There's my cup
of hot tea today. But it's avirtual thing. But if you want to
support the show, you can buyme a virtual coffee. Buy five virtual
coffees. Up to you. But theway you do that is go to our website.
That'sfinanciallyconfidentchristian.com/support. Now
you might be thinking, okay,Ralph, what are you going to do with
this money? Your support's ablessing because what I'm going to
(11:48):
do with it is I'm going tohelp it use to reach other people.
I'm going to invest in this.I'm going to advertise. I'm going
to do more things to build thelistenership so that more people
can be impacted by thismessage of breaking free from that
financial shame and moving onwith confidence. And you can help
me do that by supporting theshow. Go to financiallyconfidentchristian.com/support
(12:10):
and show me some love today,because your support is a blessing.
And together, workingtogether, truly, I believe this with
all my heart. We can make alasting impact on the lives of so
many people. So as I closetoday, remember this today. Start
small. Watch it grow. Watchthose children just take off with
that. That's my oldest son. Iknow the things that I taught him
when he was real young. He'susing those to this day. So choose
(12:33):
tools that build a strongerfuture. And let's all guide this
next generation with wisdomand with stewardship that lasts a
long time, last a lifetime, infact. So today I charge you with
this. Go be a financiallyconfident Christian and let's help
our children, grandchildren,nieces and nephews and everybody
else be those financiallyconfident Christians as well. Stay
financially savvy. God blessyou, and you have a great day.
You know something? I canstill remember my first piggy bank.
And honestly, the truth is, itdidn't last long before that money
was spent at the arcade. Sohere's the question for today. I
got this from a listener. Ithought, this is perfect, Ralph.
I've got a piggy bank startedfor my kids. But what's the next
step? To really invest intheir future. And the truth is a
piggy bank is a great start.So many people don't do those anymore.
(00:23):
Abby, my assistant and I weretalking about this before we started
recording today and we startedtalking about what kind of piggy
bank did you have? And I askedher a question. I said, abby, why
do you think they call it apiggy bank? And she says, ralph,
I'm not sure. Well, here's thething. Pigs get big and fat. That's
the whole point of it. Sothat's a good way to start your children.
But it's not enough. It's gotto be more than just those loose
(00:44):
chains in that piggy bankbecause there's all kinds of things
that are going to come up.Education to lifelong financial wisdom.
Let's talk about that ontoday's show, how to really invest
for your children. This isFinancially Confident Christian,
your daily dose of gospel,grounded insight and faith driven
tips to help you break thecycle of financial shame with confidence.
(01:09):
Hello there. Welcome back tothe show. I'm Ralph. This is Financially
Confident Christian. This isyour daily show to help you break
that cycle of financial shamethat so many people are feeling.
I hear from listeners everyday. We're all, a lot of us are feeling
this financial shame and Iwant to help you give, I don't want
to give you confidence. That'sthe whole point of today's show.
And today's show is all aboutthat. For 30 years as an accountant,
(01:31):
I've worked with familieshelping them set up savings and investment
accounts for their children'sfuture. Because, listen, children
are our future and we've gotto really think about how can we
teach them the skills that.And here's the problem. A lot of
us didn't learn the skillsourselves, but now we got to make
sure our children learn those.So I've been a financial coach, but
here's my real street credtoday. A lot of people say, well,
(01:52):
what's your street cred,Ralph? I've been a parent and I've
raised two boys. They're 24and 28 right now and they are completely
different as it relates tofinance. Even though good old dad
is an accountant and a financeguy. I've seen firsthand the impact
of starting early. So let metell you about a client that I worked
with many, many years ago.I've been in practice now for 30
(02:13):
years and I think it wasn'ttoo soon after I started I had this
young couple come in and man,they were just, they were in love
with each other. Just had alittle baby and they said, Ralph,
we really want to see see ourdaughter go off to college. And I
said, well, here's one of thethings you could consider doing.
There's a thing called a 529plan. I'm not going to get into the
details about that today. Youcan check out our show at Financially
Confident Christian. It's alittle search button at the top and
(02:33):
just put in there 529 plan.I've done a couple shows about it.
That's not the topic fortoday's show. Just want to give you
some 30,000 foot views aboutinvesting. They sat down with me
and they said, we really wantto create something. Now this baby,
I mean this was in a babycarrier when they came in, this baby
was fresh. I'm talking aboutstraight out the oven fresh. But
they had an intention. And Iremember working with them over the
(02:54):
years and now as a matter offact, she's graduated from college
now. But I remember when shereached high school, they were coming
in and they were showing metheir 529 statement. Let me tell
you right now, they wereconsistent. They were sowing those
seeds every single month. Andby the time she reached college,
she had a strong foundationfor her college cost. Now here's
another little fun thing. Shewas a Cracker Jack student. She got
(03:16):
100% scholarship to go tocollege. So that money now is going
to be used for grandchildren.And see, it's all about consistency.
If you've not learned anythingelse in this investment series, we've
been doing this, it's going tobe a 30 day series for the entire
month. One of the keytakeaways, and I hope you're hearing
this, is consistency. And Ilove what Dave Ramsey said. Dave
and I aren't always on thesame page, but he said this and he
(03:39):
said, teach your kids how tohandle money and they'll never forget
it. I don't know about you,but if you're a parent raising kids
seems like they forgeteverything. Remember when I told
you, I don't remember that,dad, but teach them how to handle
money and they'll never forgetit. And I'm not saying That a piggy
bank isn't a great start. Abbyand I again, we were talking before
(03:59):
the show. She had a piggybank. Hers was plastic. She said
to me she was rough. It wasreal easy to get into it. Mine wasn't
so easy to get into, so Iended up breaking it. But I wanted
that money for the arcade. Butit is a great way to start teaching
kids about savings. It's astart. But listen, don't stop there.
So many parents don't teachtheir children financial literacy.
(04:19):
And as a country, and I'mspeaking for the US right now, I
think we do a poor job ofthis. So start there. Start to teach
them that financial literacyand do think about college savings.
My kids are 24 and 28. Iremember when they were just toddlers.
Next thing you know, they'regraduating from high school, going
on to College. So these 529plans, these ESA, these educational
(04:40):
savings accounts are powerfulcollege funding ideas. There's great
tax benefits to them. I'vedone shows on them. I'm not going
to get into that today.Another thing you can do is create
a custodial account. You mightbe like, what is that, Ralph? Well,
you can go to the bank and youcan open up an account with your
child. Remember, my mom anddad did this. I did this with my
kids. You teach themownership. I'll never forget it.
When I was a kid, they used togive you this thing called a passbook
(05:01):
to savings account. I'm reallydating myself. But you'd have this
book and every time you'd putmoney, you go into the bank, you
stand in line with all thecool people, you go up and give the
teller maybe two bucks or fivebucks, maybe you got it for birthday
money. And they'd stamp thatin the book. And I remember as a
kid, I was like, that's cool.Look at that, my money's growing.
What was my mom and dad doing?And I got to say my mom kind of took
(05:22):
the lead on this. They wereteaching me finances early. Maybe
that's why I'm an accountantnow. Of course, I grew up in accounting.
I've been doing accountingwork since I was 8. But that's a
whole nother story. But thetruth is, and I've seen this in my
own life, the earlier youteach kids about money, the stronger
their future foundation isgoing to be. And as part of that,
this is a Christian financeshow. One of the strongest things
(05:44):
that you can teach them isChristian stewardship. See, it goes
beyond money. Teach them aboutfaith. Based financial wisdom, because
that's really a legacy gift.Which leads me to this story. I never
forget this story. My youngestson. Now, my youngest son, he's more
of a spendthrift. He's not oneof these savers. My oldest kid, dude,
he will save. He probably gotmore saved than I have. He's a saver.
(06:05):
My youngest son is a spender.You talk about deficit spending.
This dude is spending moneyhe's never going to get. And I'm
not picking on him, but I'llnever get. He was a young kid and
we were going to church andwe're trying to teach the kids tithing,
giving something back to thechurch. And I said, listen, kids,
here's what I'm going toencourage you to do. Mom and dad
are going to give you anallowance. Now, I don't call it an
allowance because they workedfor it. I think it's a commission.
(06:25):
I did a show about that. Checkthat out. Don't pay your kids an
allowance. Pay your kids acommission. Encourage them to work.
Anyway, I said to them, kids,I want you to really think about
giving 10% of your commissionto church every Sunday. I never forget,
we're on the church. We'regoing to church. One Sunday morning,
we'd all piled in the truckand we're driving along, and I said
to the boys, I said, okay, areyou boys ready for your tithe today?
(06:47):
Of course. My oldest son is,yes, dad, I've got the money right
here. I've already figured itout. It's exactly 10% of the. Of
what I made on commission thisweek. I said, son, that is fantastic.
And he had done a great job.He understood it. My youngest son,
he's like, but, dad, do Ireally have to do this? This is my
money. I work so hard forthis. You know, I did. I don't remember
(07:07):
what he was doing at the time.He was probably four or five years
old. Maybe he was putting thedishes away from the dishwasher or
something like that. And hesaid, dad, do I really need to do
this? And he was so reluctant,but it was great because it gave
me that opportunity to talkabout the cheerful giver. We talked
about that on this show a fewtimes. My youngest son was certainly
not the cheerful give, but heunderstood that, that stewardship
(07:28):
lesson. And I'll never forget,we sat down in the pew and they passed
the cleat. And my oldest son,he dropped it in real quick. He heard
the clink go. My youngest son,he's looking at the plate and he
Looks at his money, he looksat the plate, and I gave him a little
nudge. Next thing you know,change went in the plate. Now, I
was half thinking he was goingto grab some out of the plate and
take an extra commission, butthank God he didn't do that. Well,
let's get to our Bible versetoday. This one comes from the book
(07:50):
of Proverbs. This is chapter22, verse 6. And this is all about
biblical foundation. This isone you want to understand and remember
this one again, Proverbs 22,6. Start children off on the way
they should go, and when theyare old, they will not turn from
it. That's this foundationthing right here. What is the Bible
telling us? Start showing offon the way they should go. And when
(08:13):
they're old, like me, 53 yearsold, I'm an old guy, they will not
turn from it. It all startswith that strong foundation, which
leads me to this bonus verse.This is two days in a row we're doing
a bonus verse, but I think weneed to do this. This is From Deuteronomy,
chapter 6, verses 6 and 7.These commandments that I give you
today are to be on yourhearts. Impress them on your children.
(08:37):
Talk about them when you sitat home and when you walk along the
road, when you lie down andwhen you get up. Yes, when you're
driving to church. Talk toyour kids about this. Talk to your
kids about finances. Talk toyour kids about faith and finance
together. When you're at home,when you're walking along the road,
when you lie down. Teach themearly and teach them often. It's
(08:57):
going to make all thedifference. Let's pray together right
now. Father, we come to youright now and we just ask for wisdom,
Lord, and especially asparents, if you're a parent right
now. Listen, Lord, we wouldjust want you to help us to prepare
our kids well for theirfuture. Lord, you've given us a huge
obligation here, Lord, we justask you right now to help us do that.
(09:17):
Help us to model thatstewardship, Lord, even if we didn't
grow up around that ourselves,help us to model that. And help us
to model our faith and helpour children to see us as being good
stewards of what you'veentrusted to us, Lord. And we just
thank you again for thesechildren you've entrusted us to.
And if we don't have children,maybe you're working with our grandchildren
or other people that we comeinto contact with. Lord, just give
(09:38):
us courage to do that. Give uscourage to help our children understand
Finance and teach them in theway they should go, like the scripture
says. And we ask this inconfidence in the name of Jesus.
Amen. All right, well, here'syour one action step for today. Not
going to be too complicatedtoday, but here's what I want you
to do. If you have a child ora grandchild or maybe you've got
a nephew or a niece, dolooking into some 529 plans or an
(10:03):
ESA account or maybe even acustodial account. I actually set
up one of these for my niecewhen she was born. Start to research
how to start your children oryour grandchildren this week on how
to build that foundation. Itdoesn't have to be big, but just
help them build thatfoundation. And as I said earlier,
piggy banks are a start.They're a great start. Don't do the
(10:23):
ceramic ones like Abby said.Do the plastic ones. You don't break
them. They're easy to dealwith. But be real about that. Real
growth comes from structuredaccounts. It's going to have to go
beyond that piggy bank. Thinkabout the 529 plans, the ESA, the
tax benefits of those aregreat. Like I said, I'll cover that
in another episode. You cancheck out our show notes for that.
All might consider thosecustodial accounts. They're a great
(10:44):
way to teach responsibility.Because here's the deal. Teaching
financial stewardship is themost valuable gift that you can ever
give your kids, yourgrandkids, your nieces and nephews.
You got to do that. Now, makesure you join me tomorrow. Tomorrow
I'm going to change topics alittle bit. We're still going to
continue on investments, asAbby said. Ralph, I love this topic.
For tomorrow. We're going totalk about how can I invest to create
(11:06):
passive income streams. Yeah.Tomorrow we're going to talk about
how to move beyond your dailysalary or your hourly wage and really
start to build money thatmakes money when you're asleep at
night. Yes, I got the secretson tomorrow's show. And here's what
I would like you to do for me.I don't ask you for this often, but
I would love it if you wouldsupport this show. Now, one of the
ways we do that is this thingcalled Buy me a Coffee. Now, listen,
(11:27):
I don't even drink coffee. Ido drink hot tea. There's my cup
of hot tea today. But it's avirtual thing. But if you want to
support the show, you can buyme a virtual coffee. Buy five virtual
coffees. Up to you. But theway you do that is go to our website.
That'sfinanciallyconfidentchristian.com/support. Now
you might be thinking, okay,Ralph, what are you going to do with
this money? Your support's ablessing because what I'm going to
(11:48):
do with it is I'm going tohelp it use to reach other people.
I'm going to invest in this.I'm going to advertise. I'm going
to do more things to build thelistenership so that more people
can be impacted by thismessage of breaking free from that
financial shame and moving onwith confidence. And you can help
me do that by supporting theshow. Go to financiallyconfidentchristian.com/support
(12:10):
and show me some love today,because your support is a blessing.
And together, workingtogether, truly, I believe this with
all my heart. We can make alasting impact on the lives of so
many people. So as I closetoday, remember this today. Start
small. Watch it grow. Watchthose children just take off with
that. That's my oldest son. Iknow the things that I taught him
when he was real young. He'susing those to this day. So choose
(12:33):
tools that build a strongerfuture. And let's all guide this
next generation with wisdomand with stewardship that lasts a
long time, last a lifetime, infact. So today I charge you with
this. Go be a financiallyconfident Christian and let's help
our children, grandchildren,nieces and nephews and everybody
else be those financiallyconfident Christians as well. Stay
financially savvy. God blessyou, and you have a great day.
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