Episode Transcript
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(00:50):
Aloha, everyone. Welcome to Inspired Money.
Thanks for joining me today. If this is your first time here, welcome to
if you're a returning viewer or listener, welcome back. I'm
so glad that you are here and part of our community.
Think back for a moment. Where did you learn
about money? At home? In school? Was
(01:12):
it mostly trial and error? Last week we discussed
money Scripts, how our childhood experiences with money can
influence our psychology today. Do we want
to repeat our money scripts with our kids or do we need to
redefine them for the better? The truth is,
kids pick up money habits by watching us, not just listening to what
(01:34):
we say. Every trip to the store, every online purchase, every
conversation about bills, it all shapes how they think about
spending, saving and investing. But here's the problem.
Most kids are not learning the basics of financial
independence. That includes budgeting, saving, or even
how money really works. Schools barely cover it. So
(01:56):
it's up to us parents, mentors and communities to step
up. So how do we make financial literacy fun,
engaging, and something kids actually understand?
That's what we're discussing today with an incredible panel of experts who are
changing the way young people learn about money. Stick around.
This conversation might just change how you think about teaching kids financial
(02:18):
freedom. Before we jump in, this episode is brought to you by
my financial advisory firm, Runnymede Capital
Management. I will learn how to say that after 27
years. I want to invite you to take advantage of
our three minute financial plan. You can visit
InspiredMoney.fm/getplan. It only takes
(02:40):
three minutes and you'll get a personalized snapshot to help
kickstart your financial journey. Again, that's
InspiredMoney.fm/getplan.
Let's bring in today's guest. We've got an
amazing panel. Let me start with Neale Godfrey. She's a
trailblazing financial literacy expert, New York Times number
(03:01):
one best selling author, creator of the kids and money
movement. With over 35 years experience educating
families, speaking globally and shaping financial curricula for
children, she's empowered millions to build financial confidence from
an early age. Neale, welcome to Inspired
Money. Thank you, Andy. I love what you're doing and it's great to be
(03:23):
here. And don't look at my office, okay? Don't look under
my desk. You've been talking about kids and
money since the 1980s, I think. Did you really
open the first children's bank? Yes. at FAO Schwartz in New York City.
I did. I launched the topic of teaching kids about money in
1988 when I opened up the first children's bank
(03:46):
at FAO Schwartz, the toy store. And actually
Princess Diana flew over with the two
royal children to open up accounts. How cool is that?
That's so, so cool. I have fond memories of visiting
FAO Schwartz and buying magic tricks where
they would do awesome demonstrations of magic
(04:08):
and suck me into buying all kinds of things.
Let me move on with the introductions. We have Sam Renick.
He is a financial literacy champion, children's author
and founder of SammyRabbit.com the
enterprise is dedicated to instilling great money habits in kids
from an early age. Through his beloved character Sammy
(04:31):
Rabbit, interactive stories, catchy financial literacy
songs, and online money school, he's inspired over a
quarter million children worldwide to save, dream big
and develop smart money habits. Sam
welcome. Andy, here's a big Sammy Rabbit. Hello
to you. Thank you. Sammyriffic!
(04:53):
Yes, we have Bobbi. Bobbi Rebel
CFP back on inspired money. It's been a long time. She's
founder of Financial Wellness Strategies, which provides financial wellness
workshops to companies. She is also the author
of Launching Financial Grownups, specializing in helping parents guide their
kids to financial independence, as well as how to Be
(05:16):
a Financial Grownup, which provides a roadmap for young adults to
adjust to grown up financial life. Previously, Bobbi was the head
of US Business Video and a global business news anchor
at Reuters after held after having held editorial
journalist positions at pbs, CNN and
cnbc. Bobbi, it's been a long time. Welcome
(05:38):
back. Thank you so much for having me. And I love what you said about
the fact that we can't just assume that the schools are going to teach our
kids about money. A lot of schools do a great job, but ultimately it's the
parents that are stakeholders, the ultimate size,
which is. Why this conversation is so valuable. And
I feel like I'm at a point because I have two high schoolers in a
(06:00):
middle schooler. Like their formidable years are
still happening. But hopefully it's a case where
I've done a good job and not a case of like the damage has been
done. Time will tell.
Rounding out our panel today, we have Paul Sullivan. He's a veteran
financial journalist and author dedicated to helping families build strong
(06:23):
financial foundations. As the former Wealth Matters
columnist for the New York Times and founder of the Company of
Dads, he brings deep, deep expertise in personal
finance, wealth management and teaching children smart money habits.
Paul, so glad that you can make it. Andy, thank you for having me.
It's going to be great to be here today and you've established a great group.
(06:46):
So happy to get right into it. I am so excited about this
group and this group is so passionate about
helping kids talking about financial education
for kids. So we're going to have a blast. Thank you everybody for joining
us today. Let's go straight into segment one.
Financial education equips children with skills to navigate personal
(07:08):
finance confidently. Introducing basic financial concepts
early helps build responsible habits that influence long
term financial well being. Children develop financial behaviors
by observing parents, guardians and educators. Adults
who model responsible money management, budgeting, saving and
mindful spending set a strong example. Everyday
(07:30):
activities such as involving children in budgeting for groceries or
setting savings goals provide practical lessons. Studies
show that financial habits begin forming as early as age 7,
highlighting the importance of introducing age appropriate money
lessons. Teaching children the value of saving, the
basics of budgeting and smart spending decisions creates a
(07:52):
foundation for financial literacy. Reinforcing financial
concepts through hands on experiences like comparing
prices or managing allowances helps children develop
critical thinking skills around money. Open conversations
about financial decisions encourage responsible habits.
Ensuring children grow into financially capable adults
(08:14):
equipped to make informed choices.
Sam, I want to start with you. You teach a lot of financial habits.
One of the biggest is to spend less than you earn.
But we're up against so many marketing messages telling us to spend, spend,
spend. Why do early money lessons have such
(08:37):
a lasting impact? Well, it's just the
way learning is. Learning starts at birth, maybe
even in, in, in the womb. And so
one of the things we're talking about all the time, consciously or
unconsciously you've kind of mentioned that is, is money.
So that, that's one thing that just happens in homes. But
(08:59):
then you layer on top of that something you just mentioned. There's
all these media messages that are
happening thousands a day that start shaping
mainly our feelings and attitudes which may
result in our habits. And so that's why we
think at sammyrabbit.com you've got to get in
(09:21):
there very early with simple short
messages around smart spending, around saving,
you know, maybe a little bit about investing. But for us the, the two
big core habits you want to try and form attitudes,
feelings and habits around our are saving and spending. And for kids, there
really isn't any reason why they can't form a habit of saving
(09:44):
if they're led in that, that direction. I love it.
Simple but foundational lessons.
Yes. And, and they're profound. Okay. They're if you get in the habit
of saving as a kid, that, that's a life transforming message.
If you get a habit of spending less than you earn, that's a life
transforming type of Message. Those are, you know,
(10:07):
in chicken soup. That's the chicken. All right. So in almost
any personal finance recipe,
saving and investing. Okay. And spending less than you
earn are the core of it. I love it.
Neale, how have attitudes toward financial
education evolved since you first started?
(10:30):
Well, it was very tough when I started to get people to listen
to the fact that it was important to get kids involved
in earning, saving, spending, and sharing. And most people
said, oh, let them be kids. But, you know, as your
panel has said, we start to form our
attitudes and habits at a very young age.
(10:52):
So I teach the natural consequences of money. And I
started age three because that's when the kids really
start saying, I want, I want. And what I do is I teach them the
only way you get money is to earn it.
So I set it up so that the kids can do an allowance
within the household, earn some money, and
(11:14):
then learn to budget it.
Yeah, that's the quickest way to learn the value of the dollar.
And you have to earn it to spend it. Right.
Bobbi, what do you think is the biggest challenge in starting kids young on
their financial journey? I think it's important, Andy. And first of
all, I agree with everything that Neale and Sam have
(11:37):
said. I think adding to that, it's important to teach them to make
decisions and to have agency for those when making
decisions. In other words, there might come time, time when you can
say that they should budget, but there simply isn't enough money. So,
okay, how do you make the best choice given the parameters that you're facing
at this time? Because that's a very real world situation when you can't get everything
(11:59):
that you want. It also could lead them to a discussion about, well, what
can I do to create more choices in life? Because that's ultimately
the goal. We can teach them that savings is good, but if you invest also,
and you, you keep building on the earlier principles and growing their
vocabulary, their financial vocabulary, as they get older, they're going to learn
that there are ways that they can control their finances going forward and
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not just be on the receiving end of getting. You kind of get what you
get. Well, you know, if you can be proactive in those decision making, in your
decision making, I should say you're going to have more choices ultimately, and that's going
to benefit you. And by the way, everyone around you. I talk a lot about
a family ecosystem. We can talk about that more later.
Okay. I have to remember to come back to that. What do
(12:43):
you think? Like, helicopter parenting
is such a thing these days? Like we have to allow
our kids to have that agency and to stumble. Right. Like
we have to let them make their own mistakes.
Yeah, I mean, I think that you have to let them have the consequences of
making a poor decision and not always step in. And sometimes that
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may mean that they are disappointed because they don't have the money to do something
they want to do because they spent it before. But that's a lesson that
once it happens, they're not going to forget. So it's hard because we do
have, and I speak to an audience of parents that have older kids, generally
teenagers and above, and it's really hard because sometimes these
fumbles are real life fumbles and they make mistakes. But it's really
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important to let them kind of feel that pinch because that's ultimately what's going to
motivate them. Teenagers is a whole nother animal.
I'm speaking to aliens. I have two aliens in my house right now.
Paul, what do affluent families do
differently when teaching financial literacy?
Well, a couple things I'll add in that affluent
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families actually may struggle more than middle class
families, and that would seem counterintuitive, but take a car. If you're a middle
class family and you have a 10 year old Toyota and you're trying to think
about do I dump three grand into it to fix it, or do I
buy a brand new Toyota and the monthly payment's gonna be $400,
that's a conversation you're having around the dinner. That's something that your children are hearing.
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Whether you realize it or not. If you're a very affluent family and you decide
you're going to buy a new Range Rover, you're not working through the math and
saying, okay, to buy this $150,000 car, I actually have to earn
$300,000. And then it only takes premium gasoline. So every
time I fill it up, that's going to be $100 in the insurance. You're not
having that conversation. You're just going out and buying it and the car appears. So
(14:31):
I think one of you know, we're talking here about, you know, how we're teaching
children about money. I think what we really have to, you know, bear in mind,
it's just like everything else, as parents, our kids may listen to
us, but what they're really doing is watching us. And so how do we
model the behavior we want them to have as adults? And
I think we really have to go out of our way to do it. Why?
(14:51):
You know, you know, about a year ago, my local coffee Shop, which used to
be just cash, only went to credit cards. And so now I have no
need for cash in my life whatsoever. So everything I do, I
put down my credit card. My kids see it, it beeps. A bill comes at
the end of the month. We really have to talk about it because we're losing
that tangible nature of money. And I can imagine, like when Neale
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was starting the Kids bank at FAO Schwartz in the 80s, people walked
in with money, kids walked in with money, and they counted it
out. Without that tactile connection, our brain is struggling
to make that leap between what we're
spending, how we got it, what it means. So as parents, we really need to
go out of our way to model, know what we're doing ourselves, knowing that our
(15:34):
kids are watching us. What do you say to that, Neale?
I agree, Paul, totally. And in fact, even in
today's world, I start them out with real money, even though
we're not going to have pennies, because I want them to start
understanding that there is a connection between that
tactile money and the digital money. Because our kids grow up
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in the world of electronics and everything's a
video game, and then all of a sudden there's a bank account and it's
just another video game. And which leads into
day trading, which leads into all those other things in the digital world.
So I like tactile number one for the
start. Then show the kids after you've taken them to
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actually a real bank. There are real banks that exist
and that they see that their money turns into
something digital and then they start understanding it.
And then we can make the leap of having them understand
what a credit card is, how it works. And I show them the
bills. Here's a credit card bill. When I
(16:40):
charge this on the magic piece of plastic, it comes back
in a bill. It gets paid. It will be digital, but it will
be real. So, yeah. Yes,
Paul, the world has changed. I even teach them about crypto.
Also, fun fact, my kids have more cash
than I do. Like, they get birthday money, Chinese New Year
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money. So when I need cash, because I'm gonna go get a haircut, I have
to take a loan for my kids. I have like a, you know, I
take like a Post it note and I'm like, I owe you $20. And
I stick it in their envelope.
I'm sorry, Andy. Andy, do your kids charge you interest on those loans?
They better be charging you interest. Thankfully,
(17:26):
no, not yet. I'm
sure that's coming. So I do want to say I agree
with what I love what Neale said, I think that's a great thing to do
with young kids. I do want to add though, that given that we
are in this digital world, we do have to at least leverage that in the
ways that we can. And one thing I do is I use the digital footprint
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that my, my child creates because he does have an app where I can kind
of send him money. He's away at school and I can say, hey,
I noticed you were here yesterday and you spent this amount of
money. Tell me about that. And we can have a conversation. So there's no
hiding, you know, when you're no longer have your kid paying for things in cash,
you know exactly what they spent money on. And that can be a great conversation
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starter. That's a great idea, Bobbi. And I think that that
really opens up the transparency that
just because it's digital doesn't mean that I'm not looking over your
shoulder. You know, I love to add one thing in
there and something I did when my daughters were young. I've got three daughters. And
we just were so lucky that in our town back then, the basic Barbie was
(18:30):
$10. And most kids learn math in a 10 frame. So if you tell them
like, lunch costs $100, a car cost $100,000, a house cost
a million dollars, you know, just using round numbers here, that's really difficult for
them to grasp. But if you say, okay, lunch today, you know, for you and
me, just the two of us costs $100, what's that? Well, that's 10 Barbies. So
it kind of takes something from that. It connects the physical world
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and the digital world. So in their head they can sort of grasp
that. So then if you're looking at, you know, $100,000
car and you say that's a million Barbies, they can't. It blows their
mind. But it gives them something to sort of equate, you know, that, that
virtual world back to the. The physical world. And Paul, I would take it a
step further. I love that. But what I do also is because I
(19:15):
make them earn their allowance, I will
then throw in that Barbie cost X
number of hours of work, was it worth it?
And now they have the agency
to decide whether it's worth it for, for them in
terms of their work to earn that.
(19:39):
It's a great, It's a big milestone when your child
makes his or her first regrettable purchase.
Well, it's what Bobbi was saying too. When I take the
allowance and I have them learn a budget, I have them
divided into four areas. So there's what
I, I have them do 10% going
(20:01):
off to charity and then the remaining 90
is divided into thirds. So the next third is what
I call quick cash, which is instant gratification. And it's what
Bobbi was saying, when you spend that, it's gone. And
then I teach them about medium term savings to push off
instant gratification, pick a goal, save for something
(20:23):
larger and then also long term savings
which is saving and then eventually
investment. Valuable lessons. Let's go to
segment two. Engaging children
in financial education through interactive methods makes learning
more effective and enjoyable. Traditional instruction can
(20:45):
feel abstract, but incorporating gamification, real
world simulations and experiential learning brings financial
concepts to life. Gamification introduces game mechanics
to financial education. Apps like Money Wise Challenge
and board games like Monopoly and the Game of Life
teach budgeting, investing and money management through play.
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These activities reinforce decision making skills in a fun low
risk environment. Virtual money management platforms and business
simulation games help kids experience budgeting, investing
and, and entrepreneurship firsthand. These experiences
promote financial literacy by demonstrating real life consequences
in a controlled setting. Experiential learning takes education
(21:30):
beyond the classroom. Activities like running a small business,
managing an allowance or participating in household
budgeting provide hands on financial experience.
Tailoring these activities to different age groups ensures that
financial lessons are age appropriate, relevant and
impactful.
(21:54):
Paul, you have three girls. Do you think
technology, AI and gamified finance. Do you think
that's changed the way they've, they learned about money?
I'm so, I'm still trying to get past the video with that kid fanning himself
with hundred dollar bills. So you know, you scrambled my brain with that
one. No, my two older daughters, they're, they're
(22:15):
babysitting and you know, when they began babysitting
they were getting, you know, it's $20 an hour in my town.
So they would get this, this tangible, you know, sum of money. Now it's, it's
gone to Venmo. But my oldest daughter, she
has like, it's like I don't know what she's afraid of but she has a
big pile of cash. She has a big pile sitting in Venmo, she has a
(22:37):
big pile in, in the bank. She's trying to understand, you know,
interest. So I don't think in that sense. I mean she's very much, you
know, connected to the real world. She gets all of her shopping
tips, you know, from Instagram, but then she loves nothing more than to go into
town and spend it. But it's Quite interesting. And you asked
me that question like, you know, she'll want to take cash to buy actual
(22:59):
things and then she pays her friends with Venmo and then she never
touches the money that's in the physical bank. So it's a great question for me
to ask her at dinner tonight, but she's already, you know, sort of diversified herself
with her, her babysitting money. You should borrow some of that cash
sometime. So you're 100% right. I need to go actually borrow money for her
because a tutor for one of my other daughters is coming over tonight and
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I don't have the money. So I said to her, like you owe me money.
I'm going to go take it out because I don't have the cash. So this
is just what you were saying, Andy, it's happening in my house too. I don't
need to steal the money for a haircut, as you can tell, but to pay
the tutor, I need that. Neale, talk about what
role hands on experiences play and like play based
learning games. How important is that for financial literacy for
(23:44):
kids? It's incredibly important and our kids learn through that
interaction. I mean, hey, I played Monopoly 4,000 years
ago and I'm not sure it got me into banking, but
that's, that's, you know, that's the lore, but
this is the experiential is really, really important.
And whenever you can play a game with the kids
(24:07):
and even, you know, I eventually get the kids involved
in taxes, for instance, which is very hard to wrap our head
around, you know, for all of us. But
even in the car play a game with the kids, who
pays for what? You know, when you throw out McDonald's and then you say, you
know, it's a private company, you as a consumer pay.
(24:30):
But who pays for the schools, who pays for the police, who
plays pays for the roads. Start getting the kids
even in a simple game form
to start connecting their
world with the real world. So you know,
I make everything a game, frankly. That's
(24:52):
definitely more fun. Sam, tell us about financial
literacy songs. Well, just as
everybody is is saying our, our thought is
this learning and mastering thing takes an immense
amount of repetition. And there's levels, I like levels
better than, than ages because you have some six year olds who are reading at
(25:13):
night, I mean nine year old levels and, and vice versa.
And that kind of things are thought was.
You need a whole variety of ways of
repeating and building on the same messages. So you could
say, you know, we started with storybooks and
we're very Habit formation,
(25:35):
centric, so to speak. For. For us, we. We want
kids, adults, everybody, to create routines, patterns,
habits, ones that have predictable outcomes. So our
initial message was saving is a great habit. We put it into a
storybook. Then, you know, some kids like to read, many
don't. We then put it into a song. We then
(25:58):
put it into activities. And so we have a lot of ways of
reinforcing the message. A lot of kids like
music. You know, one of our main learning
philosophies is try to identify
things that interest kids. Speak to them in their
language that might be a thousand different languages. Some people like
(26:20):
music songs, others like playing games, what,
Whatever, whatever it is, and keep layering. We created
this idea. We have a song called Big Old Dream. We take a dream
big. We have a dream big financial education program that
basically asks kids, what is your big dream? Now,
let's put together a plan on, you know, how we
(26:42):
can make that come true. You know, around various aspects
of goal setting and planning, but also money. Are you going to need to save
for it? You know, what choices are you going to make that
type of a thing. Songs
are a great way to teach. And even if you're using
other methods, it's a great way to supplement.
(27:04):
Supplement learning. And it brings a whole different energy to an
experience. And, you know, somebody mentioned, I think it was
Neale, you know, there's all these
teachable moments. Some of them are in cars.
So when you're on trips, maybe they're just short trips or going to school,
hey, you can pop in a song and, you know, have a short conversation
(27:26):
about it. And so, yeah, music is a great way to teach
and has a lot of advantages. Yeah, I love the idea of music
because it's fun for kids, but music just cuts across
or through cultures and really connects us. Like, kind of like
food does. Kind of like food does. Yes.
Bobbi, in your book Financial Grown up, you talk to a lot of
(27:49):
high achievers. What's the role of
financial mentorship for helping kids
understand money better? Well, I think it's. First of all, thank you so much. And
thank you, by the way, for showing my book, launching Financial Grownups in the video.
That was really fun. I think that role models make it real. You know,
a lot of the people featured in my first book, how to Be a Financial
(28:10):
Grownup, are people like, like
shark tanks. Kevin. Oh, I'm forgetting his
name. Kevin. Guys, help me. O'Leary. Kevin O'Leary. And
designer Cynthia Rowley. And people who have really made it
in very innovative ways and Very tangible ways where they're real people that people
can relate to. Even Drew Barrymore is in there. And Drew Barrymore, you
(28:33):
know, kind of came from behind. She was kind of a mess and she had
a real comeback and she reinvented herself and really had a lot
of beyond her talk show now. She had a big retail business,
Flower, I think was the brand at Walmart and so on. And I
interviewed her actually at a business conference of all things. So these role
models kind of come from everywhere and that we should never be dismissive of people
(28:54):
who, because they're not necessarily working in finance as a role model,
they can be in many different industries and you can see the success. Sometimes
there's a failure and a comeback. I love those stories as well in anyone.
And I do want to say one more thing about the gamification because I do
love the Monopoly is my favorite. But I want to point out
that one thing we should all think about is where we may love
(29:17):
Monopoly and let's all try to get our kids into it. I agree with that.
I love the songs, all those things. But it's also important to actively
listen and pay attention to where your kids attention is. For
me, it's been a lot of video games, these games on the
Xbox that I don't really understand. But one thing I did understand when I saw
my son playing them sometimes, unfortunately with my
(29:38):
husband, was that there were these in app purchases and I really was
upset about them because I didn't want my son to be buying them
just because I didn't really think it was a good use of money. So. So
we had a lot of discussions about that. But I also think in app
purchases which are effectively a shortcut. Right? Am I getting that, guys?
Because like I said, I don't know the games that well, but they're basically a
(29:58):
shortcut. And what I learned is if you
just play simple without thinking outside the box,
you don't have extra resources. You're just going to have to earn every
penny. And it's really hard to always earn income and earn your
way up to these better and better positions in the video game. But if you
have wealth, not saying it's the best way to spend it, but if you have
(30:19):
wealth, you can buy shortcuts in life. And that was an interesting
lesson and I have conflicted feelings about it. But that's really what these in app
purchases are. They're a way to buy yourself out of working harder on certain
things. And I thought it was an interesting thing to point out to My son
that, well, if you do have, you know, basically the wealthy can create
shortcuts, and so you have to think about how you feel about that, but also
(30:41):
what you want to do in your own life. Do you want to make life
easier for you and future generations, or do you want to just
kind of take the simpler, easier, longer road? I don't know. I wonder what everyone
thinks about that. Real world lessons. I don't
know, but that's where my kids were. I mean, that's kind of, you know, it
is what it is. They didn't want to play Monopoly with me a lot.
(31:02):
I love it. I would love to know what was the response of your son
when you framed it that way? Well, he, he
didn't like in terms of an actual, his actual behavior. He didn't
like the idea of buying in app purchases because he thinks the video game companies
are out to sort of trick you into spending your money. So I don't
disagree with that. But he also did agree that life is easier when you have
(31:24):
money. So that idea did, did
resonate with him. He just also didn't want to spend the money.
It's an interesting lesson because I think that my son, who's a
freshman in high school, he got some of the, he got like some
frugality from me. So I always told him,
no, you cannot buy Robux. You cannot buy this, you
(31:47):
cannot buy that. And eventually he realized
that, oh well, if he spends enough time playing the
game, then he can earn whatever points.
So I think he realized saving money was good. I
don't know if he learned about valuing his time.
Right. I mean, there could be an argument to be made that if
(32:09):
you want to achieve certain things in life and can buy yourself a shortcut,
maybe that is a good use of the money. But I'm against on principle. I
am against in app purchases. I do think they're not the best. Piece of our
money. No, they don't seem, they don't seem
like money well spent, but I'm not a
gamer. All right, so let's move to our next
(32:30):
segment. We're going to talk about media and money. Children
are constantly exposed to advertising, social media, and
influencer marketing, shaping their perceptions of spending,
saving, and material wealth. Without guidance, these influences
can lead to unrealistic financial expectations and impulsive
consumer behaviors. Advertising targets young audiences through
(32:52):
television, digital platforms, and influencer endorsements.
Many children struggle to distinguish between entertainment and
marketing, making them more susceptible to commercial
persuasion. Social media further amplifies consumerist
pressures as influencers showcase Curated lifestyles that
can distort financial realities. Teaching media literacy can
(33:14):
help children critically assess advertising messages.
Parents and educators can encourage discussions about marketing
tactics. Helping kids recognize persuasive intent.
Setting screen time limits and distinguishing between needs and
wants. Also foster responsible spending habits.
Encouraging children to question advertisements asking
(33:36):
whether a product is necessary or if an influencer is being paid
to promote it builds skepticism and financial
awareness. Developing these critical thinking skills early
promotes mindful consumption and responsible financial
habits.
Sam, you've got your money School. What are some effective ways to
(34:00):
help kids differentiate between needs and wants?
Wants and needs. You know, I'm a big believer in wants.
Help have kids identify what it is they want, what
they really want that they're willing to invest their time and
work towards. And creating, you know, list.
Just start off with three, three things and then trying to
(34:23):
prioritize them. To me, wants and needs is really a lesson on
prioritizing. And you know, as you've mentioned, not
only, you know, your, your, your money, but your, your
time. I really like the idea again, I think Neale
mentioned this, that you know, looking at money in different
ways, you know, how much time did it take me to
(34:46):
earn, earn this want or, or need? I think that's a
good exercise. But you know, I think to start off
with on kids on wants and, and needs, if
that's your big lesson. To me, that is one of the lessons, let's
say, related to smart spending is you
just, you just start with making list that, that type of a
(35:08):
thing. And there's a lot of opportunity to do that in daily
life. You know, grocery shopping is, is one way to,
you know, to, to do that. But yeah,
that's, you know, for me, I, I
something Bobbi said that resonated with me
and it's the idea of understanding, you
(35:30):
know, what your kid or your student is
interested in and then try and
organize your teaching or your discussions,
whatever you want to call them around that. And so video
gaming, for example, you know, what I've been really amazed about
is there's opportunities everywhere to, you
(35:53):
know, have a short message, a long message, what, whatever it is. And I think
what, you know, kind of came out in the discussion with Bobbi is, is
you're, you're, you're watching this video and now, you
know, which lesson is it that I'm gonna, you know,
start with, but organize around their interest. And if you think the
needs and wants thing, you know, is a, is, is your
(36:15):
priority, start with the list there and maybe start
with the grocery list. I like it.
Bobbi. How does media literacy tie into
financial literacy and what can families do to improve both?
Well, I think that it can be very nuanced because we have to.
And thank you very much, Sam, for pointing out we have to pay attention to
(36:38):
what our kids are paying attention to. At one point, I remember
my son wanted to be a YouTuber. And I said, but you
have to earn a living. And even successful YouTubers, unless you're really top,
top, top, they're not earning enough to really live on. And he said, well, that's
not true. And I said, well, tell me more. And he pointed out a gentleman
named Mr. Beast, who apparently is worth about $500
(37:00):
million. And then to his credit, he proceeded
to explain to me all the different income streams that Mr. Beast had.
Mr. Beast doesn't just do YouTube videos. He raises money for
charity, which was interesting. And that was one of the first things he talked about.
But he talked about the diversification that's gone on his different investments, that he
has a merch line that he does different projects with different people and different
(37:22):
collaborations. And it was interesting that I had kind of been dismissive
about it, but he actually had a very strong and coherent
answer right back at me, which said to me, it's not so much
about the videos. It's about the fact that here is someone that is a role
model. Back to your point, Andy, that is teaching him diversification of income
streams. Being creative, not being dependent on one income
(37:43):
stream, and also being able to communicate with people and being transparent
with your followers. I think that's really good that Mr. Beast isn't hiding where his
money is coming from. He is letting his fans know. Well, no, I'm
not just making money from this ad. In the YouTube video that I made. There's
all these other things going on. I think that's really valuable.
Paul, how do we teach our kids the difference between being
(38:05):
rich and being wealthy?
It's a question I actually have an answer for because it was the whole thesis
of my second book, the Thin Green Line. And so, you know, rich is a
dollar. It's a dollar amount. Like, you can have a lot of it. You can
have a little of it. Wealthy is being able to make choices. And so in
the Thin Green Line, we essentially took the S&P
500 from the 1980s to today. Starts low, ends up high, but
(38:29):
it's a little jagged along the way. And we said, if you were wealthy, you
were on the right side. You were on top of that line. And if
you were poor, rich, you were beneath it. No matter how much money you earned
in the end. And people would say, well, what does that mean? And I'd always
give the example that two of the wealthiest people I knew were
my Aunt Carol and John Huntsman Sr. My Aunt
Carol is a retired public school teacher who takes one or two
(38:51):
trips a year. Her best friend is a nun. She doesn't have. She's not
rich by some people's definition, whatever she wants.
And of course, John Huntington Sr. He invented the clamshell package for the
Big Mac. He invented styrofoam packing peanuts. He was the first
person ever to give away a billion dollars. But
he is wealthy because he's doing anything that he wants to do in his life.
(39:13):
When you break it down that way and have a really, I think,
open conversation with our K, it's essential because, you know, kind
of what Sam was saying before needs and wants, well, you know, this
is not my idea. This is a former colleague of mine at the New York
Times, Ron Lieber, who wrote a great book called the Opposite of Spoiled. What he
would do when his daughters got old enough to earn money is he would say,
(39:34):
okay, for school, we will pay for the equivalent
of, you know, the lands in pants, or the L.L.
bean pants, if you want. You know, XYZ Design, a
brand that you saw as Bobbi was talking about on social media, that's fine, but
you will pay the difference. And then it made kids think, okay, my parents will
cover the needs. I need clothes to go to school, but if I want to
(39:55):
elevate it to the wants, I have to add 50 bucks, 70 bucks,
whatever. And it gets very early about needs and wants. And I think
that's setting them up hopefully, for a life where they'll be, you know, more
wealthy than rich, no matter how much money they earn. Good
lesson. The Lululemon pants. That's a premium. That's a
premium. Yeah. Sam, I think you wanted to say something. Yeah, I
(40:18):
just wanted to go back. Just as a side story,
you know, Bobbi mentioned YouTubers. We do a lot of work with
second and third graders, and we ask them, you know, what do you want to
do? And I have to tell you, just as many kids want to be
YouTubers today as they want to be athletes. I just, you know,
found that really amazing. You know, we're asking, oh, I want to be a YouTuber.
(40:39):
I want to be a YouTuber. And, yeah, yeah, at maybe a lot of
ages, they have no idea about the realities.
As Bobbi was pointing out that very few people, you know,
make a. Make A living out of that. But that's. Hey, that's the age we
live in. Neale, I want to ask
you, since we're talking about YouTubers and the rise of
(41:02):
influence, influencer culture, what should parents
teach kids about the difference between real wealth
and a curated lifestyle that we see online?
It, you know, it goes back into the conversation that we've been
having about needs and wants and, you know, are you
rich? And my thing is, you're rich
(41:25):
if you have enough food and a
roof over your head and enough to give to other people.
And it's my values that I want to
teach to the children. And that's where it starts. It's everything that
we've talked about today. It goes back into what is important.
Now, just because an investment banker
(41:48):
earns more money than a violinist, there
is not more worth placed
upon that person who earns more money.
So I think it's also very important to have those conversations.
So it's not about how much. It's
actually what. What you do with it. And it goes back to the
(42:09):
needs and wants thing. And it's interesting you brought Ron
up because he had gotten that theory from
one of the things in terms of one of my books about, I will pay
for the basics. I will have the kids research. You need
jeans, you need them. You need one or two pairs of
jeans. I will pay whatever that is. Go see what
(42:32):
it. What you, you know, can buy it for a Target. If
you want the designer jeans, you can
work and add that money to it.
And it was funny because my daughter, I was doing
Oprah years ago, and she was on,
and she had selected designer jeans that she wanted,
(42:54):
but it was going to be three months of work to earn the
designer jeans. And I said, that's fine. I didn't put a value
judgment on that. So she got into this whole work thing, and
then she said, you know what? It's not worth it
to me. And she was on air,
she was in the audience, and Oprah asked her. She's still
(43:16):
struggling with post traumatic stress syndrome from this, because
Oprah said to her, turn around. Let's look at the
label on the back of your pants. And I thought, oh, this kid's gonna kill
me. And it was
generic, it was not designer. And it
was a big conversation with Oprah. And she. My daughter said it
(43:38):
wasn't worth it to me. I had selected it, thought
I wanted it, but the work wasn't worth it.
So, you know, yes, she's, I'm sure,
punished me for that, but that the whole point is
that let them make the decision. Don't say to them,
you know, and I'm sure Bobbi would agree, don't say, oh, that choice is
(43:59):
stupid. If you want to work for it, that's fine.
So. Right. Yeah. Yes, I
100% agree, and I do. I hope I'm not going to jump the gun with
you on something you're going to talk about soon, Andy, but on the point of
allowance, I have said something somewhat controversial, and that is that I don't think
allowances for every kid. I tried it with my son
(44:21):
when he was younger, and I said, you're not getting your allowance unless you
do these things. You have to make your bed, you have to get yourself up
in the morning and so on and then. But I had some things that were
not tied to allowance, like it was his job to take out the garbage, and
he always did it. The things tied to allowance, he. He just
didn't do. Because he just said, I don't need anything. He was a little boy.
(44:42):
He says, I have everything I want. Why do I need to earn an allowance?
Right. So it kind of backfired on me. And then it did open up to
other things, like maybe it would be nice to give to a charity. And that
kind of got him a little bit more motivated. But it's true. Sometimes they can
decide they just don't want it that much. And that's an interesting thing to have
a conversation about as well. Yeah. It's case by
(45:03):
case. Each kid's different. I really love
that. And I think about, like, in our house, I agree with you, Bobbi. Like,
we don't pay our kids and allow us to do the things that we have
to do. So taking out the trash, cleaning off the table, you
know, loading the dishwasher. But our middle daughter is very
eager to earn money, and she doesn't get as many babysitting opportunities
(45:24):
as her older sister. And so we have three dogs and
dogs poop. And she picks up the poop in the yard. And we
said, like, okay, if we were to hire, you know, one of these companies
that comes and picks up the poop, that's, you know, 25, 30 bucks a week.
We will pay you that amount of money. And she does it. She doesn't
like it, but she knows that sometimes you have to do unpleasant things to earn
(45:46):
money. And she gets her $30 every week and she saves it up and. But
she's absolutely connected the labor that goes
involved to earn that 25 or $30 with what she's going to
spend it on. And it's really helped her tremendously with saving and
thinking through purchases at that she wants to make.
I didn't know that was a business. I knew that. I mean, I'm
(46:08):
recently moved from New York City and we just pick up our own dog's poop
as we go along. Not. Not in the suburbs. Not. There's a business for everything
in the suburbs. Valuable potential side
hustle. All right, let's go to segment four.
Access to financial education is not equal across all
communities. Socioeconomic disparities, cultural attitudes,
(46:30):
and language barriers all play a role in shaping financial literacy
levels. Addressing these challenges requires targeted solutions
that make financial education more inclusive and accessible.
Underserved communities often face obstacles such as limited access
to banking services, financial coaching and educational
resources. Cultural beliefs about money, including communal
(46:53):
financial support or distrust of financial institutions, also
influence financial behaviors. Community based programs help
tailor financial education to specific needs, ensuring
relevance and engagement. Digital tools expand
access, providing mobile, friendly financial education for those
without traditional resources. Personalized mentorship and
(47:14):
coaching create trusted learning environments, while multilingual
materials address language barriers. Public and private
initiatives that promote financial inclusion can help close the
literacy gap. By ensuring financial education is
adaptable and widely available, individuals from all
backgrounds can gain the skills needed to build a secure
(47:36):
financial future.
Bobbi, you're working with companies a lot. Do
you see that? Is that a reflection, the demand for
that? Is that a reflection that schools are not doing enough to
address financial disparities in education? Well,
(47:57):
I would reframe the question, Andy, because I think there's different life stages
and I think there's different needs at different life stages. So when I go and
speak to young people, usually the young employees, usually in their 20s, you know, early
career people, it's. Some of them did get financial education
in school or from their parents, but that's very different from real grown up
financial life and the decisions that they have to make. And so even if they
(48:19):
learn, learned the idea of what a 401k is
in school, or even if they learn the idea of budgeting, real
world experiences are very different and they can become very
nuanced. What if your friends have one of the big things they ask about? What
if your friends have different financial circumstances? They were all maybe equal
in college. Some people come from wealthier families, some not, but they all basically don't
(48:40):
have. They're not living on their jobs, but somebody might have gone into
work on Wall street and somebody else is, you know, still in graduate school learning
to be a social worker and how do you reconcile when you all want to
go on vac vacation and you have different ideas about that vacation? So it's a
lot of those kind of real world discussions about how to
be kind to your friend, how to be intentional with your money, how to
(49:01):
balance. Maybe all of your friends want to chip in on a
gift for somebody who's getting married and you, you have the money but
you know that somebody else in the group, it is a financial hardship. How do
you kind of interject protecting your friends? It's not always about you. And
even one of my favorite things is when they start learning from each other,
like they don't have enough money to live alone, to live on their own,
(49:24):
independent from their parents, but they see one of their friends did, they can ask
each other. So I really encourage them to be supportive, not
judgmental of their peer group because this is a time when they're independent from
their parents or at least trying to be. And it opens up a whole different
perspective. So both can be true. They can learn a lot about
finances when they're children, when they're teenagers, in school,
(49:46):
in college, but grown up life is a whole different animal.
Thank you for reframing that for me. Neale, what are the biggest
financial literacy barriers faced by underserved
communities? It's
normally with underserved and I've served actually millions
of the underserved community throughout my years,
(50:07):
is that there's an understanding, two things. Number one,
we don't have money, so there's nothing to talk about. And number
two, as a family, everyone has to chip in
to save together. So
there's not necessarily the individual. However,
conversely, a lot of the kids want designer
(50:29):
sneakers, want the
clothing with, you know,
labels on it, which is also a
cultural thing in terms of not building
net worth, but building something transactional in terms of a
self esteem. So what I try to do is
(50:51):
have the family look a little bit more long
term to building wealth,
meaning maybe you'd like to buy a home someday. Maybe you want
to teach the kids that it's not just they have to earn something this
second, but that education may be more
important and to start moving the value system
(51:13):
a little bit. And it's amazing how
responsive what I do is I have an exercise that I
play with older teens
and I call it license to drive. Every kid wants a
car and what I do is I have them figure out
mathematically and I help him with the math, what you would
(51:36):
have to earn, which is what Paul was saying, to
support that car of your dreams. Now all of a
sudden, when these kids figure out mathematically that to get
that really cool car that they want, they have to
earn, you know, $100,000 a year, it's like,
wait a minute. Okay, that's stupid. How can I get
(51:58):
a car and I'm not spending that much? And
universally, I found that the kids, rather than
say, wow, that's ridiculous, I'm still
going to get it, they start backing up, well, I
could get a cheaper car. I could get a used car. I could do this.
And they figure it out themselves.
(52:20):
Paul, you've seen both ends of the spectrum because you've interviewed
billionaires in your book. You, you said that
you grew up in a lower middle class area
in Massachusetts. How can we
help more people? It's a great
question, and I'm very open about it. Like, you know, I was a financial aid
(52:42):
kid at prep school, college, you know, financial
aid kid in graduate school. I think the most
important thing for me growing up was setting expectations and having them
aligned with what I wanted to do. And I was very analytical
from an early age. And so what does this mean? You know, the world's
greatest English teacher, the best English teacher in the United
(53:04):
States, will never earn as much money as the
world's worst hedge fund portfolio manager. They just pay, you
know, different levels altogether. And so when I was able to square that
in my mind, I didn't look at people with envy. I didn't say,
okay, why do they have this? Like, okay. I understood that certain jobs, you know,
pay more money. And it's something we really work hard with to instill in
(53:27):
our daughters and say, like, you know, my middle daughter loves kids, and she's
already announced that she either wants to be a pediatrician
or a kindergarten teacher. Now, forget that there are two
different levels of education that you need to be those two things.
They also pay vastly different amounts of money. And so we've had, you
know, open conversations with her, like, that's fine if you want to do that. But,
(53:49):
you know, pediatrician may live in a house like this. Kindergarten teacher may live in
a house like that. So for me, early on, I was lucky that, you know,
I went off to prep school. And I think in some ways back then, you
wore uniforms. So it was a great equalizer. And so we sort of distinguish ourselves
by, you know, how smart we were or how good we were on the athletic
field. But it was always sort of, you know, observing people and being analytical and
realizing that, you know, the investment banker will have more
(54:11):
options in life, but you Know, is he going
to be, you know, wealthy? He could be that highly leveraged investment
banker and under a tremendous amount of stress, whereas that kindergarten
teacher could be quite wealthy by my definition, because he or she's able to do
whatever they want to do in life. So it's really setting those expectations and aligning
accordingly. Yeah. Much needed conversations
(54:33):
and dialogue. Sam, I'm going to plug
your money school because I was looking at it
and I see that you have a lot of free activities there, but then you
have a premium membership. The Premium membership is
$24 for the year. Like I thought it was going to be $24 per
month. It's $24 per year. So how can
(54:55):
digital resources really bridge the gap for kids who
lack access to traditional financial education?
You know, I think that's one way you do it is you have a
combination of free and
affordable resources. That's one strategy. That's,
that's our thought. I just want to go back to this. We've
(55:17):
done a lot of work in low income schools with low income
families and all of that. To me, one of the big disservices, and I think
this can help related to the issue
we're talking about that
schools don't do. All right,
is just tell parents what is available.
(55:39):
All right. There is so much available today, it's
unbelievable. And access has never been
easier. That's not to say it's perfect or cannot
get better, but you have like the fdic, you have the Federal
Reserve, you have all these places that are offering financial
education. Some of it's better than others, but most of it is
(56:02):
directionally correct. That can be accessed today
online or you can write them and they'll mail you stuff. So
there really aren't a lot of reasons. There may be some
why families who want financial
education are not getting it. That's at every level, but
in particular at the high school level. One of the narratives I hear all the,
(56:25):
all the time is, you know, that
kids are saying high school kids want financial
literacy. And I'm like, well, why aren't they getting it? They've got time to play
video games all they have to. They can access it on their
smartphones, they can access it on their laptop, they can access it through
libraries at their school if they really wanted it. So I don't, I don't know
(56:48):
that they really wanted. Some of them obviously do. I'm just saying, by and
large, but low income kids, they're not being led in that
direction. And something Neale
said that was very interesting to me relative
to whether schools more of them are starting to mandate
financial education. Whether they're going to be a net positive
(57:10):
or not relates to this whole values issue. When
you're in the schools, you realize all these teachers have their own
values and not all of them are aligned towards a
word you used early in the show, financial independence or even
financial security. And so it might end
up being a mixed bag, but minimally, what they could do a better job and
(57:33):
they don't have to change any curriculum is just let parents
know what is available.
Thank you for that. Let's bring it home and go to the last segment.
Encouraging children to earn, save and invest helps them
develop financial independence and an entrepreneurial
mindset. Hands on experiences in business budgeting and
(57:55):
investing teach valuable skills that extend into
adulthood. Small scale ventures such as selling handmade
crafts or running a lemonade stand introduce children to
pricing, profit margins and customer service.
Budgeting skills start with simple allowance management. Dividing
earnings into categories, saving spending and donating
(58:17):
reinforces financial planning. Opening a savings account
demonstrates how money grows through interest, fostering long term
thinking. Investing concepts can be introduced through simulations
and discussions on compound interest. Stock market games
provide practical exposure to risk returns and market
trends. Helping children understand investment principles.
(58:39):
Mentorship problem solving exercises and exposure
to real world entrepreneurs inspire creativity and
resilience. Teaching kids to recognize opportunities and
manage money wisely prepares them for financial success and
innovative thinking in the future.
(59:01):
Neale, you mentioned teaching kids
earning money starting with an allowance, but I'm curious,
when your kids were young, did you encourage them to have
entrepreneurial pursuits? Yeah, they can always earn
extra money and I think it's
wonderful when they're entrepreneurs. But I also talk about
(59:23):
with them you just don't decide you're going to be an
entrepreneur. You have to have a plan. You have to have some money to
get started and how is that going to happen? So I really teach
them real entrepreneurial skills. I had opened up an
institute for youth entrepreneurship up in Harlem in
1988 and we started a greeting card
(59:46):
company and these kids who were 11 year
olds at very at risk. You know,
families started a business and learned
every single inch of how to run a business
and they did it and they became
entrepreneurs as 11 year olds. So it's, it's very
(01:00:08):
real. The kids love it. There are skills they can learn but
they have to learn all the basics. Also. It's
not just let's do a business.
Yeah, there are a lot of lessons to be learned, sometimes
the hard way. Yep. So one shout out from
Eric, I think he was commending Sam for
(01:00:30):
going into lower income schools and
helping to bridge the gap. Oh, And Sam's
website, sammyrabbit.com
Sam, can you talk about age appropriate ways kids can start
earning their own money? Well,
you know, each parent, in my mind they're the, they need to
(01:00:52):
decide when their child is ready
to start earning money.
For me it happened around five or six, I don't remember exactly,
but my dad invited us to
wash my aunt's cars and that's how we
began earning money. But it could be the greeting cards,
(01:01:13):
it could be babysitting. The, a parent has to decide
that. But I think the earlier you can introduce the
idea that you know, have a strong earning
habit. One of the things in the Sammy Rabbit money school we have that
you could start around four years old. It's develop your own
philosophy towards money around saving, earning, investing,
(01:01:35):
spending, smart giving. And the philosophies are very simple.
I'm an earner, I like making money, I like earning
money in multiple ways. I like lots of income
streams. And then, you know, you might give your kids
opportunities. You know, I love what Paul was doing with
his, you know, one daughter who was getting less
(01:01:56):
babysitting opportunities. He created an opportunity. So
yeah, allowance is a, kind of a tricky thing because I guess there's
unearned allowance and there's earned ones. So that's a, that's, you know,
allowances are complicated. They're not for many people, they're not
practical. All right, so that, that, so there's a lot of things there. But
I think, you know, organized coupons, you know, all that could
(01:02:18):
start somewhere around three or four small tasks. You keep, you
keep building and layering, everything is building and layering,
taking, taking steps. So you start, you start
with the conversation and introducing the idea. You know, I
encourage people to drop with their babies, drop
a coin in a, in a glass jar and shake and say
(01:02:40):
shake, shake that money bank or piggy bank. We like saving,
you know, at the Renix type of a thing. So you just keep the, introduce
the idea, the feelings, the attitudes start building,
you know, habits give them opportunities to, to earn a little bit of money
on their own. You know what's interesting is kids, this is even adults, they
spend money differently that they earn versus money that they're given. And one of
(01:03:03):
the big changes in society today is kids are not
only given a lot of money but they have influence
over spending decisions. I mean I was at
Starbucks this morning, there was a four year old and a three year old and
the dad was asking him, what do you want? Let me just tell you, when
I was growing up, I never got asked that question.
(01:03:24):
You get what you get and you don't get upset. It's a whole
different, it's a whole different mindset today.
Bobbi, how about your views on entrepreneurial ventures because you're very
much an entrepreneur yourself. Books,
podcasts, building a business. Did
you encourage your kids to do that? I think within
(01:03:46):
parameters, I think that it'd be. I really like what Neale said about this because
I think it's important to not over glamorize the idea of being an
entrepreneur. I became an entrepreneur after I had a very specific skill set and
a very specific Runway with a lot of backstop and a lot of
family support and a lot of education credentials network. Already
a lot of the most successful entrepreneurs are actually older rather
(01:04:09):
than younger. And people forget that because the young wonder kids get so much
press. But the truth is it often makes sense and people do this smart.
People with family businesses often have their kids work quote in the real world
first before going to the family business. And that's for a reason because
it's not as easy as a lot of the people that want to sell you
something to help you be an entrepreneur will make it seem like being. And there
(01:04:30):
is also depending on your personality because it's very personality driven.
Being an entrepreneur is every day. You may not have a boss, but you
have clients, right? Someone is paying you for something. And
when you work for a corporation, you learn a lot of social skills, you learn
a lot of the way that different things
work in the world, the broader picture, you gain a network of people. And
(01:04:53):
also not to be left out, benefits are nothing to sneeze at. In
this day where we have a really challenging healthcare system, we have to teach
kids age 26. I have a 25 year old stepson, he's going to roll off
our health insurance. So it's important that they understand cost
of being an entrepreneur and that's always a moving target because things
change with the politics. But there are costs involved in being an entrepreneur
(01:05:16):
and there's a lot of financial benefits to working for a company. So I think
it's important to present all options to the next
generation. Well, thank you. I want to thank
everybody for joining us for this episode of Inspired Money. I want to thank the
panelists for sharing their insights, their stories and
their expertise. Inspired Moneymaker.
(01:05:37):
Thank you for tuning in to the end of this very valuable
conversation. Lots of different takeaways
for me, I think that one of the threads
that I saw throughout all the segments was the need for conversations
with your kids. Because it's not one size fits all.
We have to adapt like our money lessons
(01:06:01):
for our kids based on their personalities and we need to have discussions with
them all the time. They're learning opportunities in
the car or playing video games or
watching tv, doing anything. So I
think the takeaway is it's not how much money you have,
it's how well you use it and having conversations with
(01:06:23):
kids so that we can teach them and make them aware
of of how they can do things better. We heard a lot of
incredible insights. I want to leave you with just one
simple way or one action actionable step that you can do this
week and that's having a
simple money conversation with a kid in your life. Maybe
(01:06:45):
it's involving them in grocery shopping decisions, setting a small
savings goal together, or playing a money themed board game like
Monopoly. Keep it fun, keep it simple, just make it
happen. And if you found this episode helpful, please share it
with a friend who wants to raise financially savvy kids. Let's
keep the conversation going. Once again, thank you to our amazing
(01:07:07):
panelists. Be sure to follow them and learn more about them.
Neal Godfrey Check out her book Money Doesn't Grow
on A Parent's Guide to Raising Financially Responsible
Children. I think that Neale has something like 30 plus
books but you can find her at
neilgodfrey.com Sam Renick founder
(01:07:27):
of sammyrabbit.com he has more than
one book. One is it's a Habit Sammy Rabbit
and also will Sammy ride the World's first space
coaster? Check out his Money School which I did mention
previously. There are 69 free activities or
you can get 431 activities for $24 a
(01:07:51):
year. Bobbi Rebel thank you for being here. Launching
Financial Grownups how to Be a Financial Grown up are her two books.
You can find her at
financialwellnessstrategies.com or
bobbirebel.com. And Paul Sullivan who had to drop
off at the top of the hour. You can
find his books About The Thin Green Line and Clutch
(01:08:14):
why Some People Excel Under Pressure and Others Don't. You can find
him@pauljsullivan.com a shout out to producer
Bradley for the assistance in planning for this episode, running the live
stream behind the scenes and for editing our segment
videos. Chad Lawrence does our animation and design.
We are a small but mighty team. The next inspired
(01:08:37):
Money episode will be Retirement Travel
Adventures Exploring New Horizons in luxury.
I don't know who the panelists are going to be, but it's going to be
fun talking about travel in different places to see in
retirement. That will be Wednesday, February 19th at
1pm Eastern. Hope you can join us then. Until next time,
(01:08:57):
do something that scares you because that's where the magic happens. Thanks,
everyone. It.