How To Teach Your Kids About Planning for Their Financial Future

ABOUT THIS EPISODE

Financial Expert John Browning shares from his personal experience with raising six kids how to talk with them about planning for their financial future. Money doesn't have to be an "adult" conversation for younger kids. Make it simple and fun. As your kids grow, the discussion changes. Learn how to make it fun, make it real, and allow for a bit of some spending. Check out John's Magic Money Making Triangles when you reach out to him at GuardianRockWealth.com or on John's YouTube channel.  

Welcome to the build your life podcast with John Browning. Build your life as a relaxed and unedited conversation your financial expert in number one Amazon best selling author, John Browning Jones the founder of Guardian Rock Wealth and serves clients across the United States. John's the author of the book build a life, not a portfolio, a guide to your financial future based on your personal values, which you can purchase on Amazon, or stay around to the end of today's show and I'll tell you how to get a free copy mailed right to your door. I'm Michael The lawn, your host for the next few minutes as we chat with financial expert and business owner John Browning. Hello, John Browning. How is your day treating you, sir? It's treating me just fine. How about yours? I am it. Mine is awesome. I can't wait to get done here, so I'm go outside and take a walk. It's...

...beautiful spring weather, blue sky, sunshine. Just can't wait. It's awesome. Right. And the other thing that would be awesome if is you know I got kids. I got four kids too. Of them are growing adults and two of them are twelve and ten. So they're young and I need to talk to them about planning for their future. But I'm both sets, really, but really my older kids who are twenty one, twenty five and twenty two, helping them understand how to plan for their future now. So can we have a discussion around that? How to teach kids about planning for their financial future? What? What kind of council do you have for us? They are John. Well, I tell you, I have six kids, okay, and from fourteen all the way to twenty seven, and my twenty seven year old reached out a couple months ago. Well, she's reached out a few times since she's been, you know, on an adult have been adulting. Yeah, and it's it's nice because some of the things,...

I think, that we taught along the way seem to have stuck. But it's still hard, especially when you're starting out and I'm not making any headway. And where do I find the money? Yeah, I think sometimes when we're talking to our fourteen year old, ten year old, twelve year old week, tend to introduce it as this very adult topic. Yes, right, what's the last thing that you wanted to talk about when you were ten? That's right, retirements, anything adults stuff, right. You know, I wanted to, you know, play with my friends and everything else. So you have to I think when you talk about really younger kids, you know, super young kids, you can have piggybank and you could practice. You know, I hate so this some of the times, you know, when you eat your birthday money or when you get an allowance or when you whatever. You however, you run things and you put a quarter of it in that every single time and then you put it up on the shelf and you don't touch it. Right. You can teach him beginning at a very...

...young age, and I think that's very helpful. As they get a little bit older, you know, ten lungs about their key fourteen and they get their bigger wishes. Like my fourteen year old daughters always looking at you for whatever reason. Her favorite car is at an Audi and she wants to have an Auti as soon as she can drive, and we have this discussion that that is not likely to happen. Can you imagine a knee driver with a really Nice Sallity? Yes, just bad idea, bad idea. Get Her, get her a Vega. That's where I started, it's true. Yeah, yeah, but I always say make it fun, make it real and allow some spending. Hey Man, so you know we well, we thought it Save, Save, Save, save. Say, well, that's cool and that's all good, but if you just never had, never have sugar, like when you're on a diet, do you got? Have you ever...

...done that? No, sugar diet. Yep, thirty days, Michael, this is that is the most horrible, tortuous experience that I've ever had. I think you'd very welcome. I mean, that would. I thought I'd like on D number three hundred forty five. I thought I would maybe going to die. Yeah, it would. It was something else. I had no idea that much sugar and they had that big of an effect on me. But if you don't allow for a little sugar, a little bit of spending, a little bit of reward, then they're going to resent it. My opinion, of course, child, you know, I done it for twenty seven years, so I've got a little experience here. So those are my three things. Make it fun, make it real. So on their level, how's it real? It might not be talking about insurance payments and the mean for that. It might be talking about whatever it is that they want, and talk about why they wanted what it really cost as it opposed to what it cost in dollars and sense. Like people, even adults,...

...don't think about the idea. What was that really cost? When you make it real? Right, so it cost whatever starbucks says. I don't typically go to starbucks because it's just too expensive for me, but I like it. But it's just like really that much. Yeah, so it's May cost, you know, five bucks for a cup of coffee at starbucks. Well, if I'm younger and I'm making say, you know, minimum wage, whatever that is right now, I think it's like, you know, nine bucks, depending on state, year and right. So that that didn't cost me five bucks. That cost me almost after taxes and everything else, would probably cost me an entire hour of work. Yeah, that makes it real. So talk to you about how much. How much? How long did it take them to get that money versus how quickly they're going to spend it? That can help as well. That's good, because that starbucks goes away really quick. Right, really good. Have you if you stop there every morning? Nothing, it's wrong, by the way. I'm just saying for...

...me wasn't okay for me, but that's very every six months or something. I'll treat myself to the start. That's good. Yeah, you and I are a lot alike, so I like your three your three tips make it simple, make it fun and allow a little bit of room for spending. That's good because my twelve year old daughter, she's doing some babysiting now, right for just for a few families, and she makes a killing. Dude, they make good money. And so we're teaching her to tie and and to save and things, but she also gets to go out and spend. Then you'll buy, buy some things and she likes that and that helps her realize it's okay to do these other things with it, because if we said no spending, you've got to save at all. That's no fun. I don't like that. My wife gives me an allow in some money. Yep. Yeah, they keep it simple, keep it fun, age appropriate. And then as they as they meet tours, they get ready to go to college, you need to have the credit card discipcussion right because when they had like sixteen, they start getting in the data with credit cards righteen or whatever the date is. Yeah, right, and how to manage that. You...

...know, I'm not opposed to credit cards. I'm opposed to debt. So you got to be able to do manage that and teach them how to how to do that properly. But that's those are all. Those are discussions and they should be ongoing discussions. It's not like we set them down one time and have it. Have the talk one time, right. This is not on ongoing discussion in your family. And the more you open that up, and I think at a younger age the easier, it just becomes part of life and that's stuff. How you do it and and the you know, I actually developed Webinar of sorts for young adults who typically don't come to right they think they can't afford me or you know, I'm only for old people or whatever. So I did a Webinar that specifically geared towards them, because I had a lot of parents who are my clients, say I wish somebody like you would talk to my kids and I said I'm happy to talk to...

...your kids and say great, may do that, but then they'd be like wow, that a lot of parents could use it. So I actually developed a Webbin are and these are free. Younger just kind of getting started. I think I have things called the money, magic money making triangles and I kept try and make it a little bit fun, a little bit real for those that are just starting out. And like one of my magic money making triangles is to number one, identify the spend. So go through your statement and find all those things that are spending your spending, like spotify and all those subscriptions that I forgot that I even had. I'm spending like a dollar or nine dollars, five dollars a month those APPs on apples. I never use that. Take the action is the number. That's the other side of that triangle. Doing a little geometry here and and when you take the action, that's actually making that phone call. It's a little bit of a hassle to figure out how to get apple to stop charging you for that APP,...

...how to go in you guys sign on all that stuff. But when you think about it, if you're getting charge like nine hundred and ninety nine a month or five ninety nine a month times twelve, how much you stave in per year, maybe it's worth that phone call, especially at that point in your life, right. And then number three, take take what you staved and either reduce that debt or start your savings account. Start Your Roth IRA or your regular IRRA or put it in your one k take the next action, which is too invested in automate that. So that's one my magic money making triangle and I have a few that I share with folks. And but it's really starts with that mindset, which we can start when they're two, three four years old and build on it as they become teenagers and then when they become adults, if they've got that mind set they're clear that I use the clear analogy. The Sea is the clear about what makes you happy or...

...brings you joy. L is you know. How long is Your Lens? How how what's your time horizon? And he is engineering putting together that plan and it is that adversity realized. Adversity is going to happen and what is your plan to deal with that? And how are you going to deal with your roadnapoint when you get off track? And our is take responsibility for your decisions in your life. Man. That's I talk about that with young adults as well. It's all about the mind, it really is. That's a whole podcast episode right there, having a clear mindset. I'm going to add that to the list, because that is really good. Because, but even as simple as, yeah, looking at the APPS and the things that you're you're paying for, because, I mean, do you really need Hulu and prime and what is me plots? Do? I mean, do you have to pay for all five of them? Really? Yeah, right, so you could, you could pair that down probably, say eighty dollars a month,...

...but it is. It's just looking at it, because too many times we just buy things and we forget about it. But it's a regular charge. Right, that's right. And I like your triangles. We need to do I'm going to make another. The the what you call those is magical money making triangles. Magic magic money making triangles. Yeah, and that's awesome. I love that. And would they find that webinarcher website or it's on Youtube. They can certainly go to Guardian Rock wealthcom or call us at three one, two, three and seventy two five thousand. It's free. I just I send it to whoever would like to listen and go through it. Okay. Well, that is fascinating. I love it that. That's that's just yet another thing of John Browning that he just opened up that I didn't even know he did, and so it's really cool. There's the man, and I love the name of the magic money making triangles. I mean, Gosh, let's go do that. So Guardian Rock wealthcom, that's where you're...

...going to learn about those. We're going to do some episodes on that coming up, because I just think it's really cool and I think it'd be helpful for a lot of that how about? How cool would it be, John, for some of your listeners to be able to share this podcast with their kids and say, Hey, here's one that you're going to really like? There you go. A yeah, you might be on tick tock or something pretty soon. Who knows? My daughter like that. I have not to get that out at all. I have anyither. She probably doesn't want you there. Right. Well you. Thank you, John, for talking to us about how to teach our kids about planning for their financial future. I'm want to summarize it with the three tips that you gave us. Keep it simple, keep it fun and allow a little bit of room therefore spending as you teach your kids about finances and planning for their future. Right. That's right, awesome, well done, sir. Will Afford to talking with you on your next episode coming up in a few days. Take care. We'll...

...see Yah. But back. Money really is a big part of our lives, and John Browning can help you and your family learn how to keep money in the proper perspective. It's important, but it's only a tool that could help you build the life that you want. If you like, John Emilie a free copy of his book build a life, not a portfolio. Go to John's website, Guardian rockwealthcom, and click the contact US link and send your request. John Will Mell a copy of his book right to your door absolutely free. Thanks for listening to building your life podcast with John Browning. Be Sure to subscribe to this podcast so each new episode will be sent to you automatically when it's released. Have a terrific day.

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