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 podcastwith John Browning. Build your life as a relaxed and unedited conversation your financialexpert in number one Amazon best selling author, John Browning Jones the founder of GuardianRock Wealth and serves clients across the United States. John's the author ofthe book build a life, not a portfolio, a guide to your financialfuture based on your personal values, which you can purchase on Amazon, orstay around to the end of today's show and I'll tell you how to geta free copy mailed right to your door. I'm Michael The lawn, your hostfor the next few minutes as we chat with financial expert and business ownerJohn 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'mgo 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 thatwould be awesome if is you know I got kids. I got fourkids too. Of them are growing adults and two of them are twelve andten. So they're young and I need to talk to them about planning fortheir future. But I'm both sets, really, but really my older kidswho are twenty one, twenty five and twenty two, helping them understand howto plan for their future now. So can we have a discussion around that? How to teach kids about planning for their financial future? What? Whatkind of council do you have for us? They are John. Well, Itell you, I have six kids, okay, and from fourteen all theway to twenty seven, and my twenty seven year old reached out acouple 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'sit's nice because some of the things,...

I think, that we taught alongthe way seem to have stuck. But it's still hard, especially when you'restarting 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 asthis very adult topic. Yes, right, what's the last thing that you wantedto talk about when you were ten? That's right, retirements, anything adultsstuff, right. You know, I wanted to, you know,play with my friends and everything else. So you have to I think whenyou talk about really younger kids, you know, super young kids, youcan have piggybank and you could practice. You know, I hate so thissome of the times, you know, when you eat your birthday money orwhen you get an allowance or when you whatever. You however, you runthings and you put a quarter of it in that every single time and thenyou 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'svery helpful. As they get a little bit older, you know, tenlungs about their key fourteen and they get their bigger wishes. Like my fourteenyear old daughters always looking at you for whatever reason. Her favorite car isat an Audi and she wants to have an Auti as soon as she candrive, and we have this discussion that that is not likely to happen.Can you imagine a knee driver with a really Nice Sallity? Yes, justbad idea, bad idea. Get Her, get her a Vega. That's whereI started, it's true. Yeah, yeah, but I always say makeit 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 ifyou 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. Imean, that would. I thought I'd like on D number three hundred fortyfive. I thought I would maybe going to die. Yeah, it would. It was something else. I had no idea that much sugar and theyhad that big of an effect on me. But if you don't allow for alittle 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 gota little experience here. So those are my three things. Make it fun, make it real. So on their level, how's it real? Itmight not be talking about insurance payments and the mean for that. It mightbe talking about whatever it is that they want, and talk about why theywanted what it really cost as it opposed to what it cost in dollars andsense. Like people, even adults,...

...don't think about the idea. Whatwas that really cost? When you make it real? Right, so itcost whatever starbucks says. I don't typically go to starbucks because it's just tooexpensive 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 acup of coffee at starbucks. Well, if I'm younger and I'm making say, you know, minimum wage, whatever that is right now, Ithink it's like, you know, nine bucks, depending on state, yearand right. So that that didn't cost me five bucks. That cost mealmost after taxes and everything else, would probably cost me an entire hour ofwork. Yeah, that makes it real. So talk to you about how much. How much? How long did it take them to get that moneyversus how quickly they're going to spend it? That can help as well. That'sgood, 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, butthat'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 Ilike your three your three tips make it simple, make it fun and allowa little bit of room for spending. That's good because my twelve year olddaughter, she's doing some babysiting now, right for just for a few families, and she makes a killing. Dude, they make good money. And sowe're teaching her to tie and and to save and things, but shealso gets to go out and spend. Then you'll buy, buy some thingsand she likes that and that helps her realize it's okay to do these otherthings with it, because if we said no spending, you've got to saveat all. That's no fun. I don't like that. My wife givesme an allow in some money. Yep. Yeah, they keep it simple,keep it fun, age appropriate. And then as they as they meettours, they get ready to go to college, you need to have thecredit card discipcussion right because when they had like sixteen, they start getting inthe data with credit cards righteen or whatever the date is. Yeah, right, and how to manage that. You...

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

...your kids and say great, maydo that, but then they'd be like wow, that a lot of parentscould 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 themoney, magic money making triangles and I kept try and make it a littlebit 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, identifythe spend. So go through your statement and find all those things that arespending your spending, like spotify and all those subscriptions that I forgot that Ieven had. I'm spending like a dollar or nine dollars, five dollars amonth those APPs on apples. I never use that. Take the action isthe number. That's the other side of that triangle. Doing a little geometryhere 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 appleto stop charging you for that APP,...

...how to go in you guys signon all that stuff. But when you think about it, if you're gettingcharge like nine hundred and ninety nine a month or five ninety nine a monthtimes twelve, how much you stave in per year, maybe it's worth thatphone call, especially at that point in your life, right. And thennumber three, take take what you staved and either reduce that debt or startyour savings account. Start Your Roth IRA or your regular IRRA or put itin 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 fewthat 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 onit as they become teenagers and then when they become adults, if they've gotthat mind set they're clear that I use the clear analogy. The Sea isthe clear about what makes you happy or...

...brings you joy. L is youknow. 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 themind, it really is. That's a whole podcast episode right there, havinga clear mindset. I'm going to add that to the list, because thatis really good. Because, but even as simple as, yeah, lookingat the APPS and the things that you're you're paying for, because, Imean, 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 thatdown probably, say eighty dollars a month,...

...but it is. It's just lookingat it, because too many times we just buy things and we forgetabout it. But it's a regular charge. Right, that's right. And Ilike 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 moneymaking triangles. Yeah, and that's awesome. I love that. And would theyfind that webinarcher website or it's on Youtube. They can certainly go toGuardian Rock wealthcom or call us at three one, two, three and seventytwo five thousand. It's free. I just I send it to whoever wouldlike 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 Browningthat he just opened up that I didn't even know he did, and soit's really cool. There's the man, and I love the name of themagic 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'regoing to do some episodes on that coming up, because I just think it'sreally 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 beable to share this podcast with their kids and say, Hey, here'sone that you're going to really like? There you go. A yeah,you might be on tick tock or something pretty soon. Who knows? Mydaughter like that. I have not to get that out at all. Ihave anyither. She probably doesn't want you there. Right. Well you.Thank you, John, for talking to us about how to teach our kidsabout planning for their financial future. I'm want to summarize it with the threetips that you gave us. Keep it simple, keep it fun and allowa little bit of room therefore spending as you teach your kids about finances andplanning for their future. Right. That's right, awesome, well done,sir. Will Afford to talking with you on your next episode coming up ina few days. Take care. We'll...

...see Yah. But back. Moneyreally is a big part of our lives, and John Browning can help you andyour 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 youwant. If you like, John Emilie a free copy of his book builda life, not a portfolio. Go to John's website, Guardian rockwealthcom,and click the contact US link and send your request. John Will Mell acopy of his book right to your door absolutely free. Thanks for listening tobuilding your life podcast with John Browning. Be Sure to subscribe to this podcastso each new episode will be sent to you automatically when it's released. Havea terrific day.

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