Fast-Tracking Your Kids To Financial Success #587
11/02/22 • 50 min
1 Listener
Most Americans didn’t have an inkling about Formula 1 racing for most of its existence, until the Netflix show Drive to Survive came along. It’s amazing what a docuseries can do for a sport that was typically relegated to Europe! But an interesting thing about F1 is that the driver with the fastest lap time in trials the day before gets the pole position which is the best starting position at the beginning of the actual race. It turns out that the driver who gets that crucial advantage right out of the gate wins more than 42% of the time. Where you start matters! And similarly we think there is a massive advantage gained in life when kids have the basics of financial literacy as tools and lessons that they can draw on from a young age. Not only will their wealth compound over the years but so will their knowledge and the positive behaviors that they build upon. Listen as we discuss a number of lessons you can implement now, the behavior you’ll model, and the accounts you can open in order to fast-track your kids to financial success.
Want more How To Money in your life? Here are some additional ways to get ahead with your personal finances:
- Knowing your ‘money gear’ is a crucial part of your personal finance journey. Start here.
- Sign up for the weekly HTM newsletter. It’s fun, free, & practical.
- Join a thriving community of fellow money in the HTM Facebook group.
- Find the best credit card for you with our new credit card tool!
- Massively reduce your cell phone bill each month by switching to a discount provider like Mint Mobile.
- Don’t be cheap and forego getting a life insurance policy. Compare rates with Policygenius.
During this episode we enjoyed a Prostmeister by Oddstory Brewing! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
Best friends out!
See omnystudio.com/listener for privacy information.
Most Americans didn’t have an inkling about Formula 1 racing for most of its existence, until the Netflix show Drive to Survive came along. It’s amazing what a docuseries can do for a sport that was typically relegated to Europe! But an interesting thing about F1 is that the driver with the fastest lap time in trials the day before gets the pole position which is the best starting position at the beginning of the actual race. It turns out that the driver who gets that crucial advantage right out of the gate wins more than 42% of the time. Where you start matters! And similarly we think there is a massive advantage gained in life when kids have the basics of financial literacy as tools and lessons that they can draw on from a young age. Not only will their wealth compound over the years but so will their knowledge and the positive behaviors that they build upon. Listen as we discuss a number of lessons you can implement now, the behavior you’ll model, and the accounts you can open in order to fast-track your kids to financial success.
Want more How To Money in your life? Here are some additional ways to get ahead with your personal finances:
- Knowing your ‘money gear’ is a crucial part of your personal finance journey. Start here.
- Sign up for the weekly HTM newsletter. It’s fun, free, & practical.
- Join a thriving community of fellow money in the HTM Facebook group.
- Find the best credit card for you with our new credit card tool!
- Massively reduce your cell phone bill each month by switching to a discount provider like Mint Mobile.
- Don’t be cheap and forego getting a life insurance policy. Compare rates with Policygenius.
During this episode we enjoyed a Prostmeister by Oddstory Brewing! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
Best friends out!
See omnystudio.com/listener for privacy information.
Previous Episode
Ask HTM - Investing in Real Estate with Only $5, Tapping a 401k to Pay Off Debt, & A Currency Exchange Frugal or Cheap #586
We’re kicking off the week by answering listener questions! And if you have a question that you’d like for us to answer on the show, we’d love for you to submit your own via HowToMoney.com/ask , send us your voice memo. Regardless of how random or bizarre you might think it is, we want to hear it!
1 - Are real estate investing apps like Landa legit?
2 - When it comes to budgeting, is it OK to sneak my gardening supplies into our housing maintenance savings category?
3 - Should I cash out an old 401k to pay off some medical debt?
4 - I’m thinking about selling my duplex- should I utilize a 1031 exchange and strike while the iron is hot?
5 - A frugal or cheap abroad: what’s the best way to do a currency exchange?
Want more How To Money in your life? Here are some additional ways to get ahead with your personal finances:
- Knowing your ‘money gear’ is a crucial part of your personal finance journey. Start here.
- Sign up for the weekly HTM newsletter. It’s fun, free, & practical.
- Join a thriving community of fellow money in the HTM Facebook group.
- Find the best credit card for you with our new credit card tool!
- Massively reduce your cell phone bill each month by switching to a discount provider like Mint Mobile.
- Don’t be cheap and forego getting a life insurance policy. Compare rates with Policygenius.
During this episode we enjoyed a Traeblod by Mikkeller Brewing! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
Best friends out!
See omnystudio.com/listener for privacy information.
Next Episode
Friday Flight - Checkout Hacks, Calming Compounding, & Balenciaga Babies #588
Time for our Friday Flight! These episodes are a sampling of the week’s financial news and the impact on your personal finances. There are a lot of headlines out there, but we distill it down to specific takeaways that will allow you to kick off the weekend informed and help you to get ahead with your money. In this episode we cover some relevant and helpful stories like: I bonds are still paying big, cutting back on gift giving, Balenciaga babies, kicking Coinstar to the curb, the worst time to tap your 401k, calming compounding, 529 accounts for all the wrong reasons, groceries from 2019, & interest rates hitting car payments.
Want more How To Money in your life? Here are some additional ways to get ahead with your personal finances:
- Knowing your ‘money gear’ is a crucial part of your personal finance journey. Start here.
- Sign up for the weekly HTM newsletter. It’s fun, free, & practical.
- Join a thriving community of fellow money in the HTM Facebook group.
- Find the best credit card for you with our new credit card tool!
- Massively reduce your cell phone bill each month by switching to a discount provider like Mint Mobile.
- Don’t be cheap and forego getting a life insurance policy. Compare rates with Policygenius.
And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money. Have an awesome weekend!
Best friends out!
See omnystudio.com/listener for privacy information.
How to Money - Fast-Tracking Your Kids To Financial Success #587
Transcript
Welcome to How the Money. I'm Joel and I am that, and today we're discussing fast tracking your kids to financial success.
Speaker 1You know, Joel, since this is a kid's episode, because I mean, we should be having an an a beer, a non alcoholic beverage instead of our typical craft beer. Maybe we can all assess me street and have like Cookie Monster deliver the message, or at least a butter beer. Sure,
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