Dee's story: How to Hire Your Kids | Ep. 6

Explicit content warning

05/10/22 • 51 min

Hey, do you have young kids who are eager to earn an allowance?

Did you know that there are other ways for your kids to earn money, whether that be investment options or straight cash flow? Do you have a business or paying side hustle? Did you know you can hire your kid to help you? Are you ready to help your child create a healthy relationship with their finances? All of this, and more, only on the BetterWallet podcast with Marc Russell. It is never too soon to begin familiarizing your kids with the basics of financial stewardship. Let's dive in and learn some ways that parents can help set their kids set themselves up for the future.

In this episode of the Better Wallet, Marc sits down with Dee to discuss how you can hire your kids. Dee is a Finance Instructor and CPA (Certified Public Accountant) at UCLA and the founder of Kids Money Academy. She helps parents and children learn money-smart habits and methods. As a mother herself, Dee understands how important it is to help set her child up for financial success. We are excited to have Dee here to share some of her knowledge with us.

When you work hard for your money, you want to ensure it's going to the right places. And when you have kids, they want your money too. But how can we help our kids earn and save money while also helping to teach them some valuable skills? The answer is simple, let's hire our kids!

Hiring your kids can sound strange, but it's way cooler than it sounds.

We aren't just putting our kids to work; we are teaching them habits that they can use to become financially independent.

"You don't want to be in the driver's seat as a parent; they are in the driver's seat." Says Dee regarding allowing your children to choose how they will distribute their hard-earned earnings. "You want to be a lighthouse parent, which is you give the light you tell them where to go, how to go. But they are in the driver's seat." Dee reminds us that we can guide our children, but it's also crucial to empower them to make their own decisions.

One way to guide your children is to hire them. But why would you want to hire them? Well, it can be beneficial to both you and your child. You and your child can invest up to $12,500 in tax-free money. Whoa! Sounds cool, right?

But hold up because if you are looking to do that, there are some things you need to know first.

If you have a side hustle or a business, you can hire your child to help you complete some of your many business-related tasks. But be careful because child labor laws do apply. Your child cannot be involved in anything dangerous and can't work too many hours. The assignment also must be a real business-related job, such as photography or modeling for an Instagram page. Sorry parents, washing dishes does not count.

"So, my job as a parent is to create opportunities for them, not like give them everything they want," Dee says. Create opportunities for your child that they can learn and earn from. Make sure you keep a paper trail as well. You can pay your child for each individual task they complete. It's a good way for your child to make money and an excellent way for you to spread some of your own hard-earned wealth.

Click here to connect with Mar

---

Connect with Me!

Instagram: @BetterWallet

TikTok: @BetterWallet

Twitter: @TheBetterWallet

YouTube: @BetterWallet

Hey, do you have young kids who are eager to earn an allowance?

Hiring your kids can sound strange, but it's way cooler than it sounds.

We aren't just putting our kids to work; we are teaching them habits that they can use to become financially independent.

But hold up because if you are looking to do that, there are some things you need to know first.

Click here to connect with Mar

---

Connect with Me!

Instagram: @BetterWallet

TikTok: @BetterWallet

Twitter: @TheBetterWallet

YouTube: @BetterWallet

Previous Episode

Anjie & RJ's Story: Paying off $123,000 of debt in a year | Ep. 5

Hey there, couples. Do you have financial goals? Are those goals similar? How are you stewarding those goals? Would you say that you and your significant other share the same vision for the future? How do you approach money in your relationship, and who makes the bulk of the decisions when it comes to money?

Welcome back to another episode of The BetterWallet podcast with Marc Russell. Whether you are married, in a relationship, or thinking about getting married, you may want to tune in for this one. This episode is about your relationship with money as a couple. In this episode, Marc is joined by Angie and RJ of Rich By Intention, a brand the couple created to help share their financial experiences and wisdom with other couples just like you. They're here to help others become rich in marriage, rich in purpose, and rich in life.

Marc asks a lot of great questions in this episode, and Angie and RJ deliver some excellent insights. Speaking from their own experience, Angie and RJ tell us that couples should start a conversation about money early on in their relationship. They also share with us the simple truth that who we are with can really "make or break our vision." Couples should have similar or shared goals or at the very least be on the same page with one another. It is proposed that couples begin discussing their finances sooner and getting a plan together before they get married.

Couples should also remember that money is a shared tool, especially in marriage or partnership.

So what about if you're a couple that is trying to get on the same page financially? How can you develop good money habits, pay off debt and live financially free? And what's the best way to get started?

Both Angie and RJ agree that a budget should be your first step in your financial journey. RJ and Angie successfully paid down 123,000 in debt; one year after getting married. Whoa! Anything really is possible with the right attitude, mindset, and amount of work you are willing to put in.

Are you looking to get going?

Here are a few insights to help get you started.

"So, like, what key tips do you have in trying to get your budget together?" Asks Marc. Angie says, "I would say the first thing before you even create a budget, you need to review your spending." Start by making minor adjustments to your lifestyle and seeing where you can cut corners and save money. Then create a budget to track your spending.

"And I always say to people, like every successful business has a budget. So you should treat your money, just like one," says RJ. "And it does not restrict you, right? It gives you choices, options. Treat it like a business."

It takes a lot of time and a lot of work, but couples can generate wealth and pay off their debt in no time. Couples can create a healthy relationship with money by making minor adjustments, increasing their income, networking with others, and creating habits and mindset tweaking. Sometimes, it's also about having a willingness to have tough conversations with one another.

No matter what stage of a relationship you're in, whether that's marriage, partnership, or simply dating, you're encouraged to start talking about money

---

Connect with Me!

Instagram: @BetterWallet

TikTok: @BetterWallet

Twitter: @TheBetterWallet

YouTube: @BetterWallet

Next Episode

Brandon's story: From Welfare Kid to Millionaire | Ep. 7

From welfare to football to finance than freedom, come and hear the story of Brandon as he inspires us with how he became a millionaire by doing things that most of us can do right now. No matter what your story is or who you are, or where you've come from, it is not too late. You can flip the script now and start building a life of wealth.

Marc Russell, the founder of The Better Wallet, is here to help us manage our money and build wealth. Marc recently sat down with his friend and fellow financial strategist, Brandon. Brandon is the founder of Worth br Balance. Brandon is here to share his story and show us how to find and build wealth. It doesn't matter where you start; it's where your journey takes you that matters more, and Brandon is living proof of that. Let's listen in and hear the story of how Brandon became a self-made millionaire.

Brandon's story began when his mom was nineteen. Young and pregnant, his mom moved back in with her parents and applied for welfare to make ends meet. Brandon learned a lot about the value of money at a very young age. When his mom would take him shopping, he loved to put baseball cards in the shopping cart. But, baseball cards cost money. Brandon discovered early on that if he wanted something, he had to work for it. So he got a job working as a paperboy for a local newspaper.

Brandon's job was to collect money from the customers for their newspaper subscriptions. Brandon quickly noticed how many people would ignore his "knock at the door" to avoid "paying up." It wasn't until a later date that Brandon would have to turn in the money he collected, keeping some for his own commission. Brandon saw this as an opportunity to spend most of the money he collected, thinking he could also avoid "the knock at the door." Brandon learned a key lesson from that experience, not to spend more than you earn.

From that day on, he carried that lesson with him. Brandon's next steps took him on a wild journey. He started playing football, became good enough to earn a football scholarship at his choice of college, and had big dreams of playing professionally. Brandon majored in communication until he realized that finance had more to offer. He locked his sights in on a future in finance. To break onto the scene, Brandon got a job at a bank, where he learned about loans and other financial programs.

Then from Pittsburgh to Washington DC, Brandon set his sights on having a successful career. He learned about investments, stocks, savings, and earnings and became a millionaire because of his smart and careful relationship with money. Now Brandon is here to help us make the same choices with money. Brandon's "welfare to millionaire" story is one that is truly inspiring and encouraging. Brandon reminds us that the future is still undecided, and we have no idea what it may hold. But what we can control is what we do with our money.

We all have a chance today to become financially successful. Are you ready? Do you want to learn how to live like a millionaire? In this episode, Brandon and Marc give us the inside scoop on how we can start making that happen today. You have to check out this episode.

Visit The Better Wallet now to conne

---

Connect with Me!

Instagram: @BetterWallet

TikTok: @BetterWallet

Twitter: @TheBetterWallet

YouTube: @BetterWallet