Going theme by theme on how we as parents can help our children with their financial futures.
So it's either you being intentional about educating them to some degree...or them basically having to just discern random tidbits from their friends, from movies, from I don't know, music videos. (04:03)
But if your child enters the workforce knowing that they should pay themselves first, not spend more than they make, and how $1 saved today can be worth potentially a heck of a lot more down the road, then they're going to be well ahead of the vast majority of kids out there. (04:56)
Lastly, broaden your thought process. It doesn't have to be college, you can contribute to longer term goals even as long as retirement... (07:00)
Quote for the episode. "Be intentional about your kids money mindsets, and realize that there are multiple ways to save." (08:02)
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Accidents will happen in life so captain your ship or at least hire one!
"Yes", he replied, "the boat went past me first on its way towards you." "You were lucky it missed you. I wasn't so lucky." "Well," said the newcomer, "I saw that it might hit me so I moved out of the way." (01:51)
"Little by little, a little becomes a lot...plus compounding interest!" - paraphrasing a Tanzanian proverb
You get your first 401(k) statement that you threw a couple pebbles into and it essentially says you know, "well thanks for playing, but you still have pretty much nothing", right?...