Ep 151: Raising a rich kid | featuring our son Beau
In this episode, we’re talking about how we parent our son Beau and teach him about money. We share our philosophy of raising a rich kid, not by giving him everything he wants, but by teaching him the value of saving and investing from a young age. We also talk about the pressure we feel as parents to provide more for our child, and how we use self-imposed constraints to teach him responsibility. We explain how we use video games and sports as metaphors to help Beau understand the concepts of earning and investing. We also discuss the importance of providing a financial cushion for our child's future, so he can have more choices and opportunities in life. At the end of the episode, we interview Beau himself, who shares his thoughts on saving money.
Beau is six years old and tells us how he learned about saving money from us and from his own experiences. He shares how he explains the concept of saving money to his friends and his teachers. He tells us his savings goals and his dreams of becoming a millionaire. He also reveals his plans to make money as a baseball player. Beau believes that having a house, food, and family are the most important things for a "perfect" life.
We emphasize the importance of not overcomplicating the process of teaching kids about money and making it a normal part of our daily lives. We stress that investing for kids is not something elitist or exclusive, but something fundamental and necessary.
Links:
- Learn more about OneUnited bank
- Episode 75: Financially Preparing for a Child
- Episode 69: Investing for your kids
Takeaways
- Teaching kids about saving and investing from a young age is one of the best gifts we can give them as parents.
- We don't have to give kids everything they want, but we have to teach them the financial implications and consequences of their choices.
- Using metaphors and real-life examples can make the concepts of saving and investing more relatable and understandable for kids.
- A financial cushion can give kids more freedom and flexibility in the future, but it also comes with responsibility and accountability.
- We have to have open and honest conversations with kids about money and involve them in our financial decisions.
- Saving money is a habit that can be developed from a young age, and it can have a positive impact on kids' future.
- Putting money in the bank is not enough, we have to teach our kids how to invest and grow their money.
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