This week on the Dad Spotlight we have Jeff Bouwman, author of ‘Your Income, Your Life: How Modern Day Families Can Live Happy, Healthy, and Wealthy on Any Income.’ and the Blog: Your Income, Your Life.
Jeff Bouwman said that he has made all of the mistakes that families can make. For many years he made mistakes and did not want to admit this. As an accountant this was hard for him.
One of the biggest mistakes that we make with money is blaming others for the money issues that we have. If you can take a step back and look in the mirror and be honest about your own behaviors you can start to change things for the better. You may have to look beyond this into your own history to be able to unpack this for yourself.
Once you look at this, you will want to come up with money values. These money values will reflect your own values and will teach your kids a lot about you and your family too. Some ways to do this include
* Talk about what you will spend your money on before you spend it.
* Include everyone in your money conversations. This will teach your kids a lot about money and will demystify money for your kids as well.
* Reward yourself for progress.
As you talk about money, it opens up conversations about multiple areas. This can allow your marriage to thrive and survive and improve your relationship with your spouse and your kids.
Mentality that our kids deserve the best.
* This can be a dangerous thing to teach your kids as it can lead your kids to having greater anxiety. Providing your
We ask the wrong questions when it comes to money.
* How Can I vs Why can’t I questions
The book stems from Jeff’s own experiences as a man, father and more. He talks about his own career journey and his own spending. He found that he did not accumulate wealth and that he put in even more time to be able to keep up but was not getting ahead. He was feeling guilt and anxiety in his career and personal life and he explores this with his readers. He talked about making large changes by recognizing that the things that he really anted in his life were right in front of him. He now makes much less, but is making so much more in his life overall.
The book provides a methodology that looks at two areas:
* Separate the costs of your life from the income that you have coming in
* Why you should change and how?
* 3 levels of family finance
* Ways to accumulate and grow wealth
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