Excelling in your money mindset doesn't mean a big net worth. It means putting yourself in a position to make life most enjoyable to you, however you define that.

• The goal for today is really just for you to walk away from tonight with a better understanding of your current money mindset, and what you can change to better excel when it comes to that mindset. (03:23)
• I would say a lot of the finance stuff that's the loudest like if somebody is shouting at you through the TV and hitting a buzzer, they're probably not the person you want to be taking advice from. (13:56)
• So if you're wanting to be in a good place down the road, you're probably wanting to save, I would say at least 10% of your gross income. (29:59)

Quote for the event. "So excelling in your money mindset doesn't mean a big net worth. Excelling in your money mindset means putting yourself in a position to make life most enjoyable to you. However, you may individually define that." (19:32)

Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

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)

Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

Let's reexamine the importance and the skills that we need to teach for wealth to truly be generational for those to come.

• ...human nature & all of the world seems to dictate that money and wealth is going to dissipate as the generations progress. (02:15)
• What happens when there is a lack of purpose, a lack of autonomy, a lack of ability to pursue a mastery. And what this can lead to is a very unhealthy and potentially self destructive money mindset. (05:21)
• Give them that opportunity to master something completely new, then they'll have the building blocks of a happy life, a longer lifespan, and you know, as well as longer lifespan to the wealth that we're helping create. (07:58)

Quote for the episode. "Am I just trying to make my life easier for my kids because that automatically defaults to better? Or should I be trying to shape the mindset to enable them to go out and create a purpose, autonomy to move and a reason and a desire and a passion to go out and master something?" (09:04)

Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

Here are some high level concepts to find out if a trust is even necessary for you!

• So the first thing to know about trusts is that there is some problem they're trying to solve. (03:27)
• Now, the other main reason for creating a trust, outside of creating restrictions, is creating separation. (06:31)
• So again, if you have no problem with your kid's spouse, if you have no special needs types of problems to consider or the separation problem that a trust can solve, again, likely aren't anything that you need to be worried about. (08:37)

Quote for the episode. "So for today, remember, trusts are not just for rich people or poor people. They are for people that are generally trying to solve a problem where creating restrictions (so when, who, how the money is used) or separation (so the money is not technically theirs)." (09:38)

Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

Help fund your kid's retirement?! May sound crazy but hear me out.

• ...what I found in being an advisor is that most people want to kind of replicate whatever their parents did for them. Whether that be you know, some loans or paying 100% of the school costs...(04:13)
• The other option though, that can be incorporated, is retirement instead or in conjunction to this traditional college focus. (04:27)
• ...would you rather have in this example, the $65,000 pay off all of these college loans or that $65,000 give them one and a half million dollars when they're about to retire, of tax free money? (07:34)

Quote for the episode. "...if I can teach them about money through some student loans, and also free them up to be able to enjoy more time with family and make more memories with their kids...that's a win/win." (10:45)

Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

If savings is the goal of life insurance, make sure you understand all the options first.

• What opportunity are you potentially giving up, that that same money that you're using to save, could also be used for instead. (03:30)
• "the grow up plans, cash value grows at a guaranteed rate over time, so that after 25 years, it should equal or be greater than the amount you've paid in premiums." (06:46)
• With these life insurance policies, the child generally becomes the owner at age 21. So you lose that control of whatever funds built up in the policy. (08:03)

Quote for the episode. "If it's savings, if that's the biggest reason why you're putting money away into this policy, then putting the funds in a place where they have much more opportunity to grow could likely get you closer to those great life goals that you're setting out for your children now." (09:23)

Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

All things gifting: how much, too much, and throwing a lesson in there too!

• You can do so much with a gift, and with a little bit of thought. And those are the feelings that we want to be giving our children obviously. (03:56)
• Currently in 2021 you're allowed to gift up to $15,000 per person to any other person. (04:08)
• Think about what gifting goals you may have for your kids, but more importantly, what lessons you can help in teaching them through that gifting. (09:59)

Quote for the episode. "Get them interested in making positive money steps when they're young and that mindset will carry them exponentially farther in all likelihood than just those kind of few dollars that you spent in the process." (10:17)

Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

Their money mindset will inevitably be influenced. Shouldn't it be by you?

• And so building that financial literacy, that practical application, and more than anything is really that healthy mindset and relationship when it comes to money. (01:44)
• The biggest thing you can do is to expose your kids to anything to do with money to any degree that you're comfortable with. (04:37)
• Something is going to influence them and start subconsciously setting up these expectations and these relationships when it comes to money. (08:56)

Quote for the episode. "The point is that some relationship is going to develop. So you can either let it come together however it happens, letting those chips fall wherever they may, or you can attempt to actively influence what that end result may be." (04:15)

Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

529 Plans seem to be the default but definitely not the only option out there.

Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

What growth are you potentially giving up, so the opportunity cost, with these savings bonds you are so familiar with?

Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.