Sean: What advice do you give your kids with regards to building wealth and managing finances?

Randell: All right! Here's where people are surprised because I'm the finance guy. People think that my kids are really experts in finance. Contrary to popular belief, I do not open my PowerPoint on the dining table or put it on my tv and talk about these things. I do have a little bit of talk with them, but it's not like that.

As a parent, it's really more like setting examples for them. I want them to see that their daddy is hard-working, doesn't spend unnecessarily, takes care of the future and they see it that way. From time to time, we remind them they need to save but I don't force it. At the end of the day, number one, there's way too much pressure on kids. You don't want to add that pressure to your kid. I'm very careful about that.

I want them to make their mistakes. I want them to learn from those mistakes and even finances. So I teach them the basics. Like when they were very young, I taught them that money needs to be earned. It's the value of work. You know I want them to understand that my money is my money, it's not theirs, so they have to earn it. They have to create it so work on it. That's number one.

Number two, I teach them how to spend properly so they don't just buy anything they want. Number three, following that, it means that they need to save, that not all of their money is being spent. And finally, I also teach them to give because generosity needs to be taught. If not, they might become greedy and think it's all about it.

So earn, spend, save, and give. These are the basics that I taught them. Then later on, when they saved, I told them to put it in a mutual fund. Now they're older, my wife asked me to teach them how to invest in crypto. You know it's hard for a person to get used to earning big right away without really exerting that much effort. You're teaching them the wrong values.

Look at those young crypto millionaires, it's like they don't do anything anymore, anything productive, anything of value, because they have money. What do they do with that? I don't know where they spend it. That's not the kind of value system that I want to teach my kids. I want them to work hard and then later be wise in managing money.

I will not get into the secrets and all these things. They have to learn it and they have to see it from me. I picked up a lot of my entrepreneurial skills from my dad. So it's like that. My dad wasn't a businessman all his life. He's not giving us lectures and talking about it. We see it, then we ask about it. When we're a little bit older, we get more curious. Sometimes he involves me, asks for my opinion, and that's why I learn.

Sean: That's great! And that's also in the Bible, in Proverbs, right? Money fast gained is money fast gone as well.

Randell: Yeah! So again my tip to parents is, you have to be very careful. Don't try to teach everything to your kids because sometimes part of the learning is experimenting, trying things, making mistakes, and don't compare your kids with other kids.

That's the challenge now, because now you see Instagram families, looking perfect and all these things. I protect my kids from that, the pressure of society. Now two of them are adults. I'd like to say I taught them something and they're practicing but far from the public eye.

Sean: That's great! That's good stuff and I'm learning from you as well.

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