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#030.  Today’s guest is David Delisle.  He talks about why it’s important to normalize conversations about money with our kids and we discuss what inspired him to write his graphic novel, The Golden Quest.  The book is a very fun way for kids to learn about money.  Its been described as “Rich Dad Poor Dad meets Calvin & Hobbes” and it’s such a great book that is beautifully illustrated.  David talks about the importance of having our children develop strong financial habits, which helps to avoid getting caught up in a lot of the noise that is out there.  He digs into how we should help our children understand what is important to them, or their “why”.  And this can help our kids pause and reflect and be mindful of their spending choices.

He covers the four golden rules of money, and emphasizes the importance of having our kids develop strong financial habits.  We also get into what parents should be doing to help their kids invest, and the actions parents should take to get more comfortable talking and learning about money, especially when they don’t consider themselves experts.

Show notes and more at:

https://moneydadpodcast.com/session030

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#029.  Today’s guest is Andy Tran.  We get into how Andy got started on his journey with helping people create secondary suites and garden suites.  We talk about what it really means to create legal secondary suites.  We talk about what garden suites are, why they are becoming more popular, and how it is a housing option with many different strategies suitable for different demographics including empty nestors, parents with aging parents, and parents with young adult children.  

This can be an amazing house hacking strategy that parents can use to have our young adult kids live in these garden suites, which are essentially built in the backyard of our principal residence.  And it is a way to help our young adult kids get ahead, allowing them to build their savings for a downpayment on a house or use those savings to invest.  

Andy dives into the process of how to create a garden suite, typical sizes/sq footage of these units, timelines it normally takes, typical budget of how much you should plan to spend to build one and how homeowners are typically financing these today to build these out.

Show notes and more at:

https://moneydadpodcast.com/session029

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#028.  Today’s guest is Clifton Corbin.  Clifton talks about his journey including important money lessons that he learned from his parents, but also talks about the struggles he had running up credit card debt and going through a debt spiral in university.  We talk about how his journey inspired him to write his own book “Your Kids, Their Money” to help parents teach their kids about money and avoid the pitfalls he went through.  If you are a parent of little children, we discuss strategies you can use to teach in a fun and enjoyable way.  We discuss the importance of giving our kids the opportunity to practice good money habits. One of the ways they can practice is through the use of an allowance, and Clifton talks about the do’s and don’ts of this approach, if you decide you want to go this route.  And we discuss the most important thing that we must remember to do, in combination with the practice we give our kids.  

We also dive into how we can use storytelling to teach lessons to our kids.  We go over an unconventional strategy that Clifton uses of lending money to his kids.  And we end with the best ways that we can teach our kids about earning money.

Show notes and more at:

https://moneydadpodcast.com/session028

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#027.  Today’s guest is Cherry Chan.  Cherry talks about her journey as an entrepreneur and how she helps everyday, hardworking Canadians like you and me achieve financial freedom.

We talk about when and how we can pay our kids an income, while also having it deductible for us parents for tax purposes.  This is a win/win situation where kids win because they can earn money to use as a tool to spend, save, invest and give.  And we as parents win because we can deduct it for tax purposes, so it saves us money.  It doesn’t apply to everyone and it can get a little technical, but Cherry does a great job breaking down the rules we need to follow to ensure we stay onside with the tax authorities.

We talk about how Cherry involves her kids in her business to teach them about money and we also get into an advanced income tax splitting strategy that could allow income in the hands of the kids to be tax free, up to $35,000 per child.  Lastly, we talk about the upcoming Wealth Hacker Conference in Toronto that Cherry and her husband are holding this November 12th to share strategies on building and protecting wealth and income and best practices around achieving financial freedom.  

Show notes and more at:

https://moneydadpodcast.com/session027

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#026.  Today’s guests are Annie Shoen and Nicolle Hood.  We talk about smart money habits that parents should be teaching their kids, including the habit of what they call “learning to earn”, as well as rules of thumb around budgeting.  We talk about how we can best teach our kids to be smart consumers.  And how we as parents can create a supportive environment to encourage our kids to make money mistakes.

We also get into the features of the app, and discuss how they developed it with science in mind.  They have a lot of innovative features including the use of puzzles to teach delayed gratification, as well as community leader boards.  

Show notes and more at:

https://moneydadpodcast.com/session026

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#025.  Today’s guest is Maya Corbic.  We get into the main challenges and opportunities in engaging Generation Z in learning about money, how engaging our kids with games can be very effective in teaching about money, why transferring money management and purchasing decisions to our kids is so important as well as key financial concepts that every child should learn before the age of 18.

We dive into the importance of showing our kids the importance of having multiple income streams and that they have the power to create money.  We talk about house hacking, entrepreneurship, and investing as well as looking at our own limiting beliefs and focusing on what money mindset and beliefs we should be fostering in our kids.  

Show notes and more at:

https://moneydadpodcast.com/session025

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#024.  Today’s guest is Kelly Iannone.  We get into the responsible money habits and strategies that she learned from her parents growing up.  We dive into their plan of how her family was able to live off Kelly’s income, while using strategies to divert her husband’s income to savings and investing.  We talk about how Kelly decided that investing in real estate, especially through multi-family rentals, was the path to accelerating their passive income and goal towards financial independence.

We also talk about how she exposes her two young kids to real estate and teaches them money concepts using real estate as a tool.  The various money lessons she teaches her kids about saving, investing, spending.  And how it is so important to be open and intentional about money with our kids.

Show notes and more at:

https://moneydadpodcast.com/session024

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#023.  Today’s guest is Alissa Maizes.  We talk about what led Alissa to pursue a change in career as a financial planner, after a career spent helping not-for-profits raise millions of dollars.  We discuss some great strategies and solid examples of how parents can develop their kids mindset around giving and helping others. Alissa covers how parents can develop their kids mindset around gratitude.  She also dives into strategies of how we can help kids build long-term savings, including a matching strategy to incentivize our kids to save.  We discuss strategies on what parents can do to teach their kids about financial self-confidence and control. 

We also dive into the importance of being intentional, open and honest about money with our kids, especially during more difficult times. We get into how teaching our kids to invest can amplify their wealth, including how mutual funds or exchange-traded funds can be a better choice.  And we review what it really means to be a fee-only fiduciary and the benefits of working with one, when reviewing our own financial plans.

Show notes and more at:

https://moneydadpodcast.com/session023

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#022.  Today’s guest is James Fletcher.  We talk about how James combined his love of investing and his love of international cultures into what he does full-time, which is manage his $100M emerging market fund he founded.  We discuss what inspired James to start Young Investors Society (YIS), and how their reach now extends into over 1400 schools and 59 countries.  James talks about the emphasis on teaching a long-term approach to investing and how rewarding the process, rather than the outcome, is most effective at teaching these kids. 

We discuss the importance of YIS providing resources to underprivileged communities.  And how YIS emphasizes and incentivizes building good habits to ensure that kids actually put in practice the concepts they are learning about.  We discuss several of YIS programs including the Dollar-a-day initiative, Money Skills Bootcamps and the Stock Pitch Competition.  James discusses the concept of the Million-dollar-decision and the tremendous power of how encouraging our teens to invest early would result in $1M more in their retirement account.  We discuss how we, as parents, can foster the importance of investing at a young age and how to develop their mindset around investing early.  James talks about the number one lesson that he has learned over the years and the key takeaway for us as parents.  We dive into benefits that teens receive in earning the designation that YIS has developed.  We cover how YIS measures their impact in the community.  And we get into several actionable strategies that we, as parents, should focus on in terms of teaching our kids about money. And how we can foster resilience within our children.

Show notes and more at:

https://moneydadpodcast.com/session022

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#021.  Today’s guest is Andrew Hallam.  We talk about money lessons Andrew experienced growing up, including the importance of learning to earn.  He goes into the number one key he used to build his million dollar portfolio by his late 30’s on a teacher’s salary.  Andrew now travels the world and talks about the observations during those travel experiences with his wife, including how plenty of conventionally successful people appeared less satisfied than those who did not achieve the same levels of money or career advancement.  He provides a 4-part framework on how we should redefine success.  He also gets into the opportunity cost of spending, including an example of how picking up a daily Starbucks coffee on your way to work could represent a $1 million dollar decision.  We discuss the importance of developing awareness around our spending to ensure it is in alignment with our values.  And how we should look a longer lens of time like 30 years when developing realistic expectations around expected investment returns.

We next talk about what parents can do to set their kids up for success including splitting up an allowance into 3 different categories.  And how allocating allowance this way can teach delayed gratification skills.  We also dive into the main benefits of assigning chores to kids and how chores actually might be a predictor of whether your children are successful.  We review the strategies Andrew himself used in teaching young people about personal finance in allowing self-discovery, rather then telling them what to do.  And we finish with a discussion into the research around whether parents should pay for their children’s post-secondary education and how that can be a predictor of success in the child.

Show notes and more at:

https://moneydadpodcast.com/session021

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