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#020.  Today’s guest is Deborah McMillan.  We get into the financially illiteracy problem that we have in today’s society.  We talk about how the personal experiences with her daughter and father led her to start her own business teaching children about money.  We discuss how parents may actually be the main barrier that is preventing kids from learning about money at a young age.  We talk about giving an allowance that is not dependent on chores can be one of the principal strategies parents use to teach their kids about money at home.  We cover what her number one goal is in teaching kids about money and how she makes it engaging.

We get into the programs that Knowledge Makes Cents offers and we talk about her hands-on program that my 7 year old son went through recently and some of the principles and concepts that he and other kids take away from these types of programs.  We discuss how parents really need to be partners in helping their children follow through with executing plans after these programs, like helping to open up bank accounts or investment accounts.  

We dive into the importance of installing positive thinking and having the right mindset and beliefs that parents should be reinforcing at home.  And why we as parents have to be very careful about the words and messages we use with and in front of our kids, because this can lead to our kids developing negative associations with money and the unintended installation of limiting beliefs in our children.  We get into strategies that parents can use to get around the challenge of how they can afford certain spending expenditures and the importance of encouraging creative financial thinking among children.  We end with healthy conversations we should be having with our kids around money and how teaching the value of money and relating how they earn it with how much things costs could be one the most important discussions you have with them.

Show notes and more at:

https://moneydadpodcast.com/session020

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#019.  Today’s guest is Michelle Hung.  We dive into how Michelle went from a career in investment banking and pivoted to being an author and becoming an entrepreneur and financial planner helping teach women and young adults how to invest.  Michelle recently launched her second book “Investing for Teens”.  We talk about the trouble Michelle faced in university with her spending habits, and we talk about some of the biggest issues that teens/young adults face, including the importance of credit card management.  We get into the mindset of how teens should be viewing the current downturn in the stock market, and we discuss why she is not keen on investing in bonds.  We dive into the importance of investing in equities, and the mindset you need to prevent yourself from panic selling.  

We get into the risk vs reward principle, and the importance of adopting a long-term mindset when investing.  We get into why leaving your money in a savings account designed for long-term investing is a waste and lost opportunity.  We talk about flaws in the current banking system including how risk is assessed.  We also get into the types of custodial accounts available for teens in the US, and get into options available in Canada.  And we end with the biggest pieces of advice she would give to herself as a teen, that you’ll definitely want to pay attention to, especially if you raising a teenager.

Show notes and more at:

https://moneydadpodcast.com/session019

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#018.  Today’s guest is Jabbar Adesada.  Jabbar has an incredible and inspirational story, overcoming tremendous adversity from childhood, and was only 19 years old when he purchased his first real estate rental property.  Jabbar talks about joining the military at 17 years old and the inspiration he received to pursue financial independence.  Jabbar started investing in stocks at 18, but pivoted to real estate by 19.  Jabbar and I talk about the importance of community and surrounding yourself with other like-minded young adults in pursuit of similar goals.  We talk about the adversity Jabbar went through in trying to purchase his first rental at 19 years old, and how he overcame rejection and countless people doubting him.  We dig into how he house hacked that first property, and we talk about what systems and processes he has put in place and his mindset on being able to not only figure things out, but his incredible gift of building relationships with others that he can turn too for support.  

We then dive into how Jabbar is supercharging his passive income through owning and managing short-term vacation rentals, and how he was able to purchase it with no money.  We get into the lessons Jabbar has taken away from involved in these short-term rentals, including the technology and systems he uses to automate processes, especially since he continues to work full-time in the Marines. Jabbar set a goal to achieve $10,000/mth in passive income by 30 years old, and has almost already reached that at the young age of 20 years old.  We get into advice and strategies that Jabbar would give young adults or parents of young adults on how they can get started with real estate, the common misconceptions people have, and the importance of prioritizing investing for young kids and young adults. 

Show notes and more at:

https://moneydadpodcast.com/session018

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#017.  Today’s guest is Robert Farrington.  Robert and I talk about his passion and early interest in personal finance and investing, including what inspired him to start The College Investor to help millennials start long-term investing and get out of student loan debt.  We talk about why Robert is a big believer in the ROI approach to college.  And we get into the struggles for millennials to find balance as the sandwich generation, with aging parents and young children, juggling between competing financial priorities in their lives.

We next dive into the world of cryptocurrencies, blockchain and NFTs to gain a deeper understanding of their purpose, use cases, and analogies of how you can think about them.  We talk about why Robert views crypto as a currency, rather than as in investment.  But at the same time, we talk about how crypto and NFTs can act as the onramp to getting our teens and young adult children excited and engaged about investing.  We also dive into how our teenage kids should get started in investing and exploring many different asset classes, including crypto. And we get into why it actually may be better off in the long run to have small, manageable losses, rather than outsized gains.  Finally, we talk about the ultimate benefits of having our teenagers and young adults invested, which is to help them build the habits and skills of saving/investing and tracking their investments.

Show notes and more at:

https://moneydadpodcast.com/session017

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#016.  Today’s guest is Bobbi Rebell.  Bobbi and I talk what inspired her to write her latest book “Launching Financial Grownups” and we get real about some of the challenges and struggles that she has had in raising her teenagers/young adult children as it relates to guiding them on making smart money decisions.  We talk about why teen/young adult children are taking longer these days to become independent adults compared to generations ago.  

We get into why parents are artificially propping up lifestyles for their young adult children and the unintended message parents send to their young adult children when they support them.  And we talk about strategies on how we can avoid this.  We discuss why it is important to have a clear exit strategy if your adult child is moving back home with you and how the pandemic impacted relationships between parents and their older kids.  We dive into how being vulnerable and open about the money choices we as parents make can help teach kids about money.  And we dig into strategies parents can use when talking to their grown kids about money, especially when they seem to think they know better.  We also get into challenges that parents face in letting their adult children go from a financial dependence perspective, especially since these children are wrapped up in our identity.

Show notes and more at:

https://moneydadpodcast.com/session016

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#015.  Today’s guest is Phia Zacour Phia and her husband Mike reached Financial Freedom and retired from their traditional jobs in their early 30’s with their two young kids.  Phia and I talk about the reasons why they pursued financial freedom, but why the reality of financial freedom did not line up with their expectations when they first transitioned to early retirement.  We discuss her childhood experiences and intentional lessons that Phia’s parents taught her and how she developed an early negative association with debt.  We dive into why parents should let their kids fail early in order to lead to a growth mindset.  We get into the financial and non-financial reasons why parents should not buy their kids a cell phone, including the missed learning opportunities you have in teaching them financial lessons if you buy it for them.  We talk about why kids should manage their own screentime and ideas on how to implement a non-monetary token system to help teach them self-discipline, budgeting and responsibility.  We review strategies to teach kids as young as 2 years old the ability to delay gratification and why family meetings are Phia’s favourite way to teach kids to have an open dialogue about money.  And we cover how calculating metrics such as cost per use allows kids to reflect on their spending decisions.

Show notes and more at:

https://moneydadpodcast.com/session015

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#014.  Today’s guest is Sam X Renick.  Sam and I talk about what inspired him to start getting the message out to kids about teaching them great money habits, and how he created the character Sammy Rabbit to be a platform for this message.  We discuss the importance of habit formation around saving, spending, giving and earning.  And we talk about why saving is the #1 money habit kids can learn and why the numerous benefits of developing that habit transcend the actual financial benefit or interest income that the kids would receive.  We talk about how parents can use money scripts to develop positive associations around money with their kids.  We talk about why we should give our money a purpose.  We get into why we, as parents, are most qualified to teach our kids about money, even if we cannot role model everything that we want them to learn and that why it’s important to teach them when they are young to take advantage of that window of opportunity.  We also cover why habits are so powerful and why they are predictive in helping our kids succeed.

Show notes and more at:

https://moneydadpodcast.com/session014

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#013.  Today’s guest is Dani Mendonsa.  Dani and I talk about some of early childhood lessons Dani’s parents taught her about money as well as how a sports injury caused Dani to pivot and get involved in the teaching profession.  Dani’s done some outstanding work helping to co-create the ChooseFI financial literacy curriculum from the ground up where she served as the co-curriculum lead for the K-Gr5 writing team.  We talk about why it was critical to integrate elements of financial independence (FI) into the ChooseFI financial literacy curriculum.  We also talk about the Passport to FI, a fun activity for kids to collect stamps and actively learn how to get on the path to FI.  We also dive into the themes around the series of books she recently authored for 7-10 yr old kids to bring money concepts to life including meal preparation, budgeting, entrepreneurship, buying new vs used, and vacations to name a few.  And we cover why it is important to have kids involved in these processes and decisions and how it develops ownership and makes it more memorable.

Show notes and more at:

https://moneydadpodcast.com/session013

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#012.  Today’s guest is Erwin Szeto.  Erwin and I talk about early childhood lessons about money his dad taught him, how his personal investment in real estate got started and why he decided to concentrate his efforts on helping investors building their portfolios.  We get into how he gets his kids involved as a real estate investor and what motivated him to use real estate as a way to fund his children’s future post-secondary education needs.  We talk about how he gets his kids involved in the charity that he started with his wife Cherry Chan, called the Hamilton Basket Brigade and how helping out with the charity teach his kids about the importance of giving.  We get into what Erwin’s superpower is and how he uses it to help those in need.  We dive into his motivation to starting the Stock Hacker Academy that teaches everyday people to build wealth through trading stock options and something that young adults or even your teenagers can get started with.  And lastly, we talk about his upcoming Wealth Hacker Conference in Toronto that he and his wife are holding on November 12 of this year 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/session012

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#011.  Today’s guest is Dan Sheeks.  We chat about why financial literacy and personal finance is not a focus in the public school system.  We talk about what financial independence looks like and how your teenager can achieve early financial independence as a viable option to the typical working 9-5, until 65 grind.  We learn about the strategies that Dan uses as a teacher to help teens learn about personal finance and the benefits of parents working through these concepts alongside their teenager.  We get into the 4 main mechanisms to achieve early FI and specific strategies and tactics teens can employ under each of those mechanisms.  Dan is also a seasoned real estate investor, and we talk into real estate, and how kids as young as 19 years old can get into real estate and use this to their advantage to achieving early financial independence. 

Show notes and more at:

https://moneydadpodcast.com/session011

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