Your Kids Money Mindset Series Recap | Series 5.9

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Welcome to the EnjoyMore30s Family Finance

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podcast. The only podcast dedicated to making life more

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enjoyable for young families by hitting on the financial topics

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that tend to weigh on us, stress us out, and distract our focus

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from simply enjoying life.

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Hello, I am happy to welcome you once again to the

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EnjoyMore30s Family Finance podcast. Every week, as you

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know, we're talking about money so that you can take some steps

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forward, gain confidence to help you remove that financial

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anxiety, so that you really can just focus solely on making your

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life more enjoyable.

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As always, if you do like what you're hearing, and I hope you

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do, please make sure to subscribe or follow us on Apple

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podcasts or really wherever you listen. Clicking those stars,

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leaving a review, it really really helps us try to reach

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that literally millions of other young family group that exists

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out there just like you.

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Now today, we have the recap for you of the Your Kids Money

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Mindset Series. It's been a really cool series for me to put

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together. I really had a great kind of charge of energy,

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getting to think about kids kind of for a change, in this series.

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How we can help them both directly through, you know, just

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saving for them in traditional ways, like for college but you

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know, also outside of the box ways like saving for the

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retirement or thinking about their mindset really to help

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them develop their own healthy habits, And maybe even

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reexamining our own viewpoints along the way on what is

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required of us as parents, when we could talk about their

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financial growth, their financial mindset, that

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education that they're probably not getting through school or

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otherwise.

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The end goal though, the broader spectrum, kind of big picture of

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this series was really the same as all of the others. We're

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trying to make sure that we don't forget that goal along the

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way, we dive into a lot of concepts, we dive into a lot of

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very specific details at times. But really the high level goal

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for all of this is to try to help us take steps to remove

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anxiety, and that financial worry that kind of hangs over so

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many people out there, so we can refocus that same energy that's

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not being lost now on worrying on what matters most. And that's

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enjoying more living with our family and our friends today. If

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you feel more secure in the well being of your kids, you have

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less anxiety. If you have less anxiety, then you also have more

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confidence, you don't have that hanging over you and you can

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focus again on enjoying your kids in the present. That's what

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I feel like I'm able to do. I want to help you do that, too.

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You don't need to have anxiety when it comes to money. And with

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the right mindset and a few steps in the right direction,

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you can make huge strides over a relatively short period of time.

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So whenever you do take a step, it doesn't have to be every step

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that I lay out in the series or any series. Whenever you take

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any step, you're making your life a little bit more

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enjoyable. So be proud of those steps as you take them because a

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natural consequence is that your family is going to be happier as

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well, because they have your time, your attention, your

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focus, your happiness, your energy. Lastly, stay tuned to

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the end, we're going to be releasing what is coming up next

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on the podcast. It's a little bit different. So I'm pretty

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excited to share that with you. And I'm hoping you are excited

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to hear about it as well.

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Normally for these recap episodes, I kind of go episode

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by episode. But this time around, I thought it would be

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much more helpful to go theme by theme or kind of concept by

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concept. Because I think if it's broken down into those general

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groups, it's going to be easier to understand and walk away with

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the main points that I suggest you at least think about for

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implementing on your own.

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So the first goal theme or concept is to be intentional

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about your kids money mindset. We generally don't think about

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our kids money mindsets. I've never seen that in a parenting

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book or anything like that. But all of our kids are going to get

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out of school with some impression about money. So

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normally we're thinking about we want to get them to post

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graduation alive and well and ready to face the world but

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money is a part of that. And schools don't really teach it

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from what I've ever seen. So it's either you being

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intentional about educating them to some degree, it doesn't have

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to be everything just any degree, or them basically having

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to just kind of discern random tidbits from their friends, from

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movies, from I don't music videos. And so we covered how

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you can help in shaping these lessons. It could be with gifts

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to encourage savings and a greater understanding of what

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money can grow and do for them long term.

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We talked about how money generally only lasts for three

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generations, because there are inadequacies in these money

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mindsets that we're teaching and trying to pass on to the next

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generations, as well as how to determine if a trust could be

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beneficial for situations where kids do have limitations.

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Whether self created or disability wise or a lot of

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other items in there too. So you don't have to open up the

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So if you dive into Episodes 5.3 5.4, 5.7, 5.8, those fo

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checkbook and show them your net worth. But if your child enters

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the workforce knowing that they should pay themselves first, not

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spend more than they make, and how $1 saved today can be worth

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Now to finish off today, I still need to share what's next, which

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And that takes us to the end of this series the Your Kids Money

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potentially a heck of a lot more down the road, then they're

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is going to be me sharing two previously held live events that

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going to be well ahead of the vast majority of kids out there.

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I had on another platform, a social media platform called

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Fishbowl. Now if you're not familiar with it, Fishbowl is

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kind of like LinkedIn meets Clubhouse, if you've heard of

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Mindset Series. Take some time to review these important

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r episodes 3, 4, 7, and 8, t covers all of those points

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those before. So live events for professionals is something that

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n more detail. The second ma n goal's concept that we cove

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they include as part of that offering. A little bit of

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different format but it's more interactive content as users and

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ed that I think is really import nt to look at is that there

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people that signed on to the event as well as my co hosts for

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re multiple ways to save for y ur kids. There's not one set w

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the event asked questions. S it's a lot more of a back an

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elements. If you have any questions on any of these

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y, it's not like this is the ay you have to save for your ki

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forth. So I want to be able t share that with you as well.

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s. Because we all have differ nt goals for our kids, we all h

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ve different destinations. So it makes sense that there

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re different vehicles that would be more appropriate for what you

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re trying to actually do. Now I did discuss a few ways that

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things, you can jump back into those episodes. Just you know,

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in my opinion, are very often ot appropriate ways to save, wh

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ch included life insurance savi gs and savings bonds, as they t

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nd to have very limited gro th potential, which tends not

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to match up with the extended t me horizons that kids might ha

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remember, if you make one positive change, it doesn't have

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e. So if you have a one year o d, and they're still 17 years a

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ay from college, that's a very l ng time frame away. And so a l

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ng term investment could very w ll benefit more from a vehicle t

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at has more opportunity to gr w.

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to be 20, just one, then you're one step further along in having

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Now, we also talked about several options that in my

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opinion, would likely be appropriate, which included 529

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plans and joint investment accounts. But those really come

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down to thinking about what you value most when it comes to

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those two options. Do you value maximizing education specific

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life be more enjoyable for you and your family. If you can

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funds? So that's where we talked about the 529 plan? Or do you

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value most maximizing flexible funds. So not necessarily for

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college, maybe for a house, a wedding, anything else. That's

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absorb and implement all these items. Fantastic. You probably

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what the joint accounts helped you do more so and there's no

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wrong answer. It's based on your preferences, your goals that

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you're laying out for your kids.

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Lastly, broaden your thought process. It doesn't have to be

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college, you can contribute to longer term goals even as long

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have no idea how great that makes me feel. Just thinking I'm

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as retirement, which sounds crazy and nuts to begin with.

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But, you know, if you're saving for retirement for your kid,

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you're saving for a long term for your kid, it can take a lot

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of that pressure off of kids to feel like hey, I can spend more

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time with my family now with your grandkids now, and not have

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helping one person out there that I'm never going to meet or

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to maybe pursue a career that takes up a lot of their time and

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energy away from their family, a career that they think is

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something they should be doing from a financial standpoint, but

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makes them really unhappy. Maybe they can go out there and pursue

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a career that makes a little bit less, but everyday they love

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going to work. The other four episodes that I didn't mention

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never talk to is a really really amazing feeling. We live in a

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in the first theme 5.1, 5.2, 5.5, and 5.6 covered all these

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points in much greater detail. So 1, 2, 5, and 6 for touching

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on the different options that you had out there to save.

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pretty amazing time. If it is overwhelming though, of course

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So that pretty much brings us to the end of the recap already. So

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we want to walk away with these two main concepts. That's the

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goal that I set out for today. Be intentional about your kids

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money mindsets, and realize that there are multiple ways to save.

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So get clear on those goals that you have for them.

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if you do have questions or just someone else that you want to

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get all this stuff in order for you so you know exactly where

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you're at and where you're going. Head on over to our

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website at EnjoyMore30s.com. That's EnjoyMore30s.com. Click

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Ask Joe to connect. I'd be happy to help. So thanks so much for

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joining me today. I can't wait to connect with you again soon

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in the series to come.

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The conversations on this show are

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Joe's opinions and provided for general information purposes

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only. They do not constitute accounting, legal, tax, or other

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professional advice for your specific situation. You should

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always seek appropriate advice from a financial advisor,

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accountant, lawyer or other professional before acting upon

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any content or information found here first. Joe is affiliated

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with New Horizons Wealth Management LLC, a branch office

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of TFS Securities, Inc., and TFS Advisory Services an SEC

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Registered Investment Advisor, Member FINRA/SIPC.