How to Make Your Kid a Millionaire with Andy Hill

Published Nov 1, 2024, 7:00 AM

If we receive a set of puzzle pieces, we canโ€™t complete the picture without knowing how they fit together. The same goes for teaching our kids about money. Even if we pass down every cent we have, they wonโ€™t know what to do with it unless we teach them the values and proper ways to handle itโ€”just like everything else in life. In this episode, Jen and Jill are joined by Andy Hill of Marriage Kids and Money to share essential life skills and practical tips for setting up your kids for financial success.

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Episode four fifty five, How to make your Kid a Millionaire with Andy Hill.

Welcome to the Frugal Friends podcast, where you'll learn to save money, embrace simplicity, and live a life here your hosts Jen and Jill.

Mmm, Welcome to the Frugal Friends podcast. My name is Jen, my name is Jill, and today we are talking with our very good friend Andy Hill about something he is so passionate about. We are passionate about teaching people how to spend money. Andy is passionate about helping parents set their kids up for financial success. And it's a little clickbaity how to make your kid a millionaire, But really this episode is about the life skills and the skills at home to set your kids up for financial success and hopefully become a millionaire.

It's got a lot of great insight and tips really on how to find the radical middle here. So even if it's not your goal to have your kid become a millionaire, you're still going to find some really helpful stuff here.

Yes, but first, this episode is brought to you by Holiday Music. It is November first, if you are listening to this on the day it comes out, and for many of you, it is the day where all other music dies and only holiday music exists. Now that is a select group. The other select group waits until after Thanksgiving. Thanksgiving does fall a little late this year, so I think more people will fall into this group. But if you are not in the group of people that are strictly switching to holiday music today, then we encourage you to check out the soundtrack that we made to Buy What you Love Without Going, which at this point I hope you know, is the book that we wrote coming out in January, available for pre order now at buy whatolovebook dot com. But we really thought that books are a time capsule and they kind of reflect the author's thoughts and interests and what they're listening to in the season they're writing. So we thought it would be a cool to put together a playlist of the things Jill and I were listening to while we were writing the book. It's a little insight into what we lit our music tastes. We don't really talk about that on the show, so if you kind of want to behind the scenes into our personalities and maybe also how we're kind of different in our using tastes, then check out the soundtrack. Frugal Friends podcast dot com slash playlist, it's a Spotify playlist, and then do us a favor and pre order the book buy what you Love book dot com because you can find, at least for me some Easter eggs too. What I was listening to I've alluded to in the book.

So oh yeah, that's fun. And you can tell which list is Gen's and which list is mine. We found songs that their titles are just our names. So there's a song titled Gen and then the nine songs below it are the song she picked, and then the song titled Jill and my nine songs.

Yeah. So yeah, But so let's get back to the topic at hand, making your kid a millionaire. We know not everybody has kids, and those who do have kids have them at varying ages, and so this is really a conversation where we do touch on young kids, like the teaching kids about money as youngest three all the way up to teenagers, even if you're starting when they are teenagers. So I think that everyone will get something out of this. If you want to cueue up another episode to listen to after this episode. Thirty four Minimalism for Families with Don Madson really good one. We love Don and this just kind of takes the mindsets that we talk about with Andy kind of takes them a little bit further, and we talk about possession of stuff, but some of the things we talk about are are kind of overlapping. So Andy, if you are not familiar with Andy Hill, he is the host of the Marriage, Kids, and Money podcasts, and that podcast talks strictly about helping families build wealth without sacrificing happiness and there are He's got millions of downloads. He has an amazing podcast voice, and he's just the sweetest, like sweet sweet Andy.

He's so kind. It's what we call behind is plenty of times in person too, and through and through. It's Andy is the same in every of these contexts, and it's always good.

He is always sweet. But Andy you get on the show is the Andy in real life, and so it's always a joy to talk to him. We just rarely do it on the podcast, So let's do it. Yeah, Andy, Welcome to the Frugal Friends podcast. We're so glad to have you back. It's been a while, so glad to be back.

It has been a while, and I love talking with you ladies outside of podcasts, but on the podcast it's even better.

When we put on our podcaster voices, it just makes for that much better of a conversation.

Absolutely, I'm always in for that.

It's always fun to have friends even back again. And Andy, you are such an expert on talking about finances with children. Of course you talk about other things, but this is what we're focusing in on today, and I've got a spicy question for you. It has a little bit to do with one of the things that I've thought about from my own childhood with finances, and when I think about if I ever were to teach kid about finances, I'm Jill. I'm the one without kids done the one with them. So it's all theoretical for me, which is probably why I'll be the one asking the spicy question. I you know, I didn't grow up with a ton of money, and in many ways I feel like that formed me decently. There's some money mindsets that you know, I've needed to shift regarding scarcity and that kind of a thing and a better understanding of frugality, but in many ways having this value for earning. And I've had the thought and conversation with Eric in the past if we ever had kids, Like would we would we just give them a ton of money? Like would we set aside money for them for college? Like how much it shaped me to to have to pay my own way through college? Like it's kind of been this question. Again. We don't have kids, so we've never put it into practice, but curious your thoughts on this, Like for those who are putting aside money for their kids for college or just money in general, do you think that we're doing them a disservice with so much financial support? Is what's to be said about the whole working for it, earning it yourself? What do you think about this?

I love that question. I like anything, and I know you ladies talk about this a lot on your show. It's about balance, right. I think that knowing how you grew up, a little assistance probably along the way might have not been all that bad, right, But giving you everything with no knowledge on how to use it long term could also be could also be bad? You know, so I like in it too. This whole generational wealth conversation can be can be a difficult one for people because people think of it as you know, like the Succession TV show, or like that's the kind of wealth we're talking about. No, we're talking about just helping your kids get an understanding and an ability to build their own wealth so that it can continue on for generations. So and that wealth, as you've talked about, a lot too, can be money, can be ability to use your resource as well, control of your time, these types of things, and valuing what you care about most. So as far as you know, loading the kids up with a bunch of dough and saying good luck, I think, like anything, if you don't have the know how on how to use tools, whether that be a bunch of money, or like if somebody said, hey, Andy, go fix my car in the garage right now, here's the tools, good luck, I have no knowledge on how to fix that car because I've not been prepared or I've never learned how to do that. It's the same thing with wealth. So if we PLoP a bunch of money on our kids and say hey, I've done my job, they're going to be wealthy in the future. I've seen it and definitely read about it and coach people through. When they get a lot of money with no knowledge on how to use it, it can get flitted away pretty fast. So I think we have to find a balance of showing our kids how to build wealth on their own, and that could be learning to earn a little bit more while while they're younger and as they grow so they can have their own money and have their own autonomy over the money and that decision, and then also how you can build wealth over time. So I think it's giving them the knowledge on how to use that resource so that it doesn't get flittered away.

I really appreciate that putting it into context, pairing it with education. It's not just they know nothing about this and I'm just putting away to a five twenty nine and then one day.

Money, money's here.

Now I know what to do with it. Oh, I can use it for whatever I want. Ooh, that could be trouble. And you talk about a five twenty nine. I think that's a fun conversation that a lot of people have too, is like do I put money away? How do I put money away from my kids? If I want to have that generational wealth, does it five twenty nine make sense? Should I just put it in a regular kid's brokerage account? And sometimes having that restriction between those two things can actually be good If we talk about a kid's brokerage account, that's one of those things where we start to put money away and build up and then depending on your your estate and the age of majority, they could get this money at eighteen with no restrictions, which is nice because they could use it for whatever they want, but they could also use it for whatever they want, so without the knowledge on how to use it again, that could be dangerous territory.

Yeah, I love your philosophy on this because it's so similar to how we view spending. Like nobody teaches you how to spend money, and therefore when you get money, you spend all of it and typically a lot of important things get lost along the way. And it's the same with like keeping money and earning money. But this is for children, for your children, and so I love this kind of wealth building as a skill, not as like a make rich kids sort of philosophy. And so I've seen a lot of parents go to extremes. Some will say I'm not going to save anything for a kid, they're on their own. The other side are saving for their kids cars, their kids college while they themselves are going deeper into debt, and they're like, it's fine, they'll take care of me when I'm old sort of mentality, where where do we find the radical middle of like how do how? What should we have in place before that we start thinking about sending our kids up for success.

Yeah. If you're in a situation where you're like, well, I would I don't have a lot of money to just give to my kids because I'm still working on my financial situation, that's okay, Like, this is a fine situation to be in. You want to take care of yourself if you have high interest debt, if you're still building up that emergency fund to take care of yourself so that you are able to take care of your home and take care of your family, that's a good position to be in now. If you can't just give them a chore money or allowance money because you're working your way through that situation, that is totally fine. What you can do is talk to them about the journey that you're on on your financial journey, because they're going to listen to what you're doing. They're going to see your action that you're taking, and that's the best wealth knowledge that you can ever give them. Hey, I have a goal over the next twelve months twenty four months to be completely debt free, or wipe out this credit card debt, or start to be more responsible with my money, or pile this money up in a savings account so we're protected. If you take your kid on that journey with you and just talk to them about what you're doing, that is a wealth of knowledge. So physically giving them money during that time or helping to invest for their future. If you're not able to do that, think of this as an investment of your time and your words and just sharing your journey. And if you're not a personal finance expert and you're sharing this knowledge, that's okay. You're teaching them the reality of life, and that is a huge lesson.

Yeah, the education is so important. I think I could have made so many better spending decisions had I just been more educated, had I been taught how to spend, that would have been invaluable. Right, what's that saying, give a man officially for a day, teach a man officially for a lifetime. It's really that concept in practice here.

Yeah, do you think do you think that at least like how much debt paid off or how much emergency fund or kind of we have you know, some people say you should have like all your debt paid off, all your emergency fund, totally set yourself up, and then start like thinking about investing for your kids. I know there's a lot of things leading up to that, but financially, what do you think is like the best practice?

I think getting into the habits of these things can be very helpful. So you know, when we talk about, you know, college savings things like that, I think there's a reason that some of the minimum deposits are like twenty five bucks a month, you know, because is it going to massively move the needle long term for huge wealth gains with regard to your college investing journey. Maybe not in the beginning, but you're developing that habit personally where you're saying, hey, twenty five bucks now while we're getting through our debt journey or saving for our emergency savings or building up our own retirement, because we've got to put a lot more towards our retirement right now than we do for our kids. But as you continue to compound these habits over time, maybe you get to a point where you're like, wow, I've saved so much from my retirement that we're going to be We're going to be pretty good. Why don't we shift our focus, our investing focus towards our kids now and then you increase that number, you know, so maybe it started at five bucks or twenty five bucks, or you know, whatever it ends up being, then you can increase that over time. So to your point, I think there are some parents out there that are saying, well, you know what, my life's not going to be that great financially, at least I can give it to my kids. That's a slippery slope because long term, if you're in your sixties and seventies and you got to come knocking on your rich kid's door to say, hey, will you take care of me? Because I totally loaded up that five twenty nine for you and the kid's brokerage and all those other things. So you're rich, can you take care of me?

Now?

I think we're doing our kids a disservice down the road if we're not taking our care of ourselves first and being financially strong and independent in our in our later years. So we must must take care of ourselves first, fill up our own cup. And so we're feeling good, and then what we have available for our children at that point is a luxury. This is a luxury conversation to be able to invest for your children, to be able to give them a bigger future maybe than you have. But it's important to take care of yourselves first. That being said again, money aside, these lessons can be imparted to your children at an early age knowledge of your financial journey, as well as teaching them how to make their own money too over time. You know, it's as simple as the lemonade stand. It's as simple as finding stuff around their room that they don't use anymore and posting it on Facebook marketplace and getting twenty five bucks there or ten bucks there. This is resourceful ways. These are resourceful ways for you to make money as a kid, and then give you that autonomy with your money, which is a great feeling at any age.

I so appreciate this perspective on making sure that we are set first. We've talked before on this podcast too about how much more of a gift it is for us to be financially secure as we age, rather than putting that onto our kids. I think that there's a whole lot of permission in that for people who might not feel as though they've got all the extra cash to be setting aside for their kid, but yet that there are smart ways to be a to help our children if we can. And I appreciate that you've cushioned this as a This is a luxury conversation to be having, but it can be done in some small ways too, So for those of us who do want to see our kids experiencing different levels of education around finances and maybe a different financial landscape, and if we can make small choices that help them get there, what would you say those things are? If we want to set up our kids well financially, maybe even be able to experience that millionaire status at some point, what should we be focusing on now?

Yeah, I would say to start off with, and I know you ladies talk about this a lot, is being savvy consumers themselves. So when you are out and about buying things, this is a great place to have a conversation with your kids. Talk to them about different prices, talk to them about what you value, talk to them about how it's important that you are making this choice on this purchase so that you can do these other things that you do value in your life. Those types of conversations are invaluable. So when you say, how do I teach my kids about money? Do life with them? Go out there and live life and then talk about money along the way, because that's all money conversations really are. We're just using money as a tool to help us live our lives. So I would first start off with being open and honest and having conversations about money. That having that structure at home can be very valuable. Now, of course, you can go way too far, like you know, hosting a podcast where you talk about money all the time and that your kids tell you to shut up. But there's always.

Levels, right, My kids haven't gotten there yet.

Yeah, exactly. Eventually maybe eventually, gen you'll get that. But the next level really is putting money in their hands, allowing them to make mistakes with money. And I say, I say it like proudly, it's okay to make mistakes with money, especially when you're a kid. If you make a ten dollars mistake at twelve, it's a lot better than making a ten one thousand dollars mistake at thirty two, you know what I mean? Like, it's let's get money in their hands so that they can learn about it, find what they value, and then then they can have a better existence with money. And so how can you do that? You can do that through like.

A chore and reward program at home. You want your kids to participate a little bit more around the house. Are there little ways that they can help out? Age appropriate ways for them to learn and help out, because as they grow We've been doing this with our kids since they were like four or five, my daughter's now twelve. These kids have not only learned ways to support our family here around the house, but they've earned money along the way. And now at age ten and twelve, my kids do their own laundry and they take care of it themselves. It's just like I feel like I've raised smart, independent children that now have their own money and can make their own decisions. So, whether it's a chor and reward program at home or encouraging kids to make their money, make their own money outside of the home, whether that could you know, like a limited stand selling things on Facebook marketplace, or as they get older into that sort of preteen or teen level, finding ways to make money outside the house, babysitting, cutting lawns, things like that. That type of autonomy is what kids crave. They you know, having to go to mom or dad and saying can I buy this thing? Is this okay? Can we afford this? Eventually having their own money so they can make those decisions can be really empowering for kids, and it can become one of those things that's positively addicting. Like I've figured out that if I work hard, I can earn money, and then with that money, I can use it to be more independent, you know, and have some autonomy in my life. That is a great way to support your children as they're learning about money, and they're going to make mistakes along the way, and that's a good thing.

I imagine this is something that can build upon itself, that there are age appropriate ways of approaching these types of conversations throughout childhood. But I'm curious if you've noticed, Andy, whether there's kind of a sweet spot of age where this is really where they start to understand and lessons sync in and having money in their hands is helpful and valuable. What age range would you say is really excellent for kind of really dialing in on some of these money lessons.

Yeah, I think you can get started talking about money and life conversations with kids as early as three or four. Honestly, this is a conversation that you can have. They get it. They'll start to get it even more. Now. Do they realize conversations around compound interest at four or five? No, But you know what, you can still have them.

You still well they understand limits, Like they know there's a limit to how much money you can have, there's a limit to what we can consume. So yeah, I've had these conversations with my five year old since, you know, since he started wanting stuff.

Absolutely, and a big conversation you probably do have too, Jen is around that concept of delayed gratification as well. I know we struggled a lot with that. When we started to put put money in our kids' hands. It became one of those things where it's like I've got the money, I spend it. I got the money, I spend it, and so what we tried to put some guardrails around it and said, Okay, yes, we're going to earn that money. Most of it that you bring in is going to go towards smart spending. You're gonna have some fun with it, because hey, that that encourages you to want to earn more. Some of it's going to go to saving, some of it's going to go to investing, and some of it's going to go to giving. So that's just a portion of each of it that helps them to put some guardrails around all the money comes in. We're going to be able to help you to have a great now and enjoy that purchases and then also a great future as well, especially with the giving piece, because we feel that that is a key secret to happiness for a lot of people. Having a little bit of your money set aside to give to people to make a difference in the world can really help you with that that enjoyment of life and a big part of that delayed gratification too. We put some guardrails at least around our house to saying, okay, maybe two purchases a month, you know, would make sense, because sometimes we found our kids buying something and they play with it for five minutes and then you know, it's new trash in the dumpster, and then they want to buy something else right after. So if you can think about our evolved brains here now as we're having this conversation, kids do not have those evolved brains just quite yet. So we have to help them along and realize that there are limits to certain things and do that parenting that's really important in the.

Beginning, beyond the education and the just showing them how we do life and make money decisions. Are there other specific things like for the parents who do have the little bit of extra cash to be setting aside, where do you recommend that they start putting that for their kids?

Yeah, I would say if they have that extra money. And then again it's important to make the kids a part of that process too. If you have the ability to support your kids with their investing journey, if they have earned income, a roth ira for kids is a fantastic place to put that money. That can help you grow and help them to have a set retirement in their in their sixties and they're starting off investing in their oh Man pre teens or teens, that would be fantastic to help them with their retirement journey. Now, if we're talking about other things with regard to long term investing goals, and that's what we like to talk about with kids with regard to investing, investing is for really big things in the future, and then saving is for sort of near term things that you want. So if you're able to have those types of conversations and break it down in that simple, simplistic way, I think that helps kids because I often talk to my kids about investing and then they forget about it. But if I remind them and saying this, it's for really big stuff in the future. And those big things could be retirement, college. College is a really big expensive thing that could be in the future. Maybe even home ownership, you know, the way that home ownership is growing and the costs of it might be something we need to consider investing for in the future. Now. A great avenue for a lot of this lately is with a five twenty nine college savings account. You can invest with a five twenty nine college savings account for future expenses for college or education. You can also go to trade school with it. You don't have to go to a four year university. And there's been some great changes recently in the US with regard to how you can use that a five to twenty nine long term Eventually you can roll some of it over if it's not all used for education purposes, into a roth I ray in the future for that individual child, not for yourself, but for that for that child. So there's a lot more flexibility with a five twenty nine college savings account recently. So that's a good avenue to consider besides a roth iray for kids.

Cool?

Yeah, So what is the component outside of finances that makes this stick, like that really ensures that our kids are going to even out after we stop teaching them about the finances. What do you think you found that really makes this like take hold for them and that they have been because clearly your kids they're doing their laundry, you know, like my biggest victory, right, So like what what do you think is the biggest thing that makes the sticks to make sure that our kids will make good use of their earned income and given money.

Yeah, I would say it's two things. I would say, It's a lot easier for your kids to continue to do these positive habits as long as you are personally demonstrating these positive habits too. If you say, hey, kids, smoking's real bad. You're smoking a cigarette it every day, It's it's going to be hard to impart that advice long term. And I would say secondly, I would say it's consistency, you know, making sure that you are supporting them along the way and keeping that message going. And that's through communication. So if you have an open home where you're able to talk about wealth, building money, you know, utilizing your resources in a smart way, values based spending, a lot of these types of conversations, and you keep that dialogue open, they're going to want to find people in their lives as they move towards teenager and beyond that adhere to some of those values as well, and then they'll create community with those type of people and it will continue to live on. But I think if you're an example of those types of things and then you keep it an environment in your home where you're open and honest about those values that you have, I think you're setting your kids up for success.

A little bit of a curveball here, what about curious if you've run into this for maybe some of our friends who have older kids, who they themselves are just starting to understand how to how to spend better, how to align spending with their values. And so they've got teenagers who want all the new stuff. To the teenagers right there. I don't know many, but they're they're getting the high quality skincare and they want the really nice sneakers, and and a lot of times their friends are getting that too, like dealing with the things that we deal with as adults, only without that fully developed brain yet, and maybe the responsibilities of rent and car insurance and all of these things. How can we if we haven't been training our children from age three and now we're just starting at thirteen, fourteen, fifteen, what can be said? Please tell us it's not a lost cause.

No, I don't think it's a lost cause, but I'll be honest with you, it's going to be harder than starting earlier, like anything in life, right, I mean what we can do though, if we're in that situation. Let's say where we've got some teenage kids and maybe they're not doing chores around the house, and they're a little entitled and they want to have the best sneakers because they feel like they deserve them. I think this is going to take an opportunity for one percent improvements. What can we do today to start making a little change. Okay, maybe saying, hey, you're all doing your own laundry right now, even though you haven't been doing at all. What can we do to add one little chore into the week? And this is maybe a family meeting. Hey, your husband and me or my mom and me are feeling a little overwhelmed in the house. We need a little bit more from you, guys. We know that throwing a bunch of things at you at once is probably going to be our opportunity for failure. This is one thing that I need you to get done this week, and we're going to start having some conversations about ways that you guys can all support over time. But again starting with communication and open conversation about it instead of whining about the kids. Let's make it a family conversation. Then also modeling it. Right, are you pitching in around the house and your kids are sitting around watching YouTube while you're doing a bunch of stuff. Okay, you've at least done your side. Now let's have some conversations about what we can all do to jump in. And again, it's not going to get perfect overnight. Just be happy with one percent improvements over time. But yes, this is definitely worth it long term because then you're creating kids that don't feel entitled, that understand the value of money, that know that if they really want something, they should work hard for it. Because that's what life is really.

Yeah, yeah, I think I've been reminded recently that we can pick up life skills even later in life. It's okay. If we didn't learn how to cook, how to clean when we were twelve, we can learn it now. We can learn how to spend better, we can learn what our own values are, we can shift some of these habits. So that's been encouraging for me too. But yeah, it's similar conversation to I think getting a spouse on board, how do I get my kids on board? How do I get a teen on board? And I think you're really highlighting the important piece of we've got to do it first, and we've got to model it and then be invitational with it and invite your kids, your spouse into it. Find ways that are going to connect with them, make sense to them, maybe even be motivational for them. So yeah, thanks for your encouragement and hope offered.

And you know, but I gives me a lot of hope everyone, even for teenagers. I think even for teenagers they would find hope in this.

The bill of the week.

That's right, it's time for the best minute of your entire week. Maybe a baby was born and his name is Williams. Maybe you've paid off your mortgage, maybe your car died, and you're happy to not have to pay that bill anymore. That bills bffalo bills, Bill Clinton.

This is the bill of the week.

You got me good there. I know I was right.

Andy. Every week we yell at our guests and ask them to share with us their bill of the week, and we leave it very vague, and I know that you have one for us.

Oh, yes, I definitely do. Yes. My bill of the week lately, and it's pretty pretty new to me is doing a a dinner meal kit to the house. And it has been money well spent. And I'll tell you why, talk about modeling. I wanted to be more, I guess, a better husband. And I definitely noticed that the making of dinner has been more on my wife's plate over the past. Oh, guest, we've been married for fourteen years. Fourteen years, and I said, okay, what can I do to do better at this? Because you try your best and then you run out of time, or you run out of ingredients, you don't have ideas, and the dinners that you do make kind of fall flat. So I said, hey, I'm I'm gonna splurge a little bit and get this meal kit, and it's actually not much more than I thought it was going to be, so that the value is really great. And the benefit of it is that it's it comes with a healthy ingredient list and they send it all to you and then you're making this thing in about thirty minutes, and man, I've made a happier wife and we're all eating healthier and it's been fantastic. I would highly recommend the food and actually eating the food. That's the other thing, because we do go to the grocery store. I'll buy the things, and then by the time I'm ready to make it, it's gone bad, and so there's a lot of waste. So this is sort of like a hybrid version of not eating out as much and then going to the grocery store and then buying stuff that we don't actually cook.

So I like it. I love this too, because I think we absolutely can pay for convenience, especially when it brings about some of our core principles of simplicity and efficiency and honoring our season of life. It's recognizing where you're at right now. You are you've got kids, life is busy, but yet you have this greater goal of contributing eating healthy, eating at home, and it's hitting all of those things and to the life skills piece. Right, we don't all come we don't come out of the womb knowing really anything, and some of us know less than others by the time we're into adulthood. And cooking for many of us is one of those things. And I got to imagine that you're learning ingredients and how to pair it together and different cooking skills that eventually, who knows, maybe you will become creative and cook your own meals. But for now, for learning, for building a skill, for efficiency, and all these other goals that you have. Here it is it's a bill you don't mind paying. I just I love it so much. And I think I can't emphasize this enough because so often frugality does get paired with it's the race to the bottom. You do everything yourself. Everything needs to be as inexpensive as possible, and like, that's not it, that's not where it's at. Sometimes we adjust our spending to align with all of our higher, more important goals, and you're doing that. This is a perfect example. So thanks Andy the.

Word splurge, which was like, I feel like that's even the wrong word for it. It's like, this is something that brings value to me and my family, and it hits an important thing that I need right now.

So we're just we're conditioned to believe that bare minimum is the only acceptable expense and anything above that is a luxury, when sometimes the goal isn't to eliminate spending, it's to just maybe lessen it or to align it. Maybe we're spending the same exact amount, but we're spending it in different places, So there's the story is just going to be different for everyone. And I think as frugal people, we can be judgmental about how other people spend their money, and I hope we're just trying to lessen that with our frugal friends listeners.

Yeah. Absolutely, and probably most judgmental of ourselves, you know exactly.

The people who are most judgmental of others are typically most judgmental of themselves.

Yeah.

Yeah, well I'm working on it. Thank you.

If you all listening have a bill that you want to share, if it has to do with the ways in which you are honoring your season, creating efficiency and simplicity and values based spending. Or if your name is Bill and you just found yourself here and you didn't know why, now you do. Frugal friendspodcast dot com slash Bill, leave us your bill talk about be and Bill. We can't wait to hear it. And now it's time for the light.

All right, Andy, we will all answer this. This is the vulnerability round. What do you believe is a simple money lesson every child should learn?

A simple money lesson every child should learn. I would say the ability to have delayed gratification. I know I'm going to probably use that one again, but if we are talking about ways to become savvy consumers and learning that all of our joy doesn't need to come from the stuff we're told we need to be buying, I think that's a great lesson to learn early.

Yes, that's a hard one though, it's it's hard for all, especially for a little baby brain. Think about babies.

It's very important to train though, and it's.

Well, you're not teaching delayed gratification something baby differend. The answer says child.

Honestly, like anyone under twenty is a baby to.

Me, I love it.

Well, you're next, I would say, the value of all resources, so recognizing the value of friendship and resources as well as money. Kind of how to manage all of these pieces. Well, I can't say that's totally simple, but I do think that there's simple ways of instilling that. Yes, what would you say?

I mentioned it earlier, but I'm going to stick with limits, teaching a child that there is a limit to how much you can consume. There's a limit to what we can buy, and you can increase those limits, like the limits can be increased, but the limit will still be there because in adulthood you can earn more, but you cannot have more than what is currently in your bank account. So it's a thing that I think a lot of adults don't comprehend. So I think that has been my goal with Kai. At least Atlas does not acknowledge limits.

He's still baby brain.

He is a tyrant.

I don't want me on the counter.

This is my new bed.

Yeah, we're gonna have to figure out maybe something a different strategy with him, But Kai, that has been something I've tried.

To Can you give an example, I'm putting on the spot how you've highlighted a limit with Kai?

So we'll go. If I am rewarding him with something at target, I will say that there is a ten dollars limit or a twenty dollars limit. There's also there. The limit is based on how big the thing is he did to like achieve the reward. So when he was screaming and crying for three weeks of the first three weeks of kindergarten, that was a big The limit for that reward was bigger. It's five hundred dollars, right, well, I said, for if you go one day, then it's a five you get a gift. If it's a five dollar limit, if you go in the whole week, then we up that. I think it was like twenty five or something. So the limit increases the harder the task is. And then we would go through and he would look at the numbers and he doesn't know decimals yet, but he could see the first number and see is it thirty five? Is it fifteen? If it's fifteen, then we can, you know, also get a five things? So can you you want more things or one bigger thing? And usually he wants more. So, yeah, that has been a way that we've talked it out.

Nice. Thanks for Thanks for humoring me. Thank you Andy for humoring us and enlightening us and educating us. There's so much more to be said on this topic. So where can people get more from you?

Yeah? I love talking about this topic. Actually created a course based on it. It's called Make My Kid a Millionaire. I actually have a free resource for your audience that is a section about the sixty forty generational Wealth Plan that we talk about, you know, and breaking that down to make things a little easier for kids. And you can find that at marriage kidsomoney dot com slash Gen and Jill. That's marriage kidsomoney dot com slash Jen and Jill. That's a free resource for everybody to check out. And if you like listening to podcasts, I've got one too. It's called Marriage, Kids of Money. Actually have my kids on the podcast and we talk about these types of things. I have my twelve year old on and we talk about budgeting and investing and planning and the things that she values as well. And my son comes on and talks about good news stories that are happening out there where people are giving back and supporting their community. So you can check that out at Marriage, Kids and Money that's lovely.

Thank you, Andy, And we'll have that link in our show notes so it's an easy click for you guys all to get that freebie.

Thank you so much.

I very much appreciated where this conversation went, because I'm glad we started it out with your question, Jill. It's a question like I have too, even with kids. What is that line between setting my kids up for success but also holding the responsibility of what they do with that success, or how much they have a responsibility to create their own success.

Not robbing them from opportunities for growth, Because really, difficulties are just that opportunities for learning. And so I think sometimes I can equate setting a child up with a lot of money as rescuing them from any type of struggle, and I think Andy helped to clear up that that doesn't have to be the case. We can still allow our kids to experience what it's like to earn, to work, to understand boundaries and limitations while still being kind and loving to them. And in some ways that means financially kind and loving too.

Yeah, and Andy's course is fully aligned with what we talked about on the show. Like no curveballs, it does really focus on all these peripheral things around investing for your child, not just how to set up the right rath Ira or five twenty nine to grow them into a millionaire, but a lot on the chore and reward and the mindset like teaching those kinds of things. So I really love it. You can get it and the freebe at Marriage kidsomoney dot com slash genanjil. But we would recommend it even if you use that link. You do support the show. We would recommend it even if you just got it from his website of Marriage Kids.

In Mind, but it is free if you use that link.

Yeah, the course is not free, but the course is very reasonable price. I think it's like under got fifty bucks. Okay, So yeah, I hope that this helped you, whether you have young kids, older kids, thinking about having kids, maybe you're an auntie and you want to help your nephews and nieces learn more about money. Hope this, uh, this helped you get some ideas for that.

Thanks so much everyone for listening, and thank you to those of you who have left us a review in the past, like this one from AMO seventy five to ten says fun and easy listen five stars. This is a great one to have on when doing chores, driving kids around, et cetera. Their style feels like you're listening in with friends. Deaf recommend thank you. This is what I would hope people are doing. This is driving around.

This is an episode to drive around with your kids.

It's funny because I have told all of our guestses they come on and have started to add in like, oh, we're also a non explicit show because we know there are those of you out there driving around with your kid kids, and maybe your kids are picking up on what we're talking about here. You don't have to be the expert talking to them. You can just listen to podcasts about money within their vicinity. And we really want this to be potentially even an accessibility point for the kids that you have in the car, So it is important for us to make it kid friendly. That said, the playlist that we directed you all to might not be as kid friends, so buyer beware.

I will well, I'll say most of my side of the playlist is fine, and I would say most, not one hundred eighty percent. I get eighty twenty you do, and Jill says twenty eighty, So yeah, the have your headphones one.

The parameters for it were what were you listening to while you wrote.

That Book's true? Those were the print and a peak like into our actual personal preferences. Yeah, so yeah, thank you.

It'll be all over the map for me.

Thank you for listen. If you enjoyed the show, please take a minute to leave or rating and review. It helps potential new listeners know what our show is all about. And we just we love being encouraged by you. It fills our cub.

See you next time.

Bye. Gorugal Friends is produced by Eric Sirianni. The making of this soundtrack is was so fun for me. I I really.

Need distraction from the rest of life.

I know, right, we did not need to do it. It's not going to help us sell books probably maybe waybeat if you if you buy it after listening to the soundtrack, please let me know. And it people are always like hungry for more of you, like, but you don't know like how much to give, right, Like what's the line? What's the balance? And this is a good this is a good way to like this is what I listened to in my car and you could be listening to it in your car and we can feel connected.

Yeah, it's usually what I'm listening to when I'm doing chores. I did listen to soft music while writing the book, so maybe I'll throw that in there too, just to balance it out. It really will be all over the place, but you know what, you'll get it because I'm a little all over the place.

And you'll I'm scared this will alienate some of our listeners to being like, oh, I'm definitely a Jill. I can't relate as much with Jen her her playlist is it's not mellow, it's I mean, I think it's well rounded.

I mean mine's gonna be all over the map. So it could mean that, like I capture a lot of different people, because.

That's what I'm thinking mine. For sure it is for a select like musical preference, or you will gather a wider group.

Did you think about the order in which you went with your songs? A little, but not much.

If you listen to it, I want to listen to yours, Oh, except I know there's going to be a song from p D on there and I'm not an oh pet.

Have you listened?

Yes?

Oh no, I will listen to the one song you put on your playlist, though from pet.

I will probably think about order.

I didn't have to worry though about thinking, oh, should I put this on? Will Jill pick this? I didn't have to think about that for.

Any of the songs I picked. Are you sure absolutely so? You didn't put Yummy by Justin Bieber on there? Though I do love that one. That is kind of our theme song, but it's not what I was listening to in the season while I was writing the book. I didn't.

I don't listen to music with words while I'm writing, but I'm just like in the car doing chores.

My Spotify rapped for last year. Actually, I think you and I got a similar result. It called us both vampires. Yes it did, because, well, at least for me, I pretty much listened to like the same thing and I suck it dry.

So yeah, oh, I was in the top half percent of listeners for Fallout Boy. I listened to more Fallout Boy than almost anyone other than Pete Wentz.

A way that Eric, my husband, has influenced me, is by album listening, not just song listening. So even creating a playlist is a little bit different for me in the last like ten years. But I mean definitely hails back to the college high school days when like playlists were all the rage. But it is hard for me just to pick a song because I'm very much I really like this album, listen to the whole album.

Well, just give your favorite song from the album, and then people will go to the album. Yeah, it's not that I'm a mega follow up Boy fan, It's just that it's really good running music. Oh so I listened to Yeah, I did a lot of I mean, are in a half marathon last year, so I did a lot of training and I listened to almost exclusively follow up when I run, and that is why I'm in their top I think Noah con is probably what I listened to the most last year when I wasn't running. So that's that's last year though. There there is though, because I was writing last year. There is a follow up boy song and a Noah Khan song on my playlist. Gotta had to put him in there.

Well, gotta get the playlist to hear you got the podcast dot com slash playlist.

Yeah, this one's free, no opt in, no email required, just wow, you're giving it away, yeah wow?

And then if you do listen, please pre order the book. Join us. Join us in pre ordering the book to connect with us through what we were listening to at the time.

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