In this episode host, Jason Pereira talks with Susan O’Brien Founder and Author of Net Worth Thinking. They especially talk about decisions and discussions surrounding money with smaller kids.
Episode Highlights:
- 01.35: Susan O’Brien talks about “How she guides families through deep, meaningful conversations.”
- 01.57: Susan has seen that people want to be independent and want to take care of their families, especially children and grandchildren.
- 04.00: Susan talks about the importance of educating children about money, like “What is money?” “Where it comes from?”
- 04.49: As parents or grandparents, we wait too long to discuss money matters with our kids.
- 06.25: The one thing that Susan found in their consumer society is that kids as young as three are a bit stubborn, and they keep demanding things from their parents. This is something that should be talked about in families.
- 07.32: If you do a quick search in Amazon, there are great fun books about teaching kids the importance of money.
- 08.48: Jason talks about the concept of scarcity and rejuvenation of wealth.
- 09.26: In order to save money, it is about to develop a feeling of abundance.
- 11.30: Jason enquires as our kid gets older, how does the money talk evolve?
- 13.56: Personally, Susan found it challenging to implement money-saving tactics daily, but some parents were successful.
- 14.22: Jason shares a trick that he uses with his son; whatever amount he saves, Jason gives some interest on that. He also shares how one can encourage their kids to share money in charitable causes.
- 15.01: For Susan the sharing part starts without the money. Taking care of each other is important.
- 17.47: Jason and Susan talk about what happens when a kid hits a teen or pre-teen.
- 19.51: Susan shares the importance of keeping conversation non-confrontational.
- 20.46: Kids, when they grow up, are the same person just entrenched in their habits; you are the same as a parent; you need to be consistent about handling them.
- 20.53: Jason shifts the topic to when a child reaches late teen level; when they go to universities.
- 23.20: Susan points out the biggest issue with young people-it is the credit card.
- 25.29: Jason points out that there are many people who don’t want their kids to suffer as they did. Jason is concerned that it may have an adverse effect and not teach the required respect.
- 28.10: Susan points out there are so many important things one can teach their kid by not paying their cell phone bills.
- 29.16: Jason says, “You can’t re-raise your kids, so it is important to plant the tree of value when they are young.”
- 30.14: It is crucial to think about your legacy? What do you want to achieve? How much money is too much for your kids? How much will hurt them instead help them?
3 Key Points:
- Jason and Susan discuss about the youngest age when coaching a child about money should start.
- Susan shares instances and tricks from her own experience about “How to encourage your child to save money?”
- Kids nowadays are smart, and it’s important to teach them about the world around them and about the needs of other people as well as themselves.
Tweetable Quotes:
- “It is important to think that how do I teach my kids to be good stewards of money?” - Susan O’Brien
- “Teachable moments come about in everyday life.” - Susan O’Brien
- “It takes action to have money, and it also puts a limit to it.” - Jason Pereira
- “You need to make money and save it; you got to be careful about spending it.” - Susan O’Brien
- “Starting with the end, prepares you to focus on what’s really important for you.” - Susan O’Brien
Resources Mentioned
Susan O’Brien: E-mail: informtaion@networththinking.com | Website
Transcript
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