Want to educate your children about passive income? Employ them.
Many parents working toward financial independence have discovered a surprising advantage of self-employment in light of the ease with which they can start side hustles and small businesses: a hands-on lesson for their children about passive income and financial independence.
Today I'm not just going to talk about funding your 401(k) or opening a brokerage account and depositing $500 per month into that. It's a great way to get started.
However, in order to be ready you need to really get into investing. Therefore, Level 2 investing is slightly more challenging but also yields significantly higher profits. Remember that we enjoy investing in businesses and real estate. Therefore, we desired to teach our children the hands-on part of real estate.
In this episode of the Quiet Wealth I'm going to tell you a story about how we created investors out of our children. Get ready to build & share the wealth, let's dive in.
In this Episode:
[00:00 - 05:49]
• Welcome to the Quiet Wealth Podcast , a recap on where you can start creating generational wealth for your children.
• How early we started introducing our kids to real estate investing.
• Helping them understand what an active investor means.
• The difference between motivation and discipline.
[05:54 - 12:30]
• How we shifted $60,000 to our children... tax free!
• Purchasing a cabin and having all of our children invest in it. Showing them what a profit and loss statement looks like.
• Releasing first payouts and calculating each child's net worth because of the
appreciation of the asset.
[12:45 - 16:28]
• Doing another flip with the family and making sure that our children know their part in the property.
• Master class update regarding Kids & Cash.
• Recap, see you on the next episode.
Build Wealth | Create Impact | Leave A Legacy
Episode Highlight Quote:
" One of the things that was important to us is that we teach [our kids] how to work and the importance of putting yourself into something and really working hard for it."
" My ultimate goal is not necessarily to give them a ton of money to start their life out, -it's to give them a ton of knowledge and the right mindset." -Camilla Jeffs
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Grab my FREE guide From Toddler to Teen: A Guide to Teaching Kids About Money https://camillajeffs.com/from-toddler-to-teens/
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Are you ready to try passive investing in real estate? Get access to my FREE Passive Investing Masterclass!
https://steadystreaminvestments.com/masterclass/
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