Episode Title
43 - Raising Entrepreneurial Kids: Mindset, Money & Life Lessons
Summary
In this episode of the Life By Design Podcast, Jessilyn and Brian Persson discuss the importance of raising entrepreneurial kids and instilling financial literacy from a young age. They share personal experiences and practical strategies for teaching children about money management, the value of work, and the entrepreneurial mindset. The conversation emphasizes the need for open discussions about finances within the family and the significance of teaching kids to make informed financial choices. The Perssons provide insights on how to create a culture of financial awareness and responsibility in the household, ensuring that children grow up with the skills and confidence to manage their finances effectively.
Contact Jessilyn and Brian Persson | Weekend Wealth Investments:
Chapters
00:00 Introduction to Raising Entrepreneurial Kids
02:49 The Importance of Early Financial Education
05:52 Teaching Money Management and Work Ethic
08:46 Encouraging Entrepreneurial Thinking
11:43 Understanding Value and Time Management
15:01 Creating a Family Culture Around Money
17:46 Practical Strategies for Financial Literacy
20:40 Empowering Kids with Financial Choices
23:41 Resources for Teaching Kids About Money
26:47 Key Takeaways and Conclusion
Transcript
Jessilyn Persson (00:04)
Welcome to the Life By Design Podcast where Jessilyn and Brian Persson, struggling to align your financial goals or confidently invest in real estate as a couple,
Brian Persson (00:14)
That's why we created this podcast and the Riches Relationships and Real Estate Program to help you build wealth and strengthen your relationship. Visit weekendwealth.ca to take our quiz and discover your real estate investor type. Let's create the life you deserve together.
Jessilyn Persson (00:30)
Today we're going to talk about raising entrepreneurial kids. In a world where financial literacy is more important than ever, raising entrepreneurial kids isn't just a trend, it's a necessity. By teaching wealth principles early, we equip the next generation with the mindset, skills, and confidence to build independence and create opportunities. So today we're going to talk about how you can start cultivating entrepreneurial thinking and smart money habits in your children.
So we have obviously done this with our kids quite young. ⁓ And the reason we start young is obviously we know what kids learn young, they take with them as they get into teenagers and adulthood and what you can ingrain in them early on helps create more of a habit that they can continue with as opposed to not teaching them and then having them have to retrain or relearn when they're an adult.
Brian Persson (01:29)
Yeah, retrain or relearn. They're sponges, right, of information. They just suck it up. So why not give them the right information early on? I imagine anyone listening and ourselves could think about all the bad habits and things that we learned over the years and how long as an adult it takes us to break that. And some of them perhaps don't even go away.
Jessilyn Persson (01:52)
Yeah, well think about the money habits you had as a kid because of what you learned by watching your parents and we've spoken to this numerous times because I come from a farm, no money, poverty mindset and my mom to this day will not spend and watching that, wasn't until my early, late 30s, early 40s where I was able to change that mindset and understand that.
Because it was maybe that way as a kid doesn't mean that is the right way, the only way, or the way for me.
Brian Persson (02:25)
Yeah. So to clarify, you followed your mom's pattern, right? And that's where a lot of our patterns get learned from is our parents. So it was in your thirties and your forties that you realized that you could spend some money. So you, you you get your nails done nowadays, but also in other ways, like spending money on the business instead of, for example, working on the business. So a lot of entrepreneurs, they'll, they'll work in the business to try and prevent spending that money just because of their mindset.
So, hire it out sometimes.
Jessilyn Persson (02:55)
Yeah, so starting young, helps kids build confidence, responsibility, and independence with their money. And it can remove shame and fear, because again, money is something so taboo. Even if you look at adults today, now adults being generally for sure Gen X and older, ⁓ we were just raised that you didn't talk about money.
Brian Persson (03:21)
No, I don't recall too much of my household and I definitely remember some money problems when I was quite young. Like I remember ⁓ when I was going to college, I didn't really understand credit cards and I would pay off the credit card occasionally, but I didn't really understand the need to pay it off like consistently. And it was like only 500 bucks, I think was my first credit card, but I maxed it out with gas ⁓ driving into the city. ⁓
And I literally didn't understand what happened there when the credit card got declined. And my mom actually had to come and pay for the gas bill.
Jessilyn Persson (04:00)
Wow. No, mean, my parents didn't really, I mean, they fought about money, but they didn't talk a lot about it. So when I was an adult moving out, I didn't know anything about interest rates. I didn't even know what that meant, what it was. I didn't know anything about economy.
credit cards and I know I didn't have one of those for sure. I had a bank account, I knew money went in and I could take money out, but I didn't know anything about investing or saving or what that would really even look like or the long-term impacts my choices at a younger age would make for my older self.
Brian Persson (04:34)
Yeah, exactly. Yeah, I wasn't taught most of that either It was kind of described to me and my parents threw some books at me like the wealthy barber But there was no real not the I recall anyway, no real hand-holding process No On-the-ground education as it were it was it was just sort of like that high level here's a book and like, know You should go open up an investing account with the bank, but it wasn't there wasn't a lot of description on
what was going to happen and how it was all going to work.
Jessilyn Persson (05:05)
Yeah, so we recommend ⁓ teaching the basics first. Now, I know we just talked about interest rate, credit cards, bank accounts, but even something like income versus expenses and how they kind of need to match up. If you go to spend, you've got to have income to cover that at some point. Yeah. Right. And then ⁓ because we're obviously passionate about real estate, buying high and selling low, like even teaching the kids now what ...
