|
In this issue: Encouraging entrepreneurship in kids, continuing the money-smart conversation with young adults and digesting 2 nuggets of weekly wisdom. “Working to help parents raise money-smart kids.” 3 Ideas to Share & Save Hello, friends, Summer is coming! This season is a great time for our kids to learn about entrepreneurship and to build their own businesses. So in this week’s installment of “3 Ideas to Share & Save,” I’m highlighting the advice I’ve discovered talking to parent entrepreneurs about raising budding business builders. I also discuss the importance of keeping the money conversation going after our kids leave the nest. Let’s dive right in! — 1 — Encouraging Entrepreneurship: Digital marketing expert James Robert Lay doesn’t believe in allowance. Rather, he wants his kids to follow up the statement “I want that.” with the question “What can I do to raise the money I need to get what I want?” (And only after they’ve had time to reflect on whether or not they really want the item.) We pick up this thread in our conversation below: Starting a business is inherently risky, but entrepreneur Kirk Drake warns us not to interfere too much with our kids’ ventures. Because after several successful experiences with his kids, Kirk found himself casting a shadow over their entrepreneurial interests: Navigating business ups and downs early can help kids determine whether entrepreneurship is their calling. It’s not for everyone. In fact, CFP Jedidiah Collins tells teens and young adults considering building businesses not to pursue doing so. Why? Because true entrepreneurs will ignore his advice!
— 2 — The Conversation Never Ends: For most kids, landing a job will do. So Bobbi Rebell, author of Launching Financial Grownups, urges us to keep the money conversation going even after our kids have joined the workforce. Because we shouldn’t assume they know the benefits available to them, like health care, 401(k) plans or matching! “If your child says yes, they did all their benefits. Don’t believe them.”
—Bobbi Rebell
Personally, revisiting my conversation with Bobbi and writing this newsletter prompted me to email my daughter to ensure she’s taking advantage of any benefits her summer restaurant job offers.
— 3 — Weekly Wisdom: I leave you with two bits of weekly wisdom related to this edition’s theme of entrepreneurship. The first is from explorer and visionary Kevin Kelly‘s book Excellent Advice for Living: Wisdom I Wish I’d Known Earlier: “The greatest teacher is called ‘doing.'”
—Kevin Kelly
Fittingly, the term “entrepreneur” has French origins and means “one who undertakes.” The second piece of wisdom comes from Y Combinator founder and modern business philosopher Paul Graham. He explains that while building a business is a complex process, the foundation is simple: “Build something users love and spend less than you make.”
—Paul Graham
And Graham should know. Y Combinator has birthed many companies that are now household names, like Airbnb, DoorDash and Reddit. Whether the goal is money empowerment, business success or BOTH, our kids will stray off the path. That’s why we’re here — to help guide them back. And along the way, let’s not forget to enjoy the journey! John, P.S. Please consult with a financial or investment professional before making any decisions that might affect your financial well-being.
View this email in your browser. Forwarded this email? Sign up here.
|
