AOA 051: How an Entrepreneur Is Raising His Kids to Take Ownership – With Guest Kirk Drake

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“Sometimes the outcome isn’t what you want, but the journey and the learning is more important.”

— Kirk Drake

How can you cultivate an entrepreneurial spirit in your children?

Kirk Drake offers tips and tricks for your kids’ budding businesses during his appearance on The Art of Allowance Podcast. Kirk is a lifelong entrepreneur, an author, and the founder of CU 2.0 and the Painted Hills Credit Union Service Organization (CUSO). He is a credit union and technology enthusiast who has built ten successful businesses, notably the Ongoing Operations CUSO, CU Wallet, CU 2.0, and Loanify. He also serves as an advisor to many more.

Kirk is the author of CU 2.0: A Guide for Credit Unions Competing in the Digital Age. Additionally, as a featured speaker, Kirk helps audiences understand the current state of credit unions, the imminent need to adapt into current digital technologies, and how to regain crucial market share in the banking industry.

When Kirk isn’t busy helping credit unions be relevant in today’s digital age, he loves spending time with his beautiful wife Kimberly and their three amazing kids. The family also owns a vineyard and winery called Resistance Wine Company in Southern Oregon.

Links (From the Show)

Show Notes (Find what’s most interesting to you!)

  • The trifecta: Kirk, his businesses, and his family [2:16]
  • Kirk’s perspective on banker/credit union budgeting vs. entrepreneur/optimist budgeting [4:10]
  • Advice that set up Kirk for financial success [4:45]
  • Early retirement as a double-edged sword [6:10]
  • A tale of two grandfathers [9:02]
  • Why Kirk plans to set up “no questions asked” accounts for himself and his wife [10:51]
  • Teenage Kirk’s running out of food money informed his approach to raising kids with a sense of entrepreneurial hustle. [13:38]
  • How do you encourage entrepreneurship in your kids when they already have a lot? [14:46]
  • The pitfalls of success with the tried-and-true lemonade stand [15:44]
  • Bringing your entrepreneurial eye: supporting your kids instead of pointing out all the things you got wrong [18:40]
  • Kirk’s college savings “tax” on his kids’ entrepreneurial services [21:36]
  • Screen time as chore currency [22:00]
  • Kirk’s food hustle informed how he talks to his kids about being charitable. [22:50]
  • Kirk’s case for treating each kid individually when it comes to money [25:31]
  • How Kirk, a banking blockchain expert, is talking to his kids about the crypto world [28:14]
  • Money as a tool in your kids’ toolboxes [32:26]
  • On lemonade stands and corporate cards [32:47]
  • The importance of journeys and generosity [33:41]
  • Kirk’s money-smart message [34:40]
  • Two tech and two book recommendations [34:58]
  • Connecting with Kirk [36:20]
  • Read and follow along with Kirk [36:56]

If you liked this episode …

Intrigued by the relationship between an allowance program and family values? Author and financial psychologist Brad Klontz outlines how he and his wife are using their allowance system to help teach their family’s values, including the importance of saving, giving and, of course, spending. Be sure to tune in at 8:39 for all the details.

Looking for a strategy to impart your family’s values through an allowance system? Then I think you’ll enjoy my discussion with Tom Henske, a New York City Certified Financial Planner and Financial Advisor, who offers great advice about how to use matching to teach children the money values you want them to learn. This section begins at 31:00.

Please Subscribe

If you like this podcast, then please give us a review and subscribe to the show. The Art of Allowance Podcast is available on iTunes, Spotify, Stitcher, Radio Public and now Amazon Music. Subscribing is free, and it will help me produce more enriching content for you to enjoy. Thanks!

You might also want to check out The Art of Allowance Project, our reimagined program to get your children excited about money smarts at any age. Until next time, I wish you and your family well as you journey forth.

Thanks for listening.

John