AOA 054: Getting Started on Your Money-Smart Journey Matters More Than Getting It Right – Featuring Jessica Willis

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“Get your toes wet. […] Don’t be scared about getting this wrong.”

— Jessica Willis

Are you worried about the quality of your family’s money-smart journey?

My latest Art of Allowance Podcast guest, Jessica Willis, is here to push you past your perfectionism paralysis! Jessica founded and currently serves as the CEO of Pocketnest, a financial wellness platform designed by and for Gen Xers and Millennials.

A self-proclaimed finance wizard, Jessica has spent 20 years in the investment and finance industries. She is both a Certified Financial Planner (CFPⓇ) and a Certified Private Wealth Advisor (CPWAⓇ) with lots of client experience, having co-managed portfolios of all shapes and sizes. Jessica also received an MBA from Loyola University Chicago’s Quinlan School of Business and an undergraduate degree from the University of Michigan.

Links (From the Show)

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

  • A primer on Pocketnest [1:52]
  • Getting started on your money-smart journey matters more than getting it right. [3:13]
  • An intentional allowance helps move the locus of control from you to your kids. As a result, your kids likely will be more thoughtful about their purchases. [5:17]
  • What is Jessica most confident about in terms of her kids’ money smarts? [7:05]
  • The importance of comparison shopping and intentionality when it comes to spending [8:46]
  • What is Jessica most concerned about in terms of her kids’ money smarts? [9:48]
  • Since our kids pick up on our language, the money-smart journey gives us a chance to be better models. [15:13]
  • What is the biggest mistake Jessica sees other parents making? [16:54]
  • Don’t let the complexity of or your concerns about estate planning paralyze you from making sure it’s done. [18:43]
  • Jessica and I discuss the pain of budgeting and how we might think differently about it. [21:19]
  • What are the bedrock financial habits our kids need? [25:11]
  • Teaching our kids to compartmentalize their luxuries [27:03]
  • Who influenced Jessica’s smart money habits the most? [28:22]
  • Jessica’s earliest money memories [30:16]
  • What do being money-empowered and sleeping at night have in common? [32:22]
  • Time as the best investment [32:54]
  • Jessica’s money-smart advice [33:27]
  • Encouraging entrepreneurship (and dealing with its downfalls) [34:11]
  • How Jessica got her kids excited about investing [35:23]
  • Jessica’s money-smart message [39:27]
  • Jessica’s money-smart book recommendation [39:43]
  • Pocketnest on the web [41:25]
  • A Pocketnest plea [42:02]

If you liked this episode …

Still trying to figure out how much control to give your kids on their money-smart journeys? Then tune in to author David Owen‘s appearance on The Art of Allowance Podcast. Much of this episode centers on David’s philosophy that autonomy drives learning. We even discuss whether or not a Share jar makes sense at 26:29.

Intrigued by Jessica’s response to the question, “What does the term money-empowered mean to you?” Fellow mom and money maven Bobbi Rebell shared a similar answer during her Art of Allowance Podcast “Fast and Fun” round. Listen in at 51:35.

Trying to tackle your kids’ over-the-top entrepreneurial spirit? Let credit union enthusiast and lifelong entrepreneur Kirk Drake give you some pointers. His recounting the pitfalls of success with the tried-and-true lemonade stand is especially refreshing. He spills the juice at 15:44. (And yes, those puns were very much intended!)

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