AOA 055: Grow Kids’ Wealth with Non-Monetary Deposits – Featuring James Robert Lay

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“So there’s the monetary part of allowance, but then there’s also the depositing of these life skills, these values, that have exponential reach over the course of their [kids’] lives to help other people.”

— James Robert Lay

How can you help your kids’ wealth grow not only monetarily but also practically?

James Robert Lay offers a framework through his concept of “non-monetary deposits.” James Robert is one of the world’s leading digital marketing authors, speakers and advisors for financial brands. Based in Houston, James Robert is the author of Banking on Digital Growth: The Strategic Marketing Manifesto to Transform Financial Brands.

He is also the founder and CEO of the Digital Growth Institute, where he has guided more than 520 financial brands on a mission to simplify digital marketing and sales strategies that empower banks and credit unions to generate 10x more loans and deposits.

James Robert has been named one of The Financial Brand‘s “Top Global Financial Services Influencers to Follow,” a CUNA “Credit Union Rock Star” and a CU Times “Under 40 Trailblazer.” His insights have been featured in outlets including US News and World Report, Quartz, The Financial Brand, American Banker, CU Times and CU Journal, among many others.

Links (From the Show)

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

  • James Robert helps financial brands “level up” at the Digital Growth Institute. [2:26]
  • How the words “we can’t afford this” shaped James Robert’s money approach with his kids [3:32]
  • James Robert does not believe in allowance. Instead, he focuses on entrepreneurship. [7:02]
  • An alternate framing for the advice of encouraging our kids to “follow their passions” [11:03]
  • The usefulness of “the waiting period” when our kids want a bigger-ticket item [12:46]
  • The beta fish chronicles: how James Robert’s son learned some valuable money lessons [13:44]
  • Discovering “passion points” in childhood [15:36]
  • Beware the E-Myth that pursuing passion is the entrepreneur’s secret sauce. [16:54]
  • Why James Robert may not send his kids to college [17:27]
  • Will there be a manufacturing boom, and is this possibly something we should be thinking about in terms of our kids’ careers? [19:17]
  • James Robert and I discuss Alan Watts’ thoughts on not being present as a child. [21:37]
  • James Robert’s contrarian viewpoint is actually pro-education. [22:31]
  • James Robert has found tremendous value in paying his daughter to read key business books. [24:07]
  • Coaching your kids to use social platforms (specifically YouTube) to develop an income stream [28:00]
  • James Robert and I dive into AI. (This topic is, of course, a bit of a diversion. However, it’s sure to impact our kids, so we went with it.) [30:33]
  • A new take on deposits [33:04]
  • Goal setting and visualization with your kids [36:05]
  • James Robert defines the term “money-empowered” [40:23]
  • Time as an investment [40:51]
  • The importance of future thinking [41:13]
  • “It all starts by making your bed.” [42:20]
  • James Robert’s money-smart book recommendation [43:14]
  • Of Google and Lay’s potato chips [44:09]
  • The G-R-O acronym [44:27]

If you liked this episode …

Interested in raising kids with a sense of entrepreneurial hustle? Then check out Kirk Drake‘s appearance on the podcast! Kirk, a lifelong entrepreneur, offers advice on encouraging entrepreneurship in your kids and bringing your entrepreneurial eye to their endeavors. He even discusses how to handle the pitfalls of early entrepreneurial success. Start listening at 14:46 for these great tips.

Intrigued by James Robert’s thoughts on sending kids to college? In his episode of The Art of Allowance Podcast, Troutwood CEO Gene Natali explains that families must consider the opportunity cost of college since the continued price increases don’t match the ROI and an alma mater is no longer the most important piece of information on a resume. Tune in at 18:26 for his thoughts, or stream this video short.

Want to learn more about goal setting and visualization? In this video short, podcast guest and money expert Ellen Rogin discusses how to set up a practical prosperity picture (vision board) with your kids and shares visualization techniques and suggestions for success. Alternatively, you can listen in at 25:03 for all the details.

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