AOA 066: Grow Massive Money Trees with the Power of Patience – Featuring Guest Will Rainey

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“Patience has a long payoff.”

— Will Rainey

How can parents encourage their kids to harness the power of patience on the money-smart journey?

My latest Art of Allowance Podcast guest, Will Rainey, offers parents strategies for teaching investing and saving. Will is an award-winning investment consultant who has advised governments, insurance companies and some of the world’s largest pension schemes. During his “mini-retirement,” he began writing and speaking to help parents teach their children all about money.

Will wrote Grandpa’s Fortune Fables, a children’s book that encourages kids to plant money seeds that will, with patience, sprout into massive money trees. His company, Blue Tree Savings, has also helped thousands of parents begin money conversations with their kids. What’s more, Will has been invited to speak at Fortune 500 companies, and his work has appeared in the Financial Times, Forbes, iNews and the National News.

Links (From the Show)

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

  • How an obvious statement led to Will’s “mini retirement” [1:59]
  • The genesis of Grandpa’s Fortune Fables [5:06]
  • The three rules of wealth [6:26]
  • Will’s tree analogy helps kids understand the importance of patience in the investing process. [8:10]
  • Why stock picking games in schools might not be helpful [12:15]
  • Leaving your trees alone, like Mr. Lazy, can help you win the investing game. [13:14]
  • How the Rainey allowance and saving system works in Vietnam’s cash economy [16:49]
  • How Will upgraded his allowance as his kids got older [20:48]
  • What Rainey money conversations are like [24:20]
  • If it’s too good to be true, it probably is: the lesson of “Scammy Sam” [25:34]
  • Will’s concerns as his kids move into their teens [26:53]
  • “Rich” vs. “Wealthy” [28:31]
  • A lesson on the Diderot Effect [33:27]
  • Thoughts on the financial literacy movement [35:47]
  • A deeper dive into investing  [38:40]
  • Will’s parents were powerful role models. [43:08]
  • The power of patience [45:26]
  • Money empowerment as being in control [46:59]
  • The investment of time [47:18]
  • Avoiding bad debt [47:53]
  • A quote attributed to Confucius [48:36]
  • Will’s money-smart book recommendation (It might sound familiar!) [49:35]
  • Will on the web [50:27]
  • Making money less of a taboo topic [51:13]

If you liked this episode …

Need more advice on investing with your young child? On his episode of The Art of Allowance Podcast, financial psychologist Brad Klontz reveals how he introduced his seven-year-old to investing. Stream his strategies beginning at 10:05. Also, Brad’s thoughts on why an initial investing big win could be a problem mirror Will’s concerns.

Interested in introducing your tween or teen to investing? Samantha Paxson, the Chief Experience Officer for Co-op Solutions and a mom to an eleven-year-old, discusses long-term versus short-term investing during her appearance on the podcast. Tune in at 39:55 for our conversation with guest co-host Robin Taub.

Wondering how being boring might actually be the key to investing? Popcorn Finance Podcast creator and host Chris Browning outlines his “boring is better” approach during his Art of Allowance Podcast episode. Listen in at 7:11 or stream the corresponding video short.

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