“Working to help parents raise money-smart kids.”
Hello, friends!
On this 23rd day of the 23rd year of this new century, I’m excited to share 3 new ideas with you.
James Robert Lay, an author, a marketer and, above all, a big thinker, recently joined me for an enlightening conversation on my Art of Allowance Podcast.
I first met James Robert over a decade ago when we both spoke to the Cornerstone Credit Union Foundation. He blew me away with his poise and ability to command a stage, and I’ve been itching to have him on the podcast for awhile.
James Robert is a luminary in the financial world. He helps banks and credit unions improve their digital marketing in a way that connects with people on a very deep level. And as you’ll hear, James Robert is committed to helping people and giving them reasons to hope for a better tomorrow.
Of course, my discussion with James Robert centers on how he’s teaching his kids about money, specifically, by helping to lay (Pun very much intended! 😉) the foundation for their hopeful futures. There’s a ton to chew on in this episode, so don’t miss the extensive show notes. I’ve also highlighted three short videos from our conversation that I hope you’ll find useful.
But before we jump into our discussion, I do have a big favor to ask. Creating this newsletter and the content I share with you week after week takes a lot of effort. If you find these resources valuable in any way, then I could really use your help to drive awareness of our mission. Can you take a minute right now to share this newsletter with one friend or colleague? We at Snigglezoo neither charge nor advertise, so when I say these are “3 Ideas to Share & Save,” I really am relying on you to help others find this content and become a part of our money-smart movement.
Thank you!
And now on to this week’s “3 Ideas to Share & Save.”
— 1 —
Should we be sending our kids to college?: During our conversation, James Robert told me that he’s not sure his four kids, who range in age from six to twelve, will be going to college. 🤯
Considering the rising cost of higher education, which I mentioned a couple of weeks ago, the college question is one we should at least ponder before we commit to an investment of a quarter million dollars (Or more!) today.
My family has already answered this question. I currently have a sophomore attending the University of Washington (Go Dawgs! 📣) and a high school senior in the midst of the application process.
To be sure, college can be a wonderful experience. It’s an opportunity to make friends for life from all over the world as well as to discover academic and professional passions. And, of course, college graduates typically make more money when they head out into the real world.
Still, higher education is an investment. And like any investment, you need to consider, at a minimum, what additional value you might be getting from a private college versus a state university. Are you or your kids willing to take on debt to finance this difference?
And if you’ve set up a 529 to help pay for college, then have you shared how much you’ve saved with your kids so they can participate more actively in the process? Also, what might your son or daughter expect to make coming out of college? These are all questions worth asking.
— 2 —
Knowledge Deposits: Fun fact – Leonardo DaVinci didn’t go to college. Instead, he apprenticed under Andrea del Verrocchio in Florence, Italy. There DaVinci improved on painting techniques he learned from Verrocchio, including the sfumato style, which softens edges and provides a more authentic depiction of reality.
Apprenticeships like DaVinci’s have been around since people began developing expertises and mentors like Verrocchio started sharing what they knew and how they worked with young charges.
Today, James Robert Lay calls these acquired skills “knowledge deposits.” He explains that as parents, we are our children’s first mentors in many subjects. So these deposits are quite important and can have a lasting impact:
This video short is just a small snippet of our conversation about knowledge deposits. I encourage you to listen to the whole episode to grasp the entire context. You won’t be disappointed! Our discussion of this concept begins at 33:04 in the full podcast episode.
— 3 —
Profitable Passion: During our chat, I also asked James Robert what he thought of the oft-repeated advice to “follow our passion.” Specifically, is this useful guidance for our kids? Like the lifelong entrepreneur he is, James Robert explained that it’s important to find “the intersection of passion and profit.”
Again, we can draw parallels with DaVinci, a polymath whose interests extended far beyond his passion for painting. For instance, he famously drew a prototype for a helicopter-like device hundreds of years before the first flight. And he even designed plans to redirect the Arno river, which flows through Florence.
DaVinci was talented enough to attract patrons to fund his endeavors. However, he was always an artist first and a businessman second. He also paid scant attention to deadlines, and, as a consequence, he struggled at times to find that intersection of passion and profit.
Threading this needle is difficult for us parents, as we want to encourage our kids’ passions. But as our children grow, we need to help them understand that pursuing passions professionally may or may not be wise.
To this point, in The E-Myth Revisited, author Michael Gerber explains why most small businesses don’t work. He famously uses the following example: A person who is passionate about pie-making may not be very good at running a pie-making business, which, ironically, takes that person away from the pie-making he or she loves to do.
I hope you enjoyed this week’s “3 Ideas to Share & Save”! As a reminder, please share the idea that most resonated with you with a friend. I’d really appreciate it! 🙏
And until next week, enjoy the journey!
John, Chief Mammal
P.S. Please consult with a financial or investment professional before engaging in any decisions that might affect your own financial well-being.
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