“Working to help parents raise money-smart kids.”
Hello, friends!
Let’s dive right in to this week’s “3 Ideas to Share & Save.”
— 1 —
Saving Time: I’ve been thinking recently about the value of time. Namely, I’d like to get more intentional about its use and less cavalier about giving it away. To that end, I’m inspired by the philosopher Seneca:
“We’re tight-fisted with property and money, yet think too little of wasting time, the one thing about which we should all be the toughest misers.”
– Seneca excerpt from The Daily Stoic by Ryan Holiday and Stephen Hanselman
One question I ask all my podcast guests is, “What is the best investment of time or money you’ve ever spent on your kids?”
These three “time” responses all resonate with my own journey:
“Reading to them. Starting before they can talk. Before they know what you’re doing really. It’s a calming thing for kids [and] you have these moments of quiet with your kids. You yourself get to read books you haven’t read in however long.”
– David Owen
“Sitting side by side with [my kids] with their laptops and just going over whatever matters to them in their life.”
– Bobbi Rebell
“My ability to own my time has been the best gift for my kids. Because the bottom line is that’s what they want. They want time.”
– Brad Klontz
I’d venture to say that you, me and all of my podcast guests would alight on this point: Experiences matter because we’re sharing our most precious resource, time, with our kids.
I’ll end this section with wise words from guest Gene Natali:
“You don’t get time back. What I see in my generation is the folks that understand the way it works but missed the opportunity. That’s a very frustrating realization. What can we do as parents to help our children capture that opportunity? Because what is that opportunity? It’s not big houses and fast cars. It’s sleeping at night.”
And though money can’t buy us extra time, it can help us better use the time we have.
— 2 —
Crypto: My daughter just asked me how to buy Bitcoin. Wait! Don’t roll your eyes! 🙄
As it turns out, Bitcoin is incredibly easy to purchase. (In fact, you can even do so in Venmo.) But, of course, you’re probably not thinking about buying crypto as much as you’re thinking about its volatility, underscored recently by the bankruptcy filing of the FTX exchange.
Still, we want to remember our commitment to an ongoing money conversation with our kids. Just as we engage in a broader investment discussion with them despite not having the financial acumen of Jean Chatzky or David Bach, we don’t want our jitters to keep us from a crypto conversation.
And though I’m personally bullish on the blockchain that underlies cryptocurrency, please don’t mistake this advice for advocating for or against purchasing it. I’m simply recommending that we be prepared to discuss it.
It’s also possible that our children’s crypto curiosity might suggest reasonable buying instincts. (“Buy low. Sell high.”) Again, not advice. Just an observation.
And if your kids insist on investing in crypto, then the expert guidance below might provide a framing for how to do so:
“Know there is no sure thing. Think critically. Never invest per unsolicited advice. Have a ‘mad money’ account for speculative investments. No more than 10% [of your total investments].”
– Jason Zweig, Your Money & Your Brain
I love the idea of a mad money account. (“Mad money” is money we’re prepared to lose.) You could even consider adding a fourth jar, a “Grow” jar, to your Share/Save/Spend Smart lineup to fund this venture.
Oh, and if you’re thinking cryptocurrency is a passing fancy, then it’s worth remembering how wrong even the most knowledgeable of us can be about new technologies. None other than Bill Gates originally dismissed the internet as a fad. 🤪
— 3 —
Bird by Bird: Having children opened up “a whole new world” I now inhabit — helping parents raise money-smart kids. And I know this world is filled with all manner of frustrations, as our children do many things that drive us crazy. For example, “my good friend’s” (😉) kids have done the following:
- They blew forty bucks on clothing after just being treated to lunch because they were low on money. Another thoughtful gesture went unappreciated!
- They bought a cheap playset that ended up in the Goodwill bag in a month’s time. Despite pushback, they insisted “It’s our money to control.” So “my good friend” relented partly because they might genuinely love this toy and also because he was committed to letting experience teach.
- They proudly stated they were frugal by letting a friend buy lunch after school, to which “my good friend” nicely replied that miserly behavior might lead to that friend not lunching with them anymore.
Anne Lamott’s book Bird by Bird inspired me as I worked on my own book, The Art of Allowance. Lamott is a wonder with words, and her radical honesty mentored me through the inevitable valleys we encounter in both writing and life.
She shared the following parenting insight that I imagine will hit home for most of you as well:
“Your child and your work hold you hostage, suck you dry, ruin your sleep, mess with your head, treat you like dirt, and then you discover they’ve given you that gold nugget you were looking for.”
Many money experiences try our parental patience. Still, we march on the journey with our kids toward money empowerment. Our hope is that they learn to to wield money like a tool to help them craft meaningful lives. 🛠️
And if we keep our eyes open, then we’ll see not only the head-shakers relayed above but also the smile-makers mentioned below:
- giving to a meaningful charity from their Share jar cash
- saving for a S.M.A.R.T. goal
- making a smart choice to wait a week before spending money on something they might or might not discover they want
Our path is littered with both sharp rocks and gold nuggets.
We must keep our eyes open for all of them.
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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