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Welcome to the Fiscal Firehouse,
a podcast dedicated to promoting

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financial literacy to firefighters.

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I'm your co-host, John Beattie, executive
board member of Local 1309, a lieutenant,

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and also a certified financial planner.

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With me, I have the other co-host of the
fiscal firehouse, Louis Barella, executive

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Board member of Local 1309 ambulance
driver, and want to be financial expert.

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Together, John and I hope to bring
clarity to the world of personal finance,

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specifically relating to firefighters.

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Firefighting is a
difficult job making sound.

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Financial decisions shouldn't be.

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Introduction: Welcome back to the Fiscal
Firehouse where we break down money.

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Investing in financial
independence for firefighters.

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Today's show is a special one.

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We're calling it the Kids episode.

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John and Louis dive into why teaching
your kids about money early can be.

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One of the most powerful financial
decisions you'll ever make from 5

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29 plans and Roth IRAs to custodial
accounts and the new Trump accounts.

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We'll walk through practical ways
to start investing for your kids'

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future goals if you're building
wealth at the firehouse and at home.

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This episode's for you.

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Without further ado, let's kick it
over to local 1309 studios and the

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recording of the fiscal firehouse

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Jon: Welcome back to another
episode of The Physical Firehouse.

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I'm your co-host, John Beatty.

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We're recording here, live in local
1309 studios, and as always sitting

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across me, the person that's really
bringing it every episode, my

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partner in this endeavor, Louis Ella.

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Hey Louis.

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What's going on buddy?

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Louie: Hey, jb.

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Good to see you, man.

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Jon: It be good to see you man.

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Good to see you as well, bud.

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unfortunately we're gonna kick off
this episode with some somber news.

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obviously all those, in the West Metro
community know and have been infected by

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a pretty significant tragedy in our go.

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Organization, we lost a brother and a
friend, engineer Kyle Bartlett passed

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away exactly one week ago today.

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and our hearts are just broken.

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Honestly.

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We're all healing as a
group and as a community.

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our thoughts and prayers are with
Kyle's family, his wife and his kids.

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And, it's just been, it's
just been devastating.

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So we're not gonna elaborate too much
more on that, except, our hearts and

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prayers really go out to Kyle's family
and everyone else affected by this.

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but we did want to take the opportunity,
obviously, in previous episodes

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we've talked about the importance
of, beneficiary updates and making

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sure all your information is tidy up.

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So if something does happen,
and all these things are.

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Are tragic and they're unforeseen.

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We just wanna make sure that, as people
are healing and as they're recovering,

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all the things that go around with
accounts and all that other information

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is already handled, and it's just one
less burden that the family has to endure.

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You agree with that, Louie?

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Yeah.

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Louie: I think it's important, not
just for, firefighters, but for

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everyone to have their beneficiaries
updated and to have a will or

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a trust if you have children.

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and, we've talked about
doing an episode on that.

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That's not this episode, but maybe
we'll do an episode in the future.

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and look, we're not trying to
avoid the hard conversations.

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The truth is, John, you and I
had a lot of conversations about

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what we wanted to do with this
episode and what we wanted to say.

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and the truth is we just, we're
not in a good space to, to want

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to talk about that in detail.

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We don't, we're not experts in that field.

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So we can only talk about, the
financial side of things or that

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benefit, because that's what we know.

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That's what we're good at.

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And We, we do wanna say you
should update beneficiaries.

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Make sure that those things are taken
care of, as well as your wills and

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your trust as well, if you have those.

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And if you don't, you really need
to get those, you really need to

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get those taken care of as well.

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And then on top of that,
it's also important that we

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just take care of each other.

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Like it's hard and it is, this job
can be very difficult at times.

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And we are in a unique position where
we live with the people that we work

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with for a roughly a third of our life.

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So it is, incumbent upon us
to take care of each other.

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In the best ways we can and to
notice if something is off or

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something is weird about our crews.

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and I say that without
saying anything negative to

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Jon: yeah.

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No judgment.

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No judgment.

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Which is

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Louie: is great, and Kyle knew all
the things, like he was really good

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about, knowing his own mental health.

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problems and probably being
able to hide those as well.

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But for other people out there, for other
crews out there, be diligent about the

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people that you work with about paying
attention to how they're acting, how

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they're, what they're going through.

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And, I know that's easier said than done.

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It's a hard thing to do, but
we just encourage you guys

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to take care of each other.

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Reach out to the brotherhood, the
sisterhood for help when you need it,

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because we are here for you and we do
want to help you in any way we can.

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your union reps, whatever department
you're at that you're listening to, I

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can just almost guarantee you, especially
if it's a Colorado professional

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firefighter union, they will go outta
their way to make sure that they help

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you and get the resources that you need.

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If you say that someone on your
crew is struggling, they'll be

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there for you in an instant.

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So take care of each other.

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Take care of yourselves.

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Jon: Yeah, absolutely.

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that's well said, Louie.

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And, I'm just proud of everyone really,
coming together in this time of need and,

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just the outpouring of support, not only
on a financial basis for Kyle's family,

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but just really surrounding them and
shrouding them in love and support and,

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yeah, it's just a, it's, we've, there
are no words and we've tried to have

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these conversations and unfortunately
this is not the first, tragedy, that

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West Metro has had, had to an endure.

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I really hope it is our last.

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but nonetheless, we love
you Kyle, Kyle's family.

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We love you guys and
everyone's surrounded.

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we're there for you.

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That's really what we wanna talk about.

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and really moving forward,
really what this episode is.

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And, this was actually on a
suggestion from one of our listeners.

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it seems like at West Metro, and I'm
sure, throughout a lot of the other

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departments, man, there's been a lot of
babies being had, we're in that turnover

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phase of the organization, honestly,
where we have a lot of people retiring.

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Obviously we have a lot of newer
folks coming in and where they

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are in their lifecycle, a lot
of 'em are getting married.

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Some of them are not getting married,
but a lot of people are having kids.

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Yeah.

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so there's a lot to, a lot to unpack
when you're talking about kids

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and finances and all the things
that go in with raising kids.

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So Louis and I thought this would be a
good opportunity to talk about some of

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the challenges that Louis and I are both.

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Parents of boys and they're crazy.

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but we wanted to talk about just some
of the things that we consider when

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we were talking about our kids and
money and teaching them about money.

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And then also what are some of the
accounts, that you can use to help,

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establish some financial security for
your family and your kids moving forward.

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So that's really what the episode,
moving forward is going to talk about.

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I think when we're talking about kids,
before we talk about the accounts,

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I think it's important to teach
them about money, how to use money

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responsibly, what is money, and all
the things that go around with it.

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You agree, Louie?

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Louie: Totally.

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I think it's weird.

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I get a lot of questions about money
and kids, but all the conversations or

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all the questions that I get are all
about how do I save money for my kids?

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Or what account should I open for my kids?

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Or how do I set money aside and
I rarely get asked The really

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important question, which is, how
do I teach my kids about money?

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How do I model for them good behaviors
when it comes to finances or to investing?

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And that's the real question.

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I think your heart's in the right
place as a parent, if you wanna

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save money for your children.

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And I'm not saying you shouldn't.

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There are ways to do that we'll
talk about, like John said, but

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before you do any of that, it,
that all counts for nothing.

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If you don't do a good job at
teaching your kids how to be

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responsible with money, the
value of money, how to use money.

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So that's why we wanted to take this first
time to talk about like the education

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side of it, the teaching kids about money.

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I think we have failed in our
society, in our school systems

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by not teaching kids about money.

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the one thing, regardless of what your
child is gonna do in life, whether they're

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gonna go be a his history major or they're
gonna go to college, or they're gonna

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become a firefighter, whatever it is.

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The one thing that is common to
every child is that they will 100%

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have to deal with personal finance.

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They will have to manage their own money.

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They will have to save, they will have
to navigate the pitfalls of debt and

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of buying a house and all those things.

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And they're not gonna learn any of
that from the public school system

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or from the private school system.

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there's no personal finance component

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Jon: They're gonna learn it from TikTok
is where they're gonna learn it from.

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Louie: Yeah, exactly.

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They're gonna learn it from their
friends and from TikTok and from other

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terrible ways, or Wall Street bets.

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and so it is really incumbent upon
you as a parent to teach them about

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money, to teach them good money habits.

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So that's what we wanna focus
on first with this episode.

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Jon: Yeah, that's, a really
good point there, Louie.

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And this is something that, I'll be
honest, I did not really even think

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about even before becoming a parent
or even my upbringing in my childhood.

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But, as I was doing my coursework,
a lot of time was spent around

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like the psychology of finances
and money and how do you really

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develop, your feelings around money
and how you think about money.

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that's not something that I really
unpacked until I went through some

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of these, some of these courses.

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Then did it internally.

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And dude, it's man, it's like
going through therapy when you

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start to think about like, why
do I feel this way about money?

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Why do I feel like
certain ways around debt?

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Like some people, it's
a much more visceral

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Louie: Oh yeah.

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Jon: response and other people
are like, what's the big deal man?

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I use it all the time
and it's not a big deal.

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But other people are like, man, I
will never take out a loan ever.

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I will live under a, bridge so
I don't have to take out a loan.

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And it's like, why does
someone get to that point?

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And it almost always goes back to
their upbringing and seminal events

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that happened in their life that
really burned or etched a certain.

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Visceral emotion around

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Louie: Sure, yeah.

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Jon: can and cannot do for you.

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Yeah.

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And that was one of those things
that I didn't really consider, but

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as I have kids and raise kids, that's
something I've been very attuned to

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is how I talk about money, openly.

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Yeah.

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With, my wife and the kids around us so
they can hear mom and dad talk about this.

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I think it's very healthy because
for so long in our society, and

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even today, money is still one of
those things that's very taboo.

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Like some people are very secretive about
it and a lot of it has to do with debt.

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And being in debt and talking about
the challenges of getting outta debt.

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but really I think it starts with
just having open conversations now.

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And Louis and I will talk
about how it's age specific.

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Yeah.

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Because dude, you talk to a kid
that's three years old, right?

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You've got some kids that are
around that age and you start

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talking to them about compound
interest and they're gonna be like.

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Sure Dad, what's, I wanna watch
the, Sesame Street or whatever.

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Bluey or some of these other, it is just
gonna be way over their head, right?

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So Louis and I will talk to you guys,
today about some of the strategies

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based on where your kids are at
and maybe some more age appropriate

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education, for where they are.

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But the one thing that I did want to talk
about really quickly, and this is more not

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for your kids, but more for the listeners.

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And one of the things that was a really
strong takeaway for me when I was going

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through school was, and I've talked
about it here, on the episodes before,

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but just a quick little brief, overview
of something called money scripts.

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And money scripts are an
unconscious belief about money

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that we learned in childhood.

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These beliefs often drive financial
behavior, sometimes in ways that

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don't align with logic, all right?

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Or being what, the finance
community we'd call rational.

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And this is something
that really hit me strong.

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Alright, so there's two, two guys
that really drafted this and came

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up with this, Ted and Brad Klon,
their psychologist by trade.

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and then one of 'em actually
became a CFP, so he's got more of

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the financial backing behind it.

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But as they did all their studies,
it basically came down into four.

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I don't know, different quadrants.

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If you want to think about how
you view money and the behaviors

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that are associated with this.

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And as I was going through each
one of these, I've definitely seen

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it in all of our firefighters.

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Oh yeah, they all have, some level
of this, some more than others.

00:11:44.584 --> 00:11:48.734
But once you understand what you're
more susceptible to or just how your

00:11:48.734 --> 00:11:53.024
brain is wired, you can then really
start to think about how you want to

00:11:53.024 --> 00:11:55.544
potentially change some of this behavior.

00:11:55.574 --> 00:11:58.784
'cause a lot of it is not healthy,
it's not healthy behaviors.

00:11:59.034 --> 00:12:00.714
so I just wanted to bring those to light.

00:12:00.744 --> 00:12:03.474
and then I'll also reference a
book for you guys that want to do

00:12:03.474 --> 00:12:04.854
a little bit more research on this.

00:12:04.904 --> 00:12:07.044
if you find that it's, beneficial to you.

00:12:07.044 --> 00:12:09.174
So the once is money avoidance.

00:12:09.684 --> 00:12:11.604
So that's the concept that money is bad.

00:12:11.784 --> 00:12:13.044
Rich people are greedy.

00:12:13.464 --> 00:12:16.944
These people typically have
scripts that associate fear,

00:12:17.064 --> 00:12:19.344
shame, and anxiety about money.

00:12:19.594 --> 00:12:21.214
they just avoid money at all costs.

00:12:21.214 --> 00:12:21.274
Yeah.

00:12:21.304 --> 00:12:23.704
I'll be honest, I'll throw
my dad under the bus.

00:12:23.734 --> 00:12:27.034
Dude, my dad is 100% money avoidance.

00:12:27.034 --> 00:12:31.114
I love you, dad, but he just,
it's outta sight, outta mind.

00:12:31.114 --> 00:12:34.664
Doesn't want to talk about it,
doesn't really wanna, engage with it.

00:12:34.664 --> 00:12:38.054
And unfortunately, it's left him
in a position now in his life,

00:12:38.304 --> 00:12:41.304
where he's having some challenges
with some of his finances.

00:12:41.334 --> 00:12:45.294
'cause all the money has run out
now and now he's being forced to

00:12:45.294 --> 00:12:46.854
engage in those conversations.

00:12:46.854 --> 00:12:46.914
Yeah.

00:12:46.974 --> 00:12:49.614
And this is something common,
I've seen this around our folks as

00:12:49.784 --> 00:12:50.064
Louie: Oh yeah.

00:12:50.119 --> 00:12:51.349
Jon: outta sight out of mind.

00:12:51.349 --> 00:12:54.469
Like as long as that money just
keeps coming in, we'll be fine,

00:12:54.469 --> 00:12:57.409
like paycheck to paycheck kind of
behavior, but they don't really wanna.

00:12:57.864 --> 00:13:01.824
They don't wanna engage with money, they
just want to have it be an afterthought.

00:13:01.824 --> 00:13:05.224
And, man, it leads to
sabotage a lot of times.

00:13:05.719 --> 00:13:06.919
Louie: there's a lot of negative opinions.

00:13:06.919 --> 00:13:11.419
People that hold this script have a
lot of yeah, rich people are greedy,

00:13:11.479 --> 00:13:14.719
money is bad, the system is broken.

00:13:14.969 --> 00:13:19.579
which, could be true depending on the
circumstances, but if, but let's be real,

00:13:19.579 --> 00:13:21.859
you need money to survive in this world.

00:13:21.859 --> 00:13:23.179
And that's just part of the process.

00:13:23.179 --> 00:13:24.559
It's part of the world that we grew up in.

00:13:24.679 --> 00:13:28.039
And when I say world, I literally mean the
entire world, no matter where you're at.

00:13:28.339 --> 00:13:31.069
So to say something like that,
which, money is bad, or to have that

00:13:31.069 --> 00:13:34.899
kind of script, and to associate
having money with, I don't know,

00:13:34.899 --> 00:13:38.499
being bad or being evil or something
like that, it's not healthy.

00:13:38.499 --> 00:13:40.569
It's not healthy for your
own personal finance.

00:13:40.989 --> 00:13:43.239
Jon: Yeah, that's, yep,
that's very true, Louie.

00:13:43.339 --> 00:13:46.719
so the second one is, something
that, they termed money worship.

00:13:46.779 --> 00:13:49.929
And this is more the concept
that, the more money I have, it

00:13:49.929 --> 00:13:51.579
will help me solve my problems.

00:13:51.889 --> 00:13:54.319
so what with this is
a lot of overspending.

00:13:54.319 --> 00:13:56.869
I mean, we see this with some of our
firefighters where they're working a

00:13:56.869 --> 00:14:01.459
ton of overtime, and they really tie
their happiness, to their net worth.

00:14:01.549 --> 00:14:05.119
This typically where I've seen this
play out a lot is, people that maybe

00:14:05.119 --> 00:14:07.309
came from humble beginnings, right?

00:14:07.339 --> 00:14:10.189
and now they have the opportunity
to make money or they have had

00:14:10.189 --> 00:14:13.909
some success in either business
or promotions and stuff like that.

00:14:13.909 --> 00:14:16.639
And then they continue to just
strive to achieve more and more.

00:14:16.829 --> 00:14:20.219
but really they tie a lot of their
happiness to their net worth.

00:14:20.309 --> 00:14:20.369
Yeah.

00:14:20.519 --> 00:14:23.369
Once again, from a healthy
perspective, probably not the

00:14:23.369 --> 00:14:24.989
most healthiest of behaviors.

00:14:24.989 --> 00:14:27.959
as Louis mentioned, there is a certain
amount of money that you need to have

00:14:27.959 --> 00:14:31.229
in order to feel safe and secure,
and we want everyone to have that.

00:14:31.529 --> 00:14:35.659
But a lot of the studies show that,
the incremental, a level of happiness

00:14:35.659 --> 00:14:38.899
that you derive from each dollar
goes down after a certain threshold.

00:14:39.019 --> 00:14:39.079
Yeah.

00:14:39.109 --> 00:14:40.099
money status.

00:14:40.154 --> 00:14:41.144
Is another one.

00:14:41.424 --> 00:14:45.714
so once again, this has to do with
more my self worth equals my net worth.

00:14:45.964 --> 00:14:48.504
so they're constantly
comparing themselves, to

00:14:48.504 --> 00:14:50.544
their friends and coworkers.

00:14:50.734 --> 00:14:53.814
they tend to have, a tendency
to wanna overspend as well.

00:14:54.034 --> 00:14:56.974
and they really prioritize
image over stability.

00:14:56.974 --> 00:15:00.434
when I was thinking about,
firefighters specifically in status.

00:15:01.534 --> 00:15:02.254
Tied to money.

00:15:02.254 --> 00:15:05.014
What do you think would be
a status symbol with the fd?

00:15:05.329 --> 00:15:05.989
Louie: Oh, please.

00:15:05.989 --> 00:15:08.869
Dude, that Ford 1309, dude,

00:15:09.004 --> 00:15:11.044
Jon: 100%.

00:15:11.044 --> 00:15:14.634
And as I was going through this, this
book that these guys wrote was really,

00:15:14.634 --> 00:15:17.694
more for the general public and just
some of the behaviors that they've seen.

00:15:17.694 --> 00:15:22.884
But when I went more into our industry,
one of the status symbols for sure,

00:15:22.914 --> 00:15:26.484
and something that you're always feel
feeling pressure to compare yourself

00:15:26.484 --> 00:15:30.444
to, has to do with a new truck or
what version of a truck, how much

00:15:30.444 --> 00:15:31.794
lift you have on that truck, what

00:15:31.809 --> 00:15:31.989
Louie: size?

00:15:31.989 --> 00:15:34.329
You got a raptor, you
got the trimmer package.

00:15:34.329 --> 00:15:36.099
Like what do you got on that fancy truck?

00:15:36.189 --> 00:15:37.029
Oh my gosh.

00:15:37.069 --> 00:15:41.124
Jon: So we as an industry have been
culpable in promoting some of these

00:15:41.244 --> 00:15:43.464
not so healthy financial behaviors.

00:15:43.479 --> 00:15:44.139
Louie: 100%.

00:15:44.439 --> 00:15:45.219
100%.

00:15:45.345 --> 00:15:47.819
Jon: And then the last
one is money vigilance.

00:15:47.849 --> 00:15:50.459
And this is one you can never
be too careful with money.

00:15:50.459 --> 00:15:53.489
So typically these folks
have traits of frugality.

00:15:53.709 --> 00:15:56.919
they typically tend to
have strong savings habits.

00:15:57.109 --> 00:15:59.719
they tend to be more private
about their finances.

00:15:59.749 --> 00:16:04.039
They have anxiety about scarcity in
the future of running out of money.

00:16:04.429 --> 00:16:08.149
And at the end of the day, they have a
really difficult time spending money.

00:16:08.179 --> 00:16:11.269
'cause their whole habits,
they're hardwired to save.

00:16:11.539 --> 00:16:14.419
So the minute you go from
a saver to a spender.

00:16:14.689 --> 00:16:18.259
They don't get happiness out of it,
it actually gives them more anxiety.

00:16:18.609 --> 00:16:22.609
this is the one that I probably
resonate with the most.

00:16:22.829 --> 00:16:26.159
and I, once again, I tried to think
about where I came up with this,

00:16:26.159 --> 00:16:30.299
and not to get too personal, but
when I was growing up, I lived in

00:16:30.299 --> 00:16:32.759
Wisconsin and my dad was a professor.

00:16:33.089 --> 00:16:34.439
And, I was very comfortable.

00:16:34.439 --> 00:16:36.209
We were very comfortable as a family.

00:16:36.309 --> 00:16:40.079
I grew up there for about 14 years, had,
a strong community and strong friends.

00:16:40.469 --> 00:16:44.439
Long story short is, my dad's contract,
didn't get renewed to be a professor.

00:16:44.439 --> 00:16:48.459
So he grew up in Colorado and
always wanted to move us out here.

00:16:48.889 --> 00:16:51.979
so I moved out in middle school
the last year of middle school.

00:16:51.979 --> 00:16:53.149
And it was a challenge, man.

00:16:53.149 --> 00:16:56.769
It was a challenge moving to a new
place, in eighth grade, and all

00:16:56.769 --> 00:16:58.179
those things that went around that.

00:16:58.179 --> 00:17:01.329
So I think that as I
did all of my kind of.

00:17:01.409 --> 00:17:03.599
Interior work as they would call it.

00:17:03.599 --> 00:17:07.679
Like I think this is where I really
developed this concept of money vigilance.

00:17:07.679 --> 00:17:10.829
'cause we went from having a pretty
comfortable lifestyle, right?

00:17:10.829 --> 00:17:14.669
To, we were never poor by any
means, but we definitely had a big

00:17:14.909 --> 00:17:16.859
reset in what our lifestyle was.

00:17:16.919 --> 00:17:21.929
We went from a really nice house to, we
went to a rental house and not so great

00:17:21.929 --> 00:17:23.879
of a community and like all those things.

00:17:23.879 --> 00:17:25.389
And I'm 14 years old.

00:17:25.389 --> 00:17:26.649
At the time I didn't know any better.

00:17:26.649 --> 00:17:29.079
But as I got older I'm
like, where do I really.

00:17:29.669 --> 00:17:33.029
Why do I feel so, I don't even
say guilty, but why do I feel so

00:17:33.029 --> 00:17:34.469
concerned about running out of

00:17:34.724 --> 00:17:35.654
Louie: anxious about money?

00:17:35.654 --> 00:17:35.714
Yeah.

00:17:36.239 --> 00:17:41.159
Jon: And I really think it goes back to
that, that one big pivotal movement in

00:17:41.159 --> 00:17:46.109
my life and my family's life, where I'm
like, oh, I kind of wanna understand now.

00:17:46.149 --> 00:17:50.649
and as a father and as a husband, I don't
wanna put our family in that situation.

00:17:50.649 --> 00:17:51.699
So I'm extra careful

00:17:51.804 --> 00:17:51.924
Louie: Oh dude.

00:17:51.999 --> 00:17:53.379
Jon: stuff, probably to a not healthy

00:17:53.694 --> 00:17:54.144
Louie: honestly.

00:17:54.354 --> 00:17:54.414
Yeah.

00:17:54.414 --> 00:17:54.864
I mean that's, Katie

00:17:54.939 --> 00:17:56.139
Jon: helps me spend money

00:17:56.154 --> 00:17:57.049
Louie: in That's great circumstances.

00:17:57.279 --> 00:18:00.859
Jon: but just from my own personal
anecdote, and I'm sure every listener can

00:18:00.859 --> 00:18:05.589
think back, if you really think about it,
why you are the way you feel about money,

00:18:05.779 --> 00:18:10.329
it can almost always be tied to some type
of, emotional response you had as a kid.

00:18:10.449 --> 00:18:10.509
Yeah.

00:18:10.539 --> 00:18:11.499
Both good and bad.

00:18:11.679 --> 00:18:11.739
Yeah.

00:18:12.309 --> 00:18:14.199
Louie: I grew up in a single
parent family, so very similar.

00:18:14.199 --> 00:18:18.879
My mom, I mean, we made poverty line
of income for most of our childhood,

00:18:19.329 --> 00:18:22.119
and it was hard, like it was hard
for her, but stressful for her.

00:18:22.299 --> 00:18:23.389
We always worried and she.

00:18:24.549 --> 00:18:26.859
She would let us know that she
was struggling financially.

00:18:26.859 --> 00:18:30.199
And that was growing up with a little
bit of that insecurity really has

00:18:30.199 --> 00:18:34.239
probably made me have some of this
money vigilant script, traits where,

00:18:34.569 --> 00:18:37.809
you know, I wanna be frugal, I wanna
save, I'm not sure if I have enough,

00:18:37.959 --> 00:18:40.409
even though I know the numbers and
I know the math behind it, Yeah.

00:18:40.409 --> 00:18:42.599
You're still like, I don't know,
are we really saving enough?

00:18:42.599 --> 00:18:43.469
Shouldn't we save more?

00:18:43.469 --> 00:18:44.339
Shouldn't we do more?

00:18:44.679 --> 00:18:48.379
and I think it's easy for us,
especially being, financially minded

00:18:48.379 --> 00:18:50.929
people to be like, Hey, that's
good that you wanna save more.

00:18:50.929 --> 00:18:51.469
that's good.

00:18:51.499 --> 00:18:53.299
But at some point it could be unhealthy.

00:18:53.329 --> 00:18:56.659
And when you're sacrificing your
future, or I'm sorry, your present

00:18:56.659 --> 00:19:03.019
happiness, and your family's happiness
because you have these unsubstantiated

00:19:03.019 --> 00:19:05.099
fears of the future, that's a problem.

00:19:05.099 --> 00:19:06.359
that's, that is a problem.

00:19:06.359 --> 00:19:07.409
And you should address that.

00:19:07.829 --> 00:19:08.129
Jon: Yep.

00:19:08.159 --> 00:19:09.779
No, I think that's well said, Louis.

00:19:09.779 --> 00:19:13.529
So each one of those is not supposed to
be, it's not supposed to be good or bad.

00:19:13.589 --> 00:19:16.169
It's supposed to just be an
awareness of this is how you're

00:19:16.219 --> 00:19:19.069
pre-wired to view money in finances.

00:19:19.429 --> 00:19:22.939
And I think some of 'em are more
healthy than others, but more

00:19:22.939 --> 00:19:24.739
than anything, it's an awareness.

00:19:24.799 --> 00:19:27.619
So if you do find yourself, and
you will find yourself pretty

00:19:27.619 --> 00:19:29.179
much in one of those four buckets.

00:19:29.179 --> 00:19:30.409
It's just to be aware.

00:19:30.659 --> 00:19:34.499
and then there is certain things that
you can do if you're wanting to or

00:19:34.499 --> 00:19:36.479
willing to change some of your behavior.

00:19:36.479 --> 00:19:40.489
So just a shout out to, Brad
Klontz and Ted Klontz for really

00:19:40.489 --> 00:19:41.989
doing the hard work on that.

00:19:42.069 --> 00:19:43.539
if you are interested in learning more.

00:19:43.874 --> 00:19:47.924
recommendation for the book is
called Mind Over Money, overcoming

00:19:47.924 --> 00:19:51.074
the Mind Money Disorders That
Threaten Our Financial Health.

00:19:51.294 --> 00:19:54.144
so I will start, linking some of
the stuff, into the show notes,

00:19:54.144 --> 00:19:56.724
into the description so you guys
can just find it so you don't have

00:19:56.724 --> 00:19:58.494
to remember any of this stuff.

00:19:58.494 --> 00:20:01.854
So just strongly recommend it if
this at all has piqued your interest.

00:20:01.854 --> 00:20:06.444
If you've ever wondered why you feel the
way about money and finances, I think

00:20:06.444 --> 00:20:10.124
this is a good, foray, a good first
step into learning a little bit more

00:20:10.124 --> 00:20:12.224
about yourself and how you view money.

00:20:12.374 --> 00:20:14.864
But let's talk specifically
about money with our kids.

00:20:14.989 --> 00:20:15.259
Louie: Cool.

00:20:15.679 --> 00:20:18.529
So when it comes to teaching your kids
about money, I think the first thing

00:20:18.529 --> 00:20:20.689
that you need to do is be a good example.

00:20:20.939 --> 00:20:26.519
you can talk to them all you want about
it, but if you are someone who sets what

00:20:26.519 --> 00:20:30.089
I'll call bad examples to your children,
they are going to pick that up and that

00:20:30.089 --> 00:20:33.629
is what will stick with them, regardless
of what you tell them to do with money.

00:20:33.689 --> 00:20:38.359
So if you are an impulse buyer and
you're buying the snacks and the toys

00:20:38.359 --> 00:20:41.959
at the checkout lines or whatever,
when you go to Walmart or Target,

00:20:42.319 --> 00:20:45.319
they're gonna learn that and they're
gonna grow up to be impulse buyers too.

00:20:45.409 --> 00:20:50.049
Same thing if you, if If you set good
examples, like you talk openly about

00:20:50.049 --> 00:20:53.319
money and why it's important that
you save money or that you set money

00:20:53.319 --> 00:20:57.039
aside, or that you give some money
to those in need, they are going to

00:20:57.039 --> 00:20:58.749
develop those habits from an early age.

00:20:58.779 --> 00:21:04.269
So whatever you do, whatever example you
set, regardless of what you say to your

00:21:04.299 --> 00:21:05.709
children is what they're gonna learn.

00:21:05.739 --> 00:21:07.819
I think that's the number one thing
you have to, if you don't take away

00:21:07.819 --> 00:21:11.119
anything else from this episode when
it comes to kids and money, it's

00:21:11.119 --> 00:21:13.039
that the example you set will be the.

00:21:13.729 --> 00:21:17.149
Way that they think about money and the
way they handle money when they get older.

00:21:18.189 --> 00:21:19.089
Jon: Yeah, no, that's good.

00:21:19.909 --> 00:21:20.979
Louie: and then I'll say this too.

00:21:21.014 --> 00:21:22.504
I think it's okay to start early.

00:21:22.564 --> 00:21:27.049
There is a lot of, we treat children
in a way where it's like, Hey, I don't

00:21:27.049 --> 00:21:28.099
want them to have to worry about money.

00:21:28.099 --> 00:21:30.919
Especially if you maybe struggled
with money or if your parents

00:21:30.919 --> 00:21:33.079
struggled with money, you're kinda
like, I wanna shield them from that.

00:21:33.079 --> 00:21:34.164
And I totally get that.

00:21:34.164 --> 00:21:35.304
That comes from a good place.

00:21:35.784 --> 00:21:38.904
But it's important to start early when
it comes to teaching kids about money.

00:21:38.964 --> 00:21:41.664
You don't need to wait until they're in
high school to teach them about financial

00:21:41.664 --> 00:21:43.704
possibility or financial responsibility.

00:21:43.704 --> 00:21:46.314
And if you do, they're
probably not gonna learn it.

00:21:46.344 --> 00:21:48.264
It's hard to raise a 16 year.

00:21:49.034 --> 00:21:53.094
To develop good habits to, with a
17-year-old when it comes to saving

00:21:53.094 --> 00:21:55.914
their money or using their money
responsibly, it really needs to

00:21:55.914 --> 00:21:57.414
start at a younger age than that.

00:21:57.734 --> 00:21:59.984
there's an idea that
you should train them.

00:22:00.194 --> 00:22:03.694
starting when they first get their
first dollar, whatever that looks like.

00:22:03.694 --> 00:22:06.139
If that's a 4-year-old or a
5-year-old doing a chore around

00:22:06.139 --> 00:22:08.899
the house, that is where you should
start teaching them about money.

00:22:08.899 --> 00:22:13.429
And you should use those money moments
when they get money to teach them

00:22:13.429 --> 00:22:14.989
about money, if that makes sense.

00:22:15.289 --> 00:22:16.724
Jon: Oh yeah, no, that makes a ton of

00:22:17.004 --> 00:22:18.984
Louie: I'm gonna give you
example of how that kind of

00:22:18.984 --> 00:22:20.634
looks in the Barilla household.

00:22:20.664 --> 00:22:24.144
obviously I've thought about
this a lot with three kids.

00:22:24.144 --> 00:22:25.854
I have a 5-year-old, a 3-year-old, and a.

00:22:26.099 --> 00:22:26.909
18 month old.

00:22:26.909 --> 00:22:29.309
So I've been thinking a lot
about how to handle this.

00:22:29.489 --> 00:22:31.769
And one thing that I've done, which
is actually really fun, the boys

00:22:31.769 --> 00:22:36.819
like it is I bought them, these
little, it's like a three tier or

00:22:36.819 --> 00:22:38.469
a three sectioned out piggy bank.

00:22:38.679 --> 00:22:44.559
There's one section for spend, one section
for save, and one section for give.

00:22:44.969 --> 00:22:47.749
it's a really great bank and
maybe I'll link that to, it's a,

00:22:47.749 --> 00:22:49.249
actually a Dave Ramsey product.

00:22:49.249 --> 00:22:49.759
It's a,

00:22:50.024 --> 00:22:50.534
Jon: oh really?

00:22:50.629 --> 00:22:52.879
Louie: the Children's Saver
Bank or something like that.

00:22:53.359 --> 00:22:56.599
but anyway, we, the way we set it
up with our kids is when they get

00:22:56.599 --> 00:23:01.849
money, we make them split it up and
we say that they can spend some on a,

00:23:01.909 --> 00:23:03.349
whatever it is, a toy that they want.

00:23:03.349 --> 00:23:05.809
If they wanna put that money in the bank
for that's totally fine, but then they

00:23:05.809 --> 00:23:07.459
have to save some for something that is.

00:23:08.804 --> 00:23:11.684
unknowable right now, we just
are saving for the future.

00:23:11.744 --> 00:23:16.694
So if they get $3, we make 'em just split
it evenly between save, spend and give.

00:23:17.234 --> 00:23:20.504
And then, when they go to school,
they have this, this fund that they

00:23:20.504 --> 00:23:23.924
can give to help people in Haiti
who are struggling financially.

00:23:24.254 --> 00:23:26.974
When we go to church, we have a
benevolence fund that they can give

00:23:26.974 --> 00:23:30.544
to that go to people who are hurting
and in need, and so we make them

00:23:30.544 --> 00:23:31.924
do that on a regular basis as well.

00:23:32.779 --> 00:23:35.119
But that kind of teaches
them from a very early age.

00:23:35.479 --> 00:23:39.169
I do this both with my 5-year-old and
my three-year-old, that when you get

00:23:39.169 --> 00:23:41.479
money in, you are assigning it a job.

00:23:41.839 --> 00:23:45.259
Some of that is fun for you because
it's spending, but some of it is not

00:23:45.259 --> 00:23:49.039
fun for you necessarily because we're
deferring it for a future purpose.

00:23:49.279 --> 00:23:53.809
If I can develop that habit in those, in
my boys from an early age, I'm hoping that

00:23:53.809 --> 00:23:57.469
it will stick with them as they get older
and eventually have jobs and eventually

00:23:57.829 --> 00:24:01.009
have to make the decision on their
own to save and to spend their money.

00:24:01.429 --> 00:24:01.939
Jon: That's funny.

00:24:01.999 --> 00:24:02.749
Louie: do anything similar?

00:24:02.929 --> 00:24:05.549
Jon: That's funny that you
use the the piggy bank method.

00:24:05.549 --> 00:24:08.999
'cause we also have, and I don't
know if it's a, the Dave Ramsey

00:24:08.999 --> 00:24:13.769
product or not, and I feel like
ours has four tiers or four little

00:24:13.769 --> 00:24:15.869
slots for the plastic piggy bank.

00:24:15.869 --> 00:24:17.609
I think it might be invest.

00:24:18.684 --> 00:24:19.044
save.

00:24:19.044 --> 00:24:22.554
So two separate accounts, and then
one is to spend, and then one is for

00:24:22.554 --> 00:24:24.534
philanthropy or give, but very similar

00:24:24.564 --> 00:24:24.924
Louie: concept.

00:24:24.924 --> 00:24:24.984
Yeah.

00:24:25.159 --> 00:24:25.359
Yeah.

00:24:25.464 --> 00:24:25.524
Jon: Yeah.

00:24:25.574 --> 00:24:28.754
so we've been doing that probably
since the kids have been, I

00:24:28.754 --> 00:24:31.064
wanna say around four-ish.

00:24:31.374 --> 00:24:35.244
they've been able to and same thing, we
like to just split in similar increments.

00:24:35.434 --> 00:24:37.594
so then they don't really have
to do a lot of math involved.

00:24:37.594 --> 00:24:40.234
It's just yeah, if you got four
bucks, it's a dollar in each one.

00:24:40.264 --> 00:24:40.474
Louie: Perfect.

00:24:40.474 --> 00:24:41.074
That's what we do

00:24:41.074 --> 00:24:42.664
Jon: move forward with that.

00:24:42.664 --> 00:24:45.864
But I want them to have some
context behind each of these things.

00:24:45.864 --> 00:24:49.194
I don't want them to just be
investing as some abstract thing.

00:24:49.584 --> 00:24:53.399
So a lot of the stuff that we'll
do for investing or saving is, we.

00:24:53.794 --> 00:24:56.614
One of our things that we do as
a family that really drives a lot

00:24:56.614 --> 00:24:58.264
of happiness for us is we travel.

00:24:58.264 --> 00:24:59.134
We go on vacations.

00:24:59.134 --> 00:24:59.854
that's our jam.

00:25:00.154 --> 00:25:03.604
So a lot of times they'll use their
savings accounts or their investing

00:25:03.604 --> 00:25:07.024
accounts to purchase something
in the future when we go on a

00:25:07.222 --> 00:25:07.424
Louie: vacation.

00:25:07.459 --> 00:25:07.749
Okay.

00:25:07.864 --> 00:25:11.074
Jon: So it's something that, and once
again, 'cause we do want it to not just

00:25:11.074 --> 00:25:13.204
be this abstract thing that Oh, yep.

00:25:13.369 --> 00:25:13.789
Invest.

00:25:13.924 --> 00:25:15.574
And then in 15 years you can enjoy it.

00:25:15.584 --> 00:25:17.594
no, invest now and then.

00:25:17.744 --> 00:25:18.014
Yeah.

00:25:18.014 --> 00:25:21.104
And then in six months when we take a
trip, now you can take that money out and

00:25:21.104 --> 00:25:23.174
now you've got it to do with whatever.

00:25:23.174 --> 00:25:27.104
So I think just having something that's
tangible like that and just having

00:25:27.104 --> 00:25:28.454
a little, and they actually like it.

00:25:28.484 --> 00:25:29.324
They enjoy it.

00:25:29.324 --> 00:25:30.914
They have some fun with that.

00:25:30.914 --> 00:25:33.434
So that's the other thing, if kids,
it's just like firefighters, if they're

00:25:33.434 --> 00:25:37.574
not having fun or engaged with it,
it's gonna go right over their head.

00:25:37.574 --> 00:25:41.504
But I don't think, I mean, I think there
is an age, appropriate time, and I think

00:25:41.504 --> 00:25:45.464
probably that later toddlerhood is when
it probably starts to make the most sense.

00:25:45.494 --> 00:25:47.484
'cause before that it's all about mind.

00:25:47.634 --> 00:25:49.464
And they're not gonna have zero,
they're not gonna have a lot

00:25:49.464 --> 00:25:51.024
of context or concepts around

00:25:51.049 --> 00:25:51.139
Louie: that.

00:25:51.289 --> 00:25:53.059
Super important to keep
it age appropriate, right?

00:25:53.059 --> 00:25:57.349
Like you don't, you're just trying to
teach them some basic fundamental habits.

00:25:57.429 --> 00:26:01.429
you don't need to teach 'em about index
fund investing or, mutual funds when

00:26:01.429 --> 00:26:03.049
they're in, when they're toddlers.

00:26:03.049 --> 00:26:04.219
that's not the goal at that point.

00:26:04.219 --> 00:26:06.559
There'll be times for that, and
we'll talk about that in a little

00:26:06.559 --> 00:26:09.769
bit, but you're just trying to, like
you said, make it fun and engaging.

00:26:10.199 --> 00:26:10.859
keep them.

00:26:12.044 --> 00:26:14.264
Get them excited about
the plans for their money.

00:26:14.264 --> 00:26:15.434
You talked about the vacation thing.

00:26:15.434 --> 00:26:18.104
You're like, Hey, what are you guys
gonna get when you're, when you've

00:26:18.104 --> 00:26:19.574
saved up enough money before our trip?

00:26:19.574 --> 00:26:20.324
what do you want?

00:26:20.354 --> 00:26:23.834
I think having that kind of goal
really is exciting for them and

00:26:23.834 --> 00:26:28.034
it makes them want to do chores or
something around the house, which

00:26:28.034 --> 00:26:29.654
is super cool too for parents.

00:26:30.264 --> 00:26:31.044
got a question for you.

00:26:31.044 --> 00:26:32.424
This is a controversial topic.

00:26:32.424 --> 00:26:33.834
I've talked to a lot of parents.

00:26:34.104 --> 00:26:39.534
What is your opinion on an allowance
that kids get every week versus

00:26:39.774 --> 00:26:44.544
commissions making people, making kids
complete a job before they get paid?

00:26:44.544 --> 00:26:46.014
Do you guys fall on the scale?

00:26:46.014 --> 00:26:48.204
You're a little ahead of me
when it comes to your children's

00:26:48.279 --> 00:26:51.369
Jon: no, and this is one that Katie
and I have, had, I wouldn't say

00:26:51.369 --> 00:26:54.639
some disagreements, but we've had
a lot of thoughts around there.

00:26:55.029 --> 00:26:57.789
so I was always brought up in a
household that had an allowance.

00:26:57.819 --> 00:26:57.969
Okay.

00:26:57.969 --> 00:26:58.414
So that's how I was.

00:26:59.124 --> 00:27:02.574
Brought up and honestly, I don't
remember what my weekly allowance was.

00:27:02.574 --> 00:27:04.794
And I'm sure that changed as I got older.

00:27:04.794 --> 00:27:07.854
But that was how I always
was brought up around money.

00:27:08.214 --> 00:27:10.364
Katie thinks, that's not the way to do it.

00:27:10.574 --> 00:27:13.064
Her her thought is, and I
actually agree with her.

00:27:13.574 --> 00:27:15.914
And there's certain things
around the house that you just do

00:27:15.944 --> 00:27:17.144
'cause you're part of the family.

00:27:17.444 --> 00:27:17.564
Yeah.

00:27:17.564 --> 00:27:19.754
that's just your own
personal responsibility.

00:27:19.754 --> 00:27:20.174
So

00:27:20.314 --> 00:27:21.034
Louie: one gets paid for it.

00:27:21.134 --> 00:27:22.034
Jon: one gets paid for

00:27:22.084 --> 00:27:22.164
Louie: it.

00:27:22.264 --> 00:27:23.564
Or you get paid in room and board.

00:27:23.804 --> 00:27:24.464
Jon: Exactly.

00:27:24.464 --> 00:27:24.734
Yes.

00:27:24.734 --> 00:27:28.484
We feed you and we clothe you and we send
you to school and all those other things.

00:27:28.484 --> 00:27:30.524
So that's part of just
the household stuff.

00:27:30.944 --> 00:27:32.319
Now we also do feel.

00:27:32.809 --> 00:27:37.434
Sometimes our kids go above and beyond
what we would probably just say is a

00:27:37.434 --> 00:27:41.604
general requirement of just being a
good upstanding person in the family.

00:27:41.794 --> 00:27:46.164
so when it is at that point, then we
will give them something, as a reward

00:27:46.164 --> 00:27:49.284
for kind of going above and beyond
saying Hey, this really helped us out.

00:27:49.614 --> 00:27:52.584
You did something unasked,
unprovoked, and you guys just

00:27:52.584 --> 00:27:53.754
saw a need and you filled it.

00:27:53.754 --> 00:27:57.744
And we wanna acknowledge that and
reward you for really going above

00:27:57.744 --> 00:28:01.494
and beyond almost like a bonus, if
you will, or like a promotion, man,

00:28:01.494 --> 00:28:02.904
you just didn't do your normal stuff.

00:28:02.904 --> 00:28:03.954
You went above and beyond.

00:28:03.954 --> 00:28:06.624
So that's really where
we've tried to land.

00:28:06.624 --> 00:28:10.964
And honestly our kids, they do get
enough money through, grandparents

00:28:11.204 --> 00:28:13.994
and other stuff where there always
seems like they get a little bit of

00:28:13.994 --> 00:28:17.654
an income stream in for something
for different holidays or birthdays.

00:28:17.654 --> 00:28:21.884
So we've tried to make it more of
an expectation, like this is just

00:28:21.884 --> 00:28:25.334
you being a part of the family and
what you should do and not getting

00:28:25.514 --> 00:28:26.669
paid or compensated for that.

00:28:26.689 --> 00:28:27.224
What's your

00:28:27.427 --> 00:28:27.804
Louie: dislike?

00:28:27.854 --> 00:28:27.944
I

00:28:27.944 --> 00:28:30.524
would say we're right there,
but I think Katie, obviously,

00:28:30.704 --> 00:28:33.404
Jon: Katie was the one that
was the one that's no, we're

00:28:33.404 --> 00:28:35.384
not just giving them $5 a week.

00:28:35.384 --> 00:28:39.494
Like they have to understand this is part
of just what's required to be part of the

00:28:39.914 --> 00:28:42.404
Louie: I think that's smart and I've
read a lot about it and I've fallen

00:28:42.404 --> 00:28:44.444
on the side of commission based work.

00:28:44.444 --> 00:28:44.504
Yeah.

00:28:44.504 --> 00:28:48.374
So there's a set level that you have
to do, you have to clean your room

00:28:48.374 --> 00:28:51.344
and you have to help take out the
trash and you have to do these things

00:28:51.344 --> 00:28:53.804
that we just have to do to manage the
household that you don't get paid for.

00:28:53.804 --> 00:28:54.974
No one gets paid for those.

00:28:55.404 --> 00:28:56.274
and you have to help out.

00:28:56.334 --> 00:28:58.614
But on top of that, there's
gonna be opportunities for

00:28:58.614 --> 00:29:00.174
you to earn extra income.

00:29:00.174 --> 00:29:03.694
And maybe that's, a good example
is we're getting ready to host a

00:29:03.694 --> 00:29:09.964
family event and we need help like
dusting and vacuuming and cleaning

00:29:10.144 --> 00:29:11.554
baseboards or something like that.

00:29:11.554 --> 00:29:15.274
And if you want to grab a towel and you
want to help with that, we will give you

00:29:15.304 --> 00:29:17.914
one golden coin for doing this thing.

00:29:18.304 --> 00:29:22.234
And that's an opportunity for them to
actually earn money and associate the idea

00:29:22.234 --> 00:29:24.834
that you have to work, to earn income.

00:29:25.014 --> 00:29:28.464
And I think that is cool, whereas an
allowance is Hey, I exist and at the end

00:29:28.464 --> 00:29:30.894
of the week I get $10, or whatever it is.

00:29:31.194 --> 00:29:33.114
This is more no, no one's
gonna give me money.

00:29:33.114 --> 00:29:35.694
I have to go out and actually work and
do something above and beyond what I

00:29:35.694 --> 00:29:37.944
normally do in order to earn something.

00:29:38.404 --> 00:29:42.994
and I think that teaches them some
really good, values of money early

00:29:42.994 --> 00:29:44.314
on, I need to be a hard worker.

00:29:44.314 --> 00:29:48.364
I need to work for my money if I want
to buy that toy, or whatever it is.

00:29:48.364 --> 00:29:49.774
So that's where we fall in.

00:29:50.134 --> 00:29:52.469
and I think that should be the
baseline for most families.

00:29:52.469 --> 00:29:55.259
Of course, if you do it, if you do it
otherwise, and you're teaching your kids

00:29:55.259 --> 00:29:58.439
through an allowance and you have them
do so many task lists, like I've heard

00:29:58.439 --> 00:30:01.879
people say yes, you get an allowance,
but it doesn't show up unless you.

00:30:02.544 --> 00:30:04.644
Check off these 10 boxes
at the end of every week.

00:30:04.644 --> 00:30:05.394
I get that too.

00:30:05.394 --> 00:30:07.824
And I think that there's good
lessons to be learned that way too.

00:30:07.824 --> 00:30:09.774
So no judgment if you're
doing it that way.

00:30:09.774 --> 00:30:13.404
I do think you have to have a plan though
for how you give kids money, showing them

00:30:13.464 --> 00:30:15.894
efficiency, showing them that there's
work that needs to be done for that.

00:30:15.994 --> 00:30:18.634
and then on on that topic of making it
hands-on engage, and the last thing I'll

00:30:18.634 --> 00:30:23.014
say is there are games you can play or
things you can do to teach kids about

00:30:23.014 --> 00:30:24.394
money from starting from a young age.

00:30:24.784 --> 00:30:29.014
One of the one cool thing that we do is
we, we we have this pizza making kit,

00:30:29.074 --> 00:30:31.354
like this play pretend pizza making kit.

00:30:31.834 --> 00:30:34.264
And the boys have, they
like to make pizza.

00:30:34.294 --> 00:30:37.864
They'll put the different toppings on,
they, cook it basically, or bake it.

00:30:38.144 --> 00:30:39.584
but then we talk about like money.

00:30:39.584 --> 00:30:41.894
I order a pizza, I call
them up, I order a pizza.

00:30:41.894 --> 00:30:45.134
They have to determine like how
many toppings we put on and how much

00:30:45.134 --> 00:30:48.554
money that's gonna be and how we're
gonna split it between the brothers.

00:30:48.854 --> 00:30:51.964
So it's just a way, it's just a simple
way to talk to them about you're

00:30:51.964 --> 00:30:53.139
doing this service you're making.

00:30:53.559 --> 00:30:57.279
Pizza and then you're delivering it
and I have to pay you for that service.

00:30:57.339 --> 00:31:01.899
It's just a way to, to get them to
think about the economy, basically.

00:31:01.959 --> 00:31:03.369
So we we, these actions happen.

00:31:03.399 --> 00:31:03.789
Yeah.

00:31:03.839 --> 00:31:07.679
we you just use it as an opportunity
to throw in the economic side

00:31:07.709 --> 00:31:10.419
of finances, from a young age.

00:31:10.419 --> 00:31:13.719
And I think that they are starting to get
it and they're starting to realize, oh

00:31:13.719 --> 00:31:15.339
yeah, like I need to be paid for this.

00:31:15.339 --> 00:31:17.919
And if we're gonna put on extra toppings
or something, there's a little bit

00:31:17.919 --> 00:31:19.359
more money that needs to go into it.

00:31:19.599 --> 00:31:19.899
I don't know.

00:31:19.899 --> 00:31:19.929
I

00:31:20.044 --> 00:31:22.864
Jon: And I think that's super
healthy too, because a, especially

00:31:22.864 --> 00:31:25.714
at their age, it's helping them
with their math skills for one.

00:31:25.764 --> 00:31:28.584
So it's teaching 'em about,
math on top of finance.

00:31:28.914 --> 00:31:31.854
But the one thing that I've noticed,
and this, I see this in my kids a

00:31:31.854 --> 00:31:35.704
lot, and I think it's gonna only
continue to, become more evident.

00:31:36.684 --> 00:31:39.424
The whole paper currency
is just going out the way.

00:31:39.724 --> 00:31:42.604
So people, and probably in that
circumstance you probably still

00:31:42.604 --> 00:31:43.864
play with play money, right?

00:31:43.864 --> 00:31:46.604
So they can actually like, physically
exchange it and what that looks like

00:31:46.604 --> 00:31:47.714
and add it up and everything else.

00:31:48.044 --> 00:31:49.574
I think there's a huge benefit to that.

00:31:49.574 --> 00:31:52.404
'cause right now I think, and
Katie and I are no different.

00:31:52.404 --> 00:31:56.394
We spend probably almost 99%
of our stuff is on a plastic.

00:31:56.394 --> 00:31:57.174
on a credit card.

00:31:57.324 --> 00:31:57.384
Yeah.

00:31:57.414 --> 00:32:00.144
Sometimes via phone or
actually the physical card.

00:32:00.504 --> 00:32:01.764
But the kids have zero idea.

00:32:01.764 --> 00:32:04.584
They just see a plastic card
come out, us sign something,

00:32:04.609 --> 00:32:05.719
Louie: and we get whatever we want.

00:32:05.719 --> 00:32:05.989
We get

00:32:05.989 --> 00:32:07.009
Jon: whatever we want,

00:32:07.124 --> 00:32:08.504
Louie: by tapping this
little plastic card.

00:32:08.509 --> 00:32:11.779
Jon: So I think actually, and this is
going back to the day, Dave Ramsey,

00:32:11.809 --> 00:32:15.019
like envelope method, but actually
okay, I've, this is my wallet.

00:32:15.019 --> 00:32:18.169
I've got a finite amount of
resources, money in here, and

00:32:18.169 --> 00:32:19.399
then once I buy something.

00:32:19.704 --> 00:32:20.454
It's gone.

00:32:20.454 --> 00:32:21.654
It's no longer there.

00:32:21.934 --> 00:32:25.444
I think that, especially at a very
young age, I think is very helpful

00:32:25.554 --> 00:32:26.214
Louie: That's a great point.

00:32:26.214 --> 00:32:27.414
It has to be physical.

00:32:27.414 --> 00:32:27.504
It

00:32:27.544 --> 00:32:32.194
Jon: start understanding the concepts
around money and having a finite amount.

00:32:32.194 --> 00:32:32.344
It.

00:32:32.344 --> 00:32:34.954
So I think that's a, I think that's
a great thing that you do with

00:32:34.954 --> 00:32:36.274
your kids to just demonstrate.

00:32:36.274 --> 00:32:38.464
And once again, so they're
having fun with this.

00:32:38.464 --> 00:32:39.394
It's engaging.

00:32:39.694 --> 00:32:42.994
We're not sitting down and going through
a sheet and being like, here you go.

00:32:43.204 --> 00:32:43.744
I mean, it has

00:32:43.749 --> 00:32:44.409
Louie: be interactive, right?

00:32:44.409 --> 00:32:45.354
I'm not showing 'em the spreadsheet.

00:32:45.414 --> 00:32:48.624
I love spreadsheets, but I'm not like,
let's talk about this spreadsheet, son.

00:32:48.624 --> 00:32:49.794
Yeah, no, definitely not.

00:32:50.214 --> 00:32:52.584
So that's the idea of, let's
expand on that a little bit.

00:32:52.584 --> 00:32:56.454
I, different kids depending on
their age, are able to handle

00:32:56.454 --> 00:32:57.684
concepts about money different.

00:32:57.684 --> 00:32:57.774
Yep.

00:32:57.864 --> 00:33:02.694
So at the preschool age, we're just
trying to teach them that money exists.

00:33:02.724 --> 00:33:05.854
Talk to them about what it means
to have to go to, why does Papa

00:33:05.854 --> 00:33:07.174
have to go to work for two days?

00:33:07.174 --> 00:33:07.714
Why?

00:33:07.984 --> 00:33:11.284
It's not just because he likes hanging
out and having to sleepover with

00:33:11.284 --> 00:33:12.694
his fun friends at the firehouse.

00:33:12.694 --> 00:33:16.729
I have to go be away from you
guys for two days so that I can

00:33:16.729 --> 00:33:20.629
get money to pay our bills and to
pay for food and stuff like that.

00:33:20.629 --> 00:33:21.319
So I just try to.

00:33:21.814 --> 00:33:22.744
Keep it very simple.

00:33:22.744 --> 00:33:25.514
We play pizzeria or play, store.

00:33:25.724 --> 00:33:25.784
Yeah.

00:33:25.844 --> 00:33:30.354
you're just trying to give them
an idea of what it means to, to

00:33:30.354 --> 00:33:32.034
make money and how we spend money.

00:33:32.244 --> 00:33:32.304
Yeah.

00:33:32.304 --> 00:33:34.264
I think that's the important
thing about the preschool age.

00:33:34.554 --> 00:33:37.284
Jon: This one, honestly, this
one has been hard for us.

00:33:37.334 --> 00:33:39.414
so it's inverse our relationship.

00:33:39.414 --> 00:33:42.574
So Katie and I, because
now I work in days, right?

00:33:42.574 --> 00:33:43.324
So I'm home every

00:33:43.444 --> 00:33:43.774
Louie: Oh sure.

00:33:43.774 --> 00:33:43.954
Yeah.

00:33:43.984 --> 00:33:45.964
Jon: And my wife travels a lot.

00:33:46.214 --> 00:33:50.064
so the kids, are starting to, wonder
why mom has to be gone all the time

00:33:50.064 --> 00:33:51.264
or why she's gone all the time.

00:33:51.264 --> 00:33:54.654
And, we have a lot of conversations
around moms making up some sacrifices

00:33:54.654 --> 00:33:58.854
for our family to better us and our
future, but her job is to go and travel

00:33:58.854 --> 00:34:00.444
and make money and what does that do?

00:34:00.444 --> 00:34:03.754
And that helps, support where we
live and the fun things that we

00:34:03.754 --> 00:34:06.124
get to do and saving for college
and all these other things.

00:34:06.124 --> 00:34:07.294
We're very open about.

00:34:07.339 --> 00:34:09.949
Why that is, but it
doesn't make it any easier.

00:34:09.949 --> 00:34:13.099
And I know I'm preaching to the choir
here, and it's, like I said, it's inverse.

00:34:13.159 --> 00:34:16.529
the firefighters are the ones that
are having to explain, why they go

00:34:16.529 --> 00:34:20.369
away for two days, while mom and dad
have to hang out, and take care of us.

00:34:20.369 --> 00:34:24.639
But it's that concept of well, we're
doing this, so we can support the family.

00:34:24.669 --> 00:34:25.869
This is how we make our money.

00:34:25.869 --> 00:34:29.079
So I think that's important though,
is just having those conversations.

00:34:29.129 --> 00:34:29.159
Louie: Yep.

00:34:29.544 --> 00:34:29.724
Yep.

00:34:29.724 --> 00:34:31.344
At the preschool age, that's important.

00:34:31.854 --> 00:34:35.274
And then in elementary school, that's
when we can teach them the importance of

00:34:35.274 --> 00:34:38.544
saving money and of delayed gratification.

00:34:38.574 --> 00:34:39.594
That's a really hard thing.

00:34:39.594 --> 00:34:41.724
And let's be real, you
firefighters listening to this.

00:34:41.724 --> 00:34:44.154
We know you guys can struggle
with delayed gratification too.

00:34:44.174 --> 00:34:48.134
Jon: Dude, just even we were talking
about the FLSA cycle and working overtime,

00:34:48.134 --> 00:34:52.144
but not getting paid until sometimes
six, six weeks in arrears, you're just

00:34:52.144 --> 00:34:54.034
like, oh my God, this is ridiculous.

00:34:54.034 --> 00:34:55.479
I need that money now, right now.

00:34:55.564 --> 00:34:55.924
Yep.

00:34:55.984 --> 00:34:56.044
Louie: Yeah.

00:34:56.114 --> 00:34:59.874
but that's, at the elementary age that's
when they're ready to learn about that.

00:34:59.874 --> 00:35:04.584
if I save money, I can get whatever
it is, this bigger toy or this better

00:35:04.584 --> 00:35:08.184
toy or whatever it is, versus spending
it all on candy as soon as I get it.

00:35:08.694 --> 00:35:10.524
elementary kids are ready
to learn about that.

00:35:10.754 --> 00:35:13.034
and I think it's also important
during that time is to let

00:35:13.034 --> 00:35:14.204
them make those mistakes.

00:35:14.234 --> 00:35:15.374
let them run outta money.

00:35:15.404 --> 00:35:19.494
Let them spend their money on something
stupid, while maybe their brothers saved

00:35:19.494 --> 00:35:22.764
it up for a few months and then brought
that, bought that really cool toy.

00:35:23.064 --> 00:35:25.674
man, there's no better time to make
mistakes with money than when you're in

00:35:25.674 --> 00:35:27.324
elementary school when the stakes are

00:35:27.804 --> 00:35:28.764
Jon: Stakes are low.

00:35:28.764 --> 00:35:31.524
And this is one, I don't know if your
kids have done something similar, but

00:35:31.524 --> 00:35:35.004
at least in our neighborhood, there's
a lot of lemonade stands that pop up

00:35:35.214 --> 00:35:38.094
and like small little things where
they have the opportunity to once

00:35:38.094 --> 00:35:39.714
again, potentially earn some money.

00:35:39.714 --> 00:35:43.554
Make some money, and they interact with
people that are buying whatever, like

00:35:43.554 --> 00:35:47.154
I said, whether it's lemonade or snow
cones or cookies, whatever that is.

00:35:47.154 --> 00:35:49.494
So I think it's a great
opportunity for them.

00:35:49.589 --> 00:35:52.859
it just, it goes another level
more than the preschool where now

00:35:52.859 --> 00:35:55.499
they're actually interacting with
people outside of their family.

00:35:55.679 --> 00:35:55.739
Yeah.

00:35:55.739 --> 00:35:57.689
Like with, neighbors or
friends and stuff like that.

00:35:57.689 --> 00:36:01.649
And having conversations about what trade
looks like and a business looks like.

00:36:01.699 --> 00:36:03.559
and once again, we don't
go much beyond that.

00:36:03.559 --> 00:36:05.949
We don't even get into
the tax conversation yet.

00:36:06.219 --> 00:36:10.539
But it's just an opportunity for them to
start to express, how they're gonna make

00:36:10.539 --> 00:36:12.669
money potentially and what it feels like.

00:36:12.759 --> 00:36:15.669
'cause a lot of times it feels
good for them to do something

00:36:15.759 --> 00:36:16.869
and then get paid for it.

00:36:16.869 --> 00:36:19.539
And now they got this money to
go buy something that they want.

00:36:19.544 --> 00:36:20.009
Louie: Yep, yep.

00:36:20.439 --> 00:36:24.369
Jon: great opportunity at that age to do
a lemonade stand or something like that.

00:36:24.374 --> 00:36:25.694
Louie: We got a lot of
'em in our neighborhoods.

00:36:25.694 --> 00:36:25.844
Yeah.

00:36:25.844 --> 00:36:28.984
So I, and we try to buy, we try
to shop and buy because it's let's

00:36:28.984 --> 00:36:32.624
talk about these kids are being
industrious and they're, trying to do

00:36:32.624 --> 00:36:34.694
something cool and provide a service.

00:36:34.694 --> 00:36:35.414
let's support it.

00:36:35.414 --> 00:36:38.224
and then I think, same thing around
elementary age, you can teach 'em

00:36:38.224 --> 00:36:41.284
to give, I think it's important
to instill the values of giving.

00:36:41.534 --> 00:36:44.324
that's important to our family is
to give to those in need to those

00:36:44.324 --> 00:36:46.364
who are less fortunate than we are.

00:36:46.574 --> 00:36:47.504
And so that has.

00:36:47.939 --> 00:36:51.269
we've even really started at the preschool
age, but definitely by elementary.

00:36:51.419 --> 00:36:54.539
The idea of giving to those in
need and why that's important.

00:36:54.589 --> 00:36:58.639
we're very blessed and we
have done well financially.

00:36:58.639 --> 00:37:03.099
And so there are those that don't, that
have not been, as lucky as we have.

00:37:03.099 --> 00:37:05.969
And it's okay and it's good
to, to give to those causes.

00:37:05.969 --> 00:37:09.929
So by elementary school, if that's a value
for your family, you should be really

00:37:09.929 --> 00:37:15.489
imparting that to kids by having them,
give money to charity and to good social

00:37:16.029 --> 00:37:16.269
Jon: Yeah.

00:37:16.359 --> 00:37:18.354
No, I think that's, I think
that's super important.

00:37:18.889 --> 00:37:22.519
so obviously as we go up the kind of
the hierarchy or the age spectrum,

00:37:22.519 --> 00:37:24.659
now we're talking about that preteen.

00:37:24.659 --> 00:37:27.719
So we're talking, end of elementary
school, beginning of middle school,

00:37:27.719 --> 00:37:30.749
definitely the awkward years and
a whole host of different things.

00:37:31.029 --> 00:37:35.019
but this is one now where kids really
can start to value and consider

00:37:35.019 --> 00:37:36.369
the importance of working more.

00:37:36.419 --> 00:37:39.209
A lot of 'em will do, things
on, in the summer, on the side

00:37:39.209 --> 00:37:40.409
jobs, like all sorts of different

00:37:40.409 --> 00:37:40.529
Louie: things.

00:37:40.529 --> 00:37:40.589
Yeah.

00:37:40.589 --> 00:37:42.929
Shoveling snow, mowing lawns, maybe.

00:37:43.139 --> 00:37:45.449
Jon: And money for them now at
this point because they're hanging

00:37:45.449 --> 00:37:48.089
out with their friends and wanting
to go do things outside of, just

00:37:48.089 --> 00:37:50.939
hanging out with the family becomes
way more important for them.

00:37:50.939 --> 00:37:52.539
Yeah, They're asking for money now.

00:37:52.539 --> 00:37:54.609
Yeah, because before you're
just going out as a family.

00:37:54.819 --> 00:37:57.699
You go into the movie and it's okay, mom
and dad are picking up everything, but

00:37:57.699 --> 00:37:59.679
now they're like, Hey, it's Friday night.

00:37:59.684 --> 00:38:02.204
And I'm going out with Jimmy and
we're gonna go catch a movie.

00:38:02.204 --> 00:38:04.379
So I need 25 bucks pops.

00:38:04.559 --> 00:38:07.649
So now you're like, okay, now you
have to have conversations more

00:38:07.649 --> 00:38:12.179
around like the value of money and
what can you do to help support some

00:38:12.179 --> 00:38:13.439
of the things that you want to do.

00:38:13.649 --> 00:38:17.559
So there's way more buy-in now at
this age, to really start to have

00:38:17.559 --> 00:38:19.389
those conversations around budgeting.

00:38:19.539 --> 00:38:19.599
Yeah.

00:38:19.689 --> 00:38:23.649
Right now you can start to talk about,
okay, you've got a finite amount of money.

00:38:23.649 --> 00:38:25.539
This is how much money you're
making this week, or Right.

00:38:25.539 --> 00:38:26.259
Or whatever.

00:38:26.259 --> 00:38:27.759
And you want to go do these things.

00:38:28.189 --> 00:38:31.009
you can start to orchestrate what
budgeting looks like and help

00:38:31.009 --> 00:38:32.659
them, and support them with that.

00:38:32.849 --> 00:38:35.629
Louie: I, I think this is a great time
to pull out the spreadsheet for kids

00:38:35.629 --> 00:38:38.899
and I, I don't think elementary school
you need to do it, but at some point

00:38:38.899 --> 00:38:41.149
you need to be like, well, let's sit
down and create a plan, whether that's

00:38:41.149 --> 00:38:44.329
a spreadsheet or whether that's a
notebook, but having a way where you

00:38:44.329 --> 00:38:46.789
can plan out your future expenses.

00:38:46.939 --> 00:38:49.759
They get that the pre-teen age,
they're ready and they know that they

00:38:49.759 --> 00:38:52.609
have some big things coming up that
they want, or they have a video game

00:38:52.609 --> 00:38:56.059
system that they wanna buy, and it's
gonna take quite a bit of saving and

00:38:56.299 --> 00:38:59.239
a lot of commission work that they
need to do before they can get it.

00:38:59.569 --> 00:39:03.169
Now you can wave that carrot in front
of them and have them work towards it.

00:39:03.349 --> 00:39:04.819
Great age to do that thing.

00:39:05.149 --> 00:39:08.169
And also related to that is
that's the time where we can

00:39:08.169 --> 00:39:09.609
teach 'em about opportunity costs.

00:39:09.609 --> 00:39:10.449
The pre-teen ages.

00:39:10.449 --> 00:39:13.509
Now they're, they can conceptually
understand opportunity costs and

00:39:13.509 --> 00:39:16.089
just for those that need a little
reminder of what opportunity cost is.

00:39:16.089 --> 00:39:20.439
Opportunity cost is what you give up
when you choose between two options.

00:39:20.439 --> 00:39:23.679
Whether it's just keeping
it simple for kids, again.

00:39:23.959 --> 00:39:29.029
buying candy now versus buying
a $60 video game in four or six

00:39:29.029 --> 00:39:30.079
months or something like that.

00:39:30.439 --> 00:39:31.459
Do I want that now?

00:39:31.459 --> 00:39:35.089
Do I want that instant gratification
or do I want to put that off and

00:39:35.089 --> 00:39:38.119
give that up so that I can buy
this bigger item in the future?

00:39:38.419 --> 00:39:41.359
Kind of teaching them that at a young
age and how to think through that.

00:39:41.649 --> 00:39:42.309
the pre-teen age.

00:39:42.429 --> 00:39:43.209
Perfect time for that.

00:39:43.799 --> 00:39:47.559
Jon: I think that's, a good, age
appropriate, interaction to have.

00:39:47.689 --> 00:39:51.559
and then last but not least, obviously
now we're talking about teenagers and a

00:39:51.559 --> 00:39:53.839
lot of the challenges that go with teens.

00:39:53.869 --> 00:39:57.469
and really now getting into the real,
they're becoming young adults, soon

00:39:57.469 --> 00:40:00.739
to be young adults, and now they're
really having to grasp more with like

00:40:00.799 --> 00:40:05.209
reality in the real world and really
what money, how money works and how

00:40:05.209 --> 00:40:06.529
it serves a purpose in their life.

00:40:06.529 --> 00:40:10.829
So this is really where hopefully now,
they do have some type of, way that

00:40:10.829 --> 00:40:12.149
they're making money on their own.

00:40:12.269 --> 00:40:14.339
And this is really hard
too in our culture, right?

00:40:14.339 --> 00:40:14.879
And a lot of.

00:40:15.159 --> 00:40:18.309
firefighters and our friends, their
kids are heavily involved in sports.

00:40:18.429 --> 00:40:19.089
Oh, big time.

00:40:19.094 --> 00:40:19.204
Sports.

00:40:19.389 --> 00:40:19.959
Sports.

00:40:19.959 --> 00:40:20.319
sports.

00:40:20.319 --> 00:40:23.379
And I'm not to try to dismiss that
'cause I think sports are valuable

00:40:23.379 --> 00:40:27.159
for a lot of different reasons, but
sometimes I think it is at the detriment

00:40:27.249 --> 00:40:32.509
of kids being able to be kids and have
a summer job or be able to make money.

00:40:32.539 --> 00:40:35.929
and all they know is just sports and
they're going across the country,

00:40:35.929 --> 00:40:37.399
traveling to all sorts of stuff.

00:40:37.429 --> 00:40:38.659
And that's their job,

00:40:38.849 --> 00:40:38.869
Louie: all year.

00:40:38.919 --> 00:40:40.389
these families are doing it all year.

00:40:40.389 --> 00:40:41.529
It's wild.

00:40:41.574 --> 00:40:44.004
Jon: and that's challenging, but
I think now is the time to have

00:40:44.004 --> 00:40:47.874
those conversations with your kids
on money talking about, budgeting.

00:40:48.054 --> 00:40:50.964
And then you're starting to
have more adult conversations

00:40:50.964 --> 00:40:52.854
about investing, right?

00:40:52.854 --> 00:40:56.124
Really now you can really start
to talk about, okay, that's great.

00:40:56.124 --> 00:40:59.804
You worked at, the pool, or you cut
a bunch of, or you mowed a bunch

00:40:59.804 --> 00:41:03.364
of, lawns, and now you've made four
grand or $5,000 over the summer.

00:41:03.364 --> 00:41:04.024
That's great.

00:41:04.394 --> 00:41:06.944
let's talk about what are we
gonna do with that four or $5,000.

00:41:06.944 --> 00:41:10.574
Hopefully we haven't just spent it all,
like hopefully we've saved some of that

00:41:10.574 --> 00:41:15.254
money and now let's talk about ways that
we can make that money grow and that money

00:41:15.254 --> 00:41:19.664
will then make other money and really have
those concepts around investing compound

00:41:19.664 --> 00:41:21.434
interest and how to invest wisely.

00:41:21.684 --> 00:41:25.014
by the time your kids get to,
13, 14, 15, they should really

00:41:25.014 --> 00:41:27.774
start to be able to understand
some of that stuff conceptually.

00:41:27.789 --> 00:41:28.029
Louie: Yeah.

00:41:28.269 --> 00:41:29.739
I mean that, this is high school age.

00:41:29.739 --> 00:41:32.769
they need to know about investing
in comp compound interest.

00:41:32.769 --> 00:41:34.599
They also need to know
about credit and debt.

00:41:34.959 --> 00:41:35.019
Yeah.

00:41:35.049 --> 00:41:36.369
And the dangers of that.

00:41:36.589 --> 00:41:40.099
how it could be a tool maybe, but
how it could also really burn you.

00:41:40.479 --> 00:41:44.249
so that's your time to really just be very
open and honest with 'em about everything,

00:41:44.249 --> 00:41:48.119
about your finances and about how you
save and how you think about money.

00:41:48.419 --> 00:41:51.299
'cause they're gonna ask, like they
will find opportunities to ask you

00:41:51.299 --> 00:41:53.429
about your financial situation.

00:41:53.669 --> 00:41:56.519
And I think a lot of parents,
like for decades, I think for

00:41:56.519 --> 00:41:59.099
generations past, they'd be like,
wow, they don't need to know.

00:41:59.099 --> 00:42:00.239
I don't need to tell 'em about my money.

00:42:00.569 --> 00:42:00.659
Yeah.

00:42:00.659 --> 00:42:01.889
I just don't think that's the best option.

00:42:01.889 --> 00:42:05.069
I think just being really open
and frank with them about money.

00:42:05.309 --> 00:42:06.989
even money problems to a certain extent.

00:42:07.019 --> 00:42:10.319
I'm not saying you should burden them
with your financial problems, but you

00:42:10.319 --> 00:42:13.169
should talk to them about things that
you've had to think through or sacrifices

00:42:13.169 --> 00:42:18.389
you've had to make in order to save for
your future or to save for their future.

00:42:18.769 --> 00:42:20.869
it's a great opportunity
to do that as a teenager.

00:42:21.074 --> 00:42:21.314
Jon: Yeah.

00:42:21.314 --> 00:42:24.269
I've seen, I've seen this play out
the most and maybe you have too,

00:42:24.269 --> 00:42:28.489
Louie, just talking with a lot of,
our firefighters is where this concept

00:42:28.489 --> 00:42:31.459
really comes to a head is college.

00:42:31.464 --> 00:42:31.674
Yeah.

00:42:31.879 --> 00:42:34.579
And when we start talking about where
we're going to college and how much

00:42:34.759 --> 00:42:37.699
college is gonna cost, this is really
where you have to be completely

00:42:37.699 --> 00:42:42.319
transparent as a parent, And say Hey, I
was able to save this amount of money,

00:42:42.319 --> 00:42:46.279
or maybe I wasn't right, but this is
basically what our family can contribute

00:42:46.609 --> 00:42:49.609
and now we want to go to this school
and this is how much money this costs.

00:42:49.609 --> 00:42:52.009
And I'm telling you right now, this
is the thing that really brings it

00:42:52.009 --> 00:42:58.979
home for kids and parents, both where
they realize, some of the Challenges

00:42:58.979 --> 00:43:02.849
of maybe not saving up for college
and just having those conversations.

00:43:02.999 --> 00:43:03.059
Yeah.

00:43:03.119 --> 00:43:06.209
so this is one that, once again,
I think there's a lot of different

00:43:06.209 --> 00:43:09.149
resources out there when you're talking
about college and affordability, and

00:43:09.149 --> 00:43:12.059
we'll talk about that in the accounts
section here in just a second.

00:43:12.359 --> 00:43:15.989
But this is really where it comes to a
head and where there's a lot of sometimes

00:43:15.989 --> 00:43:17.789
pretty difficult conversations mm-hmm.

00:43:18.029 --> 00:43:20.969
About man, that's great that you got into
this school and all these other things,

00:43:20.969 --> 00:43:22.709
but we're looking at all these costs and

00:43:23.399 --> 00:43:27.419
Louie: And here's what debt can happen if
you decide to go outta state or whatever.

00:43:27.479 --> 00:43:27.899
totally.

00:43:28.319 --> 00:43:28.379
Yeah.

00:43:28.379 --> 00:43:31.314
And I think finally, I'll just say
this about the high school years is

00:43:31.404 --> 00:43:34.224
that's, this is your, probably your
last chance to drive home the importance

00:43:34.224 --> 00:43:37.464
of being a saver, being someone who
just is gonna commit to saving some

00:43:37.464 --> 00:43:41.964
of their money or, and setting aside
money for rainy days and for the future.

00:43:42.414 --> 00:43:45.384
If you can't do it now in as a high
schooler, if you can't teach that

00:43:45.384 --> 00:43:47.934
to them, they might never learn
the importance of that, or they

00:43:47.934 --> 00:43:49.284
might not learn for many years.

00:43:49.284 --> 00:43:52.534
And it'll cost them a lot of money and a
lot of heartache, if they're not a saver.

00:43:52.564 --> 00:43:54.664
So being a saver is really important.

00:43:54.844 --> 00:43:57.154
Teach it to them by the teenage years.

00:43:57.264 --> 00:43:57.774
just do it.

00:43:57.894 --> 00:43:59.574
Like you gotta save, you
gotta save some money.

00:43:59.684 --> 00:43:59.924
yeah.

00:44:00.734 --> 00:44:01.004
Jon: Good.

00:44:01.004 --> 00:44:05.114
So that, I think that's really wraps up
the conversation around at least talking

00:44:05.114 --> 00:44:08.774
about money and some of the education
that goes around money with your kids.

00:44:08.774 --> 00:44:12.404
obviously from the time they're little
kids like toddlers in preschool all

00:44:12.404 --> 00:44:16.314
the way up until they're young adults
in high school and going off into the

00:44:16.314 --> 00:44:20.154
workforce at some point or college or
whatever that avenue looks like for 'em.

00:44:20.154 --> 00:44:23.034
So now that we've got that behind
us, let's talk about some of

00:44:23.034 --> 00:44:27.204
the avenues in which you can use
different accounts to help support

00:44:27.204 --> 00:44:28.899
your kids or set them up financially.

00:44:28.969 --> 00:44:29.259
Okay.

00:44:29.269 --> 00:44:31.394
So there are different options with that.

00:44:31.394 --> 00:44:34.334
So we'll talk about this
one first and foremost.

00:44:34.574 --> 00:44:35.864
Louie: Can I just give
a quick disclaimer here?

00:44:35.864 --> 00:44:35.954
Yeah.

00:44:36.109 --> 00:44:39.584
I, so before we talk about how you can
save for your kids, which I know comes

00:44:39.584 --> 00:44:42.554
out of a great place, like parents want
to help their kids and that's awesome.

00:44:42.969 --> 00:44:46.814
But I just wanna say that any kind of
saving for kids should only be done after

00:44:46.814 --> 00:44:48.704
you have saved adequately for yourself.

00:44:48.734 --> 00:44:54.104
So your goal as a parent should to not
be a burden to your children someday.

00:44:54.554 --> 00:44:59.084
So I don't think that you should be
sacrificing your own retirement savings.

00:44:59.134 --> 00:45:04.084
And your own emergency fund savings in
order to fund your children's whatever

00:45:04.084 --> 00:45:08.194
college or just a down payment for
their house or anything like that.

00:45:08.644 --> 00:45:11.884
Focus on your own retirement and your
savings account before you consider

00:45:11.884 --> 00:45:13.324
opening an account for your child.

00:45:13.324 --> 00:45:15.844
And it's okay if you don't have
a lot of money to save for them.

00:45:15.844 --> 00:45:20.164
After that, you, number one goal
is to save for yourself first.

00:45:20.164 --> 00:45:22.804
And I know that sounds selfish,
I know that sounds, but it's not.

00:45:22.804 --> 00:45:24.954
What you're really doing is
you're not being selfish.

00:45:24.954 --> 00:45:27.324
You're making sure that you're in a
position that your kids won't have to

00:45:27.324 --> 00:45:29.304
take care of you when they become adults.

00:45:29.544 --> 00:45:33.654
So only consider these things that we're
talking about after you have adequately

00:45:33.654 --> 00:45:36.294
funded your own retirement accounts.

00:45:36.694 --> 00:45:37.084
Jon: Yeah.

00:45:37.089 --> 00:45:41.349
the famous saying with that is, you can
always borrow for, your kids' future,

00:45:41.349 --> 00:45:44.379
whether that's college or other things,
but you can't borrow your retirement.

00:45:44.469 --> 00:45:44.799
Exactly right.

00:45:44.799 --> 00:45:47.829
You can't, there's no loan you can
take out there when you're ready to

00:45:47.829 --> 00:45:49.299
retire and there's no money out there.

00:45:49.299 --> 00:45:52.539
So you do have to, it's they
always, Talk about the example

00:45:52.539 --> 00:45:53.679
when you're on the airplane, right?

00:45:53.679 --> 00:45:56.709
You gotta put your oxygen mask on
yourself first before your kids.

00:45:56.769 --> 00:45:59.199
And in the circumstances,
finances is true.

00:45:59.199 --> 00:46:03.009
You have to get your financial house
in order first in order to help

00:46:03.009 --> 00:46:04.569
them and their financial house.

00:46:04.569 --> 00:46:06.069
So I think that's super important.

00:46:06.309 --> 00:46:07.809
Good clarification on that, Louis.

00:46:08.199 --> 00:46:11.409
So this is assuming that you're
taking care of yourself financially

00:46:11.409 --> 00:46:14.889
in your retirement and your future,
before you're helping out your kids.

00:46:14.889 --> 00:46:19.659
So one of the very popular avenues
when it comes to accounts and,

00:46:19.689 --> 00:46:23.379
saving for your kids or saving for
goals for your kids is college.

00:46:23.379 --> 00:46:23.469
Mm-hmm.

00:46:23.659 --> 00:46:26.909
We just talked about the cost of
college and there will be a whole

00:46:26.909 --> 00:46:30.569
episode of college and how to
navigate college here in the future.

00:46:30.569 --> 00:46:34.179
This is something that I get asked
a lot about, and it's constantly

00:46:34.179 --> 00:46:37.989
changing, but one of the good accounts
out there is something, and most

00:46:37.989 --> 00:46:42.339
of you have probably heard about
this, it's called a 5 29 account.

00:46:42.639 --> 00:46:46.569
Once again, 5 29 is for the, section
in the Internal Revenue Code.

00:46:46.569 --> 00:46:46.869
Anything.

00:46:46.869 --> 00:46:52.414
Any type of account of
financially 4 0 1 5 29 4 57.

00:46:52.474 --> 00:46:55.624
It all is just the precursor
to the internal revenue code.

00:46:55.624 --> 00:46:57.724
So that's where this is cited.

00:46:58.124 --> 00:47:01.484
but really what this is this is
an avenue for you as a parent,

00:47:01.734 --> 00:47:06.949
to help saving for your, for your
kids on a, taxed advantage basis.

00:47:07.384 --> 00:47:11.764
So what this looks like, and once again,
we're in the state of Colorado, right?

00:47:11.764 --> 00:47:12.874
That's where Louis and I are based.

00:47:12.874 --> 00:47:14.734
So that's what we're
the most familiar with.

00:47:15.034 --> 00:47:18.574
So if you're listening outside of the
state of Colorado, each state has their

00:47:18.574 --> 00:47:22.654
own little provisions and their own,
accounts in order to fund this in order

00:47:22.654 --> 00:47:25.624
to get a, state income tax deduction.

00:47:25.924 --> 00:47:26.284
Alright?

00:47:26.284 --> 00:47:27.664
So this is not a federal.

00:47:27.724 --> 00:47:28.654
Tax deduction.

00:47:28.654 --> 00:47:31.504
So you're not gonna save money by
putting into these accounts on a

00:47:31.504 --> 00:47:35.284
federal tax basis, but there is
the opportunity that you can save

00:47:35.284 --> 00:47:37.654
some money on an income tax basis.

00:47:38.044 --> 00:47:43.054
So basically what happens is your
money comes from a post tax account.

00:47:43.054 --> 00:47:44.824
So you can't do any of this stuff pre-tax.

00:47:45.154 --> 00:47:47.344
So you'll get money, you'll
get your paycheck, or you'll

00:47:47.344 --> 00:47:48.484
get a windfall or whatever.

00:47:48.484 --> 00:47:51.754
So you have this money and then you
can allocate how you want to do it.

00:47:52.004 --> 00:47:54.714
but then you can set it up,
through different, accounts.

00:47:54.984 --> 00:48:00.324
So in Colorado, if you want
the state income tax deduction,

00:48:00.624 --> 00:48:02.664
you would go to college invest.

00:48:02.724 --> 00:48:04.764
That's our state sponsored plan, right?

00:48:04.764 --> 00:48:07.884
Like I said, almost every state
has their own state sponsored plan.

00:48:08.154 --> 00:48:10.864
So if you're really trying to
take advantage, and get the

00:48:10.864 --> 00:48:14.824
income tax deduction from your
state, use a state sponsored plan.

00:48:14.854 --> 00:48:17.674
So once again, for Colorado,
that's college Invest.

00:48:17.674 --> 00:48:21.734
If you just, Google that Chad, TPT
at whatever college invest, it'll get

00:48:21.734 --> 00:48:23.534
you to the landing page from there.

00:48:24.204 --> 00:48:27.564
So your money goes in, like I
said, it goes in after taxed,

00:48:27.864 --> 00:48:31.044
but depending, there's different
avenues in how it can be invested.

00:48:31.314 --> 00:48:34.974
That money will then grow tax
deferred, so you're not gonna pay

00:48:35.124 --> 00:48:37.614
any taxes on that on a yearly basis.

00:48:37.734 --> 00:48:42.204
And then assuming it gets used
for educational purposes, and once

00:48:42.204 --> 00:48:46.039
again, the IRS lines out exactly
what you can and cannot use it for.

00:48:46.619 --> 00:48:51.814
It will grow tax free and then when
you pay a tuition bill or something

00:48:51.814 --> 00:48:55.594
else associated with education,
it then comes out tax free.

00:48:55.664 --> 00:48:58.764
So it's very similar to,
kind of retirement accounts.

00:48:59.049 --> 00:49:01.239
As long as they're
qualified to some degree.

00:49:01.239 --> 00:49:05.259
So the key point with this though,
is you have to use after tax money so

00:49:05.259 --> 00:49:06.969
it can, it doesn't come out pre-tax.

00:49:07.389 --> 00:49:10.929
You can get potentially
an income tax deduction.

00:49:12.009 --> 00:49:12.759
from your state.

00:49:12.759 --> 00:49:12.789
From your state.

00:49:12.879 --> 00:49:13.269
Yep.

00:49:13.329 --> 00:49:16.539
And then it'll grow tax free
as long as you invest it.

00:49:16.789 --> 00:49:20.619
and then when it is taken out, it
will then, not be taxable as long

00:49:20.619 --> 00:49:22.719
as it is for educational purposes.

00:49:22.734 --> 00:49:25.644
Louie: And the educational
requirements, what they consider qua

00:49:25.644 --> 00:49:27.594
a qualified expense is pretty broad.

00:49:27.594 --> 00:49:30.204
Like it doesn't have to be your
traditional four year college.

00:49:30.264 --> 00:49:34.254
It could be, EMT school or a paramedic.

00:49:34.254 --> 00:49:37.944
It could be vocational, it could
be, an apprenticeship program.

00:49:38.244 --> 00:49:39.294
It could be flight school.

00:49:39.294 --> 00:49:43.494
if you wanna send a kid to flight school,
they're, it's very generous in terms

00:49:43.494 --> 00:49:47.604
of what they consider to be continuing
education or post-secondary education.

00:49:48.084 --> 00:49:51.354
So it's not like they need to go to a
traditional four year college in order

00:49:51.354 --> 00:49:53.364
to be eligible to spend that money.

00:49:53.484 --> 00:49:58.464
Jon: And it can also be used for
K through 12 education as well.

00:49:58.684 --> 00:50:02.624
the last, limits were 10,000 a
year, I think in this year, 2026.

00:50:02.624 --> 00:50:03.824
They're actually gonna double that

00:50:03.944 --> 00:50:04.874
Louie: it's 20,000.

00:50:04.874 --> 00:50:05.084
Yep.

00:50:05.084 --> 00:50:05.234
Thousand

00:50:05.564 --> 00:50:06.164
Jon: per year.

00:50:06.404 --> 00:50:10.334
But really, I mean, you guys can imagine
the magic with these plans are, is

00:50:10.334 --> 00:50:12.584
getting it funded early and often.

00:50:12.614 --> 00:50:14.984
Really getting that
opportunity for it to compound.

00:50:15.264 --> 00:50:18.594
if you're only doing it the last couple of
years, something is better than nothing.

00:50:18.594 --> 00:50:23.934
But really where these things thrive is
if you can set money up earlier on in your

00:50:23.934 --> 00:50:29.404
kids' life and hopefully let that thing
grow for 18 years, that's a huge benefit.

00:50:29.464 --> 00:50:29.524
Yeah.

00:50:29.524 --> 00:50:32.104
Huge benefit to get as much
money in there early on.

00:50:32.104 --> 00:50:35.084
If you really think this is something
you wanna save for, you're gonna have a

00:50:35.084 --> 00:50:36.944
much better return on that investment.

00:50:37.559 --> 00:50:39.359
Louie: And so we'll say
this before we go on.

00:50:39.419 --> 00:50:42.749
I'll just say that I think the 5
29 is the best account for kids.

00:50:42.749 --> 00:50:46.949
And you have to determine like the value
you spend on, the value you place on

00:50:46.949 --> 00:50:50.229
education for your children, and if you
think they're gonna go to college or not,

00:50:50.229 --> 00:50:54.119
because tying up all that money into,
educational purposes that they might not

00:50:54.119 --> 00:50:58.259
use might not be the best because you have
to pay a hefty penalty if you use it for

00:50:58.259 --> 00:51:00.119
something other than educational expenses.

00:51:00.119 --> 00:51:03.359
So you gotta really think about where
your kids are and if you're gonna really

00:51:03.359 --> 00:51:05.579
place a lot of value on education.

00:51:05.849 --> 00:51:10.289
I know we do in our family, and I have a
lot of conflicting feelings about college

00:51:10.289 --> 00:51:12.399
and about the cost of college, but we're.

00:51:13.104 --> 00:51:17.604
Place an emphasis to our children
on continuing their education

00:51:17.604 --> 00:51:20.604
after high school, whether that's a
traditional college or a vocational

00:51:21.114 --> 00:51:22.374
training or something else.

00:51:22.374 --> 00:51:25.884
We do want them to continue to
get skills and knowledge and

00:51:25.884 --> 00:51:27.594
education after high school.

00:51:28.164 --> 00:51:31.574
And then what I think makes it a no
brainer, at least to saving a certain

00:51:31.574 --> 00:51:37.244
amount in a 5 29 account is there was
a new tax, law that, went into effect

00:51:37.244 --> 00:51:43.344
a couple years ago that allows you
to roll over up to $35,000 total from

00:51:43.344 --> 00:51:46.074
your 5 29 account into a Roth IRA.

00:51:46.614 --> 00:51:47.994
So even if they don't.

00:51:48.249 --> 00:51:51.159
Spend all the money that
they have in a 5 29 account.

00:51:51.499 --> 00:51:53.629
you can roll that into a Roth IRA account.

00:51:53.659 --> 00:51:55.969
They can roll it into a
Roth IRA account for them.

00:51:55.969 --> 00:51:58.489
So you're basically, you
could be pre-funding their

00:51:59.029 --> 00:52:00.559
retirement account in a Roth.

00:52:00.559 --> 00:52:04.419
I a, which as John and I think are the
best accounts for almost anyone as a Roth

00:52:04.419 --> 00:52:10.719
IRA, they, you can actually get up to
$35,000 in that, of that 5 29 into a Roth

00:52:10.719 --> 00:52:12.249
IRAI think that makes it a no-brainer.

00:52:12.249 --> 00:52:14.169
I think this is the best
account to save for.

00:52:14.469 --> 00:52:17.289
We'll talk about some other options,
but you should really consider if you

00:52:17.289 --> 00:52:18.639
have children you wanna save for them.

00:52:18.789 --> 00:52:20.139
I think a 5 29 is great.

00:52:20.229 --> 00:52:20.529
Jon: Yep.

00:52:20.589 --> 00:52:22.689
and that just speaks to the
importance of getting this

00:52:22.689 --> 00:52:24.669
started sooner rather than later.

00:52:24.699 --> 00:52:28.039
'cause there are certain,
requirements to do that.

00:52:28.079 --> 00:52:32.309
5 29 to Roth, IRA rollover,
like Louis said, at a minimum

00:52:32.309 --> 00:52:33.839
it's gotta be open for 15 years.

00:52:33.839 --> 00:52:34.709
The account does.

00:52:34.959 --> 00:52:39.099
and then it is limited to how much you
can contribute to a Roth IRA each year,

00:52:39.319 --> 00:52:41.179
for this year I think it's $7,500.

00:52:41.179 --> 00:52:44.149
So it's not like you can just roll
it over as soon as they turn 18, you

00:52:44.149 --> 00:52:46.759
can put 35 grand into their Roth IRA.

00:52:46.759 --> 00:52:49.499
It's gotta be phased in over,
at this point it's gonna take

00:52:49.499 --> 00:52:50.789
you about five years to do that.

00:52:50.789 --> 00:52:52.199
But it's a great starting point.

00:52:52.199 --> 00:52:54.149
It's gonna give your kids a huge leg up.

00:52:54.419 --> 00:52:54.479
Yeah.

00:52:54.539 --> 00:52:57.879
So at a minimum, I think if you are
thinking about setting up your, accounts

00:52:57.879 --> 00:53:02.259
for your kids, a 5 29 makes a ton of
sense and getting to at least that 30

00:53:02.259 --> 00:53:05.599
5K amount is gonna be super beneficial.

00:53:05.659 --> 00:53:05.749
Yeah.

00:53:06.209 --> 00:53:09.029
and I just wanted to give a quick
shout out to, once again, I know most

00:53:09.029 --> 00:53:12.019
of our listeners are in the state
of Colorado, We went back through

00:53:12.019 --> 00:53:13.759
the website at College Invest.

00:53:13.979 --> 00:53:18.719
so just know right now you
can get a 5 29 account set up.

00:53:18.999 --> 00:53:21.279
the state will actually front load it.

00:53:21.279 --> 00:53:24.999
So without you even investing
anything, just by opening up account,

00:53:25.389 --> 00:53:29.919
they will give you $121 to seed
that account, to start that account.

00:53:30.289 --> 00:53:34.999
and then for the next three years,
they will match dollar for dollar.

00:53:35.714 --> 00:53:37.544
Five up to $500.

00:53:37.844 --> 00:53:42.524
So if you contribute at least $500 in
the first year to your kids' account,

00:53:42.884 --> 00:53:45.094
the the college invest will match that.

00:53:45.094 --> 00:53:48.484
So they will give you $500 and
that plays out for the next three

00:53:48.484 --> 00:53:49.984
years or for the first three years.

00:53:49.984 --> 00:53:54.414
So once again, Louie and I are
huge for, huge fans of, free money.

00:53:54.654 --> 00:53:55.914
This is literally free money.

00:53:56.004 --> 00:53:58.764
I mean, if you just open the
account, they'll give you $121.

00:53:58.764 --> 00:54:00.174
That is as free as it gets.

00:54:00.264 --> 00:54:02.789
And then once again, if you
put in dollar for dollar.

00:54:03.159 --> 00:54:05.229
Up to $500, they'll match that.

00:54:05.229 --> 00:54:06.759
That once again, is free money.

00:54:06.759 --> 00:54:10.039
Yeah, you have to put up the 500 bucks,
but you're gonna get $500 in return.

00:54:10.039 --> 00:54:13.549
So as we talk about strategies to
help support your kids and think

00:54:13.549 --> 00:54:15.949
about their financial future,
this, to me is a no-brainer.

00:54:15.999 --> 00:54:19.749
at a minimum, if you can get $500
in there for each one of your kids

00:54:19.749 --> 00:54:22.389
for the first three years, they're
gonna, they're gonna match that.

00:54:22.609 --> 00:54:24.769
and it's gonna, and it's gonna
give them a starting point.

00:54:24.769 --> 00:54:28.549
So I think that's super important to just
bring up how that plays out and works out.

00:54:29.029 --> 00:54:29.479
All right.

00:54:29.709 --> 00:54:30.399
so

00:54:30.474 --> 00:54:33.144
Louie: lot of people are
talking about this next account.

00:54:33.354 --> 00:54:35.044
This is so good.

00:54:35.044 --> 00:54:35.824
Such a great account.

00:54:35.824 --> 00:54:36.214
Beautiful.

00:54:36.334 --> 00:54:36.784
It's beautiful.

00:54:36.784 --> 00:54:37.294
Beautiful.

00:54:37.519 --> 00:54:37.999
Jon: Yes.

00:54:38.029 --> 00:54:40.159
these are the Trump accounts.

00:54:40.469 --> 00:54:43.129
and it actually, that's an acronym,
and I should probably look at

00:54:43.129 --> 00:54:44.659
what the acronym stands for.

00:54:44.939 --> 00:54:46.649
and they tailored it just for that.

00:54:46.649 --> 00:54:51.339
But this is something, that did get
passed in the, one big beautiful bill act.

00:54:51.609 --> 00:54:54.549
All right, so this is
gonna go retroactive, so it

00:54:54.549 --> 00:54:57.104
actually goes back to 2025.

00:54:58.264 --> 00:55:03.424
So in order for your kids to qualify
for this, at least to be able to get a

00:55:03.424 --> 00:55:09.364
contribution from the government, they
have to have been born January 1st, 2025.

00:55:09.734 --> 00:55:14.984
and this will extend in the
future until December 31st, 2028.

00:55:15.294 --> 00:55:19.584
so basically in the government
contribution will be $1,000.

00:55:19.854 --> 00:55:23.214
So if you open up one of these
accounts, similar to like we

00:55:23.214 --> 00:55:28.374
talked about, the 5 29 account, the
government will seed the first $1,000.

00:55:28.704 --> 00:55:29.154
Alright?

00:55:29.154 --> 00:55:30.774
They will fund that into that account.

00:55:30.774 --> 00:55:34.509
And that funding is not gonna take
place until July 1st of this year.

00:55:34.869 --> 00:55:38.479
So even if you do open up an account,
and I know a lot of the custodians

00:55:38.479 --> 00:55:40.899
and everything else are just
getting brought up to speed on this.

00:55:40.929 --> 00:55:43.209
but that won't take place
at least until this July.

00:55:43.479 --> 00:55:46.119
But if you do open up a Trump
account, the government will

00:55:46.119 --> 00:55:48.669
give you $1,000 to seed that.

00:55:48.794 --> 00:55:48.854
Louie: Yeah.

00:55:48.854 --> 00:55:50.354
And that's, once again, free money.

00:55:50.379 --> 00:55:50.919
Jon: Free money.

00:55:50.924 --> 00:55:51.089
I get

00:55:51.284 --> 00:55:51.464
Louie: it.

00:55:51.794 --> 00:55:53.444
You can contribute to this account.

00:55:53.444 --> 00:55:58.424
You can create an account for a child
if they're not born within between 2025

00:55:58.424 --> 00:56:02.084
and 2028, however, you're not gonna
get that a thousand dollars match.

00:56:02.434 --> 00:56:02.944
I don't know.

00:56:03.274 --> 00:56:07.354
I, you can contribute up to $5,000
per year in that account if you want.

00:56:07.744 --> 00:56:09.574
It's on an after tax basis.

00:56:09.914 --> 00:56:12.824
but the money does grow tax deferred,
and as long as it's spent on an

00:56:12.854 --> 00:56:16.304
eligible expense or a qualified
expense like education or starting

00:56:16.304 --> 00:56:20.734
a business or purchasing a home,
then it is spent tax free as well.

00:56:21.484 --> 00:56:22.354
It's an okay account.

00:56:22.354 --> 00:56:25.414
I mean, I don't have anything pro John,
do you have any problems or anything

00:56:25.414 --> 00:56:29.884
that super excites you besides the a
thousand dollars free government funding?

00:56:30.019 --> 00:56:33.439
Jon: Yeah, so what this is meant to
do is it's supposed to make everyone.

00:56:34.489 --> 00:56:37.039
Have some skin in the game when
it comes to the stock market

00:56:37.039 --> 00:56:38.359
and starting to get some assets.

00:56:38.359 --> 00:56:40.189
That was really the thought
process behind this.

00:56:40.189 --> 00:56:44.059
'cause there's still almost
50% of our population in this

00:56:44.059 --> 00:56:45.439
country that doesn't own a stock.

00:56:45.619 --> 00:56:49.009
So that's really what the purpose of
this was, is if kids did not have an

00:56:49.009 --> 00:56:52.729
avenue, or people didn't have an avenue,
is it was supposed to create more of a

00:56:52.779 --> 00:56:56.949
level playing field and try to reduce
income inequality in our country.

00:56:56.949 --> 00:56:58.749
That was really the
thought process behind it.

00:56:59.029 --> 00:57:01.129
most of the people that
I talk to are my own.

00:57:01.279 --> 00:57:04.759
professional thoughts are, this is, I
think it makes sense to get the match at a

00:57:04.759 --> 00:57:08.399
minimum once again, or get the a thousand
dollars not even talking about the match.

00:57:08.399 --> 00:57:09.539
Just open up the account.

00:57:09.779 --> 00:57:12.299
If you're eligible for that
contribution, that's a no brainer.

00:57:12.299 --> 00:57:13.589
That's gonna be a thousand dollars.

00:57:13.889 --> 00:57:17.409
And if you'd never even touch that
thing, by the time 1820 years comes

00:57:17.409 --> 00:57:20.499
around, that's gonna be, just at normal
rates, that's probably gonna be three

00:57:20.499 --> 00:57:23.629
grand that your kids are gonna have
that you didn't have to do anything for.

00:57:23.629 --> 00:57:25.159
All you had to do was
fill out some paperwork.

00:57:25.159 --> 00:57:27.439
So at a minimum, I think it makes sense.

00:57:27.439 --> 00:57:32.749
If you have a kid born between January
1st, 2025 through December 31st, 2028,

00:57:33.079 --> 00:57:36.859
it makes sense to open that account and
have that government seed that no brainer.

00:57:37.279 --> 00:57:40.879
Other than that, though, I'll be
honest, I think, there are better ways

00:57:41.149 --> 00:57:45.499
to save for your kids, either college
or if you want them to have a down

00:57:45.499 --> 00:57:49.339
payment for a house or if you want
them to, be able to start a business.

00:57:49.339 --> 00:57:52.559
I think there are better strategies
and better accounts, rather

00:57:52.559 --> 00:57:54.089
than those, that's just my own.

00:57:54.324 --> 00:57:55.029
My own 2

00:57:55.269 --> 00:57:55.539
Louie: I agree.

00:57:55.629 --> 00:57:56.079
Totally agree.

00:57:56.724 --> 00:57:59.844
Jon: All right, so one of the other
things that you may have heard of or

00:57:59.844 --> 00:58:02.754
you may, some of our listeners may
have had one of these accounts set

00:58:02.754 --> 00:58:07.134
up for them when they were kids are
what are called custodial accounts.

00:58:07.404 --> 00:58:07.794
All right?

00:58:07.794 --> 00:58:09.294
So there's two different types.

00:58:09.294 --> 00:58:10.344
There's an ugma.

00:58:10.749 --> 00:58:12.009
And an UTMA account.

00:58:12.009 --> 00:58:16.839
So UGMA that stands for
Uniform Gifts to Minors Act.

00:58:17.169 --> 00:58:19.479
Alright, so these things have
been around for a long time.

00:58:19.539 --> 00:58:24.279
These things were like, started in like
the 1950s and basically what that was

00:58:24.279 --> 00:58:29.019
is that was a way that parents could
set up a, an account for their kids,

00:58:29.079 --> 00:58:30.789
hence the custodial nature of it.

00:58:30.849 --> 00:58:34.419
And they could invest in things
such as like stocks and bonds

00:58:34.419 --> 00:58:36.129
and financial assets like that.

00:58:36.709 --> 00:58:38.539
that thing was pretty much superseded.

00:58:38.539 --> 00:58:44.209
The UGMA accounts were superseded by what
is called the UTMA accounts, UT MA, that

00:58:44.209 --> 00:58:48.019
stands for Uniform Transfers of Minor
Act and that was put in the eighties.

00:58:48.049 --> 00:58:49.699
And that's basically all that I've seen.

00:58:49.699 --> 00:58:53.089
Now, I have not seen an UGMA account,
honestly, I only see Upma accounts.

00:58:53.339 --> 00:58:56.429
and really the only difference with
these are, once again, they're custodial

00:58:56.429 --> 00:59:00.699
accounts, but on top of being able to
put financial assets in there, you can

00:59:00.699 --> 00:59:04.719
also put real assets in there, pretty
much like real estate business interests.

00:59:04.724 --> 00:59:05.594
Stuff like that.

00:59:05.904 --> 00:59:11.754
so what's important to note about this
is you are the one, if you are a parent

00:59:11.754 --> 00:59:15.664
and you set one of these up for your
kids, you are the one that gets to manage

00:59:15.664 --> 00:59:18.004
and have a say on how it is invested.

00:59:18.454 --> 00:59:19.654
But your kid.

00:59:20.129 --> 00:59:21.719
Owns the account.

00:59:21.839 --> 00:59:21.929
Mm-hmm.

00:59:22.259 --> 00:59:22.589
All right.

00:59:22.589 --> 00:59:25.479
So that's something you have to
consider when you open up one of

00:59:25.479 --> 00:59:30.579
these things is, if you have a, if you
have an issue with your kids or you

00:59:30.579 --> 00:59:35.049
want to disinherit them and transfer
this, it is by the IRS's standards.

00:59:35.049 --> 00:59:36.639
It's an irrevocable gift.

00:59:36.849 --> 00:59:40.269
So once you put this into
place, your kid now owns that.

00:59:40.294 --> 00:59:44.644
Account, you cannot change the beneficiary
like you can with a 5 29 account.

00:59:44.644 --> 00:59:48.434
So that is one of the things to really
consider when you're setting up one of

00:59:48.434 --> 00:59:52.614
these things, is, it doesn't allow a lot
of flexibility once the accounts are open.

00:59:52.614 --> 00:59:57.064
It allows flexibility in how the account
is managed as you being, the person

00:59:57.064 --> 00:59:58.744
that can see how that account's managed.

00:59:58.774 --> 01:00:01.984
But the ownership never changes,
and it's gonna be your child

01:00:01.984 --> 01:00:04.654
that is going to be the owner of
that, the legal owner of that.

01:00:04.654 --> 01:00:07.844
So something to, consider
strongly with that.

01:00:08.124 --> 01:00:11.874
there are no contribution limits to
one of these accounts, so it's very

01:00:11.874 --> 01:00:13.374
similar if you want to think about it.

01:00:13.374 --> 01:00:16.344
So Louie and I, last episode
talked about a taxable account.

01:00:16.979 --> 01:00:17.699
That's what this is.

01:00:17.699 --> 01:00:20.339
It's an taxable account for your child.

01:00:20.609 --> 01:00:23.579
You're managing how the money
is allocated in the investments,

01:00:23.819 --> 01:00:25.289
but they are the beneficiaries.

01:00:25.289 --> 01:00:27.089
They are the owners of that account.

01:00:27.509 --> 01:00:31.589
There is also something called the
age of majority, and this is also

01:00:31.589 --> 01:00:36.299
the caveat to this account is the
age of majority in Colorado is 21.

01:00:36.689 --> 01:00:41.569
So even though you as, the set upper
of the account, you get to say how

01:00:41.569 --> 01:00:45.619
the account is being managed once
your child reaches 21, at least in the

01:00:45.619 --> 01:00:49.789
state of Colorado, they have complete
and full utter access to that account.

01:00:50.269 --> 01:00:51.054
Louie: And you don't get a say

01:00:51.199 --> 01:00:51.719
Jon: you don't get a

01:00:51.944 --> 01:00:54.014
Louie: you don't get to do
anything with it after that point.

01:00:54.074 --> 01:00:54.614
Jon: Correct.

01:00:54.674 --> 01:00:57.404
they now by law have full access to that.

01:00:57.404 --> 01:01:01.214
So if you have set up quite a bit of money
for it or grandparents have set up quite a

01:01:01.214 --> 01:01:06.364
bit of money for that and now Junior has,
call it a hundred grand, that's something

01:01:06.364 --> 01:01:11.974
to really consider is most 21 year olds
able to withstand the peer pressures.

01:01:12.224 --> 01:01:16.574
and the temptations that having a fully
funded account now of call it a hundred

01:01:16.574 --> 01:01:21.734
grand, are gonna be so something to
seriously consider when it comes to that.

01:01:22.064 --> 01:01:22.124
Yeah.

01:01:22.214 --> 01:01:23.894
I know what a lot of
people are thinking though.

01:01:23.894 --> 01:01:26.354
Some of our savvy firefighters
are thinking about.

01:01:26.354 --> 01:01:27.164
Dude, this is great.

01:01:27.464 --> 01:01:31.944
This is great because I'll just shield
this, as a way of paying less taxes.

01:01:32.124 --> 01:01:32.484
Right.

01:01:32.484 --> 01:01:35.304
I'll just, I'll just fund a
lot of this, I'll fund a lot

01:01:35.304 --> 01:01:37.474
of this, account with money.

01:01:37.544 --> 01:01:40.244
and then it's gonna be
taxed at my kids' rate.

01:01:40.244 --> 01:01:42.344
Which is super low 'cause
they're not making any money.

01:01:42.614 --> 01:01:44.864
And here I am at a higher tax bracket.

01:01:45.574 --> 01:01:46.474
Not so fast.

01:01:46.654 --> 01:01:47.794
Oh, not so fast.

01:01:47.854 --> 01:01:49.744
there's something called
the kitty tax rules.

01:01:49.804 --> 01:01:50.194
Alright?

01:01:50.194 --> 01:01:53.524
And we won't go too in depth
into this, but IRS is smart.

01:01:53.584 --> 01:01:55.234
They're gonna get their money so

01:01:55.344 --> 01:01:56.004
Louie: Sam gets his,

01:01:56.139 --> 01:01:56.359
Jon: Yep.

01:01:56.404 --> 01:02:00.544
So you can't use this to basically
shelter, income or pay your lower

01:02:00.544 --> 01:02:02.704
income tax rate, at your kids' rate.

01:02:02.704 --> 01:02:07.714
So just know that if that's your strategy,
and that's why you'd wanna fund this,

01:02:07.954 --> 01:02:09.304
there's better avenues out there.

01:02:09.304 --> 01:02:11.584
This is not gonna be a massive tax saving

01:02:11.969 --> 01:02:12.419
Louie: You'll still pay

01:02:12.724 --> 01:02:14.134
Jon: You're gonna still pay taxes.

01:02:14.674 --> 01:02:19.054
So I'm not gonna get any into any
more of the kitty tax rules with that.

01:02:19.574 --> 01:02:20.384
you can look 'em up.

01:02:20.414 --> 01:02:24.814
It's pretty self-explanatory, but just
know that, your kids will get a very

01:02:24.814 --> 01:02:29.014
small tax break at the very beginning,
but typically it's not worth setting these

01:02:29.014 --> 01:02:30.754
up if that's your number one strategy.

01:02:30.834 --> 01:02:30.894
Yeah.

01:02:30.984 --> 01:02:34.704
So it's something to know about and
like I said, I'm not against them.

01:02:34.764 --> 01:02:36.654
I think there's a time
and a place for 'em.

01:02:36.964 --> 01:02:41.794
but also know that it should not be
considered a use as far as a tax shelter

01:02:41.794 --> 01:02:45.454
or reducing your taxable liability 'cause
you're still gonna end up paying taxes.

01:02:45.484 --> 01:02:45.614
Yeah.

01:02:46.314 --> 01:02:48.504
Louie: I'll just go real
quick onto the next account.

01:02:48.564 --> 01:02:53.164
because I, there's this really cool
account that's like a UGMA or utma, and I

01:02:53.164 --> 01:02:54.784
think it's only offered through fidelity.

01:02:54.784 --> 01:02:55.294
I don't know why.

01:02:55.779 --> 01:02:58.209
None of the other brokerages do this,
but they have something called a Fidelity

01:02:58.209 --> 01:03:01.719
Youth account, or it used to be called
a Fidelity Teen brokerage account.

01:03:01.839 --> 01:03:06.279
But really what it is it's a way
for kids between 13 and 17 years

01:03:06.279 --> 01:03:10.689
old to have a brokerage account and
to actually invest their own money.

01:03:10.989 --> 01:03:15.789
So you as the parent are still, On
that account, and it's still under your

01:03:15.789 --> 01:03:19.179
direction, so to speak, but they can
open this account with a dollar minimum.

01:03:19.179 --> 01:03:20.829
There's no fees associated with it.

01:03:20.829 --> 01:03:23.289
They'll even give you a debit card
or give your child a debit card.

01:03:23.659 --> 01:03:27.679
and it just gives them a way to open
the app, invest money, learn about,

01:03:27.789 --> 01:03:30.099
compound growth by saving and investing.

01:03:30.399 --> 01:03:33.759
I think it's a cool account if you wanna
do something more for them than a regular

01:03:33.759 --> 01:03:35.259
checking account or savings account.

01:03:35.739 --> 01:03:39.009
Once they become eight, once
they turn 18, that youth account

01:03:39.009 --> 01:03:42.879
will transition to a brokerage,
like a regular taxable brokerage.

01:03:43.209 --> 01:03:47.359
But now they have a brokerage account
with a reputable, investment firm, and

01:03:47.359 --> 01:03:50.959
they can continue to keep adding to
that or watching it grow or whatever.

01:03:51.259 --> 01:03:53.719
So if you didn't want to go through
the whole Ugma, UTMA thing, but you

01:03:53.719 --> 01:03:57.289
just wanted to help your kid invest
or save for money, like maybe they're,

01:03:57.349 --> 01:03:59.989
we talked about they're a teenager
and they have a lawn mowing business,

01:04:00.289 --> 01:04:01.729
they can put money into this account.

01:04:02.064 --> 01:04:06.624
Under your direction and under your kind
of oversight and just save money for that.

01:04:06.624 --> 01:04:09.744
It's a kinda a simple way to get
them investing or learning about

01:04:09.744 --> 01:04:13.434
investing at a relatively young
age when the stakes are pretty low.

01:04:13.464 --> 01:04:14.184
So that

01:04:14.214 --> 01:04:14.724
Jon: that's great.

01:04:14.724 --> 01:04:14.844
That

01:04:14.844 --> 01:04:15.984
Louie: could be something
cool to consider.

01:04:15.984 --> 01:04:18.984
I'll probably do that when
my boys are at that age.

01:04:18.984 --> 01:04:20.394
I'll create these
accounts for them, I think

01:04:20.394 --> 01:04:21.979
I think Yeah,

01:04:22.049 --> 01:04:26.319
Jon: it sets the seeds early for that
and then, then it just transfers over

01:04:26.319 --> 01:04:29.709
when they become an adult to just a
regular taxable brokerage account,

01:04:29.709 --> 01:04:31.899
which once again, sets up good habits.

01:04:31.929 --> 01:04:33.969
It's so much of this is
just setting up good habits.

01:04:34.279 --> 01:04:35.984
so they don't have to create
those, when they get older.

01:04:36.094 --> 01:04:36.384
Yeah.

01:04:37.039 --> 01:04:39.889
And last but not least is Louie
and I's personal favorite.

01:04:39.939 --> 01:04:41.109
And that's the Roth IRA.

01:04:41.109 --> 01:04:43.389
So once again, this
requires earned income.

01:04:43.689 --> 01:04:46.229
So your kids have to
have, income coming in.

01:04:46.229 --> 01:04:49.079
So it could be from babysitting, it
can be from all sorts of stuff, but

01:04:49.079 --> 01:04:52.649
they have to show that they have
earned income in order to fund that.

01:04:52.949 --> 01:04:56.009
and this is one that, I mean,
honestly, when my kids get to this

01:04:56.009 --> 01:04:57.959
age, I'm gonna do some type of match.

01:04:58.229 --> 01:05:01.199
So if they're willing to, let's
say they make five grand, over

01:05:01.199 --> 01:05:04.589
the summer and they're willing
to put in 1500 bucks, guess what?

01:05:04.589 --> 01:05:06.329
I'm gonna put in 1500 bucks for them.

01:05:06.629 --> 01:05:08.759
'cause you can go up
to their earned income.

01:05:09.099 --> 01:05:12.359
you can do, you create your
own employee employer match in

01:05:12.359 --> 01:05:13.619
that circumstance like that.

01:05:13.619 --> 01:05:15.209
But, contribution limits are the same

01:05:16.244 --> 01:05:18.219
Louie: And just to be
clear, you gotta be careful.

01:05:18.219 --> 01:05:20.919
You can't just say oh, well they
haven't earned income because I gave

01:05:20.919 --> 01:05:22.449
them money for watching their little

01:05:22.449 --> 01:05:24.429
siblings, or they mowed my lawn.

01:05:24.459 --> 01:05:24.819
Yeah.

01:05:24.819 --> 01:05:25.689
It has to be reportable.

01:05:25.689 --> 01:05:26.379
It has to be an income.

01:05:26.439 --> 01:05:28.529
think of money from like a W2 job.

01:05:28.529 --> 01:05:31.219
if you got money because you
work at McDonald's or something

01:05:31.219 --> 01:05:32.569
like that, then it's eligible.

01:05:32.569 --> 01:05:35.419
It doesn't have to be the money
that they earned from them or

01:05:35.419 --> 01:05:37.039
from that job that goes into that.

01:05:37.089 --> 01:05:41.829
it doesn't have to be the same $5,000
that they got from their summer job.

01:05:42.489 --> 01:05:43.869
They just have to have that money.

01:05:43.899 --> 01:05:48.039
And if they made $3,000, then you,
if you wanted to, you can contribute

01:05:48.039 --> 01:05:50.469
$3,000 on their behalf into a Roth.

01:05:50.469 --> 01:05:51.069
IRA.

01:05:51.399 --> 01:05:52.899
They just have to have earned income.

01:05:53.199 --> 01:05:55.029
Honestly, though, it's
the best way to do it.

01:05:55.029 --> 01:05:57.969
if you really wanted to save for
their future, boy, that would be

01:05:57.969 --> 01:06:00.249
a great option if they have earned
income and you wanna do a match.

01:06:00.249 --> 01:06:01.329
John, I love that idea.

01:06:01.329 --> 01:06:02.169
I think that's awesome.

01:06:02.169 --> 01:06:06.609
Is, Hey, I want to talk to you about,
a father match for your summer job.

01:06:06.609 --> 01:06:08.979
any money that you put in, I'll
give you a hundred percent match.

01:06:09.379 --> 01:06:11.779
I think that's a great way to
motivate them to save for their

01:06:11.809 --> 01:06:13.759
Jon: Well, and hopefully that's
what it's gonna be like when they

01:06:13.759 --> 01:06:14.929
get to the real world, right?

01:06:14.929 --> 01:06:18.469
And they end up doing a job and they
have an opportunity to work for someone.

01:06:18.469 --> 01:06:20.989
If they do in a corporation, they
understand this is how it works.

01:06:20.989 --> 01:06:23.209
Like you putting a certain money and
they're gonna put in a certain money.

01:06:23.209 --> 01:06:26.959
So it's, once again, so much of
what we try to do around here is

01:06:26.959 --> 01:06:30.899
just creating or thinking about
good behaviors, good habits, and

01:06:30.899 --> 01:06:34.529
establishing those habits from an early
age I think will be super beneficial.

01:06:34.529 --> 01:06:34.589
Yeah.

01:06:34.859 --> 01:06:38.249
the last little point I wanted to make,
and this is not like a specific account,

01:06:38.639 --> 01:06:42.839
but this is just something that I would be
remiss as we talk about kids and accounts

01:06:42.839 --> 01:06:44.309
and behaviors and everything else.

01:06:45.089 --> 01:06:50.239
Most employers will have the ability to,
contribute to a flexible spending account.

01:06:50.239 --> 01:06:52.459
You guys can go back to some
of our previous episodes

01:06:52.459 --> 01:06:53.689
where we've talked about this.

01:06:53.879 --> 01:06:57.149
I know here at West Metro, we do
have a flexible spending account.

01:06:57.369 --> 01:06:59.949
and this is specifically
for dependent care, right?

01:06:59.949 --> 01:07:03.324
So once again, the good Lord
has heard our wishes and they

01:07:03.349 --> 01:07:04.999
have increased this amount.

01:07:05.029 --> 01:07:08.479
Lou and I gotten on a little
tirade a couple episodes ago, how

01:07:08.479 --> 01:07:11.889
they hadn't, adjusted this for
inflation in like almost 40 years.

01:07:12.219 --> 01:07:16.519
But long story short is, if you and
your spouse both work, so you, once

01:07:16.519 --> 01:07:20.209
again, you have to, the purpose behind
this was to help out working parents.

01:07:20.429 --> 01:07:21.929
you can contribute pre-tax.

01:07:22.419 --> 01:07:28.329
So once again, you're not gonna get taxed
on this money up to $7,500 per year.

01:07:28.659 --> 01:07:32.199
So most of the time you do this, it's
during the open enrollment season.

01:07:32.419 --> 01:07:35.479
but there are certain qualified
events that happen in life, where you

01:07:35.479 --> 01:07:36.889
could do this throughout the year.

01:07:36.889 --> 01:07:40.609
So once again, reach out to your HR
divisions and professionals if this is

01:07:40.609 --> 01:07:42.019
something that you're interested in doing.

01:07:42.019 --> 01:07:43.879
But this is another no-brainer.

01:07:43.879 --> 01:07:43.939
Yeah.

01:07:44.149 --> 01:07:47.439
If you are working and your
spouse is working, you should.

01:07:47.499 --> 01:07:50.569
And you're paying for daycare,
You should do this because it is

01:07:50.569 --> 01:07:52.189
going to save you on your taxes.

01:07:52.194 --> 01:07:53.124
it's a no-brainer.

01:07:53.304 --> 01:07:53.364
Yeah.

01:07:53.364 --> 01:07:54.084
100%.

01:07:54.084 --> 01:07:54.094
And

01:07:54.224 --> 01:07:56.444
Louie: this doesn't, this
is not money for them.

01:07:56.444 --> 01:07:59.384
This is not money that you're setting
aside for their use in the future.

01:07:59.384 --> 01:08:02.144
But at having children, this
will help you tremendously.

01:08:02.144 --> 01:08:04.694
You'll get a tax break on
the money that goes in there.

01:08:05.134 --> 01:08:09.034
dependent care FSA is great as a parent
when you are paying for childcare.

01:08:09.134 --> 01:08:13.094
Jon: it's just helping to support what's
already a very expensive endeavor.

01:08:13.124 --> 01:08:15.194
It's just gonna help,
subsidize a little bit of that.

01:08:15.194 --> 01:08:16.874
I would be remiss if I
didn't talk about that.

01:08:16.874 --> 01:08:19.064
I think so many people
miss the boat on that one.

01:08:19.064 --> 01:08:23.334
And, for most of our folks, if they max
that thing out, they're looking at, I

01:08:23.334 --> 01:08:27.324
don't know what, probably about a $2,500
saving in taxes just by doing that.

01:08:27.374 --> 01:08:27.494
great.

01:08:27.494 --> 01:08:28.154
a no brainer.

01:08:28.604 --> 01:08:30.824
All right, so that was
a long episode guys.

01:08:30.824 --> 01:08:32.024
Thanks for staying with us.

01:08:32.024 --> 01:08:32.924
Super important.

01:08:33.144 --> 01:08:35.724
Lou and I love talking about
our families and our kids.

01:08:35.914 --> 01:08:39.274
we've put a lot of time and effort
into both of 'em, right into trying

01:08:39.274 --> 01:08:41.334
to, set them up on a good course.

01:08:41.384 --> 01:08:45.284
and I know you guys are no different,
but this is one that really, the actions

01:08:45.284 --> 01:08:49.094
and the behaviors and the conversations
that you display, even at an early age,

01:08:49.484 --> 01:08:50.684
it really is gonna make a difference.

01:08:50.684 --> 01:08:53.234
'cause if they're not learning
it from you, they're gonna be

01:08:53.234 --> 01:08:54.314
learning it someplace else.

01:08:54.314 --> 01:08:56.564
So this is where you're gonna have
a little bit more, a little bit

01:08:56.564 --> 01:08:58.604
more say and what that looks like.

01:08:58.699 --> 01:09:00.054
Louie: you gotta be diligent and.

01:09:00.424 --> 01:09:03.994
It's intentional about talking to
your kids about money, for sure.

01:09:04.144 --> 01:09:04.444
Jon: Yep.

01:09:04.574 --> 01:09:04.934
all right.

01:09:04.934 --> 01:09:06.194
we love you guys out there.

01:09:06.244 --> 01:09:09.384
take care of yourselves, take care
of your families, take care of

01:09:09.384 --> 01:09:12.204
your crews out there, and, we'll
be chatting with you real soon.

01:09:12.324 --> 01:09:13.434
Louie: Stay safe and keep saving.

01:09:16.309 --> 01:09:19.639
The Fiscal Firehouse Podcast is
a podcast curated specifically

01:09:19.639 --> 01:09:21.379
for local 1309 members.

01:09:21.469 --> 01:09:25.189
This podcast is for informational
and educational purposes only,

01:09:25.399 --> 01:09:28.309
and should not be construed as
professional financial advice.

01:09:28.489 --> 01:09:31.189
Should you need professional
advice, consult a licensed

01:09:31.309 --> 01:09:33.709
financial advisor or tax advisor.

01:09:33.889 --> 01:09:37.759
The opinions of John Beatty, Louis
Barilla and their castmates are

01:09:37.759 --> 01:09:40.999
solely their own, and don't reflect
that of West Metro Fire Rescue.