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How can we best support our kids while also encouraging them to build their financial independence? When Bobbi Rebell was struggling to answer this question for herself, she decided to write a book about it: “Launching Financial Grownups.” In this episode, Bobbi and Kimberlee talk about their own parenting experiences and Bobbi’s top tips for helping your kids build their financial skills. Bobbi also offers advice to women about developing financial resilience in a landscape that’s still often stacked against us.
Episode Recap:
- Today we’re talking with Bobbi Rebell about raising financial grownups (1:03)
- Can you tell us about your career path up to this point? (3:21)
- How can parents raise financially independent kids and teens? (9:24)
- Younger generations often have different financial priorities, and that’s OK (16:50)
- Why is financial transparency so important with our kids? (21:56)
- Don’t be afraid to have the difficult conversations before they’re needed (27:56)
- How can women build their financial resilience? (37:44)
- It’s ok to support your children, but make sure to draw clear boundaries (43:11)
- How to learn more from Bobbi (52:16)
Resources:
- Find every episode of The Fiscal Feminist podcast
- Watch The Fiscal Feminist episodes on YouTube
- Sign up to join Kimberlee on the podcast
- “The Fiscal Feminist” book
- “Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart”
- “How to be A Financial Grownup: Proven Advice from High Achievers on How to Live Your Dreams and Have Financial Freedom”
- Sign up for Bobbi’s newsletter
- Financial Wellness Strategies Website
- Email Bobbi
Quotes:
“Many parents over coddle their children, because they don’t want their kids to grow up, which is really normal! I mean, my iPhone pushes me these adorable pictures of my now 16-year-old when he was a baby, and I want that time back and it’s really hard. So we want to hold onto our kids, and that’s why we as parents often over subsidize them.”
“It is so hard because we’re tempted to pay for everything for our kids, because we still see them as kids, and they’re forever our children. So these are really hard, and that’s why I wrote “Launching Financial Grownups, because I was struggling with this. And I will tell you, so I'm going to give away one thing from the book is that our 26 year old, she was 24 at the time when the book had been written, she was saving for an apartment in New York City, which is a very ambitious goal for a 22, 23-year-old. She lived at home, she switched her major in college which I do talk about in the book, why she switched to cybersecurity versus being in education, and it was with a focus on ‘Where can I earn more money?’ And I will tell you, when she reached her goal of being able to buy her own apartment. And while we had to be in the background, as you say, she paid for everything, the down payment, all the lawyer costs, all the closing costs, every penny she paid for, the pride in that young lady’s eyes, you have never seen. It is a gift to parents. When you let your child succeed on their own and you’re just there cheering them on and you’re just there cheering them on, that is going to be priceless. And so I would implore parents to let their kids shine.”
“It is so hard because we’re tempted to pay for everything for our kids, because we still see them as kids, and they’re forever our children. So these are really hard, and that’s why I wrote “Launching Financial Grownups, because I was struggling with this. And I will tell you, so I'm going to give away one thing from the book is that our 26 year old, she was 24 at the time when the book had been written, she was saving for an apartment in New York City, which is a very ambitious goal for a 22, 23-year-old. She lived at home, she switched her major in college which I do talk about in the book, why she switched to cybersecurity versus being in education, and it was with a focus on ‘Where can I earn more money?’ And I will tell you, when she reached her goal of being able to buy her own apartment. And while we had to be in the background, as you say, she paid for everything, the down payment, all the lawyer costs, all the closing costs, every penny she paid for, the pride in that young lady’s eyes, you have never seen. It is a gift to parents. When you let your child succeed on their own and you’re just there cheering them on and you’re just there cheering them on, that is going to be priceless. And so I would implore parents to let their kids shine.”
Creators & Guests
Host
What is The Fiscal Feminist?
Kimberlee Davis is your host of The Fiscal Feminist, a show about women and our relationship with money and finances. Kimberlee Davis is Managing Director and Partner at The Bahnsen Group, a private wealth management firm. She specializes in personal wealth advising and oversees financial and retirement planning solutions for high net worth individuals and multi-generational families. Her proficiency also includes helping individuals transition to financial independence after life altering events such as death or divorce.