How To Set Your Kids Up Financially

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  • Опубліковано 6 лип 2024
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    Ep 41 - Alexa von Tobel is the founder and former CEO of LearnVest and the current Managing Partner of Inspired Capital, a venture capital firm she founded. As a mother of three, Alexa is going the extra mile to help her kids know everything they need to know about money and finances. Alexa gives advice on how to talk to your kids about money and how to help your kids have a good relationship with money, and she lists everything you should be doing to help set up your kids financially.
    Get Alexa's book, Financially Fearless: amzn.to/3NWI8UJ
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    Timestamps:
    00:00 - Intro
    00:51 - LearnVest and traits to become a successful entrepreneur
    17:28The 50-20-30 rule and other budgeting tips
    23:35 - How to teach your kids about money and investing
    32:22 - Things you can do as a parent to set your kids up financially: Roth IRA and Roth 401(k)
    37:47 - Things you can do as a parent to set your kids up financially: 529 Plans
    39:58 - Other things you can do as a parent to set your kids up financially
    47:48 - Alexa's one personal finance takeaway
    48:57 - Alexa Taught Me

КОМЕНТАРІ • 47

  • @wordsleuth992
    @wordsleuth992 11 місяців тому +9

    Great advice. Very similar to what i did with my kids. When they were 5 they got $5/week for helping with extra household duty’s and they learned to manage their own money. I was a single mother of 3 small kids- I never said we can’t afford something but rather I would say that is something we can get - but not today - we have to save for it. This was pivotal in them learning delayed gratification. Many times I couldn’t afford it, but if it was something that wasn’t truly important they forgot about it - and if it was important - we made it a priority to save. My kids are all in their 20’s and doing well financially - they each have one single credit card but carry no balance and have solid savings in place. They use the credit card for the benefits and convenience but always live within their means.

  • @jadepurdin3183
    @jadepurdin3183 11 місяців тому +6

    Question.
    I like everything she said and agree with 529 but should you focus on trying to maximize your own Roth and investing for retirement before helping kids? I think it was money guy show that said to prioritize self before helping kids accounts for their future or they end up helping you more in retirement. Just curious on thought.

  • @youtubelw7092
    @youtubelw7092 11 місяців тому +10

    I really love this episode, as a parent myself this is super informative. Thanks Erika❤

  • @taylorsantiago6983
    @taylorsantiago6983 11 місяців тому +1

    This interview really helped me put into perspective not to be ashamed of the choices I've made with my money and how to have a better plan going forward, not just for myself but my kids. I never thought of bringing up money in front of them and letting them be involved. I love the different piggy bank idea as well. Great interview. Thank you!

  • @FaithMotasi
    @FaithMotasi 11 місяців тому +28

    The stock market's dividends inspired me to begin investing. The key is being able to live off dividends without selling, and it provides additional income.
    It allows you to pass something on to your children, giving them a head start in life. I've invested over $600k in dividend stocks over the years, and I continue buying more even now, planning to do so until the price drops further.

    • @Danielucas17
      @Danielucas17 11 місяців тому +2

      Hearing from a seasoned investor who has survived the crisis and succeeded is always motivating. It may be frightening when your portfolio goes from green to red, but if you invested in strong firms, you should maintain growing them and stay to your goal.

    • @GlenD.Vanherck-oc1
      @GlenD.Vanherck-oc1 11 місяців тому +2

      @@Danielucas17 I completely agree, which is why I value entrusting an investment coach to make decisions. Their specialized knowledge, education, and risk management skills make it unlikely for them to underperform. They serve as a safety net against potential losses. Having worked with a financial coach for over two years, I've earned almost $1.5 million.

    • @GlenD.Vanherck-oc1
      @GlenD.Vanherck-oc1 11 місяців тому +2

      @petersonjen Among many successful financial trainers, I currently work with Eric Thomas Witt due to the value I place on his strategies. Feel free to research more about him to learn further.

  • @NathanSeaman99
    @NathanSeaman99 11 місяців тому +3

    Thank you Erika and Alexa for sharing some very core fundamentals for us and our kids! I've struggled over the years with my relationship with money and these insights are great motivation to get e little better and to help teach my kids and to model some better things for them.

  • @anagalindo9573
    @anagalindo9573 11 місяців тому +1

    Thank you! Erika as a parent this is the info I need right now

  • @timwindsor03
    @timwindsor03 11 місяців тому +5

    Another incredible podcast ERIKA. Thanks for sharing. Keep the content coming. Hope you have an incredible day. Much love ❤️ ❤❤❤❤

  • @lexig.1740
    @lexig.1740 10 місяців тому

    THIS THE ONE!!
    LOVE this episode👏🏾

  • @Shopwelle
    @Shopwelle 11 місяців тому +2

    Thank you for sharing!

  • @aug07broken
    @aug07broken 11 місяців тому +1

    Great video, learned a lot, love the work you r both doing! Thank you both!

  • @tacrewgirl
    @tacrewgirl 11 місяців тому +1

    Great interview. I remember hearing about this book when it first came out. Thanks for sharing this with us. Lots of good nuggets.

  • @glorias.2930
    @glorias.2930 11 місяців тому +1

    Great interview!!! I learned so much. Gonna look up this lady and her company. ❤

  • @leonormuller4442
    @leonormuller4442 11 місяців тому +1

    Fantastic episode!

  • @GYX2021
    @GYX2021 11 місяців тому +3

    I learned so much from this episode thank you both ❤

  • @shertej6634
    @shertej6634 11 місяців тому +2

    Very informative ❤❤❤

  • @DharaniBalaji
    @DharaniBalaji 11 місяців тому +1

    I find Alex very knowledgeable person.. thanks for bringing her on Erika 😊❤

  • @annekimotho2726
    @annekimotho2726 11 місяців тому +1

    Great authentic conversation!

  • @levertis1987
    @levertis1987 11 місяців тому +2

    Great video

  • @SuperKamiNeko
    @SuperKamiNeko 10 місяців тому +1

    I taught my dad personal finance and I'm confident. As a 4 years old cat, I'm confident he will do better than the average non financially educated.

  • @wongthong7
    @wongthong7 11 місяців тому +4

    I’m making 30% returns a year financial advisor is the last thing in this world I needed

  • @rorisangleqheka
    @rorisangleqheka 10 місяців тому +2

    Necessity is the mother of invention ❤

  • @davidmata3992
    @davidmata3992 11 місяців тому +1

    Cool PODCAST my niece just asked me for help on her retirement benefit. I will recommend n share this content.

  • @sundrisworld
    @sundrisworld 11 місяців тому +2

    Great interview.❤

  • @benkwaku4632
    @benkwaku4632 7 місяців тому

    Black looks good on you Erika. From the makeup to your hair and everything. Good show. Thanks for sharing!!

  • @michaelyoon9355
    @michaelyoon9355 8 місяців тому

    Money should absolutely be talked about. That's why I follow you!

  • @tatianaodonnell8570
    @tatianaodonnell8570 9 місяців тому

    Great podcast!

  • @maddenferguson5305
    @maddenferguson5305 3 місяці тому

    Really informative and helpful 😊

  • @polidevk5278
    @polidevk5278 11 місяців тому +11

    My essentials are more than 50%

  • @ronaldcambridge3126
    @ronaldcambridge3126 11 місяців тому +1

    Great content for individuals of all ages! I found it especially appealing that budgeting was emphasized as the bedrock for being financially savvy. Because contrary to popular belief, budgeting is much, much more than pitching pennies and being frugal. It places one in the position of being in complete control of their finances and money transactions.

  • @lc8602
    @lc8602 5 місяців тому

    Great podcast. Thanks for all the hardwork you do. You are helping a lot of people.

  • @francesnunez3426
    @francesnunez3426 11 місяців тому +1

    In New Jersey, they no longer give us shopping bags in the grocery store. I'm sure it doesn't help supermarkets that they did this but it helps me spend less because I won't buy anything that won't fit in my arms cause I usually don't bring reusable bags in my car.

  • @patelparth
    @patelparth 10 місяців тому

    Which is the best option trading app for the UK?

  • @penguinairlines
    @penguinairlines 11 місяців тому +2

    How does 50/20/30 account for taxes? 30% of my net/paycheck is very different than 30% of gross. There's not room in the formula for taxes unless using net, but then what value should I assign to pre-tax retirement accounts?

  • @stayhappylittlemermaid
    @stayhappylittlemermaid 11 місяців тому +3

    Sometimes we put up walls not to keep others out but to see who cares enough to break them down

    • @ntmn8444
      @ntmn8444 11 місяців тому

      Except that you find yourself alone, because no one knows you.

  • @latemplanza3469
    @latemplanza3469 3 місяці тому

    Can we set sour kids for success for life or to be wealthy without applying to any of those things no ACCOUNTS but to acctually show them.????

  • @noegarza4746
    @noegarza4746 4 місяці тому

    Love the content ...but never tell your children "you can't afford something ",tell them we're choosing to save for something else.😊

  • @anniegenovese
    @anniegenovese 11 місяців тому +2

    So it’s not join the military or become a cop who gets paid overtime to watch men dig a hole?

  • @noegarza4746
    @noegarza4746 4 місяці тому

    I encourage my children to spen only 25% of what they have ...so they know they have more than half left over 😁

  • @noegarza4746
    @noegarza4746 4 місяці тому

    Again...I would never pay my children for chores or helping in the house or w/family members...a job outside of the home... understandable not family;that's teaching your children to honor and value family .

  • @zenmindclub
    @zenmindclub 11 місяців тому

    AIIIIYAYAYAYA!!!!!