What is Your Why?

#046 What do you know? We all back the month of February has just flown by what have you done this month? That is interesting. Are you still sticking to your new year's resolution? Because this is the time where everyone quits, some people quit and don't even realize that they quit. The reason I'm talking about this is because I had a conversation with a person about two weeks.

 And we was having a conversation about the show and he doesn't plan to teach his kids about any financial literacy. Doesn't have the time to do it at all. Now his main reason for this is because he figures that he grew up fine and his kids will grow up just fine. The thought he just feels flat out through the course of life.

His children will just pick it up and we'll be okay, just like. So essentially for him, he did not have the why to go above and beyond to try to teach his children about financial literacy. And that's what we're going to talk about today.

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Transcript

[00:00:00] Eric: What do you know? We all back the month of February has just flown by what have you done this month? That is interesting. Are you still sticking to your new year's resolution? Because this is the time where everyone quits, some people quit and don't even realize that they quit. The reason I'm talking about this is because I had a conversation with a person about two weeks.

[00:00:20] And we was having a conversation about the show and he doesn't plan to teach his kids about any financial literacy. Doesn't have the time to do it at all. Now his main reason for this is because he figures that he grew up fine and his kids will grow up just fine. The thought he just feels flat out through the course of life.

[00:00:40] His children will just pick it up and we'll be okay, just like. So essentially for him, he did not have the why to go above and beyond to try to teach his children about financial literacy. And that's what we're going to talk about today. What is your, why do you have any, what are they, do you even care?

[00:00:59] So [00:01:00] today will be a solo show and also shorter, but straight to the point on what is your why for teaching your child financial literacy and letting them know all the options that is available. So as I putting a word from our sponsor, sorry, dad, um, get him.

[00:01:29] Host Daughter: My dad is taking too long to start the show and I'm taking over as the producer. So let's start the show. Now,

[00:01:42] Introducer: have you ever wondered why some people seem to have it all financially do well off parents simply handle children. Or is there more to this welfare? Welcome to raising financial freedom. The podcast, we are here to talk about everything you never knew to teach your children when it comes to starting their financial future, [00:02:00] the principles behind wealth and methods that are out there to teach your child.

[00:02:03] Personal financial freedom. There was no real tricks to earning other than money. We are here to discuss, teach and grow with you. Raising financial freedom, the podcast with your host and concerned parents, Eric yard. Let us get right into today's show.

[00:02:25] Eric: Now let's jump right into it. What is your water? Before you answer that question, another question must be answered. And that is what would life be like for your child? They was financially literate or better yet financially free. Now I want you to stop thinking about yourself for a minute and think solely about your children.

[00:02:46] Now let's work with the best situation at hand. Let's just say they become financially free because of your efforts. They took what you taught them and applied it in their. One of the benefits your child would experience is better health [00:03:00] that's right. Better health can correlate with money. Money can be stressful for a lot of people and can directly affect your health.

[00:03:08] If financial freedom can be established. That is less stress about money in their life and more time for them to eat healthier and to sleep better. Now you can't tell me you don't want the best health for your children. That is in possible. There are people out there today who have anxiety about money, and don't even know it.

[00:03:28] You might be experiencing this yourself, and I know you don't want this for you. Another aspect that will work out better for your children is relationships. That's right. The number one problem in relationships is money. And if your child is financially free, they most likely will align themselves with someone with the same values when it comes to finance.

[00:03:49] And if they don't find the right partner, they get in. Teach their partner. Hey, this is what I'm doing. And as what has been taught to me by my parents and has been working for me for years, do [00:04:00] you think you could get on the same page as me? We all know a high percentage of marriage ends in divorce. And one of the main reasons for that is money.

[00:04:09] Now. Wouldn't you have peace of mind knowing your child was smart going in, and if may be smart coming out of the marriage when it comes to they finance, I know. Another benefit that they will have is that they will be free to do what they want to do. Now, I'm sorry to say, most people in the world are anchored by their job.

[00:04:29] Their job tells them when to eat, when to sleep and when they could take days off. Once again, is this something you want for your child? If your child is financially free, they could still work a job, but it will be on their terms. And they won't be scared to voice their opinion or ask for anything at the job because you know what, they'll be just fine without the job.

[00:04:51] This also plays back into the physical and mental health of your child while in the workforce, which was the first point that we. [00:05:00] Staying on the point that there'll be able to do what they want to do. They will be free to be who they want to be. How many people, you know, went to college and got a degree.

[00:05:10] And it's not even using it in the career field that they're doing right now or better yet pick the career field just because of what it means. Well now picture your child picking a career field just because they liked it. And he was curious about it. Maybe they want to be a professional surfer. Maybe they want to be a chef.

[00:05:28] Maybe they want to be an author, or maybe they want to be a rock climber either way you get the point. The key is that option would be there for them without being dictated by money. Now, another good benefit for your child is that they will start thinking long term much or. I'm sorry to say most people when they're young are not thinking long term and that's okay.

[00:05:51] That's what young people do most of the time. But if your child is taught that the benefits can be tremendous. A good example of [00:06:00] that is the guest I had on episode 45, a young man by the name of Rishi rum, that while we had our discussion. The words, retirement came out of his mouth and my eyes opened wide.

[00:06:13] I was amazed at a 12 year old, but even the sink or fathom about saying the word retirement, but he did. And that's the type of mindset your child can have. Now, if your child even starts in early twenties, Setting up for retirement, financial freedom as well within their grasp. And the government does not have a retirement plan for them.

[00:06:35] So you best believe that it's going to be up to your child to figure out what number is good for them to retire on. Now let's talk about my favorite benefit, which is family by you. Nourishing your family tree with financial education. The next generation and the generation after that has no reason to grow because you are planting that seed within your child and your child will do the same [00:07:00] also when it's their time.

[00:07:01] This is my favorite because you're seeing literally the gift of knowledge at work. Now, all of this is the best case scenario. Let's just say the only come out of this being financially. One, they will still have a way better advantage over other children who don't know to they are one step closer to being financially free.

[00:07:23] Three, some of the education will stick and stay with the child until they are financially capable of applying that education. And what I mean about being financially capable. I mean, having the behaviors and the emotions behind using the education properly, because having the education is one thing, but you said it is totally something else.

[00:07:46] And now here we are, I've given you some good points, whether they are financially free or they're just financially literate, they can only benefit from this education. Now as a parent act yourself, this question, what is [00:08:00] your why only you would know, but whatever it is, use that give you motivation to find the time, put the effort in and have pride in the next generation coming up.

[00:08:11] We are here for you here at reason financial freedom, but even if we wasn't here, the education is still out there and you might think it's too late for you, but it's not, but it is surely. Too late for your children. So what are you going to do, make a difference in your family or do what everyone else is doing?

[00:08:29] Well, that's going to wrap up this episode, but as always, we will like for you to go to our website and leave a review, which only takes about, I would say 10. And let us know what you think until next time, stay safe and give the gift of financial freedom. 

[00:08:45] Introducer: We really hope you enjoy this episode of financial freedom.

[00:08:49] The podcast stay connected with us directly through raising financial freedom.com. You can also join the discussion on social media, which you can also find links on our website. [00:09:00] If you would like to speak with us, please send us an email through info@raisingfinancialfreedom.com. And as always thank you for pushing your mindset towards a better reality.

[00:09:09] This concludes the most thought provoking portion of your day. Don't forget to please like, and subscribe to stay fully up to date until next time. Be kind to yourself and eac