Your Guide To A Chaotic Money World

#030 Robert shares his dad probably taught him compound interest because he learned it the hard way, and being a stockbroker for the first part of his career, he wanted to share it. Robert also found a way to impart financial knowledge in his own kids as part of bringing them up. Robert appreciates that young people today are more interested in investment rather than compound debt, but he hopes that they understand that it takes patience and time not the idea of quick money every week.

For full show notes please go to Raising Financial Freedom

-       "You have to give that compounding time to work, you need to have some patience" 

-       "As a parent with kids, make sure you have life insurance"

-       "That period of time when you go from zero money to $100,000 is just as important as maybe later when you go from 1 million to 2 million"

In This Episode:

·         [01:58] Introducing our guest, Robert Schulz. 

·         [02:55] Why is compound interest not taught?

·         [05:09] What is the main point you would like people to get from your book: "Thoughts on things financial"?

·         [05:50] What are some of the things your father passed to you that kids aren't doing today?

·         [08:46] Robert shares methods he applies to teach kids about money. 

·         [011:34] At what age should a child start investing?

·         [011:50] When do you realize that you had a passion for Finance?

·         [14:35] Robert highlights certain points of frustration and pitfalls that stop people from succeeding. 

·         [18:46] How can a parent overcome their fears of talking about money with their kids? 

·         [18:54] Apart from a savings account, what can a parent do to start their child investing on the right path? 

·         [23:18] 3 gems from Robert's book.

·         [25:24] What is the one thing people don't realize about money?

·         [26:33] What resources would you recommend for parents to learn about money and pass on to their children?

·         [27:32] How life could be one of the bad guys in a room.

·         [28:46] What are your thoughts on starting a Roth IRA for your kids?

·         [29:55] How to contact Robert

Links Mentioned: 

• Robert’s Website: https://www.schulzwealth.com/
• Robert’s Facebook Group: Thoughts on things financial
• Check out our website: https://raisingfinancialfreedom.com/
• Like us on Facebook: https://www.facebook.com/RaisingFinancialFreedom 
•  Like us on Twitter: https://twitter.com/RF_Freedom

Transcript

[00:00:00] Eric: [00:00:00] We are back. And what do you know? It's summer time, time for beaches, pool parties, barbecue. And summer time parties. So yeah, we are here and hopefully this will be a much better summer compared to as last time. So now my guests this week bring up a good topic when I was talking to him and that's compound interest.

[00:00:25] That is one thing. Um, I don't think we've talked a lot about on this show, but I'm pretty much sure. We mentioned it. But compound interest, I would say this is more of an intermediate level of teaching, um, about money when it comes to compound interest, but still you got to know it. We are going to learn about compound interests and the book thoughts on things, financial by Robert Shaw.

[00:00:49] Now Robert is coming out of Texas and he is the founder and president of Schewels wealth LTD. Me and Robert definitely had an interesting conversation and he definitely [00:01:00] stirred up food for thought. So let's get into it in, 

[00:01:06] Host daughter: [00:01:06] come on, dad, stop playing around and play the music.

[00:01:17] Introducer: [00:01:17] Have you ever wondered why some people seem to have it all financially do well off parents simply hand their children money or is there more to this welfare? Welcome to raising financial freedom, the pocket. We are here to talk about everything you never knew to teach your children when it comes to starting their financial future, the principles behind wealth and methods that are out there to teach your child about personal financial freedom.

[00:01:40] 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 concern parents, Eric yard. Let us get right into today's show.

[00:01:58] Eric: [00:01:58] Welcome everyone. To another [00:02:00] episode of raising financial freedom today, I have Robert Schultz with 

[00:02:05] Robert: [00:02:05] me,

[00:02:12] Robert, 

[00:02:13] Eric: [00:02:13] how are you doing today? 

[00:02:15] Robert: [00:02:15] Hey, Eric. I'm doing great. Thanks. Right. All 

[00:02:17] Eric: [00:02:17] right. So let's get right into it. Right? I read your book and it was a very good read. Talk about a situation that happened with me when I was young. So when I was young, I got into a college and I started with debt. I got a credit card.

[00:02:37] I started with more debt with interest on that. I got a car. More debt with interest on that. So I call that basically compounded debt. But when you grew up, your father told you about compounded interests and taught you about it. Why is that? That taught to us? 

[00:03:00] [00:03:00] Robert: [00:03:00] I don't know. I really don't. I think that my dad taught me that because I think he learned it somewhat the hard way, but then also he had been here.

[00:03:11] The financial industry. He had been a stock broker at Smith Barney for the first part of his career. So he understood, and he wanted to share that with me. And I think I get asked some time, Alicia, we teach that in school. How are we going to get that to our kids? And I don't know, I don't have control over what the schools teach, but I do have control over what I teach my kids and my kids understand that story.

[00:03:37] And I think it's our, our responsibility. Uh, as parents, what 

[00:03:42] Eric: [00:03:42] part though, your kids really hang on to at your father? 

[00:03:46] Robert: [00:03:46] It's different, right? I have four and they're also different and they're different in the way they, they say they spend are different than the priorities they have with their money. So I would say each one of them is probably pulled away.

[00:03:59] A different part [00:04:00] to it. Unfortunately, at least to my knowledge, overshadowing debt has not played a role, especially in my adult children. And I have two that are still in college. And I think, I think maybe the part that I hope that they convey some is that this is it's a marathon. It's not a sprint. And that's what I'm seeing a lot right now.

[00:04:19] Yeah, it's really cool to see so many young people investing right now. And we just went through Robin hood and things like that, but a lot of them are looking for really quick hit. They're trying to, they want to buy a game stop. They want to pay five Bitcoin, and then they want to sell it at the end of the day or the end of the week for a whole lot of them.

[00:04:38] And what I hope that my kids and then people read my book and the people who are trying to get better financially understand is it's a long-term deal and having compound debt or compound interest doesn't matter which one it is. It takes a while for that to happen. And it's habit forming. And you have to give that compounding [00:05:00] time to work.

[00:05:00] You need to have 

[00:05:01] Eric: [00:05:01] some patience. You have to have some patience. Yeah. Which your book, thoughts on things, financial, what is the main points you would like people to get out this book? Wow. 

[00:05:13] Robert: [00:05:13] The main point I would like people to get out of this book is you do not have to be an expert in finance or have a financial mind or love finance to be personally financially success.

[00:05:30] It just takes some real basic understanding and good habits. 

[00:05:36] Eric: [00:05:36] Yeah. Okay. Sounds good. When you were growing up, your father passed on things to you that kids are not doing today. Can you tell us about some of the things that he passed on to you that really helped you? 

[00:05:52] Robert: [00:05:52] Yeah. And you were referencing while ago that story.

[00:05:56] Beginning of one of the chapters where I talk about the time value of [00:06:00] money and how my dad taught me what that is and took a calculator and, and showed me, made me actually depress the buttons in there. And if you're going to teach that to a child and you could do it exactly the way he did you just to say, Hey, of course, I think you read it, but the story I went to him with that great question, the other way, all of our kids had, Hey, are we rich?

[00:06:19] Are we millionaire? And he kinda dodged the question a little bit. And then I was like, no, I really want to know. And then he said, if you want to have a million dollars, who cares how you do it over time? If you take this amount of money per year and you put it away at 6%, it will become a million dollars by the time you're this age.

[00:06:38] And then he showed me the compounding on a calculator where you can. $2,000 times, 1.06 times 1.06 stuff, one point at 16, you just compound it over time and, and showed how that money could grow. I think that we can all, all do that with our kids in Sean, how compounding works [00:07:00] another way. It's not in the book that I use with my kids.

[00:07:03] I shouldn't put it in. There is I would try to encourage my kids to save by matching their funds that they. And a savings account. I don't know if I've talked about that before, but that can work really well. I can give, they have their Christmas money. Let's say maybe they have a hundred dollars. You would say, I know you want me to go do something cool with some of that, but any of it that you don't spend, if you put it in the savings account, how I'll match it.

[00:07:28] So you put $50 in there. I'll put another 50 and it'll be a hundred. How cool would that be? And that can teach them about that delayed gratification. You know of, huh? Okay. If I give up spinning on this, now I'll have a lot more later. And that helps 

[00:07:45] Eric: [00:07:45] too. It's so hard to teach that because the society that we live in is just buy now, buy now, buy now, now, now, now, and we, as people need to understand that we have to have a budget [00:08:00] and I don't think that's properly conveyed at a young age.

[00:08:05] As you talking about with your kids right now, what type of games do you play with them? Because we all know that games is a good tool to teach money. 

[00:08:18] Robert: [00:08:18] Sure. They're all a little bit older. We don't play as many in different games as we used to get old fashioned monopoly. That's a great game where I think you can learn a good lesson.

[00:08:30] About making decisions with money and having consequences. But the basically the way we normally try to teach kids about money is with an allowance. And I have a different take than a lot of people on an allowance. I, I personally don't like it when we use it as a controlling mechanism or as a reward for doing chores at the house.

[00:08:58] I personally think that that's [00:09:00] all of the, all of us that just should be expected. It's not. We have to pay each other for, I think an allowance is really a great tool for just teaching some of these basics about money and letting your child start making some decisions on their own about how to spend it.

[00:09:18] And a lot of times we short circuit that as parents, because we want to control him so much. And we'll say, I'm going to give you this money. As let's say, a new 16 year old driver, I'm going to give you this money and you can only spend it. On gas. And I want you, I want you to give me the, and then the classic.

[00:09:37] I need you to give me the change, right? I think it's better if you say, Hey, I want you to put together a budget of what you think you need for the month for your expenses. And I'm going to give that to you, and then you can figure out and decide how you spend it, almost things, but I'm not going to bail you out.

[00:09:56] If you spend it all blowing money on clothes and [00:10:00] going out with your friends. And you don't have any gas as he halfway through the month. Right? I 

[00:10:05] Eric: [00:10:05] hear you on that. I definitely hear you on that. One thing I want to know, Robert is what age should you start? Should a child start investing or better yet?

[00:10:16] Should the parent, what age should a parents. Investing for the child. 

[00:10:21] Robert: [00:10:21] I see those as two different questions. I'd say, as far as your child starting to invest and starting to use and make decisions about money, probably when they start showing an interest in things and end month end money, which could be different ages for different.

[00:10:37] I would say that it's encouraging them to open a savings account. Because as you know, a great first star, I remember opening my savings account and city national bank and Taylor, Texas. And my dad sent me down there and it was a really cool experience. You're giving your kids some experiences like that.

[00:10:56] As soon as they start showing interest would be great as far as saving for [00:11:00] your kids. As you're trying to be financially successful ourselves. I think we just need to continually be saving for all different sorts of goals at the same side of the earlier the better, certainly for things like college and things like that.

[00:11:12] The time value of money works better earlier. So you can start as soon as possible. 

[00:11:17] Eric: [00:11:17] All right. When did you realize that you had a, I would say passionate. I knew 

[00:11:21] Robert: [00:11:21] I was good at it when I was in college, because I didn't really know what to major in. My dad had been an accounting major. So I was like, that's what I signed up for.

[00:11:31] I didn't really want to be an accountant. I was actually in Navy ROTC. So I did, and I found that it came really easy for me, for whatever reason for my youngest daughter, ideology comes really easy for her. I hated biology. I didn't understand any of it, but I understood accounting, debits credits, financial statements, things like that.

[00:11:53] And then when I got in the Navy, I guess I had a different perspective maybe than some of the other folks, because most of them were [00:12:00] engineers. And I had my sailors in my division who were challenged financially. A lot of the time, they just didn't get paid very much. And families that are trying to take care of.

[00:12:11] And I found myself using those talents to help them, to guide them and to advise the laws in the Navy. And so when I got out that's I was like, I liked that. I mean, I want to do that. So that's the course that I took going forward. As I started to work on trying to become, 

[00:12:26] Eric: [00:12:26] what does it feel like when you help a client reached a goal?

[00:12:30] Robert: [00:12:30] Oh, that's great. I think that's why I love what I do is because that feeling of helping somebody achieve something and to be a part of their success is just exhilarating for me. It feels great. We, in the book and in our strange language that we use here at Schultz, we have a term. We, we, we use, we it's calling it and we'll call it when a client has gotten to that point where they could retire.

[00:12:57] And that they have enough money to sustain [00:13:00] themselves all the way through. So the rest of their lives, and that's a really, that's an exciting day. Think about it. If you could get to a point where you're working and you have a great career and all that, if things really turn bad, you don't have to be there anymore.

[00:13:14] That's just a great amount of freedom. Isn't it? Years 

[00:13:17] Eric: [00:13:17] when the day comes and when you know, they exact day it's going to happen. So yeah, I would say, so you say you guys call it the call it day, I guess 

[00:13:26] Robert: [00:13:26] say we're calling in. Okay. We'll come in for meetings. Like, all right. I think we're going to. Because we're going to say right now, you're good.

[00:13:33] You have, you are financially independent at this point right now, but what do you want to be? You're not, you can keep. And most of them do because they, they enjoy what they're doing and they feel fulfilled. But 

[00:13:47] Eric: [00:13:47] knowing that hearing the good that you're doing, I know that when it comes to money, there are some frustrating things that you see out of your clients.

[00:13:55] Tell me, what are some of the things that really frustrate you? Things 

[00:13:58] Robert: [00:13:58] that frustrate me. [00:14:00] My industry, Fred Smith frustrates me sometimes because it's so complicated and so big. And quite frankly, it can be really hard to find good advice. And to F you find what you're looking for to help. With achieving financial security.

[00:14:20] I see a lot of clients that come in and they're unsure of who they're currently working with or what they're doing, and I'll look at it. And I just shake my head because it's clear that. There's there, there are a lot of traps out there where people will, we'll get into some things that you have large surrenders to him that don't make them any money at all had guy commissions and the different accounts that were really going backwards when they did the right thing.

[00:14:46] But I went to try and find somebody to help them and it didn't work out. I think that's something 

[00:14:51] Eric: [00:14:51] to that. What are some of the hidden pitfalls? You see that peop that people stop people from succeeding. I'm 

[00:14:57] Robert: [00:14:57] sure that that's the thing. There's a little bit of a catch [00:15:00] 22 there, because one of the pitfalls is not seeking.

[00:15:03] Advice is just trying to go it alone and you may not necessarily be what you're really good at and things just to drop by the wayside. And another case people will just get busy, right? They're doing it on their own. And like it's in the way, and they're just not, they're not in a proper process, a process.

[00:15:23] That's going to move them down the road towards what they need to. And then when they go and, and seek advice and they seek it from somebody who works for a really large firm and charges, very high fees and commissions and so forth, and then they're going backwards. There's a whole lot of money that's being wasted there and it's not necessarily going in the direction that's, that's in their best interest as, as that.

[00:15:50] So those are some pitfalls that a lot of people fall into is either they're not seeking advice for when they do a good job. A [00:16:00] direction that doesn't, doesn't get them where they need to be. I see them. 

[00:16:02] Eric: [00:16:02] So your father talked to you about money. You talked to your kids about money. How can a parent who has fears of talking about money?

[00:16:13] Overcome. With their 

[00:16:15] Robert: [00:16:15] kids. Yeah. Yeah. That's, I'm glad you wrote that up. Yeah. I think that's a big mistake that we all make. We don't want to talk truthfully with our kids, maybe even about some of the mistakes that we've made personally, because then their eyes were caught a little bit perfect sometimes, and we're not.

[00:16:34] And I think that. So to just let down your guard a little bit and let them know that about maybe some of the mistakes we've made. I think that's a good thing to do at some point. I think that another thing that we screw up is our kids have these hopes and dreams of what they want to achieve and what they want to do.

[00:16:54] And as parents, we want to give them all that right. And [00:17:00] in some cases, there's nothing more that we want for them to bend to have that. But realistically, there are some real financial restraints. There are constraints with regard to the, for instance, the cost of college and things like, and I think we need to communicate that with them as well and make sure that they understand there may be some limitations to how much money is available for college.

[00:17:23] That's super expensive private school, and just may not be feasible. Unless these certain conditions are met and some of it's paid for via scholarship or something like that. Cause the last thing that you want is for them to have these big hopes and dreams and they get into a school, you struggled be able to make sure that they can stay there.

[00:17:45] Let's 

[00:17:47] Eric: [00:17:47] talk about what can a parent, other than a savings account, what can a parent do in order to start their child? On the right path, 

[00:17:56] Robert: [00:17:56] that would say, yeah, as far as the kids money, you mean or [00:18:00] money that the parents were saving for, I would 

[00:18:02] Eric: [00:18:02] say the kids money. It so maybe 

[00:18:06] Robert: [00:18:06] yeah, because money itself, I think the savings account is a great way to great place to start.

[00:18:11] I really do. And then from their checking account, go ahead and while they're in your house, get them set up where they have their checking and their savings account. And they're using both of those plans. Which, in my opinion, though, the right way to use them as the checking account goes from something to almost zero every month, he never tried to put money in your checking account that you're trying to save.

[00:18:35] And then you have an automatic drip of money that you're always trying to drop into the savings account to build it for emergencies and opportunities. And then you have a target goal that you're shooting for a target range for that. So you start there, you start filling up that savings account bucket.

[00:18:54] And then once that savings account gets up to a decent protective level, [00:19:00] you can start siphoning money from there over into an investment. What they should do is have regular incremental amounts going into that savings account to build it up to a target level. And they can come up with that should be a level for them, just like for us to maybe take care of things that aren't necessarily monthly, that may come up.

[00:19:21] Like for me, it's how to pay my property taxes at the end of the year. So I need to save up the money for that. Save up money for tires, for the truck, whatever it may be. And then once they hit that target level on their savings account, that's when I think they can start investing. And they should invest in the same way that we all should invest.

[00:19:42] And that means fully diversified for the longterm. And I probably made a mistake here with some of my kids is because they weren't interested in wanting to do some individual stocks and I let them do that. And it turned out to be no fun at all, as it would [00:20:00] be for any of us, because those things are so volatile, they move around, you put real money into them that you care about and even a company has happened.

[00:20:09] So I would set them up with a betterment account. Or some type of account that automatically is fully invested and diversified across everything. So they can start saving for the long-term and investing for the longterm. Does that make 

[00:20:24] Eric: [00:20:24] sense? The companies that you know, that they use every day, they didn't like any of those stocks, like Nike or.

[00:20:30] Netflix or anything that they didn't like, anything, 

[00:20:33] Robert: [00:20:33] like they picked out by my daughter picked out an energy star. It was, it ended up being pretty volatile. I thought she did a good job trying to picking him, pick it out. But the problem is that unless you're going to have a good basket of minimum 30, 40, 50 stocks, then your investment is up to some things that you have.

[00:20:54] Absolutely no control over because one stock, anything can happen. Yeah. Within [00:21:00] its industry within its individual column. And so when we professionally, when we manage money for the longterm, we try to diversify as much as we can, unless you have a whole lot of money to start with. It's hard to do it with individuals, 

[00:21:12] Eric: [00:21:12] your book, thoughts on things.

[00:21:14] Financial, can you tell me three good gems out of that, that you really like? 

[00:21:22] Robert: [00:21:22] Automating just trying to make life easy on yourself. Make sure that you're not having to actively make a decision every month to save the teachers automatically on money. That's getting sent over into savings and into your retirement account.

[00:21:36] So you don't have to think about it. And it just happens. That's a, that's one key gem. I would say another one in the book that gets overlooked because it's the not exciting chapter, but the one on insurance life insurance man, as a parent with kids. Make sure you have life insurance. Okay. Make sure you have life insurance.

[00:21:57] Just go buy it. It's not hard. [00:22:00] It's not expensive. Go buy some term insurance and be done with it. If you really want to get into it and see all the differences between all the different types, you can even read the book and we'll just make sure that you're covered. That's the second that's the second thing.

[00:22:13] And probably the third gen is just to be patient. A lot of people starting out savings. They saving, they get frustrated. Because they just don't see anything happening on the front end. And that's because the time value of money and the magic of it is it compounds over time. That means it's a curve of your money increasing in time, over in value over time, it increases incrementally with how much money you actually have.

[00:22:40] Okay. But the keys teach, you have to start somewhere. And that means that you start at zero and you let it accumulate over time. And in that period of time, From when you go from zero money to, let's say a hundred thousand is just as important as maybe later when you go from 1 [00:23:00] billion to 2 million. Okay.

[00:23:02] Cause he can't get to 1 million to 2 million unless he started zero and get two. 

[00:23:06] Eric: [00:23:06] Right. I believe in that one. Definitely. What is the one people don't realize about. 

[00:23:12] Robert: [00:23:12] I think something that they don't realize about it is that probably it's not, as I think the thing that people don't realize, it's probably not as important as a lot of us.

[00:23:22] I know that's silly to say, but it's so true because we're going to make what we make. Okay. And if we can learn to live within our means at some level below that we're good and it's really. That's fine. And you don't have to worry about it. A lot of times we make it out to be so much more important than it really is.

[00:23:44] And if we haven't had an attitude of this, isn't the most important thing in my life. And I just need. Be responsible about it. It seems to work out. See, 

[00:23:53] Eric: [00:23:53] other than your book, what resources would you recommend to parents to learn about money and pass [00:24:00] it onto their children? 

[00:24:01] Robert: [00:24:01] Yeah. Some other resources, I would say, read the book and get your base level of knowledge.

[00:24:06] I would recommend that. And then from there you can use the internet and just, and read different things about. Some of the areas that you really want to dive into and get information from all sorts of resources, I would say. And then you can also find people that you can talk to Mike, for instance, find a good advisor, a good insurance agent that you can trust and things like that.

[00:24:31] And then just start continuing to had on the base that you have with all new resources. I think we have everywhere 

[00:24:40] Eric: [00:24:40] when you was talking in your book, how you refer to how life could be one of the bad guys in a room. Can you, can you explain a little bit 

[00:24:49] Robert: [00:24:49] on that? Oh, sure. Um, I guess he did, sometimes it pays off when you're trying to be financially successful to be a little bit of a pessimist from [00:25:00] time to time.

[00:25:01] Put your past pessimist hat on is there's a term I use there as well and start looking for what could go wrong. And that's where you start getting into making sure you have adequate insurance coverage. That's where you get into making sure you haven't had a good savings. And that's where you get into making sure that you're not making too much taking too much risks in your investment.

[00:25:22] Because you know that bad guy, you will wait for me in a hurry. If you don't pay attention to the, what S what could happen and just assume that everything it's going to be okay, definitely the, 

[00:25:33] Eric: [00:25:33] what ifs is obtained in the neck. And 

[00:25:37] Robert: [00:25:37] it is, it's no fun. It's just risk management is what we call it. And it's just, it's so boring.

[00:25:43] And we just hate it. We don't like to think about it, but it's, it's crucial that we think that way. Personally, 

[00:25:50] Eric: [00:25:50] what are your thoughts on starting a Roth IRA for your children? 

[00:25:56] Robert: [00:25:56] I love it. Roth IRAs are fantastic [00:26:00] compounding tools because of the money that the money that you put in it's taxable when you put it in, but then the return is tax free.

[00:26:07] So the younger you are. With the RA, the more incredibly accelerating the compounding can be. So I love it. And the trick though, is that the child has to have some kind of earned income to be able to make a contribution to a Roth. So you'll have to figure that part out that I have to have a job of some type sometimes with income to, to be able to put it away.

[00:26:31] Or if you're self-employed. You can, you can pay your child, which is a really neat concept. You can pay him, you can give him to duct. Would you pay him as a business owner? And they can put it in a raw and that's insane. That's fancy. That sounds 

[00:26:46] Eric: [00:26:46] good. That sounds really good. Robert, thank you for joining us.

[00:26:52] How can we continue this conversation with you? Let us know what future projects you have going [00:27:00] on. 

[00:27:00] Robert: [00:27:00] Yeah. Yeah. Thanks Eric. I ride all the time. We can go onto my website at Schultz wealth and you can read on some different topics that I can expand on. You can always come pretty easy to contact you. Just do that through the website as well.

[00:27:14] You can set up a call with me if you just want to talk about some stuff, I'm happy to do that. And I have a Facebook group called thoughts on things out. So, if you go into Facebook, I'll let you into the group. And that's a wonderful place where I try to put some resources out there and talk and take surveys.

[00:27:31] It's just a good, safe place for us to talk about this kind of stuff. And, and that's worked out really well. Uh, those are some great ways to get in contact with me. My news project writing is brilliant hard, but it's fun and rewarding too. So I have a new book and a new project I'm working with. It's geared more toward a business owners and transition.

[00:27:53] That's a very complicated, uh, way to retire having to sell a business. And so my [00:28:00] next book is about how to do that effectively. All right. 

[00:28:02] Eric: [00:28:02] That sounds great. Once again, Rob, I would thank you for coming on the show. 

[00:28:07] Robert: [00:28:07] Oh, Hey. It was great to be here. Thanks for having me. Eric Love, love what you're doing. Try to get it.

[00:28:12] Knowledge out there to parents so that we can all raise our kids and financially soundbite. It's awesome. 

[00:28:20] Eric: [00:28:20] I want to thank Robert one more time for coming out on the show and man, that book definitely have a lot of intermediate and advanced levels about money. The book is definitely one of those books where you have to fold in a couple of pages in, so you could come back to it for reference, but what I've taken out of that interview and I reading the book also is.

[00:28:41] Teach your child, everything that you can teach them, everything that you can, because what is advanced now or intermediate will be basic when it's their time when becoming a young adult. So definitely the more they know the better off that they will be as [00:29:00] always, I would like for you to share with others, parents tell other parents about this show and tell anyone else who's interested in teaching children.

[00:29:10] Money financial literacy and all things around that until next time stay safe. 

[00:29:18] Introducer: [00:29:18] We really hope you enjoy this episode of financial freedom. The podcast stay connected with us directly through raising financial freedom.com. You can also join the discussion on social media, which you could also find links on our website.

[00:29:32] If you would like to speak with us, please send us an email to info@raisingfinancialfreedom.com. And as always thank you for pushing your mindset towards a better reality. 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.

[00:29:51] Be kind to yourself and each other. [00:30:00] .