Building The Net Worth Of Your Family!

#40  As the holidays are approaching, family time is just around the corner! What better way to strengthen your family bond than by building generational wealth? 

In this episode of Raising Financial Freedom, Eric Welcomes the Wealth Twins, Nadia and Nicole, to explain how to build generational wealth in your family and how to teach your children about money and life planning. 

“Life changes and you have to be able to think forward and say “okay, if I’m no longer here, how could I protect the people I love?”

These self-made, millionaire mothers are known for sharing financial wisdom on their YouTube channel, helping others to make money and create sustainable wealth for generations to come. 

Listen in to gain insight into ways you can immediately start building the net worth and financial literacy of your family, especially if you’re a busy, working parent. Whether it’s through investments, updating your retirement account beneficiaries, or buying assets like index funds, taking a few small steps towards financial abundance will pay off tenfold later in life.

“Net worth is not tied to your job. It’s not about your paycheck, it’s about what you do with your paycheck. So, you can make that mindset change and you can do something about it immediately.”

Curious to dive deeper into this topic? Ask yourself these questions:

What does wealth mean for you and your family? 

What steps are you going to take today to start building generational wealth for your children? 

PLUS, get your FREE Parent Investing Guide on 5 Ways to Begin Investing for Your Children: www.wealthtwins.com/ericyard 

Connect with Nadia & Nicole:

Visit their website: www.wealthtwins.com 

Subscribe to their YouTube channel: www.youtube.com/c/WealthTwins 

Follow them on Instagram: www.instagram.com/wealthtwins 

Follow them on Twitter: www.twitter.com/wealthtwins

Connect with them on Facebook: www.facebook.com/wealthtwins 

Email them: contact@wealthtwins.com

Stay tuned for the re-launch of their course about learning how to generate passive income by investing your money!

Transcript

[00:00:00] Eric: We are here and back with another conversation with brazen financial freedom. The holidays is upon us and it's time to see family. We haven't seen in a long time. Some yeah. Happy to see and some not so much, but the point is they are family and our guests here today is here to help us break down how to build generational wealth with your family.

[00:00:22] Oh. Today with us, we have the wealth twins, Nadia, Nicole self-made millionaire. From the YouTube channel wealth twins, where they share all types of financial knowledge that happened to help them also to become millionaires. But the title that we are most intrigued with is that they are both mothers.

[00:00:42] That's right. They are both mothers and the information that they are sharing on YouTube as directly and indirectly helping . So let's get the holiday started and it's also financial literacy month in Canada. So that's special. Maybe I [00:01:00] could get a guest from Canada to see how they do their financial literacy month over there.

[00:01:04] But nevertheless, let's get this started.

[00:01:09] Host daughter: Come on dad, 

[00:01:10] stop playing around and play the music. Sheesh. 

[00:01:13] Eric: Tough crowd.

[00:01:20] 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, the principles behind wealth and methods that are out there to teach your child.

[00:01:41] 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 concern parents, Eric yard. Let us get right into today's show.[00:02:00] 

[00:02:02] Eric: Now to build up generational wealth. This is something that you have to learn, which the information is out there for free by reading and listening to shows like this reason financial freedom. K no more corny lugs, but you get the point. Then most importantly is the desire. The motivation. Can you find it?

[00:02:27] Nicole: I would say two events happen very close to each other. That definitely started changing our mindset. The first was that we lost a mother with a, she died from a heart attack, so it was something we weren't expecting. And with that, we became adults overnight, I would say. So that's one thing. Then two, we started working on wall street right before September 11th and then September 11th house.

[00:02:53] And we saw. The whole world change, especially living in New York. One with that layoffs came [00:03:00] afterwards and we saw people working with us who had been on a job for 30 years. Be asked to let go the next day and use some of our workers, our coworkers that will say I want to be laid off. And you had to start looking at them.

[00:03:13] What's going on here. We both work at the same company. Some of you are scared to be laid off and some of you aren't. And I think once we started looking at that, we realized it had to deal with their wealth. That was a difference, not where they were working or how they were using their money. And I think that helped us change our minds.

[00:03:29] I think one of the things that 

[00:03:30] Nadia: stops parents from building generational. Is that it's not taught to be passed down by generation to generation. A lot of people are living day to day and is trying to make ends meet now. So it's very hard for you to look down the line long-term and see how can I do something to help my children.

[00:03:47] So that takes a bit of forethought and planning. Then you have to keep in mind what's happening now and what can happen in the future. And I think when you use the term generational, it's a little vague. So the way that Nicole and I like to [00:04:00] define it, If you think about building the network and the financial literacy of your family, 

[00:04:06] Nicole: that will 

[00:04:06] Nadia: help you build generational generations of wealth that can be passed out.

[00:04:12] If that makes sense. And there 

[00:04:13] Eric: it goes, building the net worth of financial literacy in your family. I definitely liked the sound of that. Now, as you hear that you say to yourself, yeah, Eric, I heard about that and I'll do it someday. Maybe I'll make a plan about. Maybe I'll put something together to start that, but for right now, I'm kind of busy and when should I start at any way?

[00:04:37] You know, my little kid is young and I always start later, so I have time. And when should I start really anyway, 

[00:04:48] Nicole: and not yesterday as soon as possible, right? Because if you break it down, like Maddie was saying, generational wealth is really about net worth. So you have to have a plan on how to build your net.[00:05:00] 

[00:05:00] And you can start that instantly by budgeting. If you lower your expenses, you can start increasing you now, have you figured out how to make some money, even outside because net worth is not tied to your job. It's not about your paycheck. It's about what you do with your paycheck. So you can make that mindset change and you can do something about it immediately.

[00:05:18] Eric: Now we just talked about the what and the wind, but now it's the talk about the, how, how can you actually there, what are these actual steps into building? And can this be done? I working a regular nine to five 

[00:05:32] Nicole: one, I would say all our children actually have investments already. They all have securities in their name.

[00:05:40] That was something that we did not have. So that's definitely something we started very early on. If I would've known, or if my family could have known, I could have tried to have some type of custodial investment account when we were young. That would've been awesome. Yeah. Also all of our children are named as 

[00:05:56] Nadia: beneficiaries on all of our retirement accounts too.

[00:05:59] That's something we didn't [00:06:00] have back then either. Yeah. I think when you first get a job, what we want to setting out 

[00:06:04] Nicole: the 

[00:06:04] Nadia: health insurance and possibly your retirement accounts, if your job offers it and it asks you who your beneficiary is. So a lot of the times when you're starting a job, you're starting as a single person.

[00:06:15] But then when you have a life of it, like you get married or you have children, a lot of people don't go back in and update that stuff. So it could be years down the line. And you may have, like, when I was younger, I had Nicole as my beneficiary, but through the years it changed to my husband and then it changed to change to Nicole and my husband.

[00:06:33] And then it changed. My kids. So I think when people have to understand life changes and you have to be able to think forward and say, okay, if I no longer here, how could I protect the people I love? So you can either do that simply by setting up UTMA accounts, like a custodial account, you can set up something like trust, 

[00:06:55] Nicole: or you can set up a well, I would also say when it comes to what our [00:07:00] parents didn't do, when my mother and she actually had a.

[00:07:04] My father has a. But we don't have pensions. They were not given to us from when we first started working. And I think that's something our generation has to deal with more people. And our generation has to deal with that. People in the previous generations did not, they didn't have to think about it. We have to think about retirement.

[00:07:25] Now, when they did 

[00:07:26] Nadia: I say, shifting your mindset from buying liabilities to buying assets. Okay. Because when people think of wealth, they think of, okay, this is how much money I'm making at this point. But what are you doing with that? Can you purchase something that's an asset that can live on after you and actually support your children and their children buying assets instead of liabilities, like instead of trying to buy a new car or buying something that's like temporary that will lose value quickly or taking out a huge loan or using credit cards, what can you use or buy that can be an asset that [00:08:00] actually can serve the purpose of helping generations 

[00:08:02] Nicole: actually.

[00:08:03] I also think something you can do very early on. I know a lot of people think the first way to build wealth is to buy a house that's not available to everyone. And especially in the time that we're in now, where house prices are going increasingly higher and the supply is just not there to meet everyone who wants to buy a house.

[00:08:20] You could build well, even if you're renting and you can do that by choosing to spend less on rent and putting the money that you saved on that rent towards things that bring you some income towards things that can grow in. Like investments. Yep. You can buy dividend stocks. Exactly. Like the stock market.

[00:08:38] You can immediately go out tomorrow and purchase stock for less than $5 and you can start building a network that way. And that's something everyone can do. Well, 

[00:08:47] Eric: I know that was a lot to take in, but you say, Eric, just give me one, just one simple place to start and then I'll come back and apply the rest of the methods.

[00:08:56] I've just heard 

[00:08:57] Nicole: in terms of building for net wealth. [00:09:00] And building for, well, I believe index months, they might not be the sexiest ones. They might not provide the biggest potential in terms of returns or gains, but they're safe, safer long-term investments that are meant to help build wealth. And along you saying it the more time it has to grow from.

[00:09:18] And 

[00:09:18] Nadia: just add today, if you're taking an agent account, if you're young, you can dabble in stocks, but you should pick stocks that do pay dividends. So at least you're making some money off of it and not just anticipating the stock to go up, 

[00:09:31] Eric: make excuses and say, well, you know, these women are millionaires and it's coming easy to them, but no, these women had to work hard for what they've got.

[00:09:39] And for a lot of us within our lifetime, a million dollars actually passed through our. So, where does it start? It starts with tracking our net 

[00:09:49] Nicole: funny, is that when you end up having a million in assets or whatever cash value or so I don't think it feels like you don't feel that comfortable still. I [00:10:00] would say a million is not as much as people think.

[00:10:03] And it's not as hard to get it as people think it is. So I don't, how do I feel? I feel like we can do more. And I 

[00:10:09] Nadia: like Nicole and I are generally frugal people, so it's not, 

[00:10:13] Nicole: oh, Hey, we got a couple of 

[00:10:15] Nadia: million. Let's go blow it. There's no, it's just there. It's doing what it needs to do. And it's working the way we 

[00:10:21] Nicole: need it to we're still on it.

[00:10:23] We're still grinding. We're still trying to make moves. Because truthfully a million is not as what it used to be. I think it's a way to see how 

[00:10:30] Nadia: you're progressing. And I think a lot of people don't understand, a lot of people get a million dollars coming through their fingers through their lifetime. But then when you look at it on a day-to-day basis, you feel like you're making.

[00:10:40] So even if you're working at McDonald's, it's very easy for you to become a millionaire too. I'm not going to say it's easy, but it is possible. There's a book called flipping burgers to flipping millions. And we'll tell you exactly like this guy started working at McDonald's and he became a millionaire.

[00:10:55] Tracking it net worth is a way of, Hey, I may not be making a lot now, but [00:11:00] these little changes and little steps I'm doing every day, they're adding to my net worth. I see my network growing and it's moving in a positive direction because you need to track things. She, if whatever, you're not tracking, you're not going to work on.

[00:11:13] So it's just, if you want to lose weight, you can't say, oh, I'm going to lose weight and never track you. If you want to make money and you want to become a millionaire or improve your net worth, you have to start by tracking it. No matter how much you start making. I 

[00:11:23] Nicole: also think it keeps your eye on the prize.

[00:11:26] What is the reason why we want to increase our network? What is the reason why we want to increase our wealth in. 

[00:11:32] Eric: And there it is the why, what is your, why? We all have our reasons for obtaining more wealth, but what is it? This is a question you must ask yourself. Always remembering money does not bring happiness for me is to show other family members and specifically to guide my daughter with money.

[00:11:51] Now there's wealth twins have kids of their own. I wonder how are they fairing with that guide? 

[00:11:56] Nicole: My oldest is almost 10 years old. And she's at that point [00:12:00] where she's mistaken needs. Versus once I need a new dress, I need a new toy. I need a new thing. I said, no, you want those things? You don't need them.

[00:12:09] Okay. So she doesn't quite understand the value of money. So I have to teach her what the value of money is and what you need versus what you. And then I also at the teacher the value of time, because money is still an abstract. They may understand that you can buy stuff with it, but they don't understand what it can actually do for them that two aspect.

[00:12:28] So I try to link it to my husband and I, the thing that we wish we had more when we were her age was time. And you only know that in hindsight, so I try to tackle it in the fall. He has money, but here's how it's linked to your time. The more time you have, the more things you can do to keep you in that childlike state of being able to do whatever you want.

[00:12:49] But if you don't focus on that and you start becoming a consumer, you're going to lose both money and time. So I try to teach them in like the value of time, the value of money, the, how they're linked [00:13:00] together in their life. I guess one of the 

[00:13:01] Nadia: frustrating things when I'm teaching my kids about my, my, my daughter's on back.

[00:13:06] And I've always been home with her because I hadn't retired when she was born, so they never know me to not be around. But one of the things we'll work on is how to be grateful for what you have, because they think, 

[00:13:18] Nicole: oh, mommy has it. I'm going to get it. And it's no, you're not going 

[00:13:21] Nadia: to get it just because I have it to give to you.

[00:13:24] You have to learn to appreciate. They were fortunate enough to get you what you want, but I'm not going to give it to you just because I can't, you have to be grateful for it and you have to work for it. So that's something that we're working on. Just how to be more grateful for the stuff that you have and not just think that it's 

[00:13:40] Nicole: entitled given it's an entitlement.

[00:13:43] It's not 

[00:13:43] Nadia: a given my daughter 

[00:13:45] Nicole: last night, I had 'em made dinner, 

[00:13:47] Nadia: but they, we had ate at a restaurant the other night and they didn't finish their food. And I had some leftover chicken that I cooked the day before. So they had. I put the chicken in a ramen. And then she looks at me, she's like, you're having [00:14:00] steak.

[00:14:00] Why are we getting chicken and leftovers? And you're getting steak. I'm like, first of all, I didn't get steak when I was your age. And second of all, you're going to get steak tomorrow night, but you're going to eat this because you need to finish your food from the day before. What is this? Wait, 

[00:14:15] Nicole: I really have a problem with privilege when I'm working on that.

[00:14:19] Eric: No, I know what's a good portion of your parents made me saying Eric. I am dead broke. I have. No money. And I'm actually working from the negative side of things. I have nothing to offer my children until I get back on the positive side of finances, which is 

[00:14:39] Nicole: I think the most important thing you can give a child to help your child acquire is a plan going to colleges to sake of college and spending tons of money doing it does not help.

[00:14:48] If they go to school with a plan, they will be much better off even Barack Obama. Started off in community college, you had a plan. Then he went and transferred to Columbia. He had a plan, have a plan is [00:15:00] more important than spending money. I think 

[00:15:02] Nadia: even if you don't have the money to offer, you could give them, you can include them in money conversations.

[00:15:08] Okay. To show them. Here's the decisions are making with the money I do have. And when I can put some money away, I will, but this, including kids into the conversation, if you're living paycheck to paycheck, because a lot of things are happening that are affecting them, but they don't know the reason why 

[00:15:23] Nicole: behind that.

[00:15:24] And I think that was an 

[00:15:25] Nadia: issue when we were growing up, we knew money was tight, but we didn't understand why. And you just like this lack of clarity around everything. It just, it develops some kind of insecurities and children. But if you include them at earlier, Let them know why you're struggling on what's going on.

[00:15:40] They'll be more than willing to help out or do what they can. I think we give, we don't give credit to children as much as we should. 

[00:15:47] Nicole: I also think that even if you live in paycheck to paycheck, one thing that you can give your child is a library card. I can't stress it enough. How much money is inside these.

[00:15:58] At the library, how [00:16:00] much knowledge is passed on these books that are free. And we don't use the library enough. And I also want to say to the parents, and I don't want us to sound home. But a lot of times, it's not that you're not making enough money. You have to really take a look at your expenses too.

[00:16:15] Sometimes we assume I'm just not making enough, but if you actually said them and look and see, what am I spending my money on? Sometimes it could be that you're not making enough money, but it could also be that you're spending too 

[00:16:27] Eric: much. As you listen to what the wealth twins are telling you. A lot of the information that they already are saying has been said on their channel, their YouTube channel, and just like us here at razor financial freedom, they put it together in a nice well package on YouTube.

[00:16:45] So before they left, I had to know why, why were they doing 

[00:16:49] Nicole: this? And to say, thank you so much for that, because we do making it a point to try to bring value to people. And we try to do our best when we make an, our [00:17:00] videos and producing any content that we do. So to see this appreciate it. That means a lot to us when it comes to the content that we put out, we're coming from a place of what would we would have liked to know 20 years ago, or if we had a mentor who we were looking to help us financially, what are the words they can say to.

[00:17:20] That would have had the most impact, what role could they stare us down? So I think that's what God's all about inflammation when we do our content. Yeah. And when you look at our content, 

[00:17:29] Nadia: we make it a point to break down very complicated subjects in the easy to digest format. And that's mainly because we want people to have an access to information.

[00:17:39] And if we can be that access to people. That's what we want to be. Our main thing is to be that person you can look to for information that you're not in the habit of giving, getting in your everyday life from the people around you, anyone who wants to hear more about this conversation, they can find us@wealthtwins.com or they can find our YouTube channel, which is under well twins.

[00:17:59] And our handles [00:18:00] on Facebook and Instagram is. Well twins. We also have a new course. That's coming out. That's already out. We're about to relaunch it. And it's about teaching people how to invest, even if you're a beginner or you have some experience in the stock market, how to invest, how to set up your portfolio and how to start generating passive income from that portfolio, doing it on your own with no intimidation and very easy to use 

[00:18:24] Nicole: strategies.

[00:18:25] And if you want to contact us, you can contact us anytime that you want. At contact@welltwins.com and Eric for your listeners. We would like them if they want, we have five ways for parents to invest for their children. And we would love to offer that as a free guide to your audience. And I would say it's well twins, the comm backslash Eric yard.

[00:18:48] Thank you very much for having us, Eric. 

[00:18:50] Nadia: It was a pleasure. We really appreciate speaking with you. 

[00:18:55] Eric: Wow, what can I say? They even provided a free gift for you guys. [00:19:00] During this episode, I found myself writing down a few things that they said, and also things that are on their channel that I watched actively today.

[00:19:10] Once again, it's on their channel for free. I just want to thank Nicole and Nadia. One more time for coming on the show and having this discussion with us, what I've taken out of this discussion. Simple. There is nothing stopping you from doing this a new year is upon us at what better time is it to start once again, as always, I would like for you to share with other parents and give a review on any player that you've listened to this podcast on at also withheld until next time.

[00:19:44] Introducer: 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 can also find links on our website. If you would like to speak with [00:20:00] us, please send us an email through info@raisingfinancialfreedom.com and as always thank you for pushing your mindset towards a better return.

[00:20:08] 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 each other. .