Ever wondered how you can give your kids the golden ticket to financial security? It's all about laying down the foundation of financial literacy early, and that's what we, Charles and Shay, are serving up in this heart-to-heart session. We dig into our treasure chest of personal financial shifts and share our blueprint for raising money-smart kids. With anecdotes from our own family life, like our strategic cutbacks on luxuries and our hands-on approach with flashcards and 'kid's university', we're here to show you it's possible to turn those dollars and cents conversations into lifelong lessons for your mini-moguls.
Get ready to scribble some notes as we outline a five-step guide to generational wealth that's been battle-tested with our own trio of kids. From stories about our middle son's quest to save for a PS5, to emphasizing the importance of savings and budgeting, we're proof that financial wisdom doesn't have to wait for adulthood. We're bridging the gap left by school curriculums, offering up practical advice on how to weave discussions about credit, savings, and budgeting into your family's daily life. Plus, we'll let you in on our bonus tip: teaching your kids the power of an emergency fund.
To wrap things up, we're not just about talking the talk; we've got the tools to walk you through every step of this journey. Our e-book is jam-packed with life-changing knowledge that goes beyond the basics, helping to build a community that elevates everyone's game. So, whether you're sipping your morning coffee or winding down for the evening, join us in nurturing a financially savvy future for our children. They say it takes a village to raise a child, and in this episode, we're extending an invite to join our village, where together, we're on the path to financial freedom.
Ever wondered how you can give your kids the golden ticket to financial security? It's all about laying down the foundation of financial literacy early, and that's what we, Charles and Shay, are serving up in this heart-to-heart session. We dig into our treasure chest of personal financial shifts and share our blueprint for raising money-smart kids. With anecdotes from our own family life, like our strategic cutbacks on luxuries and our hands-on approach with flashcards and 'kid's university', we're here to show you it's possible to turn those dollars and cents conversations into lifelong lessons for your mini-moguls.
Get ready to scribble some notes as we outline a five-step guide to generational wealth that's been battle-tested with our own trio of kids. From stories about our middle son's quest to save for a PS5, to emphasizing the importance of savings and budgeting, we're proof that financial wisdom doesn't have to wait for adulthood. We're bridging the gap left by school curriculums, offering up practical advice on how to weave discussions about credit, savings, and budgeting into your family's daily life. Plus, we'll let you in on our bonus tip: teaching your kids the power of an emergency fund.
To wrap things up, we're not just about talking the talk; we've got the tools to walk you through every step of this journey. Our e-book is jam-packed with life-changing knowledge that goes beyond the basics, helping to build a community that elevates everyone's game. So, whether you're sipping your morning coffee or winding down for the evening, join us in nurturing a financially savvy future for our children. They say it takes a village to raise a child, and in this episode, we're extending an invite to join our village, where together, we're on the path to financial freedom.
During the pandemic, I was not waiting on the school to educate my children, that's right. We bought some flashcards Yep. I've also even when I've spent quite a good piece of money for the boys, for our kids university Yep, where they learn about stocks, compound interest, entrepreneurship Yep. Start educating your kids early in regards of finances. Yes.
Speaker 2:
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Speaker 1:
Welcome back to another episode of the Big Dog Talk podcast. This is me, your favorite, big Charles in the building, baby.
Speaker 2:
Hey y'all, what's up? It's your girl, big Shay, and we are definitely I am definitely back in the building, and so, as we promised, this is a continuation of our four week series around financial literacy, financial freedom, building generational worth.
Speaker 1:
So, today Generational wealth.
Speaker 2:
Generational wealth, and so today we want to wait before y'all get started.
Speaker 1:
Y'all remember the last episodes. Did you go and get the e-gott?
Speaker 2:
Did they go check out the website, did you? Go and click and get the e-book.
Speaker 1:
Bigdogtalkpodcastcom. Okay, okay.
Speaker 2:
Today, this part of the series, this episode, is going to be about setting your children up for financial success. The e-book is a tool that will help you with this as well, but we do have five steps that we're going to share with you on this episode, and the e-book is a bonus that goes with this episode.
Speaker 1:
These are five steps that we have done and still continuously do for our family, for our children. We're not gonna teach you anything that we don't practice, right or wrong.
Speaker 2:
Absolutely, and we have three children at three different phases in life. Yeah, and we are doing these things at the appropriate level where each one of our children are. So let's get it started.
Speaker 1:
Step number one Five steps to freedom.
Speaker 2:
Step number one Start early financial education with the children. What does that mean?
Speaker 1:
I can just share with you guys our experience. Yep, you know, big Charles, even like doing how's that, covid? During the pandemic, during the pandemic, I was not waiting on the school to educate my children, that's right. We bought some flashcards Yep, I've also, even when I've spent a good piece of money for the boys For a kid's university Yep, where they learn about stocks, compound interest, entrepreneurship Yep, start educating your kids early in regards of finances. Yes, yes, teaching them how to manage money, how to use money as a tool, absolutely. Money is not everything. You're right and usually broke people say things like that Honestly, truthfully. But money does bring about a certain level of enjoyment. It does, it does.
Speaker 2:
Right. So what to start early mean, right? So when I think about where we started, like I said, it was during the pandemic, which was four years ago, so that's almost to the T. So that would have made our two youngest boys nine and seven. Yeah, I think that that was perfect. I think that seven is perfect.
Speaker 1:
But if you think about it, though, big Shay, just think about ever since my boy, our boys, were sleeping by themselves in the room, by themselves. Tell people what you have them watching I would. The kids wanted to sleep with. Sleep with the TV on Yep, ever since they were able to sleep by themselves. This is what, months old, for seven years, yeah, for seven years, my children went to bed watching the property channel, property Brothers, to be exact. And what was I doing? I was conditioning their mind yeah, yep, conditioning their mind to think about real estate. True story.
Speaker 2:
Very true story. True story Yep.
Speaker 2:
They remembered that too. They remember it. They remembered that too. That was the first phase, and the second phase was four years ago, when you put them into the kids university. We bought the flashcards that talk to them about savings what's the savings account? What's the checking account? What's the credit card? What's the debit card? What are stocks? What's compound interest? What is debt? Kid friendly stuff is part of the lesson that Big Charles created for our children during the pandemic. Simple as that. Number two Lead by example Sounds easy. It sounds easy, sounds easy.
Speaker 1:
It sounds easy. At the end of the day, kids do what they see and not what you say.
Speaker 2:
Yeah, Always watching.
Speaker 1:
Your children are always watching. I know I was watching my parents when I was coming up, watching my parents with some of my best lessons of what to do and what not to do. It helped me learn I can change some things up. Your children are watching you. What life are you setting in front of their eyes? Because that's the form of conditioning. It is a form, yes.
Speaker 2:
Yes, come on conditioning. Yeah, right, listen, yeah, that's a form of conditioning.
Speaker 1:
How are you going to tell me to save money? You ain't saving money.
Speaker 2:
That is conditioning, that is learned. Yes, absolutely.
Speaker 1:
How are you going to tell me to put money in stocks or self development when you don't do it yourself? Yeah, I don't see you doing it.
Speaker 2:
Prime example.
Speaker 2:
When we went into 2024, we had a vision board party to bring in the new year with our children, right, correct.
Speaker 2:
After that, we had a conversation with them because in 2023, we would eat out on Fridays, we would eat out on Saturdays and sometimes we would eat out on Sundays. It was just easier. And so we had a conversation with the kids. It was like mommy and daddy have new financial goals and we're cutting back on some things, and one of the things that is getting chopped is eating out. So now that they know, monday through Thursday, I'm prepping meals, I'm cooking, we're eating at home, and now they know, on Fridays, it's their chance to be able to, you know, pick a food that they want to eat for fun Friday, because we were eating out a little bit, too much. So I feel like that's an example of leading by example and showing you're being examined for your kids. Like we're spending too much money in this area, which happens to be eating out, I'm telling you we're cutting it off and this will be the day that we will be eating out and we're doing it because we're saving more money. Boom.
Speaker 1:
They get it. And if you, if you be all the way detailed, you and I we don't have that treat on Friday.
Speaker 2:
No, we don't eat out on Fridays. They have it, they have it. We do our thing on Saturdays.
Speaker 1:
Yep.
Speaker 2:
That's true.
Speaker 1:
Right, yep, yep.
Speaker 2:
So we got one Start early financial education. I think seven is appropriate. But also big Charles shared that you can find a creative way to introduce it to them. It could be something on YouTube, something on TV, just to condition their mind.
Speaker 1:
My kids wouldn't even go to bed when, at their early age, they'd be like dad you forgot to put it on the property channel. Yep, they did not know what I was doing. Yep, dad, you forgot to put it on the property channel. We done the wrong channel, yep. This was from birth all the way up to the age of seven Yep, for seven years I did this.
Speaker 2:
Yep Step number two, like we say, lead by example, lead by example.
Speaker 1:
Kids do what they see and not what they. What you say? Right Simple as that.
Speaker 2:
Number three encourage saving and goal setting for the kiddos.
Speaker 1:
I don't want to save money, but, dad, I want to buy this. Did you save your money? Did you save your money? Well, dad, I wonder, can you take me? Did you save your money that you work for Mm-hmm? Did you save your money that you allowance money? No, I didn't. You cannot get it, yeah. And this teaches them I'm moving too fast, I'm moving too fast, okay. Well, it teaches them one to set a goal and to stick to it, because if I don't stick to it, it won't happen.
Speaker 2:
It's not happening and the way you you know just to backtrack on number three, the way you can. You know saving plus. Go encourage that so you can create, you know, little jobs for your kids. Chores around the house, like if you have a business. A business, they can do little things for you, or chores is the easiest thing to do and you paid them a little bit of money. Because now they do. They do need a small pot. They motivate them to work with. They got to start with some, some money in order to figure out what to save and what to spend, what golden, what. Maybe they have a goal if they want something, but they need a pot of money. So I think that chores is the most simplified way. It's old school, traditional. It still works. We do it in order to build up some money for your kids so they have something to work off of. They have to earn it.
Speaker 1:
They got to earn it and give them something to work towards. Yup.
Speaker 2:
Right Teaching responsibility. Then you add in that financial piece to that money that they're earning.
Speaker 1:
Next thing, you know that leads into number four delayed gratification. That's easy. Delayed gratification I can't get it right now, daddy. You can't buy right now. No, you have to earn your money, save your money, and it may take a few weeks. It may take a few months. Yes, this teaches patience. This teaches everything doesn't come to me right away. This teaches me how to stay committed.
Speaker 2:
How to set a goal, how to plan.
Speaker 1:
How to strategize. Yes, yup, there's so many principles here.
Speaker 2:
Yup, Real life example our middle son. He wanted a PS5, and we don't buy gifts for Christmas. We gift our children experiences. Right, that's what we've chosen to do for the past three years. We don't fill the Christmas tree out with things, we gift them experiences. So he said he wanted a PS5. His dad said save your money for it. You got money. You make money. Save your money for it. So I think it took him about five months to save his money. Not only did he save his money, but he researched and came up with a strategy that he could turn in his current gaming system, get some money off of that gaming system and then use the money that he saved to be able to purchase the new system and keep some money in his account Big lesson.
Speaker 1:
Huge lesson. It seems small, but that's a 12, 13 year old. Huge lesson for him.
Speaker 2:
And he values and takes care of that PS5 better than he did the one we purchased, which was the PS4. Why?
Speaker 1:
Because he had to work for it, that part, he had to earn it, he had to be patient for it, that part, that part. Step number one Start early financial education. Step number two Lead by example. Step number three Saving and goal setting encouragement. Step number four Take gratification.
Speaker 2:
Step number five Please foster open communication around financial literacy with your children.
Speaker 1:
Talk about money.
Speaker 2:
Talk about money credit savings Talk about it.
Speaker 1:
Talk about your bills you have to pay. Talk about your kids need to see you and hear you saying okay, I have to put a certain amount of money up this week. Oh, I can't go out this week because we haven't I haven't met that goal yet. Your kids need to hear this. It drives their subconscious mind, it conditions their mind.
Speaker 2:
Something simple, like our kids both have gaming systems. Sometimes they want to get those V-Bugs, so they want to add something to their game. We know they have money, so before they would say, mom and dad, can we get something off the game? And we would just get it.
Speaker 2:
Okay, you can get it off the game. Now they say mom and dad, can we get something off the game? We say, how much is it? They say it's $20. I'm going to pay you. Great, it's not about me needing $20 from my kid, because I don't, but it is about my kid understanding that if that's where you want to make the choice to spend your money, that's your money. You're going to spend it and you're going to give it to me. Simple as that, that's the lesson.
Speaker 1:
Simple as that.
Speaker 2:
If you want it that bad, simple as that. Because that's not in my budget, your game is not in my budget.
Speaker 1:
I'm going to give you a bonus one. I'm going to give you a bonus one Every time your child get an allowance. Make them put 20% of their allowance in a savings account Meaning not a regular savings account, where that's the money they go to when they want to get a treat. No, remember the building fund, the emergency fund? Yep, 20% of their allowance have to go into an emergency fund for themselves. Yeah, they don't like it all the time. No, they don't. Kids, they do not like it. I don't care, I do not care.
Speaker 1:
These are things that we have to teach. Do you realize that this is not being taught in schools and they're not going to teach it in school? Do you realize that? How many of us showed up to school and they had Matter of fact? How many of us go to banks and they just offer us credit cards and we're just so happy to get a credit card that we have no education behind it? I worked in the bank for decades. I've seen so many people get overdraft fees because they didn't know how to manage their finances. I've watched so many people get ripped off in the banking industry because they didn't know how to balance what they had. Again, it's possible. It's possible. This we gave you guys five steps and a bonus and a bonus, Five steps and a bonus.
Speaker 1:
And an e-book and an e-book.
Speaker 2:
And I just want to say that you can do this at you know children, their ages. Ages and stages also aligns with development. Immaturation of the brain.
Speaker 1:
Coming from the school teacher.
Speaker 2:
Coming from the school teacher obsessed with human development right, and so you can pick and choose based off of where your children are developmentally on what's an appropriate exercise to do this with. I'm saying that because we also have a grown woman, a college graduate. She has something that she wants to purchase. She had this conversation with dad at the beginning of the year of 2024. We gave her some actionable steps. If this is what you want to do, if this is what you want to get, this is what it's going to come with and this is what you need to do. This is how you need to own your finances, the money that you're bringing in in order to accomplish that goal. I ain't never seen her hold on to that money like she is right now in my life. Why? Because she has a goal and she's saving towards that goal, and now she understands the value of money to get something for herself.
Speaker 1:
Be tight y'all. She's tight. We're not giving you any tools that we use or that we don't currently use.
Speaker 2:
We haven't used.
Speaker 1:
We haven't used. This is we practice what we preach, and we just want to share some things. If you guys take these simple, practical tools and work them, stay committed to them, don't expect instant gratification.
Speaker 2:
Over time, your life, your financial world will change gradually, gradually, and by doing this, let's keep it a bug. Big Charles, by doing these things, these five steps that we just went over in this episode, change some generation Change in your legacy.
Speaker 1:
See, I like that Because you don't always have to give kids millions of dollars. You can give them million dollars worth of principal. That was good, right that was good, that was good. I want to say that that was good, that was good, that was good, that was good. At the end of the day, we love you guys.
Speaker 1:
Time for us to get out of our house Life and order. Set a foundation for generational wealth. Live a life that's more meaningful than just self. Go to the link Big Dog Talk Podcast If you want some one-on-one coaching from Big Charles and Big Shay. Go to Big Dog Talk Podcast and click on the relationship coaching. We teach every area that you want to work in Faith, family, fitness, finances, freedom. We teach you that. Get the e-guide. Buy for your cousin you ain't to your uncle, your niece, your nephew $14.97.
Speaker 2:
Buy for an unborn baby Baby shower gift.
Speaker 1:
Investment Come on now. Self-development $14.97. Save you hundreds of thousands of dollars. Not only did that e-guide help my daughter get a four-ride academic scholarship when she graduated with college, she had thousands of dollars saved while she was in school. When she finished school, she had thousands of dollars saved, all because she had a free-ride academic scholarship to an HBCD.
Speaker 2:
Full full full full academic scholarship.
Speaker 1:
Simple, practical I didn't say easy Tools. It's in the book, it's in the e-book that will change your life forever. In the e-book. We love y'all. Until next time, tune in share tag. We need y'all to keep building this community Keep tapping into this series.
Speaker 2:
We got treats on treats on treats on treats.
Speaker 1:
Hey, we going somewhere. I guarantee you we going somewhere. Stick around. Who am I to live a life that's just big enough for me and my family? Who are we to live a life that's just big enough for us? We love y'all. Man, Enjoy your day, Enjoy your evening, Enjoy your morning. Be better than yesterday. You already know we'd be back. Peace.