Financially Savvy Grandparenting

Hello and welcome.

It is Mr. Stillman's opus of Jones doom in here alongside very special guests. My wife is a common time. Thanks. Thought it might be fun if we talk about you as a parent. Now you are. I am sorry you by the fact yes I start as evidence by the fact there is a child sitting on my lap right now. In the say hey, he's not actually say anything as he is six months old, but he's here you he's cute he may say something later but it will be intelligible now thought it would be fun if we talk about money from a parent's perspective but keeping in mind that were mostly talking to people here who are grandparents right so I'm curious to know what are the things that you would like your children to learn about money when their kids to know about money.

By the time they are teenagers or young adults, and how my grandparents be helpful in that process and what might grandparents do that could be counterproductive to what you'd like to teach. Think about it in the terms of what I learned about money, which was very little, as evidenced by the financial mistakes I made my early 20s which I learned from but I wish I had not made his mistakes so I think the biggest things would be getting saving and spending and ultimately in the end, investing, but I think just teaching kids at a young age. You know, it's hard to teach them the content of the hill of a five-year-old.

The concept of investing so I mean, maybe you could really simplify it, but I think I will promise you. Oh, I'm sure. I'm sure he'll find a system in a spreadsheet cell to teach children about investing, but I think the biggest thing would be giving first saving second and then spending last so I think those are the three main things and then as far as like how grandparents can be one helpful. I think just helping to reinforce those things and by reinforcing those things I think not. I am a look, I'm all first grandparents spoiling their grandchildren. I am 100 and thousand percent positive that I'll spoil our grandchildren. One day this really true, but I at the same time.

Don't want to spoil them necessarily with stuff. I think spoiling with time is great, but I have a friend who also has children and her parents every time they come to visit. They have like a a new another tub of toys that are just necessary to get you love your grandkids like they don't need any more plastic stuff so you know, not spoiling your children or your grandchildren with just unnecessary stuff that then causes them ultimately to always expect gifts every time you come to always expect stuff just kind of in a lot of ways can create a desire and then for more stuff and that's not what we want. Ultimately, I think, to teach our children because then that teaches them. Ultimately, greed which then leads to poor money habits down the road. Obviously I'm taking this to somewhat of an extreme example, but I think it's it's very prevalent today and can be a big issue so would you say I mean is it wise to think for grandparents to have talks like actual talks with their grandkids about money and those things you talk about saving doing spending in the right order, or is that something you would prefer that be the parents job and the grandparents are just not messing it up. I think I think when it's important that the grandparents sit down with the parents and talk about okay what are you teaching your kids about money and did not what's the word I guess counteract counteract the I think that's a word is counteract what the parents are doing so don't if the parents are if you know you as grandparents, you know, euro children, and if you talk with your children and your own children are like look were really trying to teach my kids about saving this year and so were not. You know were not doing anything extra like were not doing maybe gifts outside of Christmas and a birthday something like that you were really trying to teaching that teach them about saving and giving.

Can you just help us reinforce that you don't want to just come to go behind her back and do something that you know they don't want you to do because that can be frustrating as a parent and then it teaches the kids still area or your grandchildren. It teaches them like hell if I want some not going to secret my grandpa Lily just turned three. So explain what you did for her birthday which awful school is giftgiving. I say explain what you did instead of what we did because I really get to see you know she will love her, but she does not need more stuff, like a home girl has more ways then she just meet and have as many toys I knows I get that but she just you and me more stuff and so they're all on the floor when I get home so I don't know how she gets every single one of them out every day and she's like a little Tasmanian devil like a little toward it to other tornadoes like Colin but she has a more stuff and so I was trying to think of a way because like plaster for Christmas.

We get our 25 days or random acts of kindness with Lillian.

So every day leading up to Christmas. We did a random act of kindness doing something for somebody else in the community and so I wanted to kind of figure out a way we could do that with her birthday and so I went to her and I said look really good. It can be your birthday return three very exciting you will get a gift. But what about this year. If we actually asked people to come to your party and not bring you a gift, but to bring a gift for a child in who is sick in the hospital because, long story short, a friend of mine who has a daughter with epilepsy started little project called sugar bear's toybox where they collect money and toys for kids who are sick in hospital who need something maybe to comfort them while they're getting test done things like that and so Lily actually was surprisingly onboard.

I asked explained it to her as best they could and she was like were going to give this to the sick kids and I'm sure garlic you're still going to get a present to do the will I get a yes, you'll still get a birthday present rather than amassing 30 new things that we don't need. She got a couple things this year she got them close from the grandparents you know she got, you know where to from us and other than that you know all the toys that would have been bought for her. Instead be collected and no then in a couple weeks were going to take them together with her to the hospital and so she can give the toys it maybe she would've gotten for her birthday and actually given to kids can use them, rather than having them sit on the shelf final figure back to something you said earlier you said he made a lot of mistakes in your early 20s are a lot of things you wish you learned about money as a kid and I'm guessing a lot of people are thinking. You know what, I probably didn't do the greatest job of teaching my kids some of the mistakes to avoid. How could maybe help them what you said parents and grandparents talking to one of the things that let's be sure your kids don't make the same mistakes you did, what are the things you wish you Lord.

I wish I learned the terrible dangers of credit cards because when I went to college and you know they have those like this when you walk in the student center that I can get of each get a visa card with a 47 this is person interest rate and here's the T-shirt flexibly. Yeah, like I just you know what I mean as ignorant and as ridiculous as it sounds like when you're 18, 19 years old.

You're like a credit card with a $10,000 limit. I rolling in money and then you forget that will pay that back, eventually. So I wish I would've learned more about that and just like responsible credit card use of the credit cards are bad altogether purchase responsible credit card use, and I wished I would've learned better when I was little older obviously my later teenage years in college I was wish I would've learned better ways to invest money rather than putting money in a CD which is awful and haste to invest money and I would I really wish I would have learned the value of giving really well yeah you what you think Amos I would really wish I would've learned how important it is to give money rather than spend it just so evil, that is, I think all those things are pretty common for the baby boomer generation didn't necessarily have explicit talks with their kids about that stuff. Maybe as you said, it does make a lot of sense to even other adults go ahead and have that talk about okay, how can we be sure this gets taught to write our grandkids are kids right just all the stuff about much appreciated if you know where I stand. When we leave here we go to the mall is my credit card to know what love you. Talk to you next time Mr. Stone