Teaching Kids the Value of Work

This is Doug Hastings, VP of Moody radio and were thankful for support from our listeners, and businesses like United faith mortgage. My grandma loves Ice-T it surfing so I go to hang the grandma for a bit and I see she's holding her big plastic cup with her T the cup is literally sitting inside one of grandpa's sports socks.

I'm not making this up. No one can make this up grandma you okay of course dear the socks soaks up the sweat and keeps the tea colder. Hey, it's Ryan from United faith mortgage and as I thought about it later. I thought that's the kind of mortgage team. I want us to be the kind that's willing to take any step needed to get the job done on your new home purchase, refinance, or cash out refinance and can we help everyone know, obviously we can't know were willing to use grandpa sock to keep a drink called you know were willing to do whatever it takes to make sure you're taking care of. We are United faith mortgage not a faith mortgage is a DBA of United mortgage Corp. 25 Millville Park Rd., Melville, NY license mortgage banker for all licensing information, go to NML as consumer access.org corporate MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah and train up a child in the way he should go, even when he is old he will not depart from in Proverbs 22, six, and no more valuable teaching. Could you give a child to value work doesn't come naturally. Children see something unwanted but earning something else again today host Rob West welcomes financial expert Ron to talk about responsibilities and awards than us or call us at 800-525-7000 800-525-7000. I'm Steve Moore.

Teaching kids valuable work that's nice moneywise line dear of Kingdom advisors and the much sought after speaker and author on God's financial principles today were taking a page from raising money smart kids, a book he wrote with his lovely wife Judy some years ago. That's right were specially looking at the chapter on teaching children about the importance of work a really key principle as we train up our children. Ron welcome back to the program.

12 thanks Rob. Well we are as well and Ron were looking forward to not only getting into the biblical foundation for work but also some practical advice for parents who teach those principles to their kids so set the stage for us on this topic well. The idea is something to teach not necessarily something that is natural and that we all by my mentor Dr. Howard Hendricks used to say there's not a two-year-old alive that could manipulate another hour. At that time and so it's all blocked that way with work to one of the things that happens is that children learn to manipulate that. For example, maybe mom is more generous than bad.

So they know who to ask for what and when and with a credit card that we have today there seems there it is a sense that there is no limit to money and money is dispensed with the credit card teaching people to work for money that are teaching them even to work as I think more difficult today than when we raise our kids many years ago. Although the terminology has changed.

My parents would say, do you believe money grows on trees so that's what I told Mike to tell their kids think I said that last week. This is such a big idea that we have limited resources. Obviously, that were managers of God's money and we need to manage it wisely.

But this idea that you can get something for nothing is really a fundamental flaw that we need to try to correct right yeah right of the lottery we see people really want something for nothing and my mother used to come home from shopping and she recited say I saved so many dollars today because I bought these things on sale answer when she died. I expected a big inheritance work out that way.

That's the way that it's perceived is that we want something for nothing and what we don't know that you have to trade time for money and how much time alternate traders really dependent upon my own value system so price we look for is something that we will value value is in the mind of the holder merely reflects that bag so learning work and what you get in return for work is not easy.

Yes, these are big ideas and really important to instill in our kids early will continue to unpack these principles you just shared with us.

There's no free lunch. That's a big one will talk about some of the other principles as well as the biblical foundation for work that we can begin to instill in our kids at a very early age so much more with Ron blue around the corner. That's right, I guess is Ron blue today are houses Rob last time Steve Moore were talking about the principles of raising money smart kids and no one better to discuss.

This sentiment was written several books on the subject, I will be back with more with Ron will take some calls later in the program on any financial topic that's of interest to you.

800-525-7000 children, or maybe grandchildren you realize by now that teaching your kids the value of work in the value of the dollar is crucial to their upbringing in their adulthood in here to help us with that today is Ron blue, author of multiple books on the subject, including the one were discussing today raising money smart kids just before the break, Ron, you shared a key idea of principle that there is no free lunch. And that's a critical one. What comes after that.

The idea that the trade-off between time and effort or cost and money and rewards will benefit.

So in reality money grow on trees, and every purchase cost to the parents of children something in terms of labor. In addition to that, providing economically.

We work for two important reasons wanted were commanded to work in Scripture and to translate back to you and work for 28 let him who stole still no longer, but rather working with his hands. What is good that he may have something to give him who has made were commanded to work so will have the ability to give given that counsel to a lot of adults that you get the ability and the gift of earning some money. Not necessarily spending. Proverbs 1423 says in all labor there is profit, but all idle chatter chatter leads only to poverty so working has intrinsic value and extrinsic value gives us monetary rewards as well. The satisfaction of knowing a job is been down and well completed and I helped my wife plant some flowers a couple weeks ago and when it was done I had a product so I had traded some time work product and that product continues to bring pleasure today because of the beauty that it meant that it has the same thing with money.

Trade time for something of value. So much there that you just shared this idea that money is not an end. It's a means to an end and that means to an end should be about something other than you is really where true joy is found as we manage God's money that the other thing is this idea between cost and benefit dinner.

My two boys and started refereeing games at the church basketball games and soccer games are starting to earn some money and were teaching them to tithe and they got there first, checking accounts, but what's been interesting is to see them calculate how many hours they have to work to pay for certain things and all of a sudden takes on a whole new meaning doesn't really know once. However, once you understand that money really has no value in and of itself, but it's only what it will provide you wanting money, but it's not money that we really what we really want what money can can do for Esther Piper so that's what we need trade trainer children to realize that there's a trade-off between time and effort and money and rewards yes big ideas motivating children. It seems like so many of them just have expectations. Perhaps you could call it entitlement that things should be done for them.

This value of hard work gets lost as we sometimes cater to their every whim.

What have you found about motivation and work related to kids we trainer by using the envelope system so they can literally see how much money they have and if they didn't have enough for whatever they wanted. There was only one alternative to work for this so what your boys are doing is terrific value because her learning very very early this idea of the trade-off between time and effort learning.

Probably the enjoyable aspect of working also been looking at something they enjoy. And what greater gift can you give them than the fact that work works works in my life. Ron at some point you and Judy must've realize that what's working with one child isn't necessarily working with the next child you know how do you deal with that kind of a scenario we had five children and what I learned and grew up was there different values.

Take the most classic wars are two boys who were the two youngest we had one son who would spend his close money to buy polo shirts. He loved Brandon Brenda church. The other son is happy with jeans or coveralls really embarrassed by the way, dressed to go close meant nothing.

And so what. But that's okay because it's not one-size-fits-all and we do work out our values and one of the things that money is so important in terms of training is you see what your children value and give you an opportunity been to to work on that to pray about that to work with them if they depending on what what they value so what we had a principal. Also, Steve, and that was that we didn't give them responsibility for something they did in terms of close something they wouldn't take responsibility for because, based on the value winter coats zero value in. They didn't say necessarily value and some issues and so that we didn't give them responsibility for we did provide for them for that.

We also rebooked her underwear because I didn't get any response but little principle is always applied for just about a minute and have left talk quickly about how you and Judy handled allowances in all program on that one. At the bottom line. Rob was weak and we had chores that they were responsible for around the house like washing the dishes making their bad doing her homework things that they needed to take responsibility for and we never paid him for that. Yes they did that because they remember the family.

We gave them allowances for the fact that we would provide certain things so they had a close allowance for example in and spending allowance that a gift allowance and then a giving and saving allowance they can earn extra money for doing chores that were outside their normal duties. For example, may be washing my car or something around the law so it was the opportunity to earn some extra that was not a part of their allowance and obviously the real training comes with how you teach them to handle it, give, save, spend beginning to think about limited resources taking a portion of it to savor something they want down the road. Modeling obviously is the big idea when it comes to parenting. Ron you give us some real gems here today as it relates to work in our kids in the biblical foundation and some real key principles. Thanks for stopping by my friend, enjoyable.

Thank you.

Help us run Ron blue was better yesterday. We've been discussing his book, raising money smart kids, your calls, then exit 800-525-7000 is with us today is my very best to find God's wisdom, finances, and lay that to you.

If you have question along those lines, and if you do have any sort of financial question today will now's a great time to call. We have a number of open lines at 800-525-7000 800-525-7000 real pleasure to have Ron blue with a set any thoughts regarding what Ron said in raising children.

There always thoughts when it comes to raising children and you still doing that right now I am I got four of them all. Still at home of the what is driving now so he's home. Let's begin. That's for sure. You know I think when it comes to these principles that we want to instill in our kids that come right out of God's word it so critical that we teach with intentionality. God's heart as it relates to money. No one else is going to teach them that God owns it all and that money is a tool and that there's 2300 verses in God's word. The deal with money and nobody's gonna model it in a way that's going to be lasting in terms of shaping your kids other than you, so you've got to have intentionality about it. But this principle of the value of hard work that resources are limited, that money doesn't grow on trees is critical and I think as we demonstrate that and as we bring our kids along in appreciating that it goes a long way in our Facebook question of the day today was how did you teach your kids the value of our work in Charlotte reflected this exactly. She said my parents always made sure us kids had a hand in the work whether it was helping around the house or rehabbing rental homes are going on jobs with our dad. We knew what it took for them to get to where they were and my husband and I are now striving to do the same. And that's great Charlotte and that's what we all need to be doing as we teach this really important principle. That's right. You recently, Rabbi ran across an article from retired high school teachers and they were asking these high school teachers will number one would you teach again if if given the opportunity well over three questions number two what subject. What subject as you reflect back did you wish your school or you had the opportunity to teach and several of them mentioned basic money management now actually when I was in high school. They did teach dad and I I took that class was called something different that I don't remember but it's where I got my first checkbook.

It's where I applied for my Social Security card that I'm still carrying around in my wallet today. I things like that and you know teachers can teach those things and it's preferable that they teach them rather than no one teach them, but no one's going to teach it with the same love, if you will, and in the in the same fervor as a parent and that's really critical. Well it is and I would draw one distinction to because even if your children are getting that. Let's say there's a basic money management class being taught at the high school level or even at the college level it's most often, if not exclusively going to be financial literacy, and although that's important that's entirely different than teaching the biblical perspective of money.

Understanding all that God has to say about how we should view money and having an eternal perspective in making heaven our home, not the temporal and not really the role of money in our lives in the fact that our hearts are connected to our money.

All of that is not going to be taught in the basic financial literacy class, which means that's our job to impart those really key principles. That's right. And remember as your teaching your youngsters and I might my children are our young adults now, but it doesn't have to be cut away phrase this of the note. I don't make myself look bad just because your parents may have taught you some things by slapping your ear hand with a ruler and in a sense, you don't always have to teach that way sometimes teaching your children fact every time teaching your children with encouragement and honesty and positivity goes a long way.

It doesn't have to be the old school way of again slapping your hand with a ruler. While that's right. And let me say one other thing and then we'll get to some calls.

You know, one of the most foundational things that will shape how you handle money as an adult is how money was handled when you are at home as a child and fretting parents that may be scary some respects, in other respects that may be encouraging because were trying so hard to do things right, but just remember that there is so much that we take away from our childhood that really affects how we view and handle money as adults, which means those formative years related to how we handle money, how we model that your kids are really so very important finish the statement for me Rob when it comes to your children and parents more is caught than taught absolutely and taught. Amen. What you see model goes goes much further than what you tell them they ought to do now if you don't mind, I'm going to gently tell you that you should give us a call right now. If you have a question for Rob today. Anything financial question and encouragement anything you're wondering about let us hear from you. 800-525-7000.

Let's begin.

Pompano Beach, Florida hello Joe what's on your mind today checking when it comes to you were not too far away from retirement and probably got about $200-$250,000 worth of IRAs between my life and I in various target funds is that something should get that should just be left there or should I be talking to a specific financial advisor to do some more in a different things with that or what you Joe. I appreciate your question and I'm going to go with the you connecting with a financial advisor, and here's why you've amassed a lot of money. You've obviously worked very hard. You been diligent in saving that you're sitting on roughly 1/4 of $1 million. Sounds like you still have a few working years left but that time is shortening and you're going to be in retirement and that additional season.

Before you know it.

I think the challenge is that you don't want to put that on autopilot. I like target date funds in the sense that they have allowed folks to really automate in some cases the rebalancing of their funds in an appropriate way so they get more conservative in your retirement. But often they can be too conservative.

Because remember, when you hit retirement authoritarians and you could help you need that money to last potentially for a couple of decades or more and therefore you need a growth component to it so I connect with a certified kingdom advisor there in Pompano. I know it well it's right near where I grew up moneywise live.org and click find CK Joe got bless you think so much more. Moneywise, live moneywise taking your calls today in any financial concerns or questions you might be wondering about 800-525-7000 toll-free 800-525-7000 have some open lines in the house a great time to call. Looks good on the Florida Anthony I understand you had a horrible thing happened to you what's going on.

Answer yes go ahead Anthony my my, what city are you in Anthony.

If you don't mind me asking, so sorry to hear what's happening so I understand the landscaping business that you had equipment that was stolen. Is that right now.

Well, tell me where you're at. Where does that leave your you able to continue to work where you plan to go from here, not on pretty much know what Anthony, let me ask you just in terms of your financial condition, personally, do you have some reserves. You have an emergency savings account with some number of months expenses that you can draw from where you at right now financially don't always pretty much at a point where my girl and you know I actually got a cottage morning about four or five properties and I got up this morning to go to work when I got out my terrible, have you ever reported this to the police yet Anthony yesterday okay and do you happen to have them sure you have a description of each of the stolen items. Is there any chance that you registered these items with the manufacturer to take advantage of any kind of warranty such that you be able to get the serial numbers from the manufacturer about three years now so I do have a couple cover, which is unfortunate.

Obviously will suspect color how you perceive moving forward with small business insurance so important that you don't you have, beyond general liability, but you have business interruption coverage coverage for your property and equipment business like this and so dependent upon it. Obviously that's not can help right now I would contact the manufacturer. See if you can get the serial numbers and add that to the police report so that if this equipment is located.

Let's pray that it will be. They would be able to identify that and get back to you as the rightful owner. I think moving forward. We just need to go into what we call a Mayday budget mode where can we really understand what is necessary to keep your family operating. Obviously your housing is most important, rent or mortgage, keeping food on the table keeping gas in the car so you can move about and keep in the utilities paid. Everything else is really subject to being eliminated from the budget, at least for now and then we need to start to rebuild. We do a couple of things. In addition to adding to that police report number one. Pray asked the Lord to intervene here miraculously and that this equipment would be found that that trailer would be uncovered and that the police would be able to locate that number two if you're connected to a local church. Hopefully you are there in Florida. Let them know that there may be some folks would want to help third thing is I like to put it out to the moneywise live community a brand-new part of this ministry that were just rolling out is something we call the moneywise helping hands fun, which is for this purpose.

If you're hearing Anthony story and you want to be of help. We have a way to do that, where we have a team of people that will look into each of these sick cases and you once they get to understand a bit more about what's going on can take the resources provided by our audience and direct them to specific needs not in the form of cash payments but to utilities or to rent payments or things said during a crisis. To keep the family operating in this case, if you want help. Anthony would be happy to facilitate that through the moneywise helping hands fun.

I want to pray for you in just a moment, but working to trust that through your church and through the moneywise community and hopefully you have some friends may be in the area that are also in the landscaping business that would come alongside you, I'd be reaching out to those folks so you can let them know what's happened because I suspect you do the same for them.

If you had a friend in the business who was in the situation you're and if if that's the case, let them know they may be able to that you lend some equipment while you're getting through this.

In the evenings or on the weekends of its unused where you can get some of those jobs done. Get some income coming in and start to rebuild one piece at a time. So don't be afraid in this time of need to reach out to others and let them know what's going on here.

Anthony and I will pray for you as we wrap up your today father. This didn't catch you by surprise, and so Morgan asked Lord that you would intervene miraculously that to this equipment would be found in working order that Anthony would in the midst of the season and a time where he's discouraged that you'd encourage him that you'd be near to him, Lord, that he'd see an outpouring of people from his church family friends in the business. Even the moneywise live community who want to rally around him that that would be an encouragement and a testimony to your provision, and the presence in his life sort of put this right at the foot of the cross and just asked that you would intervene, Lord, and that we discussed. Thank you in advance for what you're going to do with Anthony and his family and how, on the other side of this. He'll be able to give testimony as to your grace in his life during the season.

We thank you in advance. In Jesus name, amen and amen and Anthony just give God a chance to work in this situation don't use your credit card to run right out and buy a lot of equipment. I know that probably is a thought that's that's crossed your mind about it but give God an opportunity to work and let's see what might happen here.

Now I've never done this before arrival probably slap my hands after the program today, but we have a lot of listeners in the state of Florida. I mean a lot of listeners. Is there any way of recognizing your trailers or anything that that sets it apart or revisit painted bright orange or does it have your name on the side of it, anything like that at all pretty much the low back. You so it's not a box that's an open trailer open trailer. Alright buddy will obviously here on Facebook. Let your Facebook friends know about it. I keep an eye on things like Craigslist, you might even want to notify your current customers as to why you not servicing them in.

You know you never know what might happen in that regard also mentioned this to your church. Ask your church if they'll pray with you about this and help you through this time and will continue to pray for you and I pray you let us know how it works out okay but the moneywise live community if you want to help, but in this case. Just send us an email questions@moneywise.org questions@moneywise.org reference Anthony's call today on March 5 and I will get you looped and we will indeed Anthony got bless you, sir. That's a tragic situation situation something like listening to moneywise live be happy to take your call question if you give us a call right now at 800-525-7000 800 557. This is moneywise. Remember that God reminds his plans are frustrated many times as they succeed. Well is not many of us here, it's just the two of this myself.

You have a copy of God's words can help you if you wondering about something today, something financial would like to help. 800-525-7000 out to Indianapolis hello Pam, thanks for your patience which a question for Rob hi Pam hello Pam I try Pam in a few minutes. This good Adele Rico, Florida hi Lori you with this. Yes I am great going ahead and 67. I am 63. Here is working and we have paid off our house in 2000 team but we do have debt and he had just started collecting Social Security why while continuing to work and our total debt between a small small home equity and vehicle payment is prop B 2540 5000 that we are in debt and Joe were wondering take his whole Social Security check get rated or should we invest what should we do it that the security like to put it higher tax bracket that we have to pay tax on that short shorts well Evelyn, I like this plan. Actually, I would encourage you to really focus on paying off the dead, and here's why you've got this period of time where sees me, Lori.

You got this period of time where your he's still working and so this is gonna be excess there will come a time. I suspect on the road where this amount will be necessary to be used for your living expenses because he will transition out of paid work to whatever his next assignment is from the Lord. So right now is the time for you to get in a position where you get your expenses as low as possible so when you truly are both in retirement, your monthly need is as low as possible and the best way to do that is to eradicate all of your debt, including this small equity loan in the in the car loan because that's going to get the monthly expenses down as low as possible, so I think this is a particularly unique season of time for you to really focus on debt reduction you if you were to invest that money anyway. Given your financial situation and the proximity to retirement. You'd have to be so conservative in your investments that it probably wouldn't make sense. Anyway, given the interest rate you're paying on these two loans out. Let me ask you though. The only other thing I might want you to do before you do that would be to replenish or build up your emergency fund. Do you have some emergency savings Lori that says set aside in a liquid form.

Yeah, we probably all maybe eight 9000 okay.

And how many months expenses with that represent roughly all but our expenses aren't, that would probably be good five months okay great yeah I think that I mean, if anything, I do know in this season of love for you to be at in a full six months expenses so you may want to take one or two months and take that Social Security and drop it right into savings, but as soon as you hit that number, or even now if you felt compelled rather than investing it. Let's focus on getting rid of all of that that it'd be great Lori if we could time the payoff of that debt that the most to the women he plans to fully retire. If you can have it all taken care of. At that point, I think you be in really good shape and we appreciate your call today.

Lori, thank you very much how to Indianapolis Evelyn you're thinking of maybe refinancing how what's the situation at the house right at two years ago and I am trying we have that that 4.5 and we will want to pay off the house in five years. So we put $1000 each month to bad that somebody was telling me to refinance the house right now .9. I don't know if it's important for me to do it because that what how much my whole and everything so I get right absolutely so you said you've only been in this home. A couple years. Evelyn was it a 30 year mortgage. When you bought it. Okay so there's maybe 28 years or so remaining that we went down until we have been paying 50,000 wow that's great you're having dinner I see here a couple of thousand dollars extra every month okay excellent my way to go.

Let me ask you based on everything you know today. Do you plan to stay in this home indefinitely. For now.

Okay, so it wouldn't be unreasonable for you to think that 10 years from now, you'd still be in this house okay very good and you have a good credit score that .760 excellent score so you qualify for the very best programs. Assuming you have income that can be documented.

You've got good equity in the house your prime for refinance.

Evelyn, I realize it's gonna cost some money amended wouldn't be unreasonable to think you could spend one or 2% of the mortgage so you know that could be a couple thousand dollars on hundred thousand dollar mortgage or or more. Obviously, I think the key is as long as you're planning to stay in the home, and you're going to save at least a point on the interest rate and you know anything under 3% of in your to save the points and three quarters which is significant. So with the reduction in interest rate you know if you go with a 25 year mortgage that be great, but even at a 30 year mortgage. Given how quickly you're paying this down, I'd be okay with you taking a 28 year mortgage and refining it a 30 as long as you continue to prepay it. You can get a great rate in your to save a bundle between now and when it's paid off, you will repay all of the expenses of the refi out of the interest savings and you could asked the mortgage company to calculate that for you. I suspect in you know, at least in three years if not sooner. You would have with just the savings and interest all of the cost of the refinance saved and recouped and at that point, tell you'd be quote in the money in terms of your savings every month so I would say go for it makes you get at least three offers and at least two of those I would look at online lenders and you could go to bank rate.com to find who has the best programs right now Evelyn were happy to hear that you guys are doing so well. Thank you very much for calling today.

Greenwood Indiana when the stay in the state of Indiana and Scott.

How can we help you I will. I heard about a month ago I was told that I don't know about anybody at all well paid off and I like art felt little uneasy about making a right to say I got never been unemployed in my entire life I get a pension of the Army to display pension and Social Security with about 48 rent here and in the big job you want to get going up but yeah well first of all thank you for your service and I appreciate this question very much.

Have you done a budget Scott that mean it sounds like you're living modestly, as you said you don't owe anything to anyone.

Do you have a sense of what it takes for you to cover your expenses on a monthly basis about it if I went to my okay with just the pensions only. Even if you don't touch the 575,000 right okay very good and what you thinking of doing the thinking of doing something that would involve paying or volunteer or what you have in mind. Well, I'll do volunteer work, church, and my writing right I love you like the tilt cylinder humor, by Donald okay and start foretelling and how I want the gospel like that so short you know probably here's what I love about this God is. You see when we live by God's principles that puts us in a position to be able to do exactly what you're talking about. You see you've kept your lifestyle at a minimum you been a diligent saver, hard worker. Now you're able to live well within your means of your pension only, not even counting the nearly $600,000 in savings that you built up, which means that can continue to grow and allows you to say I don't even have to earn a paycheck. I can be free to live or die. Give her go. Asked the Lord what his next assignment is in use your gifts and abilities for his glory to bring people to us.

The saving knowledge of Jesus.

I love it. I mean, that's exactly what this is all about.

So I would say you're poised to do exactly that. I would if you haven't already, hire an investment professional to manage the nearly 600,000. The great news is, it can be managed very conservatively, don't have to take a lot of risk, but you could still seek a return through an investment professional that would allow it can to continue to grow. So if you ever need it and you don't. Right now it be there. You could even at some point. Start giving a portion of it away could leave it as an inheritance. Whatever you like. So I think you very encouraged by what you're describing.

I'd say go for it and I would be sure to connect with the certified kingdom advisor to walk alongside you if you don't already have an investment and financial planning professional that you work with, and you could connect with someone just go to our website moneywise live.org and click find a CK a but Scott I think your ready to go for whatever the Lord has in store. Scott got bless you. Thanks so much for calling today. We do appreciate that and wish you the very best will rob about a minute left here today. I know it's vital for us to not only hear from our listeners, but to hear from our listeners. I mean, the reason were able to be here each day, each day is because of the prayer hard work and generosity of lots of people in past years, and today we like to hear from some more of our listeners. Most of most listeners only make a donation. About 10% of the time, we've seen that in the various studies that have come out and we sense that, but if you're if you're a regular listener. If you've ever been help you blessed by this program. It would really be important to us really is important to us that we be blessed if you consider making a gift of any size. All gifts are tax-deductible and visit us@moneywiselive.org answer webpage and click the donate tab at the top. This program moneywise live is a partnership, radio, and moneywise media. Thanks for listening. Have a great weekend. Join us on Monday