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welcome to the best interest podcast
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where we believe Benjamin Franklin's
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advice that an investment in knowledge
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pays the best interest both in finances
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and in your life every episode teaches
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you personal finance and investing in
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simple terms now here's your host Jesse
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Kramer welcome to episode 66 of the best
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interest podcast my name is Jesse Kramer
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later in the episode Andy Hill will be
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joining me Andy is the creator behind
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marriage kids and money a website and
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podcast where the young family wealth
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building conversation takes place Andy
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and frequently his wife Nicole discuss
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topics at the intersection of family and
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finance and before we get to that I want
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to shout out this week's review of the
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week uh fish
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and I always learn something new after
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each listen whether you're new to
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investing or a seasoned veteran Jesse
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definitely provides value to all his
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listeners good stuff keep it up fish
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thank you for the kind words if you're
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listening to this send me an email at
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Jesse ATB bestin interest. blog and I'll
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get you hooked up with uh some nice best
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interest swag a gift something like that
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now before we get to Andy Hill let's
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talk about some uh family financial
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topics that we've discussed before on
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the best interest blog first this comes
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from an article called 12 financial
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planning topics for new parents and as
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you might guess this applies to new
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parents so if you are expecting children
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or someday might have children or maybe
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there's someone in your life who has
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children send them this podcast or send
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them the linked article in the show
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notes and we'll talk about the 12
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financial planning topics right now
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after all children can be incredibly
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expensive it's vital for those new
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expenses to be part part of the plan in
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your household budget once your children
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are born there are important long-term
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safety nets you should be implementing
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we'll get into some of those and
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thankfully this is an important topic
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there are many tax breaks available to
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parents to ease the financial burden of
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raising kids so I would suggest you make
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sure you're capturing those tax benefits
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and we'll talk about them too my wife
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Kelly and I were at that stage of life
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where most of our close friends and
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family have at least one maybe two or
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more young children for those wondering
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we're we're 33 years old and in many of
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the conversations that we're having with
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our friends or family those young
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parents I've realized Trent many parents
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are similar in that they have the same
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Financial questions and concerns
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revolving around raising their children
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so I wanted to provide the best
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financial tips I could find for new
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parents some of the best financial
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practices they they stay the same before
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or after you have kids but there are
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many big changes so let's start with
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those let's start with the big Financial
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topics that are going to be changing
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from before till after you have children
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the first one insurance coverage when
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you have kids you should be reviewing
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your insurance policies specifically
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your health and life insurance policies
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to make sure that you have adequate
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coverage health insurance is important
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for your family's well-being it provides
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financial protection against the high
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costs of Medical Care it ensures access
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to necessary Health Care Services it
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helps cover medical expenses and it saf
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Cards Against unexpected illnesses or
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accidents that could otherwise result in
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in some sort of significant financial
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burden if you can't cover it with your
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bank account you probably need insurance
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for it that is a great rule across the
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insurance spectrum and it's something to
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keep in mind whether it's Health life
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auto pet insurance you name it if you
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can't cover it with your bank account
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you probably need insurance for it now
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life insurance matters because it
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protects your loved ones financially in
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case of your untimely death specifically
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focus on term life insurance not whole
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life insurance not indexed Universal
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insurance term life insurance that
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advice applies to
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99.99% of you listening despite what
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some people on Tik Tok might try to tell
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you life insurance is not a substitute
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for proper investing there are two
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separate things life insurance protects
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your family against your untimely death
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and investing helps grow your money for
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the long run you shouldn't mix and
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mingle those two things term life
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insurance policies they provide only the
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life insurance portion that that you
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want the other uh insurance policies I
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mentioned like coal or index universal
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life they try to tie together life
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insurance and investing into one product
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and as a result they're subpar at both
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they're not very good at at the
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insurance side of things or at the
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investing side of things so just keep it
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separate look at term life insurance if
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you do own your own home if you have a
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car you might want to look at
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appropriate property and auto insurance
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coverage too all right the next topic
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child raising and child care
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costs very very expensive the Birkins
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Institute estimates that the average
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middle- inome family with two children
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will spend about
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$300,000 to raise a child granted this
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was for uh data published in 2015 so the
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odds are that that number's gone up
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since then part of their estimate did
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include 4% inflation per year so if we
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do a little math crunch the numbers
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basically what we're talking about is
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something to the order of6 to
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$177,000 per year that's measured in
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today's
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2023 every single year from the time the
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child is born until the time they turn
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18 $6 to $177,000 per year now we can
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break that down a bit more for for
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example if you need outside child care
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right if you need daycare babysitting
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whatever you want to call it the early
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years of parenting are likely to be the
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most financially strenuous according to
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a site called lumine the average child
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care cost in the US is just shy of
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$155,000 per year or ,250 per month
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that's for you know full-time Child Care
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while the parents are off working and
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according to the website zipia about 58%
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of parents rely on Child Care like that
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so that they can continue to work and
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earn their paychecks support the family
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granted child care expenses tend to
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decrease or disappear once your children
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enter school but for those first five
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years yikes $155,000 per year on child
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care that's a huge expense to plann for
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most households cannot lightly absorb
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such a change in spending the average
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American family earns $100,000 per
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household taking home roughly $6,000 per
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month after taxes 122 $0000 per month on
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daycare that's 20% of a family's
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take-home pay another option that is
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financially challenging in its own right
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one parent could stay home from work to
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care for the children there are
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interesting pros and cons to consider
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here while it's a hardship to go down to
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one salary it's also hard to Value the
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benefit of all that extra family time
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and then after thinking about these
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daycare and and child care costs there
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are diapers and formula and strollers
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and car seats and clothes that kids
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outgrow in 3 months the list goes on and
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on these kids kids are extremely
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expensive and those expenses require
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important planning important budgeting
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to make sure that you can cover them if
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and when you have
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children the next topic education start
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planning for your children's future
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education early on at the best interest
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we wrote a complete breakdown of 529
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plans a few years ago we'll link that in
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the show notes below 529 accounts are
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the gold standard for Education savings
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due to their flexibility and tax
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advantages regular contributions to such
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accounts can help alleviate the
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financial burden of higher education
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expenses later on another College
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account that you might have heard of is
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called a coverdell account like the
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computer brand coverdell those are
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education focused tax efficient accounts
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but they're generally suboptimal
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compared to 529 plans and they should
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only be used if you are fully maximizing
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a 529 PL
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potential the next topic estate planning
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when you have kids you should consider
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creating or updating your estate plan
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now we'll get into the specifics of what
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that means below but estate planning it
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helps avoid potential conflicts and
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ensures that your wishes as parents are
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followed for example you'll want to
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designate legal Guardians for your minor
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children ensuring that they are cared
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for by a trusted individual if something
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were to happen to you this is a
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challenging conversation who do you want
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to watch over your kids and do those
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people do those potential Guardians do
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they want to take on that responsibility
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you need to have that conversation with
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them and then make sure that it's
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written in your will you should also
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create or update your will to dictate
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how your assets those financial accounts
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property personal belongings how your
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assets should be distributed in case of
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your untimely death Additionally you
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might look into setting up trusts to
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protect and manage assets for the
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benefit of your children until they
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reach a certain age or Milestone you'll
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also want to consider updating
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beneficiaries on your qualified
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investment accounts things like Ira 401k
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and the beneficiaries on your insurance
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policies when you have kids when your
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family grows you want to make sure that
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you review these documents and that they
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still are written in a way that follows
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your wishes here's a quick ad and then
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we'll get back to the show did you know
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my written Blog the best interest was
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nominated for 2022 personal finance blog
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of the year and it's been highlighted in
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the Wall Street Journal Yahoo finance
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and on CNBC I love writing especially
00:10:02
when that writing is to share financial
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education and I usually write one or two
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articles per week you can read them all
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at bestin interest. blog again the web
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address is bestter interest. blog check
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it out the next topic long-term
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financial goals you had goals before you
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had kids and you probably still have
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many of those goals but your timelines
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might have shifted a few years because
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you now have children it's essential to
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set and keep your long-term financial
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goals this could include saving for
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retirement buying a home or some other
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Milestone if you can balance it all
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start contributing to your retirement
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accounts as early as comfortable take
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advantage of employer matches into your
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retirement plans consider Consulting
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with uh a financial planner for
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long-term investment or planning
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strategies the next topic children and
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taxes whether you file your own taxes or
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you work with an accountant make make
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sure you understand and are benefiting
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from the tax code parents typically pay
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much less in taxes than those without
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dependent children for example there's
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the child tax credit the child tax
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credit is a tax benefit that reduces the
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amount of tax owed for eligible parents
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as of 2023 the credit is up to $2,000
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per qualifying child under the age of 17
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that credit is partially refundable
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meaning that even if the credit exceeds
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your tax liability you may be eligible
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for a tax refund next the earned income
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tax credit or eitc is a refundable tax
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credit that benefits lower income
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working parents with earned income under
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$59,000 per year the credit amount
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increases with the number of qualifying
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children and eligibility is based on
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income and filing status you could also
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think about the child and dependent Care
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Credit especially if you are paying for
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child care parents who pay for the child
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care expenses in order to work or seek
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employment they may qualify for this
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child and dependent Care Credit this
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credit can help offset a portion of
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eligible child care expenses with a
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maximum credit of up to $3,000 for one
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child or $6,000 for two or more children
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there are also education related tax
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benefits things like the American
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Opportunity credit and the lifetime
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learning credit these credits help
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offset the costs of higher education and
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certain qualifying educational expenses
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long story short if you're a parent you
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should be paying pay less tax so make
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sure you're taking advantage of that
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fact so far these topics that we've
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covered insurance coverage child care
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costs education cost estate planning
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changes children and taxes these are all
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Financial topics that frequently change
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from before having kids to after having
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kids but then there are some Financial
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topics that shouldn't change too much
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after having kids but they're still
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important to think about one of them
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being budgeting my budgeting rule is
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quite simple you can can plan your
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expenses ahead of time you can track
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your expenses after you've spent them
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you could choose to do both but you
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should not choose to do neither you need
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to do something personally I use yab you
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need a budget helps me measure update
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track plan ahead you can do whatever you
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want as long as you're somehow tracking
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the data of your expenses whether before
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you spend or after you spend that's
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probably good enough budgeting is
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crucial especially after adding these
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massively expensive children to your
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family budgeting helps you track your
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income and expenses ensuring you can
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meet your family's needs and save for
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the future as an example Kelly and I we
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moved to a bigger house this past summer
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and we're talking about having kids and
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you better believe that planning our
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budget is a huge part of that
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conversation a similar topic an
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emergency fund hopefully you've had an
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emergency fund before you have children
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now that you have children you still
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need that emergency fund it might change
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in size though how big should your
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emergency fund be typically it's in the
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range of 3 to 12 months worth of living
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expenses that range is all a function of
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how rehirable you are if you lost your
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job so let me explain that let's say you
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work in a career where your expertise is
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in high demand if you happen to lose
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your job maybe your company goes out of
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business because your expertise is in
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high demand across your industry you are
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pretty rehirable you'll likely find a
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job within a few months so for you a
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three or four month emergency fund might
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be sufficient because that's the amount
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of time where you'd likely find a new
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job but if you'd rather take your time
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with a long exhaustive job search U
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maybe you have a specialty where there's
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only a few jobs like yours around the
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country and if you lost your current job
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you'd want to take your time making sure
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that you found the right new job maybe
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you need a 12month or longer emergency
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fund to ensure that ends meet now that
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you have kids whatever one month
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expenses used to be it's surely gone up
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so your emergency fund needs to go up
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accordingly another topic debt
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management debt can be this silent
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Financial killer my opinion unlike Dave
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ramsy's is that not all debt is bad but
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you should certainly avoid debt if you
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can especially if you have you know
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little Rugrats running around your house
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to distract you from paying it off
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prioritize paying off high interest
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debts such as credit card debt or
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personal loans don't take on unnecessary
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debt and establish a plan to become
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debt-free over time the best medicine is
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prevention and the second best medicine
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is decisive action so now that you have
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kids or you're planning to have kids
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make sure that you have a debt payoff
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plan in place finally there are some
00:15:47
unique Financial topics related to kids
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for example the first one that comes to
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mind is Special Needs planning parents
00:15:54
of children with special needs they
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should consider financial planning
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specific to their circumstances it might
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include certain government benefits
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setting up special needs trusts uh
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ensuring long-term care and support for
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their children's unique needs thankfully
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there are fiduciary financial planners
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who specialize and focus on this very
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topic another interesting unique one
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digital management and identity
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production in today's very digital age
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parents should consider their children's
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digital assets including online accounts
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social media profiles and digital files
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as part of estate planning designating
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someone to manage or have access to
00:16:34
these Assets in case of your incapacity
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or death it's important to protect and
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preserve these online assets children
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can be targets of identity theft parents
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should take steps to safeguard their
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children's personal information and be
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vigilant about potential fraud or misuse
00:16:51
of their
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identities lastly there are other
00:16:55
investing accounts specific to children
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that we haven't talked about yet today
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we already covered 529 education plans
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but you may want to consider custodial
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accounts two well-known ones are called
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the ugma and the utma the ugma or the
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utma these accounts allow parents to
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invest directly on behalf of their
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children typically with some small tax
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advantages and then once the children
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reach their age of majority which is 18
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in Most states the children gain full
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custody of the accounts for this reason
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custodial accounts should be used with
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some caution it's pretty easy for
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$40,000 worth of ugma money to turn into
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a new Jeep Wrangler as soon as your
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children turn 18 the next one Roth IRA
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for kids if a child has earned income
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they may be eligible to contribute to a
00:17:47
Roth IRA Roth IAS are awesome
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contributions are made with after tax
00:17:52
money but then grow tax-free and
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qualified withdrawals in retirement are
00:17:56
also tax-free so so roths are a very
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powerful tool for long-term savings and
00:18:01
investing in a child's future but we
00:18:04
have to go back a step because to
00:18:05
qualify for a Roth IRA your children
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need earned income and they need to be
00:18:10
filing taxes on that income odd jobs
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like mowing lawns or babysitting those
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do qualify as long as the income is
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reported in their taxes and for teens
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official W2 summer jobs also qualify now
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some of you might be thinking my kids
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don't want to invest that's so boring
00:18:28
they want to spend money on gas or go
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out to eat with their friends do fun
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things you know that's what they want to
00:18:34
spend money on I get it that's why in
00:18:36
some cases I've heard of generous
00:18:38
forward-thinking parents considering
00:18:40
this following loophole let's say your
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son Johnny he earns $4,000 over the
00:18:44
summer as a lifeguard now you want
00:18:47
Johnny to go have fun with his money
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maybe he needs to save some for college
00:18:51
but you don't want him to feel like he
00:18:52
has to put his money into a Roth IRA
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that's fine well in that case the
00:18:57
generous for Forward Thinking parents
00:18:59
will offer to contribute $44,000 to
00:19:02
Johnny's Roth IRA as long as Johnny
00:19:04
reports his income there's nothing wrong
00:19:07
with the solution now Johnny's able to
00:19:09
keep his $4,000 to do the things that
00:19:12
any teenager wants to do but he's also
00:19:14
getting $4,000 in his WTH Ira because
00:19:16
his parents are nice and generous by the
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time Johnny's done with college age 22
00:19:22
he might already have $2,000 plus
00:19:24
dollars worth of contributions in his
00:19:25
Roth IRA it's not in conceivable for
00:19:29
that amount of money alone
00:19:31
$20,000 to grow to over
00:19:34
$300,000 of completely taxfree money by
00:19:37
the time Johnny retires in about 40
00:19:39
years that's an Incredible Gift so again
00:19:43
not everybody's going to be able to do
00:19:44
it not everybody wants to do it giving
00:19:47
them free money some parents say like
00:19:48
you know I don't want to spoil my kids
00:19:49
and give them money for free but it's
00:19:52
something to think about and it's a long
00:19:54
long-term gift right it's a 40-year gift
00:19:56
if you're giving a if you're giving a
00:19:58
19-year-old Roth IRA money they can't
00:20:01
touch it for 40 years by the time they
00:20:03
do receive that money I'm sure they will
00:20:05
have perspective and will appreciate it
00:20:07
very much now kids are great as we've
00:20:10
talked about here they are also quite
00:20:12
expensive so hopefully these financial
00:20:14
planning ideas for new parents will help
00:20:16
you navigate your parental
00:20:25
future all right guys and now it's time
00:20:28
to bring on Andy Hill Andy is the
00:20:31
award-winning family Finance coach
00:20:33
behind marriage kids and money a
00:20:36
platform dedicated to helping young
00:20:37
families build wealth and happiness
00:20:40
Andy's advice and personal finance
00:20:42
experience have been featured in major
00:20:44
media Outlets like CNBC Forbes market
00:20:47
watch kiplinger's personal finance and
00:20:49
NBC news with millions of podcast
00:20:52
downloads and video views Andy's message
00:20:54
of family financial empowerment has
00:20:56
resonated with listeners readers and
00:20:58
viewers across the world when he's not
00:21:00
talking money and he enjoys being a
00:21:03
soccer dad singing karaoke with his wife
00:21:05
and relaxing on his hammock Andy we're
00:21:07
gonna have to now add the best interest
00:21:10
podcast to that major media Outlet thank
00:21:12
you for joining us today thanks for
00:21:14
having me Jesse I appreciate it so I
00:21:17
thought Andy marriage kids and money
00:21:19
let's at least tackle things in that
00:21:21
order maybe marriage first kids second
00:21:24
so starting with marriage yeah what
00:21:26
exactly is a money language oh yeah I I
00:21:30
love this term money language I think
00:21:31
it's just a you know maybe derived a
00:21:33
little bit from Gary Chapman's book The
00:21:35
Love Languages five love languages I
00:21:37
really like that book helps you kind of
00:21:39
determine the way you like to be loved
00:21:43
as an individual in a in a marriage uh
00:21:45
you know there's different ways to do
00:21:46
that you can either be a words of
00:21:48
affirmation person which is totally me
00:21:50
because I love when people give me
00:21:51
compliments especially my wife or you
00:21:53
know a time spent person or or gifts or
00:21:56
things like that depending on on on how
00:21:57
you like Lov I think money language
00:21:59
could also fall into that same you know
00:22:02
kind of definition like how do you like
00:22:03
to talk about money or how do you feel
00:22:05
about money when when people talk about
00:22:07
it you know depending on what type of
00:22:09
relationship you're in money could be
00:22:12
almost a swear word in your in your
00:22:14
relationship this could be something
00:22:15
that people find a lot of stress when
00:22:18
they talk about money and I know a lot
00:22:20
of people who have that background and
00:22:21
then other people find like hey when I
00:22:23
talk about money it just makes me happy
00:22:25
enough to have a podcast about it right
00:22:27
Jesse
00:22:28
so and there's everywhere in between
00:22:30
whether you're stressed talking about it
00:22:31
or really having Joy when you talk about
00:22:33
it because of the possibilities and the
00:22:35
optimism that can come with it I think
00:22:37
when you are examining your partner your
00:22:40
relationship or whoever you're with or
00:22:42
maybe even just a business colleague
00:22:43
about their their conversations about
00:22:45
money it's important to know their money
00:22:46
language and how they like to talk about
00:22:48
it as well as how you like to talk about
00:22:50
it and understanding um how you like to
00:22:52
to move forward so then in a perfect
00:22:55
world two members of a couple have very
00:22:58
similar money languages but in reality
00:23:02
I'm sure there are often gaps to bridge
00:23:05
in that money language conversation and
00:23:07
so from that point once you've had that
00:23:09
initial intro like hey here's my money
00:23:11
language what's your money language then
00:23:14
is the next step kind of that classic
00:23:16
relationship building step of let's find
00:23:18
ways to meet in the middle or let's find
00:23:20
ways to at least understand one another
00:23:22
and give Grace where needed and that
00:23:24
kind of thing or or is there kind of are
00:23:25
there some defined next steps that
00:23:27
you've discovered before I like your
00:23:29
your thought there Jesse I think that uh
00:23:31
it all starts with conversation right so
00:23:33
I mean we can all be who we are when we
00:23:35
come into relationships you know I'm
00:23:37
fixed this is the way I've always been
00:23:38
and yeah that could work for a little
00:23:40
while but really you're coming into a
00:23:42
relationship as two haves and then
00:23:44
you're going to make a hole right you're
00:23:45
coming together so you have to take your
00:23:47
strengths and your weaknesses into
00:23:49
account when you get into a relationship
00:23:51
like this and I've learned that from the
00:23:54
Hard Knocks of of of what 13 years of
00:23:56
marriage now that I when I think that oh
00:23:58
my way is the right way you know she's
00:24:00
just going to have to learn to get used
00:24:02
to it yeah that doesn't work you got you
00:24:05
got to have the empathy you got to think
00:24:07
from their perspective you got to think
00:24:09
how they are feeling when you're
00:24:10
speaking the way you are or at least the
00:24:12
the approaches that you're having and I
00:24:14
found that to be the best way going
00:24:16
forward I'm not saying be a doormat in
00:24:18
your relationship and just do whatever
00:24:19
your partner wants to do it's equally
00:24:22
important to voice your opinion and make
00:24:24
sure that you're heard because doing it
00:24:27
the opposite way could also feel very
00:24:29
painful when you're feeling like you're
00:24:30
not heard or you're not being seen so
00:24:32
you have to do find that middle ground
00:24:34
as you said Jesse of like okay well you
00:24:36
know here's what I'm coming into the
00:24:38
relationship with and here's what
00:24:39
they're coming into the relationship
00:24:40
with how can we find a good middle
00:24:43
ground that helps us to get where we
00:24:44
both want to go maybe it's not the
00:24:46
straightforward path that we choose but
00:24:48
at least it's one that we can both get
00:24:49
there together and feel that Harmony in
00:24:52
your
00:24:53
relationship sometimes Andy I'll be
00:24:56
perusing Reddit or some similar website
00:24:59
and I'll see someone and like a personal
00:25:00
finance forum and they say just went on
00:25:02
a first date last night didn't go well I
00:25:06
think it's important to bring up
00:25:07
personal finance she didn't want to talk
00:25:08
about it never seeing her again I'm like
00:25:10
well that that's because it was a
00:25:12
terrible idea you shouldn't talk about
00:25:13
it on first dat but then I also see
00:25:15
stories sometime of people saying we got
00:25:17
married we've been married for a year
00:25:19
and I just found out my husband is in
00:25:20
terrible credit card debt and I think to
00:25:22
myself oo that conversation needed to
00:25:25
happen well before you got married so
00:25:27
let's talk about that when is the right
00:25:29
time for two people in a relationship to
00:25:31
have these Financial conversations I
00:25:34
think if we talk about finances maybe we
00:25:37
can talk about it in two different ways
00:25:38
I think when folks like us maybe
00:25:41
somebody with an engineering mindset and
00:25:42
somebody who likes looking at spread
00:25:43
sheets a little bit when we talk about
00:25:45
talking about personal finance you and I
00:25:47
are talking about numbers man you're
00:25:48
talk we're talking about how much debt
00:25:50
you have what's your net worth you know
00:25:52
like how far along are you on your
00:25:54
investing journey and then when other
00:25:56
people talk about money they talk about
00:25:58
what money can actually get for them so
00:26:00
that's time Freedom that is the ability
00:26:03
to maybe stay at home with your kids
00:26:05
when you raise them or the ability to go
00:26:07
on vacations when you please you know
00:26:10
the lifestyle things that money can
00:26:12
provide now I would suggest maybe for
00:26:14
folks like you and I who are a little
00:26:16
bit more numbers set and then for the
00:26:18
for the Reddit person that might
00:26:19
disregard the person after the first
00:26:21
conversation were you boring them with
00:26:23
spreadsheets and your math you know it's
00:26:25
like yeah that could be a kind of a
00:26:26
bummer for step
00:26:28
but what is that math what are those
00:26:30
numbers that you're working on what are
00:26:32
those going to do to help you have a
00:26:34
better life help your potential partner
00:26:36
have a better life those are more fun
00:26:39
conversations when you're like okay uh
00:26:41
you know we built our net worth to
00:26:43
$400,000 that sounds that sounds kind of
00:26:45
cool to me and you but what does that
00:26:48
mean what does that mean how is that
00:26:50
going to set you up for financial
00:26:51
success in the future how's that going
00:26:53
to set you up for less stress more fun
00:26:55
more options you know things like like
00:26:57
that I think if we can turn our
00:26:59
conversations a little bit more that way
00:27:01
I think maybe you'd be winning the
00:27:02
second date a little bit more I know
00:27:04
that uh I've failed in this many times
00:27:06
with my numbers mindset especially with
00:27:08
my wife where I'm like hey wouldn't it
00:27:10
be great if we become debt free within a
00:27:12
year wouldn't that be awesome you know
00:27:14
we pay off $50,000 of student loans and
00:27:16
car loans and then we'd be debt free and
00:27:18
she's like what does that even mean who
00:27:20
cares like what do that mean well okay
00:27:22
let me try to rephrase that to my wife
00:27:25
after after realizing that I totally
00:27:26
failed with the convers
00:27:28
it was like what about if we paid off
00:27:30
this debt in about a year and then you'd
00:27:32
be able to go part-time when our
00:27:34
daughter comes into the world wouldn't
00:27:36
that be cool and then she started paying
00:27:37
attention so it's more of like a
00:27:39
lifestyle conversation or what do you
00:27:41
get out of it as opposed to just dollars
00:27:43
and sense I really like that a lot and
00:27:45
that almost goes back to the love
00:27:46
language itself right which is it's
00:27:49
about how to frame the situation and
00:27:51
some people deal in numbers some people
00:27:53
deal in feelings some people deal in
00:27:55
well how does this affect the the events
00:27:57
or the time I have in my life do you
00:27:59
have a thought Andy on let's imagine a a
00:28:03
prototypical couple from first date to
00:28:06
maybe 10 years into marriage to where
00:28:07
you are 13 years into marriage now
00:28:09
somewhere along that line you need to
00:28:12
approach the conversation and then maybe
00:28:14
you need to dive a little bit deeper and
00:28:16
then there comes a point when you join
00:28:17
finances completely whether it's from
00:28:20
your personal experience with you and
00:28:22
Nicole or maybe just the many people who
00:28:24
you've helped from your financial
00:28:26
coaching point of view when are some
00:28:27
good times to really start to combine
00:28:30
those finances into one cohesive unit
00:28:33
yeah yeah I I this might sound pretty
00:28:35
traditionalist but I really do like once
00:28:37
you've made that commitment to marriage
00:28:40
to find that time to combine things I've
00:28:42
seen some hardships from people who have
00:28:46
not been married but then combined
00:28:47
things whether it's home ownership
00:28:49
together or finances in general and then
00:28:52
they have a messy breakup and that's
00:28:54
it's not that's before marriage so I
00:28:57
I've seen a lot of those tough things
00:28:58
and of course you know I'm sure there's
00:29:00
positive stories too with people
00:29:01
combining beforehand it seems to be from
00:29:04
the couples that I've spoken to as you
00:29:06
you mentioned in my own personal
00:29:07
experience that working towards having
00:29:10
some conversations in the dating and
00:29:13
then engagement period where maybe gets
00:29:15
a little bit more serious during
00:29:16
engagement okay how are we going to be
00:29:19
combining things when we move in
00:29:20
together when we when we combine these
00:29:22
things together or have all of our
00:29:24
assets or all of our debts together what
00:29:25
is our plan that's sort of the engage
00:29:27
period I would say dating is you know
00:29:29
what what do you love what do you enjoy
00:29:31
how are we going to do these things
00:29:33
together but yeah I mean eventually date
00:29:34
3 four 5 six7 if you're getting a little
00:29:36
bit more serious it's good to know some
00:29:38
of those debts some of those assets you
00:29:41
know from a from a prenup kind of sign
00:29:43
of things if somebody's got a lot of
00:29:45
debt that might be something you want to
00:29:46
consider for a prup or somebody's got a
00:29:48
lot of assets you also might want to
00:29:50
consider a prup too so having some of
00:29:52
those conversations as you get more
00:29:54
serious in the dating process but then
00:29:55
yeah as you get married comb Bing things
00:29:58
together can be beneficial financially
00:30:00
you you came on my show as a as an
00:30:02
expert to talk about that all the
00:30:03
benefits that come with that but again I
00:30:05
have had a lot of people that have had
00:30:08
success separating some accounts I feel
00:30:11
like it's getting to a point right now
00:30:13
where there's a lot of good conversation
00:30:15
around autonomy with your fun money or
00:30:19
your travel money and not having to have
00:30:22
some big Financial marriage conversation
00:30:24
when it comes to that type of decision
00:30:26
but when it comes to you know your your
00:30:28
bills your big four expenses when you're
00:30:30
talking about being a family a lot of
00:30:32
those things just make sense to be
00:30:33
combined so you tackle all those things
00:30:35
together but having some autonomy is is
00:30:37
not bad when it comes to different maybe
00:30:39
budget line items to allow you to have
00:30:42
some autonomy yeah yeah I agree and and
00:30:44
going back to something you said there
00:30:46
andy I've got a few friends I can think
00:30:48
of who they did make a major joint
00:30:51
Financial commitment pre-marriage home
00:30:54
ownership being a great one and I think
00:30:56
in today Society the way the
00:30:58
relationships develop and evolve over
00:31:00
time maybe some of that is getting
00:31:02
pushed later into our life you know
00:31:04
people aren't getting married until
00:31:05
their their later 20s their early 30s
00:31:07
they're dating for a long period of time
00:31:09
before committing to marriage and so I I
00:31:12
can understand why it might make sense
00:31:13
for someone to say let's move in
00:31:14
together let's buy that house together
00:31:16
even if we're not married totally get
00:31:18
that point but marriage is not only a a
00:31:23
symbol of love it is also this legal
00:31:25
agreement in the eyes of government M
00:31:28
that affects the way our financial
00:31:30
assets are viewed yes and So for anybody
00:31:33
listening out there if you do decide to
00:31:36
make serious joint Financial commitments
00:31:38
pre-marriage I understand make sure
00:31:41
you're going into those commitments with
00:31:42
eyes wide open though and understand
00:31:45
that if things don't turn up Rosy if
00:31:48
they don't go the way you want them to
00:31:49
go in the relationship you might be
00:31:52
giving yourself a can of worms that you
00:31:54
later have to unwind unfortunately
00:31:56
absolutely yeah I've seen some some
00:31:57
legal battles I've seen some involving
00:32:01
the a divorce attorney even though
00:32:02
you're not not getting divorce but in
00:32:04
order to facilitate that process it can
00:32:07
get sticky for sure right right I mean
00:32:10
speaking of divorce let's let's hope
00:32:12
relationships never get that far Andy
00:32:15
but we do know that every relationship
00:32:17
has some arguments some stress things
00:32:20
don't always go according to plan we
00:32:22
also know that finances can be one of
00:32:24
the major stressors in a relationship
00:32:27
ship so do you have any thoughts on
00:32:30
preventing Financial fights or or if we
00:32:33
have a financial fight what we can do to
00:32:36
move forward from that yeah I have lots
00:32:38
of thoughts about that yeah H having
00:32:39
gone personally through marriage
00:32:41
counseling with my wife as we've had
00:32:43
some tough times throughout our
00:32:45
relationship it requires that ability to
00:32:49
stop and have more conversations I think
00:32:51
that we as busy Americans we just go go
00:32:54
go go and we got to get the money and we
00:32:56
got to buy the things and then we got to
00:32:58
go rush to the next thing and we forget
00:33:00
to do we we forget to pause and take
00:33:03
those important moments to have the
00:33:04
important conversations that are needed
00:33:06
and I think having a relationship having
00:33:09
a marriage having a a partnership
00:33:11
whatever you decide it ends up being
00:33:13
requires you to set aside time for those
00:33:15
important conversations so what I
00:33:18
suggest to people when they when they
00:33:20
partner up is setting aside at least a
00:33:22
whether we call it a weekly or a monthly
00:33:25
money date where you're having
00:33:26
conversation
00:33:27
about your finances and you can do this
00:33:29
in different ways again it doesn't
00:33:30
always have to be about the numbers
00:33:32
right away it could be it could start
00:33:33
with hey what are our Collective
00:33:35
financial goals what are our goals as a
00:33:37
couple you know you bring your goals to
00:33:40
the table you ask your partner to do the
00:33:42
same thing and then you figure out how
00:33:43
you can combine them together and figure
00:33:46
out ways so you can help each other get
00:33:47
those goals that's a great way to start
00:33:50
a money date so you're dreaming together
00:33:52
as opposed to crunching numbers in an
00:33:53
Excel sheet even though you know I like
00:33:55
doing that or whatever but it it it can
00:33:57
be a way for you to utilize the money so
00:34:01
that you can get the goals it's
00:34:02
essentially you know I liken it to your
00:34:04
calendar right we don't just go into our
00:34:05
day and say hey I wonder what's gonna
00:34:07
happen today no we we have a calendar
00:34:10
and we know what our schedule looks like
00:34:11
so that we show up on time and we get
00:34:13
the things done we've got the doctor's
00:34:15
appointment we got the dentist
00:34:15
appointment these things keep us going
00:34:17
and Alive the budget is the same thing
00:34:20
you make a plan for your money so that
00:34:22
you can hit those financial goals so I
00:34:24
think having time set aside as a to talk
00:34:27
about your financial situation the good
00:34:30
the bad the ugly is really important and
00:34:33
when you're able to Hash those things
00:34:34
out they can get solved otherwise it
00:34:37
festers inside and then you think about
00:34:40
it and oh that he my husband said that
00:34:42
thing and it bothers me I'm never going
00:34:44
to let that go that's a tough way to
00:34:46
live right bringing stress inside your
00:34:48
body and holding it in there is really
00:34:51
really tough on your relationship on
00:34:53
your health so in short setting setting
00:34:56
aside time to have those conversations
00:34:58
is very important do you mind if I ask
00:35:00
Andy I you mentioned monthly is is that
00:35:02
the frequency that that you use in your
00:35:04
house I would say if you're just
00:35:06
starting off monthly is probably a good
00:35:09
way to start now if you are if you've
00:35:12
got a lot more things going on Nicole
00:35:14
and I meet on on a weekly basis now just
00:35:16
because it's not just always about the
00:35:18
money right away it's like what do we
00:35:20
got going on this week we've got two
00:35:22
kids at home they've got activities
00:35:23
they've got friends they've got birthday
00:35:26
parties coming up I have aging parents
00:35:28
that need support you know it's like
00:35:29
these are conversations that we need to
00:35:32
have on a weekly basis and we don't
00:35:34
always catch them when we're when we're
00:35:36
running from work and picking up the
00:35:37
kids and going to bed and we just crash
00:35:39
you know I think having that that set
00:35:41
aside time which we usually do on a
00:35:42
typical Saturday morning with our coffee
00:35:45
we lay out everything we get our
00:35:46
calendar we get our our budget and we
00:35:48
just say hey let's talk about what we
00:35:49
need to talk about if we do it weekly it
00:35:51
could take 30 minutes UH 60 minutes and
00:35:53
we we're we're drinking coffee anyway so
00:35:55
we might as well talk about what's going
00:35:56
going on our lives so that's been
00:35:58
helpful for us if we've waited towards
00:36:00
the month standpoint it ends up being a
00:36:03
longer meeting like two or three hours
00:36:05
and then my wife starts to roll her eyes
00:36:07
and like dude this is boring
00:36:10
so yeah you have to know your
00:36:12
relationship so so craft it based on on
00:36:15
your specific situation if once a week
00:36:17
is going to be too difficult then try
00:36:19
once a month but build it up from there
00:36:21
I think you'll find the financial
00:36:22
benefits and the marital benefits of
00:36:24
getting together to have those serious
00:36:26
conversations
00:36:27
so I think Andy the subjective parts of
00:36:30
those conversations and when I when I
00:36:32
say subjective I think of things like
00:36:34
what do we want to do as a couple what
00:36:36
are our goals whether it's short-term
00:36:38
goals let's talk about the next month
00:36:39
what are some fun things we're hoping to
00:36:41
do or maybe it's long-term goals like
00:36:43
that is going to be particular to to
00:36:45
everybody who's listening right now but
00:36:47
some of the objective part of that
00:36:49
conversation is probably going to look
00:36:51
similar so I'm just thinking to myself
00:36:53
do you guys go over assets and debts you
00:36:55
know how assets have grown how you've
00:36:58
paid off debts what your income is what
00:37:01
your expenses have been lately and What
00:37:03
expenses you foresee in the near future
00:37:05
I mean is that how the conversation goes
00:37:07
yeah I would say it all has to Arc back
00:37:10
to what your goals are individually as a
00:37:12
couple for us in the beginning we were
00:37:14
tracking the debts a lot more because
00:37:18
when we had less expenses happening less
00:37:20
debts happening we would get more of
00:37:22
that time freedom and that's what my
00:37:23
wife wanted in the beginning she wanted
00:37:26
the ability to not work at this soul
00:37:28
sucking job that she had and she wanted
00:37:30
to be able to raise our kids at home and
00:37:32
that was a big important thing for her
00:37:33
so by eliminating our debt which we
00:37:35
ended up tracking to saying okay we're
00:37:38
going from $50,000 to Z here that means
00:37:41
we have to Shell out a lot less towards
00:37:43
towards these debts we're going to be
00:37:45
able to now utilize or not have to have
00:37:49
as much income in order to live our
00:37:51
lives so when we eliminated the debt we
00:37:54
tracked that and that became part of our
00:37:56
our goal goals so I guess it depends on
00:37:58
your individual
00:37:59
situation I was tracking the net worth
00:38:02
for quite a while she would typically
00:38:03
roll her eyes at me and say who who
00:38:05
cares but it was something that was
00:38:07
important to me as we made our March
00:38:08
from negative $50,000 to a million
00:38:11
dollars in our 30s which was a prideful
00:38:13
thing for me but I do remember getting
00:38:15
to that moment and saying she's kind of
00:38:18
right what it's just a number it really
00:38:20
is just a number but it's all those
00:38:21
individual life goals in the middle of
00:38:25
her going down to parttime work and
00:38:27
eventually stay at home mom me being
00:38:29
able to leave my full-time job and take
00:38:31
an adventure at a small business these
00:38:34
are the individual life goals that I
00:38:37
thought looking back are much more
00:38:38
important than net worth Milestones
00:38:40
along the way awesome awesome I love it
00:38:43
and I love too Andy how the things that
00:38:46
you thought were most important when you
00:38:48
started some of those changed over time
00:38:51
the the journey is Shifting and and
00:38:53
often it's not really about the
00:38:55
destination itself because what you
00:38:57
thought was the destination didn't
00:38:59
really end up being the most important
00:39:01
Final Destination for you right so
00:39:03
absolutely it really was it was about
00:39:04
how your journey changed and and what
00:39:06
you learned along the way exactly here's
00:39:09
a quick ad and then we'll get back to
00:39:11
the show serious question why do
00:39:13
podcasters constantly ask for ratings
00:39:16
and reviews yes they do help highlight
00:39:18
our shows to new listeners they help
00:39:20
strangers find us on Apple podcast and
00:39:22
Spotify it's totally true and a good
00:39:24
reason to ask for ratings and reviews
00:39:26
but I have something more important at
00:39:28
least more important to me I want to
00:39:31
know if you like this stuff I want to
00:39:33
know if you like my podcast episodes my
00:39:35
monologues my guests the information I
00:39:37
share with you and the stories I tell I
00:39:39
want to improve and make your listening
00:39:41
more enjoyable in the process so yeah I
00:39:43
would love to read your reviews and sure
00:39:45
if you throw a rating in there too
00:39:47
that's great if you like what I'm doing
00:39:49
please share it with me it's such a
00:39:51
great feeling to read your feedback I'd
00:39:54
love to read your review or see a rating
00:39:56
on Apple podcast or Spotify thank you
00:40:00
let's change gears a little bit Andy and
00:40:03
go from relationship with a life partner
00:40:06
onto kids this other huge part of our
00:40:09
families you know kids I think I can
00:40:12
speak for
00:40:13
99.99% of parents out there kids are the
00:40:16
apple of any parents eye we would die
00:40:19
for our kids but that said we also need
00:40:22
to face Financial facts kids are pretty
00:40:26
expensive so from your experience
00:40:28
personally or working with clients I
00:40:30
mean just how expensive are kids these
00:40:33
days yeah you you see the estimates out
00:40:36
there upwards of $250,000 to raise a kid
00:40:39
from birth to 18 years that is uh it's
00:40:43
probably about right but that doesn't
00:40:45
also include College expenses if you're
00:40:47
interested in helping your kid you know
00:40:49
make their way through college and
00:40:51
college even with all the bad news out
00:40:54
there can still set you up depending on
00:40:56
the the degree you get and how you earn
00:40:57
that degree with a brighter future than
00:41:00
some individuals that don't go that
00:41:02
route that being said it's all
00:41:03
individual you know you craft your own
00:41:05
future and everybody's going to do that
00:41:06
when when they're talking about kids now
00:41:10
is I guess in the end I I still think
00:41:12
it's worth it man to have kids I love my
00:41:15
kids I cannot see my life without being
00:41:18
a father but that was something personal
00:41:20
to me like I always I loved my parents I
00:41:23
still love my parents they they raised
00:41:25
me in a way where I was proud to be
00:41:27
their kid and I couldn't wait to honor
00:41:30
them in the same fashion and bringing
00:41:32
grandkids in the world for them and then
00:41:35
have me be a dad I get to goof around I
00:41:37
get to pick him up for school I get to
00:41:40
dress like a banana on their Fun Run day
00:41:42
it's just it's it's fun man I get to be
00:41:44
the assistant soccer coach I get to help
00:41:46
out with PTO it's fun I but I've tried
00:41:47
to craft my life in a way where I get to
00:41:49
spend more time with them so it is
00:41:51
something that I am pumped about being
00:41:54
it is it it is exhausting at times but
00:41:56
it is it is it is worth
00:41:58
[Laughter]
00:41:59
it from a long-term planning point of
00:42:01
view let's let's imagine we have some
00:42:03
listeners right now who are uh a few
00:42:05
years before you in their life path and
00:42:07
they are saying kids are on the horizon
00:42:09
yeah but we want to start planning now
00:42:12
now of course everyone's going to be
00:42:14
different depending on what they want to
00:42:16
do for their kids the the the nice
00:42:18
things in the world they want to buy for
00:42:19
their kids etc etc but if we could apply
00:42:23
some sort of well maybe maybe we don't
00:42:25
have to apply a number to it maybe we
00:42:27
can just talk about the process I mean
00:42:29
how can someone prepare for these big
00:42:31
incoming expenses that are about to hit
00:42:33
their budget yeah absolutely yeah and it
00:42:36
is it it comes on fast too especially
00:42:38
when you know you maybe got uh married
00:42:41
just a couple years before and then
00:42:42
you're having the kids so in the
00:42:43
beginning it was just your income and
00:42:45
you were you know spending just for
00:42:47
yourself and it was like hey this is the
00:42:48
amount of money I have coming in this is
00:42:49
the amount I'm gonna spend and then it
00:42:51
became you and your partner and you're
00:42:52
like okay well I've got a lot more money
00:42:53
now to to spend with my partner here how
00:42:56
are we going to utilize that to you know
00:42:58
give ourselves a bright future but also
00:42:59
still have you know double the fun right
00:43:01
right right and then yeah you have kids
00:43:03
and they pop in and you're like whoa
00:43:05
this is a lot more than we were
00:43:06
expecting so there's a lot of costs that
00:43:09
just come on right away obviously you
00:43:10
got to prepare for the medical expenses
00:43:13
that happen any time away from work that
00:43:16
is not covered by your employer those
00:43:18
are things to consider and make sure
00:43:20
that you're planning for obviously you
00:43:22
know in our country I think there we
00:43:24
could make a lot of strides when it
00:43:25
comes to maternal time off and paternal
00:43:28
time off but that's a subject for
00:43:30
another day but whether your situation
00:43:32
uh doesn't provide you enough financial
00:43:34
benefits to experience that time off
00:43:36
it's incumbent on parents to plan and
00:43:39
put away that money aside to to prepare
00:43:41
for it but it's well worth it in in the
00:43:43
long run and especially if you're
00:43:45
preparing because otherwise it can just
00:43:47
be a financial stressor so putting away
00:43:50
money beforehand and then once the once
00:43:53
the child arrives yeah there's a lot of
00:43:55
new expenses that that come in you know
00:43:56
you got your diapers you got your
00:43:58
formula you got the the swings that you
00:44:00
didn't even need you never knew you
00:44:01
needed right but a lot of these things
00:44:04
just like everything else in our life
00:44:05
doesn't need to be brand new you don't
00:44:07
need to buy the brand new swing you can
00:44:08
do a lot of hand-me-downs you know
00:44:10
there's a lot of great Facebook groups
00:44:12
that can help with a lot of those things
00:44:13
and if you're thinking longterm which I
00:44:15
know a lot of parents who might be
00:44:16
listening to this show would do you can
00:44:18
think about investing early and I still
00:44:20
think I know it's a tough conversation
00:44:22
right now I still think going to college
00:44:25
can be a great opportunity for kids in
00:44:26
the future to have more education and
00:44:30
maybe move towards a career that can be
00:44:31
very fulfilling as well as one that can
00:44:33
provide them a good amount of income so
00:44:36
that they can you know make themselves
00:44:38
have a good life because that's our job
00:44:41
as parents I believe is to create
00:44:43
independent little humans over time now
00:44:46
in the beginning when they're babies
00:44:48
they depend on you all the time for
00:44:50
everything for their survival for their
00:44:51
food but as they start to get older they
00:44:54
start to gain these little pieces of
00:44:55
Independence and eventually if they're
00:44:58
able to be out there with a college
00:44:59
degree and the knowledge with how to use
00:45:03
what can be produced with that college
00:45:05
degree they can build wealth for
00:45:07
themselves and create a very very happy
00:45:09
life I really like that Andy and you
00:45:11
mentioned something there I was thinking
00:45:13
about asking you I was like well Andy do
00:45:15
you have any sort of little little hacks
00:45:17
that you might suggest to a parent and
00:45:19
recently I think it just actually
00:45:21
published this morning Chris Hutchins
00:45:23
who we both know from all the hacks
00:45:24
podcast came on the best interest
00:45:26
podcast and I asked him the question
00:45:27
he's got some young kids and he said
00:45:30
I've got a hack for you Jesse Facebook
00:45:32
Marketplace yes oh
00:45:35
absolutely you know it he just said
00:45:37
everything he goes why why buy new you
00:45:39
can buy lightly used it's it's it's one
00:45:41
child used one car seat for a couple
00:45:43
years now the parents are selling it
00:45:45
it's still in great shape you don't have
00:45:47
to buy everything new because I mean
00:45:48
buying stuff for kids it is really
00:45:50
expensive so if you can find these ways
00:45:52
to just save some money here and there
00:45:54
in the long run it's really going to add
00:45:56
up and compound absolutely absolutely so
00:45:59
let's say Andy now the kids are getting
00:46:00
a little bit older they're getting a
00:46:02
little bit more independent just like
00:46:04
you alluded to and and one of the steps
00:46:07
of teaching your kids how to be
00:46:09
independent is eventually getting them
00:46:12
some knowledge and financial literacy
00:46:14
now I know that you've been working on
00:46:16
something specifically for kids in their
00:46:18
financial literacy but so let's let's
00:46:20
dive into that topic I mean what are
00:46:22
your thoughts on financial literacy for
00:46:24
kids yeah I would say say the fun part
00:46:27
about kids becoming more independent is
00:46:29
is that process and I think it can be
00:46:32
intimidating for people who are like
00:46:34
well you know I'm not a financial expert
00:46:35
I don't really know much about money but
00:46:37
you do know some stuff about money right
00:46:39
you do know how to go to a grocery store
00:46:42
and buy stuff and look at the prices
00:46:44
that's the first lesson right there
00:46:46
really like okay this thing here this
00:46:49
this bag of pistachios is $10 here at R
00:46:52
day this is crazy why would we oh over
00:46:55
at this store it's $4 that's a that's a
00:46:57
money lesson right there you know those
00:46:58
are conversations so I think also
00:47:01
shopping at the store but also
00:47:02
conversations around needs and wants
00:47:04
like okay is this something that I need
00:47:07
to buy right now or is this something
00:47:09
that I want to buy right now having
00:47:11
those conversations early with kids when
00:47:13
they're thinking about well I really
00:47:15
need a Nintendo switch well do you need
00:47:18
it or do you wanted and those
00:47:20
conversations are important because once
00:47:22
you start putting money in their hands
00:47:24
then they can start to understand well
00:47:27
maybe I don't need it right now I really
00:47:28
do want to buy these shoes that I'm
00:47:30
excited about I do really really really
00:47:31
want to be able to provide a gift to my
00:47:34
friend for his birthday party and having
00:47:36
those conversations early are really
00:47:38
smart ways for people to not worry about
00:47:41
being a financial expert but also just
00:47:43
utilize the knowledge that you do have
00:47:45
so that they can learn and grow and
00:47:47
become more independent adults I really
00:47:50
like that and then let's change GE so
00:47:52
let's say I'm not a financial expert
00:47:53
you're not talking to Jesse right now
00:47:55
you're talking to someone out there
00:47:56
who's got young kids yeah they they want
00:47:59
help they want help that they can trust
00:48:01
as far as teaching their kids some good
00:48:02
Financial lessons let's talk about make
00:48:05
my kid a millionaire what is that yeah
00:48:07
so make my kid a millionaire is a new
00:48:09
course that I've developed uh and it is
00:48:11
specifically for parents who are raising
00:48:14
kids and they want to help them build
00:48:16
wealth and happiness for the future so I
00:48:18
know there are a lot of parents out
00:48:20
there that don't really feel like they
00:48:22
have that knowledge or that that
00:48:24
excitement on how to do this process and
00:48:26
so I lay it out from essentially birth
00:48:29
to 18 years of like how we can help our
00:48:31
kids build wealth and happiness and it's
00:48:35
an exciting course I'm very excited
00:48:36
essentially like my book launch so I'm
00:48:38
really excited to talk about it but I
00:48:40
built it for about a year and yeah it
00:48:42
helps people from conversations from
00:48:44
when you're really young all the way to
00:48:46
the teenage years and helping with
00:48:49
regard to how to earn that money how to
00:48:52
save that money even how to invest that
00:48:54
money so that your kids have that bright
00:48:56
future so I'm really excited about it
00:48:57
that's awesome Andy and and we talked
00:48:59
about it offline before this podcast so
00:49:02
there will be a link in the show notes
00:49:03
of this podcast and then I'll make sure
00:49:04
to throw a link to it as well on on my
00:49:06
website on the best interest so so any
00:49:09
listeners out there we want to make sure
00:49:10
that that you can find this and learn
00:49:12
more and I think Andy you were saying
00:49:13
earlier that there is a little like free
00:49:15
preview is that kind of the right way of
00:49:17
absolutely yeah since it's a commitment
00:49:19
to buy a course I wanted to give people
00:49:20
essentially a freebie uh it's called the
00:49:22
6040 generational wealth plan it's a
00:49:24
short 10 minute segment of the course so
00:49:27
you could sort of try it before you buy
00:49:28
it kind of thing and then you can view
00:49:30
that and understand through that freebie
00:49:33
My Philosophy with regard to the 64
00:49:35
generational wealth plan it's
00:49:36
essentially any money that comes into
00:49:38
your kids lives this is how we split it
00:49:40
up so that you can build that wealth and
00:49:42
happiness and you can find that at
00:49:43
marriage kids of
00:49:45
money.com bestest that's marriage kids
00:49:47
money.com bestest love that URL great
00:49:51
great URL
00:49:52
Andy so I know we just mentioned a few
00:49:55
urls Andy everything will be in the show
00:49:56
notes but if people want to reach out to
00:49:58
you whether it's they want to drop you
00:49:59
an email send you a tweet or or whatever
00:50:02
it is on social media how can people
00:50:04
find you yeah the best way to connect
00:50:06
with me if you're listening to this show
00:50:08
you could do marriage kids and money as
00:50:09
a podcast or just go to marriage kids
00:50:11
and money.com you'll find all my connect
00:50:13
with me opportunities there I'd uh yeah
00:50:16
appreciate helping anybody who's out
00:50:17
there fantastic Andy Hill of marriage
00:50:20
kids and money thanks for coming on the
00:50:22
best interest podcast thank you
00:50:24
Jesse
00:50:27
thanks for tuning in to this episode of
00:50:29
the best interest podcast if you have a
00:50:31
question for Jesse to answer on a future
00:50:33
episode send him an email at Jesse
00:50:36
bestin interest. blog again that's Jesse
00:50:39
bestter interest. blog did you enjoy the
00:50:42
show subscribe rate and review the
00:50:44
podcast wherever you listen this helps
00:50:47
others find the show and invest in
00:50:49
knowledge themselves and we really
00:50:51
appreciate it we'll catch you on the
00:50:52
next episode of the best interest
00:50:54
podcast
00:50:55
[Music]
00:50:58
the best interest podcast is a personal
00:51:00
podcast met for education and
00:51:02
entertainment it should not be taken as
00:51:04
Financial advice and is not prescriptive
00:51:07
of your financial situation