Going theme by theme on how we as parents can help our children with their financial futures.

• So it's either you being intentional about educating them to some degree...or them basically having to just discern random tidbits from their friends, from movies, from I don't know, music videos. (04:03)
• But if your child enters the workforce knowing that they should pay themselves first, not spend more than they make, and how $1 saved today can be worth potentially a heck of a lot more down the road, then they're going to be well ahead of the vast majority of kids out there. (04:56)
• Lastly, broaden your thought process. It doesn't have to be college, you can contribute to longer term goals even as long as retirement... (07:00)

Quote for the episode. "Be intentional about your kids money mindsets, and realize that there are multiple ways to save." (08:02)

Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

Welcome to the EnjoyMore30s Family Finance

podcast. The only podcast dedicated to making life more

enjoyable for young families by hitting on the financial topics

that tend to weigh on us, stress us out, and distract our focus

from simply enjoying life.

Hello, I am happy to welcome you once again to the

EnjoyMore30s Family Finance podcast. Every week, as you

know, we're talking about money so that you can take some steps

forward, gain confidence to help you remove that financial

anxiety, so that you really can just focus solely on making your

life more enjoyable.

As always, if you do like what you're hearing, and I hope you

do, please make sure to subscribe or follow us on Apple

podcasts or really wherever you listen. Clicking those stars,

leaving a review, it really really helps us try to reach

that literally millions of other young family group that exists

out there just like you.

Now today, we have the recap for you of the Your Kids Money

Mindset Series. It's been a really cool series for me to put

together. I really had a great kind of charge of energy,

getting to think about kids kind of for a change, in this series.

How we can help them both directly through, you know, just

saving for them in traditional ways, like for college but you

know, also outside of the box ways like saving for the

retirement or thinking about their mindset really to help

them develop their own healthy habits, And maybe even

reexamining our own viewpoints along the way on what is

required of us as parents, when we could talk about their

financial growth, their financial mindset, that

education that they're probably not getting through school or

otherwise.

The end goal though, the broader spectrum, kind of big picture of

this series was really the same as all of the others. We're

trying to make sure that we don't forget that goal along the

way, we dive into a lot of concepts, we dive into a lot of

very specific details at times. But really the high level goal

for all of this is to try to help us take steps to remove

anxiety, and that financial worry that kind of hangs over so

many people out there, so we can refocus that same energy that's

not being lost now on worrying on what matters most. And that's

enjoying more living with our family and our friends today. If

you feel more secure in the well being of your kids, you have

less anxiety. If you have less anxiety, then you also have more

confidence, you don't have that hanging over you and you can

focus again on enjoying your kids in the present. That's what

I feel like I'm able to do. I want to help you do that, too.

You don't need to have anxiety when it comes to money. And with

the right mindset and a few steps in the right direction,

you can make huge strides over a relatively short period of time.

So whenever you do take a step, it doesn't have to be every step

that I lay out in the series or any series. Whenever you take

any step, you're making your life a little bit more

enjoyable. So be proud of those steps as you take them because a

natural consequence is that your family is going to be happier as

well, because they have your time, your attention, your

focus, your happiness, your energy. Lastly, stay tuned to

the end, we're going to be releasing what is coming up next

on the podcast. It's a little bit different. So I'm pretty

excited to share that with you. And I'm hoping you are excited

to hear about it as well.

Normally for these recap episodes, I kind of go episode

by episode. But this time around, I thought it would be

much more helpful to go theme by theme or kind of concept by

concept. Because I think if it's broken down into those general

groups, it's going to be easier to understand and walk away with

the main points that I suggest you at least think about for

implementing on your own.

So the first goal theme or concept is to be intentional

about your kids money mindset. We generally don't think about

our kids money mindsets. I've never seen that in a parenting

book or anything like that. But all of our kids are going to get

out of school with some impression about money. So

normally we're thinking about we want to get them to post

graduation alive and well and ready to face the world but

money is a part of that. And schools don't really teach it

from what I've ever seen. So it's either you being

intentional about educating them to some degree, it doesn't have

to be everything just any degree, or them basically having

to just kind of discern random tidbits from their friends, from

movies, from I don't music videos. And so we covered how

you can help in shaping these lessons. It could be with gifts

to encourage savings and a greater understanding of what

money can grow and do for them long term.

We talked about how money generally only lasts for three

generations, because there are inadequacies in these money

mindsets that we're teaching and trying to pass on to the next

generations, as well as how to determine if a trust could be

beneficial for situations where kids do have limitations.

Whether self created or disability wise or a lot of

other items in there too. So you don't have to open up the

So if you dive into Episodes 5.3 5.4, 5.7, 5.8, those fo

checkbook and show them your net worth. But if your child enters

the workforce knowing that they should pay themselves first, not

spend more than they make, and how $1 saved today can be worth

Now to finish off today, I still need to share what's next, which

And that takes us to the end of this series the Your Kids Money

potentially a heck of a lot more down the road, then they're

is going to be me sharing two previously held live events that

going to be well ahead of the vast majority of kids out there.

I had on another platform, a social media platform called

Fishbowl. Now if you're not familiar with it, Fishbowl is

kind of like LinkedIn meets Clubhouse, if you've heard of

Mindset Series. Take some time to review these important

r episodes 3, 4, 7, and 8, t covers all of those points

those before. So live events for professionals is something that

n more detail. The second ma n goal's concept that we cove

they include as part of that offering. A little bit of

different format but it's more interactive content as users and

ed that I think is really import nt to look at is that there

people that signed on to the event as well as my co hosts for

re multiple ways to save for y ur kids. There's not one set w

the event asked questions. S it's a lot more of a back an

elements. If you have any questions on any of these

y, it's not like this is the ay you have to save for your ki

forth. So I want to be able t share that with you as well.

s. Because we all have differ nt goals for our kids, we all h

ve different destinations. So it makes sense that there

re different vehicles that would be more appropriate for what you

re trying to actually do. Now I did discuss a few ways that

things, you can jump back into those episodes. Just you know,

in my opinion, are very often ot appropriate ways to save, wh

ch included life insurance savi gs and savings bonds, as they t

nd to have very limited gro th potential, which tends not

to match up with the extended t me horizons that kids might ha

remember, if you make one positive change, it doesn't have

e. So if you have a one year o d, and they're still 17 years a

ay from college, that's a very l ng time frame away. And so a l

ng term investment could very w ll benefit more from a vehicle t

at has more opportunity to gr w.

to be 20, just one, then you're one step further along in having

Now, we also talked about several options that in my

opinion, would likely be appropriate, which included 529

plans and joint investment accounts. But those really come

down to thinking about what you value most when it comes to

those two options. Do you value maximizing education specific

life be more enjoyable for you and your family. If you can

funds? So that's where we talked about the 529 plan? Or do you

value most maximizing flexible funds. So not necessarily for

college, maybe for a house, a wedding, anything else. That's

absorb and implement all these items. Fantastic. You probably

what the joint accounts helped you do more so and there's no

wrong answer. It's based on your preferences, your goals that

you're laying out for your kids.

Lastly, broaden your thought process. It doesn't have to be

college, you can contribute to longer term goals even as long

have no idea how great that makes me feel. Just thinking I'm

as retirement, which sounds crazy and nuts to begin with.

But, you know, if you're saving for retirement for your kid,

you're saving for a long term for your kid, it can take a lot

of that pressure off of kids to feel like hey, I can spend more

time with my family now with your grandkids now, and not have

helping one person out there that I'm never going to meet or

to maybe pursue a career that takes up a lot of their time and

energy away from their family, a career that they think is

something they should be doing from a financial standpoint, but

makes them really unhappy. Maybe they can go out there and pursue

a career that makes a little bit less, but everyday they love

going to work. The other four episodes that I didn't mention

never talk to is a really really amazing feeling. We live in a

in the first theme 5.1, 5.2, 5.5, and 5.6 covered all these

points in much greater detail. So 1, 2, 5, and 6 for touching

on the different options that you had out there to save.

pretty amazing time. If it is overwhelming though, of course

So that pretty much brings us to the end of the recap already. So

we want to walk away with these two main concepts. That's the

goal that I set out for today. Be intentional about your kids

money mindsets, and realize that there are multiple ways to save.

So get clear on those goals that you have for them.

if you do have questions or just someone else that you want to

get all this stuff in order for you so you know exactly where

you're at and where you're going. Head on over to our

website at EnjoyMore30s.com. That's EnjoyMore30s.com. Click

Ask Joe to connect. I'd be happy to help. So thanks so much for

joining me today. I can't wait to connect with you again soon

in the series to come.

The conversations on this show are

Joe's opinions and provided for general information purposes

only. They do not constitute accounting, legal, tax, or other

professional advice for your specific situation. You should

always seek appropriate advice from a financial advisor,

accountant, lawyer or other professional before acting upon

any content or information found here first. Joe is affiliated

with New Horizons Wealth Management LLC, a branch office

of TFS Securities, Inc., and TFS Advisory Services an SEC

Registered Investment Advisor, Member FINRA/SIPC.