Podcast Episode 251: The Importance of a Strong Financial Foundation

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In The Loop with Andy Andrews, hosted by David Loy

On this week’s episode, a long time listener asks for my thoughts on giving kids an allowance.

 

It is VERY important to give your children a great foundation in finances.

  • Most people that I see (but not everyone) give their kids a regular allowance because they are a kid and that’s just what kids get.
  • Some people say that an allowance is for doing chores, but my thought is that my kids are going to do chores because they get to live here. That’s just part of being a member of the family.

 

What did parents of “The Greatest Generation” do to get their children to sacrifice, produce, and become more?

  • By what standards did they raise an entire generation of kids, that 70 years later we still look back and say, “That’s the best we ever were”?
  • “The Greatest Generation” had to get up before daylight and go milk the cows, feed the animals, or deliver papers, because families struggled to make ends meet.
  • Kids back then earned their way into adulthood and what they saw in adults was something they wanted to grow into.

 

You’re not trying to raise great kids; you’re trying to raise kids who become great adults.

  • We all know people who had great kids, but then they turned 18 and something happened.
  • Now, there is a society of people who aspire to go backwards and become kids again, rather than aspire to become adults.

 

Tune in to hear the impactful story of Ty, the son of Joe Bullard (the owner of Joe Bullard Automotive), and how he worked his way up in his family’s business the hard way.

 

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