Financial Sobriety
Financial Sobriety
Episode 105: Teach Your Children Encore Series - Pay Thyself First
Episode 105: Teach Your Children Encore Series - Pay Thyself First
Episode 105: Teach Your Children Encore Series - Pay Thyself First
Tuesday 8th August 2023
Matthew and Jim discuss paying yourself first, 401(k) plans, Roth IRAs, and teaching kids about financial responsibility in 'Financial Sobriety'.
39 minutes
Educational
Empowering
Informative
Thought-provoking
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Get the buttons here!Pay Yourself First: A New Approach to Teaching Kids About Money
Episode Overview
- Challenges conventional thinking about money and explores the concept of paying yourself first
- Discusses the benefits of tax deferral and the significance of Roth IRA
- Offers practical guidance for teaching children about financial responsibility and setting up a secure financial future
- Shares personal experiences and insights on navigating the complex world of personal finance
- Provides thought-provoking insights to help listeners understand the nuances of saving and investment
The concept of pay yourself first and helping children see that example is foundational at a very young age with that very first J-O-B. But what happens when our children get a little older, they get that first real J-O-B, and all of a sudden now this invest-in-yourself bucket starts becoming a bit more meaningful?
Ever wondered how to set your kids up for financial success from the get-go? In this episode of 'Financial Sobriety', hosts Matthew Grishman and Jim Gebhardt tackle the age-old advice of 'paying yourself first'. As summer winds down, they dive into the nitty-gritty of teaching children about the essentials of wealth-building and financial responsibility. This isn't just about stashing away pennies; it's about instilling a mindset that can lead to long-term prosperity.
Matthew and Jim share personal stories and experiences, shedding light on the importance of prioritizing savings, even from a young age. They discuss the ins and outs of 401(k) plans, Roth IRAs, and other savings mechanisms that can set the stage for a comfortable retirement. The hosts challenge conventional wisdom, offering fresh perspectives on why paying yourself first is a crucial step in financial planning.
This episode is packed with practical advice and thought-provoking insights, making it a must-listen for parents eager to teach their children about money. Whether you're looking to understand tax deferral benefits or the implications of large 401(k) savings, Matthew and Jim break it down in a way that's easy to grasp. Tune in to discover how you can help your kids build a solid financial foundation while navigating the complexities of personal finance.