Financial Sobriety
Financial Sobriety
Episode 75: Teach Your Children - Pay Thyself First
Episode 75: Teach Your Children - Pay Thyself First
Episode 75: Teach Your Children - Pay Thyself First
Tuesday 9th August 2022
Discover how to teach your kids the importance of paying themselves first for long-term wealth in this episode of 'Financial Sobriety'.
39 minutes
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Get the buttons here!Teaching Kids to Save: Pay Yourself First for Lifelong Wealth
The automated nature of how it just comes out of the top and it's pre-taxed, because that's one of the foundational ways for people of our time and our generation to learn how to save.
Summer's winding down, and it's the perfect time to talk about setting your kids up for financial success. In this episode of 'Financial Sobriety', hosts Matthew Grishman and Jim Gebhardt dive into the crucial concept of 'paying yourself first'. Ever wondered how to teach your children the basics of wealth-building as they start earning their first paychecks? This episode is your go-to guide. Matthew and Jim break down the importance of prioritizing personal savings before anything else.
They discuss how 401Ks and other savings mechanisms can pave the way for long-term wealth and a comfortable retirement. The hosts also tackle the nitty-gritty of qualified retirement plans, explaining the benefits of automation in saving. You'll learn the differences between pre-tax and after-tax contributions and how future tax rates might impact your retirement nest egg. With practical advice and a sprinkle of new-school thinking, this episode offers valuable insights for both you and your kids.
As Matthew puts it, 'The automated nature of how it just comes out of the top and it's pre-taxed, because that's one of the foundational ways for people of our time and our generation to learn how to save'. Tune in and start building a brighter financial future today.