This week, David Chudyk, a financial advisor and the host of the Weekly Wealth Podcast joins me again to talk about how you can overcome the fear of talking to your children about money and set your kids up for financial success.
In this episode, David shares with us the action steps you can take today to get started so your children have the foundation for being financially successful in their future.
In this episode David and I also discuss:
- How to get over the fear of talking to your kids about money 8:59
- Teaching your kids work ethic when they need money 22:08
- Teaching your kids the value of a dollar 26:01
- The action steps you can take to get your kids set for financial success 27:46
Connect with David:
Podcast | https://www.weeklywealthpodcast.com/
Website | https://www.allofmyassets.com/
Mentioned in today’s episode:
EP 69- Creating a Sellable Business with David Chudyk
Connect with Danielle:
Website | Kickstart Accounting
Facebook | Kickstart Accounting Inc. – Home | Facebook
Instagram | Kickstart Accounting, Inc. (@kickstartaccounting) • Instagram photos and videos
Twitter | Kickstart Accounting Inc. (@KickstartAcct) / Twitter
Book your FREE Discovery call: https://kickstartaccountinginc.com/book-a-call/
Test your Financial Health: https://kickstartaccountinginc.com/checkmyfinancialhealth/
Learn how to pay yourself as a CEO – https://www.kickstartaccountinginc.com/getpaid
Full Episode Transcript:
Intro 0:00
Welcome to entrepreneur money stories, the podcast for women entrepreneurs who want to dig into their money stories so they can break free from limiting beliefs around money once and for all. Hosted by Daniel Hayden, owner of kickstart accounting, Inc. This podcast is a series of real conversations about money mindset with valuable and action packed takeaways for the entrepreneur who’s building their abundant empire. Danielle is a reformed corporate CFO who’s on a mission to help real freakin female entrepreneurs understand their numbers and gain the confidence to create sustainable profits. And now here’s your host, Danielle Hayden.
Danielle 0:40
David, welcome back to entrepreneur money stories. I’m excited to have you back for round two.
David 0:46
I am excited to be here. I think this is the first podcast that I’ve ever been a guest on twice. So that’s quite an honor. I appreciate it.
Danielle 0:55
Yeah, well, it’s the power of staying in touch. You know, I can’t tell you how often through the years, I’ve said, Hey, let me know if I could be a resource for you. And if you don’t actually make the time and effort to be a resource for one another, it doesn’t actually happen. And so I appreciate that. And I think it’s a good reminder for all of us to use our resources and to actually stay connected to one another.
David 1:19
Yeah, if you’ve ever listened or read any of Dan Sullivan, who’s the founder of strategic coach, he has a concept called any problem, any issue in any one of our lives. Sometimes we spend more time trying to figure out how to solve it than asking ourselves who in our circle has the answer or the ability to solve it? And I know a lot of business owners who literally say, Well, how can I figure out how to do my bookkeeping? Bookkeeping is hard. And I don’t know how to do it. So I’m gonna figure it out. I’m gonna Google it, when really the answer is who, who should do my bookkeeping for me? And you are a part of that solution. So who not how was is a really, really good business tip.
Danielle 2:00
I love that. I love that. All right, for anybody who didn’t has not tuned in to your first episode, can you tell the audience a little bit about what you do and who you serve? Yeah, so
David 2:11
I am a Certified Financial Planner. So I’m a financial advisor. But I’m a financial advisor with a twist. So I do all the things that a traditional Certified Financial Planner would do within the financial planning process. So I would look and see what are all the facts about their financial situations, and we would make recommendations on on how to take them towards moving to their goals, which means maybe realigning some of their investments, maybe opening up some investment accounts, maybe they’re 22 years old, and have a baby and they need life insurance, all those different things that that fall in line with the traditional financial planning process. But I also am a certified value builder, advisor. And what that means is I can work with business owners to help them to optimize how much their business is worth, so that they could sell it for a higher multiple when they’re ready, or just even have just an easier and, and more profitable life today. So business owners are busy, busy people, I don’t only work with business owners, but I really do have a passion for working with business owners.
Danielle 3:18
Yeah, I think that’s an important thing that you said there that I want to pause just because you, your eye is eye on the ball isn’t to sell your business for multiple figures, it might be to run an easier business. And so applying those same principles of running an easier business, not just a business to be sellable.
David 3:40
Absolutely. So one of the drivers of business value customer satisfaction. So let’s say I was considering buying your business, and you had it on the market. And I just did some some due diligence, and I saw that you had so many bad Google reviews, well guess what that’s going to do to my offering price, it’s going to lower it because I’m gonna say build this business back up because you hadn’t done a good job with satisfying your satisfying your clients. So you can see how that would increase the price of the business but also in the day to day quality of life for the business owner when they have higher, higher customer satisfaction. That’s just one of the drivers. But that’s just an example.
Danielle 4:17
That’s perfect. Well, today we wanted to talk about our kids. longtime listeners have heard me talk a lot about money mindset and how our money mindset you know, it just doesn’t appear one day when you start your business. It wasn’t like you didn’t have a money mindset before you started your business. Although I think owning a business really brings our money mindset, front and center and either causes us issues or empowers us and helps us take risks but it really comes to a head when we’re starting a business. But our money mindset has been curated through generations, right so you’ve been listening to your parents talk about money. You’re friends, your teachers, maybe your grandparents, how your grandparents talk to your parents about money. It is such a heavy thing. And I have been very intentional and purposeful, how I’ve talked to my kids about money. But it’s a newer thing. I didn’t realize when I started this business eight years ago, I had no idea money was a thing. And so I’m talking to my kids who are 17 and 13. And I’ve just been cognizant about it over probably the last four to five years. So they still have their own money thing to work through. And so we, David, and I want to set your kids up for success. And even if you’re late in the game, right? So even if your kids are in college or moved out, how can we change the way that we talk about money so that we can set them up for success? So let’s talk a little bit about Well, first of all, how old are your kids? Let’s give a little bit of backstory. Has this been something you’ve always been cognizant of? Or is this a new approach for you?
David 5:59
Yeah. So I believe in all of our areas of life that are important when I’ve been purposeful. So this is an area that we’ve we’ve really tried with our kids to be purposeful in teaching them about just the practicalities of money. So I have twin 15, and a half year olds. So I’m bore broke and poor and I need to borrow money from you to feed them because they’re going through this whole weightlifting thing, where they’re going through bulking season and protein costs a lot of money. And then I also have a 19 and a half year old who’s a college sophomore who’s actually studying business and finance so so we’re getting almost close to that empty nester period, which is a little bit scary, but but we are on kind of the tail end of raising children. And hopefully we’ve done a good job with teaching them a little bit about money.
Danielle 6:51
Right. That’s great. That’s a great backstory set up for the audience. So let’s talk a little bit about the mindset behind how we’re talking to our kids about money. What do we need to keep in mind as the parent, as a business owner, as a parent? In our own money mindset, as we talk to kids? Do we actually talk, do we say money mindset like, right, like, do we even call it what it is? Or how do we actually communicate that to them?
David 7:19
Well, and I think the first way that we communicate almost anything is how we do and how we model. So how are we modeling from our kids the way that we feel? Are we constantly complaining about how expensive things are, I remember one time I was in a parking lot, and I saw and it was kind of sad, it was this woman and she was taking her her daughter who may have been three or four years old into like a title loan company, and it was either to make a payment, or or to take out a title loan. And this poor little girl is gonna think that that’s just what you do. You take out title loans on cars, and that’s what the norm is. So there’s no judgment on that mother. I don’t know what her circumstances are. But that child that’s been around that is going to kind of have that as the norm that just everybody takes out high interest title loans. So as parents, are we generous? Do we give to charity, too? Are we generous with our time? Or are we maybe judgmental towards people who need our, our donation? So I think the first thing to do is ask yourself, How am I modeling? Or what am I modeling for my children? Really, in regards to everything in life? But specifically in money? Are you carelessly spending? Have your kids ever seen you maybe have a credit card declined? Things like that and look to see, are you giving a positive message to your children with your behaviors? Or are they learning maybe some unhealthy money habits, but just by simply watching you?
Danielle 8:59
Alright, so for the business owner who is listening, because they’re already freaking out, right? They own this business. They don’t know how to read their numbers. They’re not sure how to do their bookkeeping. And so maybe their personal life is much the same, that they are not sticking to their budget, they’ve never thought about how they’ve talked about money in front of their kids or their business. Like, what are some things that we can do right now to start to overcome this, right? Because that can feel really big if we are far off on this. Right.
David 9:34
I think one of the first things that you can do to the extent, you know, depending on how old your kids are, you have to do it in an age appropriate way. But you start to talk about responsibility and personal responsibility. And regardless of how old your children are, there are ways age appropriately to say, hey, money’s tight right now, but daddy’s working a little bit extra to make some more money so that we can We can get some of our bills paid and show that we can be part of the solution. Now, again, there’s no judgment. And I believe that in a lot of ways we are we’re in due to past habits, but there’s also circumstances and things like that. And, and sometimes bad luck. Sometimes things like COVID happens and your business gets shut down. But regardless of what happened in the past, we can’t go back and change the past. But we can start to talk to our kids about being purposeful and proactive in changing the future, specifically our financial future in an age appropriate way and talk about taking some actions there.
Danielle 10:37
I think one of the most important parenting tools or things I’ve learned over the years, and I didn’t do this much when my kids were younger, but admitting that you’re a person, and that you don’t know everything, and that you have to lean on other resources and other experts and mentors. And to say that I wasn’t always right. So maybe if your kids are older, and you’ve made mistakes, to be able to say, I haven’t always done things, right, here’s what I’m doing to take responsibility for my actions and to correct it. Or maybe, hey, I don’t think I’ve been the best money mentor for you, here are some of the ways that I’m trying to get better. So sharing that vulnerability with our kids so that they can hear what we’re doing to improve and that there’s always an opportunity to get better. I forgot, as I was raising my kids that I was also supposed to be a person, that just and that it’s okay to say, hey, you know what, maybe I reacted wrong, maybe I reacted poorly, apologize and talk about what you’re doing differently. As a parent,
David 11:44
some of the most important words a parent can ever say to a child, as I’m sorry. And even the best parents, you know, we make mistakes. So to say, you know, we spent too much money, maybe we were trying to give you too many gifts, when really, you know, just sitting at home and having family board game night would have just been as valuable. But as a result, we’ve accumulated some debt. And here’s what we’re doing to fix that. And then that teaches kids that as you get older in life, you can recognize problems. And then you can make changes and find solutions. And I think that’s ultimately, especially in the entrepreneurial world. I mean, what we do is we solve problems all the time. That’s pretty much what entrepreneurs do. And if you train kids to be able to recognize when there’s a problem and seek out help, and figure out solutions, I think you’re really setting them up for some financial success, for sure. And I think there’s some other things like the words that we use to describe money and people with money. So do we vilify or ask yourself, do you vilify people who have more money than you do? Is there some sort of, sometimes there’s maybe it’s a form of jealousy, or, you know, I know a lot of people who will say some version of, you know, rich people are rich, because they kind of lie and cheat and keep the poor people down. And of course, that does exist, but a lot of rich people aren’t just rich, because they provide a lot of value to the world. So we have to look at how we’re talking and what words we’re using, using words like filthy rich, that has a pretty negative connotation that you’re filthy, because you’re rich, when in reality, like I said, in a lot of cases, people that are wealthy are providing a lot of value, and they’re being compensated for it.
Danielle 13:24
Yeah, I’ve heard this, I’ve been able to evaluate the way my parents say this, you know, historically, and then in front of my kids as well. And then I’ve realized how I’m saying it in front of my kids now. So there’s this neighborhood close by where it’s, you know, we drive through it as a cut through of two main roads, but through this cut through are these really beautiful houses, they’re gorgeous. And I used to say, Gosh, I don’t know what these people do for a living. And now I’ve kind of refocused what I say to the kids, because the others are still in awe. And now I say to them, Yo, guys, we can all choose how we spend our money. And that’s interesting that these individuals have chosen to spend their money on these homes, and we wish them well, right. Whereas, you know, we may be able to afford a home like that. But we choose not to spend our money in that way. Because we choose to spend our money on, you know, maybe vacations or investing and having a balance of saving for the future. So being okay with having that conversation of choice, and not victimhood.
David 14:34
I think victimhood is a very, very dangerous thing. And to say that victimhood doesn’t exist. I mean, to some extent, we’re probably all victims of something. But as grownups once you become a grown up and an adult, you know, you need to fight against you know, whatever you were a victim of, you need to fight against being a victim of that moving forward, and sometimes we’re not sometimes that’s quite often very good. Recall, but we need to, we need to do so. I also think that with anybody who has more resources than we do, there’s a temptation to verbalize that they’re more successful than me. Because either they lie and steal and cheat, or they they work too much. And they don’t spend time with their children, or anything like that, or they think that money is so important. So, you know, you never know, like, the neighborhood that you’re speaking about. If there’s numerous houses, there’s probably a few people that even though those are incredibly expensive houses, they can easily afford those houses. And there may be a few people that literally have mortgages that are to the penny, what they can afford. And if one thing goes wrong, they can’t afford their mortgage and everything in between. So you never know the financial specifics of people, and you never even actually know what’s in people’s hearts. But it’s easy to kind of project some jealousy or some sort of animosity to anybody who has a little bit more than you do. There’s an old saying that if I want the tallest building in the city, I can work really hard to build a tall building. Or if Danielle has a tall building, I can just knock her building down, and then it’ll be easier for me to build the tallest building. So you got to look at all those things. And money certainly isn’t everything. But lack of money and lack of proper handling of money, certainly without a question, produces problems and all of our lives.
Danielle 16:29
Absolutely. Alright, let’s talk about some tools and strategies that we can use to set our kids up for success. As business owners, I think we have a lot of opportunities. What things can we be doing for our kids so that they are coming into adulthood or maybe are currently and young adulthood that we can use to create success for them?
David 16:52
Right, so let’s look at the first one would be All of our credit scores are incredibly important. So when you’re grown up, your credit score affects your ability to buy a house, it affects your ability to buy a car, and affects the price of your cell phone, it affects your price of insurance, it affects a lot of different things. So we’re not going to necessarily talk about credit repair or anything like that. But we’re going to talk about how you get your teenager, you know, 1314 15 years older than that, how do you get them started on the road toward building credit responsibly. So what we did is when our oldest got his driver’s license, we had a red credit card, I think it’s Bank of America. But to be honest, I’m not even sure. Well, we made him an authorized user of this credit card. And this is what we call the gas credit card, we put gas on it because we get some gas points. And we pay it off at the end of the month. But this one, I think, has a $30,000 credit limit. It’s just, it has a high limit, but we never, we never have much on there. So our oldest, starting at age 16 ish, he started, he had a credit card in his name, and he’s an authorized user on our account. Now the negative and you need to be really careful on this. Unless you set some parameters with the card company, he could have gone out and charged a $20,000 item. And we’d have no real recourse other than, you know, physical violence towards him, but there’d be no legal recourse because he was an authorized user. So we set you know, as parents, we set some rules and guidelines up, you can buy your gas with this, you know, if we tell you there’s anything else you can buy with it, you can do it. But that’s it. I mean, you don’t buy anything else with it. But now he’s attached to that credit card, his social security number. And to make a long story short, and when we talk about another one of these tactics in a second, his credit score right out of high school or middle of his freshman year in college, I think was a 740. And that’s just from having that one credit card from a few years that had a credit history. So think about adding your teenager as an authorized user to your credit card. Now, they don’t even necessarily have to know that it exists. I mean, if you got one of your kids a credit card, and if you just used it every once in a while to put gas in your car, I don’t know that they even have to carry it with them and know that it exists.
Danielle 19:14
But I’m liking that idea.
David 19:18
They’re still attached to it and you don’t have any don’t have any risks of what you are given up there you are given up kind of just the opportunity to learn how to use credit wisely. But you’re also given up the opportunity for them to make a $20,000 purchase. But yeah, so adding your child as an authorized user on a credit card, I think is a great way to teach them like a responsible relationship with credit cards because I think credit cards are great tools if they’re used properly, but like anything else, they can be abused and have negative impacts. And also, you know, you start to get that credit score. So then you can borrow money responsibly when the time comes.
Danielle 19:54
That’s great. And if you look at the different credit card companies, I know that there’s different options with the For credit card companies, we use American Express with my daughter, and we were able to put a much lower limit on the card that she had. So she didn’t have the availability to go as high. So definitely check what you know, depending on what your credit as, as an individual is, is going to affect what you’re able to do for your kids and in which card you’re going to be able to apply for with them. However, American Express was a really great option for us.
David 20:29
Sure, absolutely. Absolutely. So look at the options, but there’s a convenience factor when your kids have a card like that. And it also has an educational factor with them. And then if they can graduate high school or college with a 700 ish or higher credit score, I think that’s a win win for everybody.
Danielle 20:45
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David 21:58
Alright, so as business owners, we have a couple different reasons why we might want to hire our children for legitimate work. And I’m sure you can offer some feedback and guidance here. But number one, when your kids need money, typically, as a business owner, you need something done right. So even if it’s posting to social media, or sweeping your office floor or anything like that, you can start teaching your kids work ethic by okay, you need some money, well, I need some work done. So you get that done. So that’s number one, as you teach work ethic number two is if I just use round numbers, let’s say my business has a profit of $100,000 Or would have a profit of $100,000. And let’s say over the course of a year, I have a 15 or 16 year old, and I pay them $2,000 over the course of the year, maybe they come in and they cut the grass at my office, I’ve had my kids change air filters in my office, I’ve had them clean, they spread mulch, they’ve done some social media uploading, things like that. So let’s say over the course of the year, I paid my child $4,000 just making up a number number one, I have to justify with the IRS that they did $4,000 worth of work. So hopefully I’ve kept good records and things like that. But now instead of talking very generally here, instead of my business being taxed or myself, it’s if it’s a pastor entity on $100,000. Now I’m being taxed on $96,000. So I’ve gotten money out of the business. And since they’re below the standard deduction and only had a $4,000 income, in that hypothetical case, they’re not paying taxes on that. So it’s a good way of getting money out of the business, and also giving your your child a chance to handle some money. So I’m kind of interested in your feedback and any, any guidance you might have in a strategy like that.
Danielle 23:53
Yeah, so I’ve heard people implement this strategy in the past. And the number one thing and you’ve touched on this, but I just want to reiterate, they have to be legitimate tests. I heard somebody say on a podcast once that they had their kids pose for pictures, and they posted the pictures on Instagram. And so they were paying them to be models for the business feels like a little bit of a stretch. Now maybe the kids are being very purposeful, and they’re helping you set up the Instagram posts. But you have to use your judgment there if that feels a little bit in the gray area, or if they were really intentionally helping you with the content. I know for me, my kids, you know, they scan a lot of documents, they ship our profit planner books, they’re responsible for getting and sorting the mail. So they’re very specific tasks that they are capable of completing. And they’re legitimate tasks that are for the business. The other piece of this depends on how you are structured. So if you are an LLC You definitely can utilize this tool, if you are an S corp, you’ll actually need to put your kids on payroll. And there is nothing wrong with putting your kids on payroll. I have gotten pushback from some of our clients in the past. But when you put your kids on payroll, yes, you have to pay the payroll tax on it. But your kids are still starting to pay into society, into Social Security, Medicare, they are able to actually contribute to your 401 K plan or an IRA. So talk to you the right thing to start. Yeah, yeah, yeah. So, you know, by having this team, right, so by having us as your team, you can get the tax perspective of whether or not this would be, you know, are you set up correctly to be able to utilize this benefit? And then, are we optimizing the other retirement options that can go alongside this, to make sure that, that we’re, we’re setting our kids up for success, we don’t want to pay our kids for something that they’re not actually doing.
David 25:59
Right? Right. But we have a little office building. And actually, sometime the next couple of weeks, my my two boys that are still at home, they’re going to be out here and they’re going to be spreading mulch and the flower beds and and they’re going to get an actual paycheck, and they’re going to see a pay stub, and there’s gonna be a little bit of FICA coming out, and they’re gonna get mad that they paid like $1 and FICA, and then I’m gonna say, well, guess what, that’s just life. And it stinks. And I don’t like it. Yeah, wait to see, you know, I’ll show you my tax return. But it’s a good way. We don’t necessarily buy our kids that much stuff. A lot of times we, you know, we pay them for work. And then that teaches them the value of the dollar as well. So if you just got paid 20 3040 $50, for doing work, and now you want to go to the movies, when it’s your own money, you might not want to buy the $15 tub of popcorn. But if it’s your parents money, then it’s just you know, this perceived infinite pool of money that never runs out, which of course, we know isn’t true. But it’s much easier to spend somebody else’s money. So there are some tax benefits. But more than that, I think the benefit of teaching your kids work ethic and how to handle their own cash is very, very important for later on in life.
Danielle 27:09
Yeah, what age did you get your kids a checking account savings account? Let’s see.
David 27:13
So that was in the 15 range. But you know, checks don’t exist now. You know, you have Venmo and stuff. So it’s a little bit different. I mean, they do have bank accounts, they have little brokerage accounts, and things like that. And, they have some input and some feedback. But I think to start looking at these things early, and just understanding what they are, and who knows what’s going to be different about checking and savings and Venmo accounts later on in years. But I think to understand these things, and be able to track money is super, super important.
Danielle 27:46
All right. All right. Do we have any other action steps for people to take right now to set their kids up for success?
David 27:53
Yeah, so I have one more we can touch on it quickly. Our oldest is going to University of South Carolina, and he had to live while he didn’t have to live, we had to pay for the dorms. And his whole first year as a freshman, his dorm room was literally not as nice as a jail cell. There were two boys and in Yeah, it was horrible. When these boys who are away from home for the first time in their life are complaining how moldy The bathroom is, then that tells a lot. So we started thinking we’d like for him to move out. We want, if possible, all of our kids who graduate with no college debt unless we decide that they’re not walking the straight and narrow, and we want them to have some skin in the game. But we also didn’t want to write, you know, a 700 to a $1,500 per month check for rent. So now this worked out in Columbia, South Carolina, just the way real estate works there is we found a three bedroom brick ranch home. And this was a couple years ago when I think we got less than a 3% loan. So we did a couple things. Number one, we bought the house we put 20% down not $1 Extra because interest rates were three or slightly below. So I didn’t see any reason to put more money down than that to avoid the PMI. Then the next thing that we did was that our son’s name was on the loan, because he’s a part owner in the house. And the reason we did that, and this is pretty interesting is now the house since he’s a part owner and he lives in it. It’s classified as a primary residence, which means that the property taxes something like five or $600 a year, whereas if my wife and I just owned it, or if we set up an entity to own it, then the property tax would literally be three or four or $5,000 a year. So a couple things happened. He got to go to the real estate closing he got to be part of that incredible process of buying a house which is just really cool. At a young age. We’re getting a break on the property tax because it is legitimately a primary residence. And then thirdly, hopefully the property value of that house is going up every month. And we’re renting two bedrooms out. And we have a little bit of positive cash flow. But when he graduates, we’ll have some awesome decisions to make. Do we sell the house and kind of split the profits? Do we keep it and he may want to stay there and live there. If he lives somewhere else, we just rent out three bedrooms. So money and resources creates options, which is a beautiful, beautiful thing. So if the real estate market in your child’s college town works, look and see if buying a multi bedroom, condo or home, will work financially, and also talk to your tax advisor, talk to real estate agent, talk with an attorney to see if having their name on the deed of the house will absolutely get a primary residence status like it did for us. And that’s a win win win and a couple of different ways.
Danielle 30:50
That’s really great advice. And I think a good reminder of if we are not at a place as individuals, right, as business owners as leaders, if we’re not in a place where you just heard that you’re like, yeah, yeah, well, my credit is not where it needs to be, in order to be able to do that for my kids, this might be the calling that you needed to get help in repairing your relationship with money to repair your credit to talk to you, no, that’s not our specialty, right? Talk to somebody who can help you repair your credit, start to work with a financial advisor, so that maybe you know, maybe your kids are a long way from college, and you can start to save for a down payment, to be able to utilize this strategy in the years to come. So these are all great options, and that maybe you can’t do them today. But this can be your, you know, the seed planted for you to be able to start to think ahead. How do you take care of yourself so that you can afford them these opportunities? How can we think about the way that we’re talking about money for our kids, and then get prepared and ready to be able to implement the strategies in the future for our children. It’s never too late. Right? It’s not too late. We can implement some of these strategies to prepare them for success moving forward. And what
David 32:22
and one of the biggest things that anybody could say about their parents is, you know what, they didn’t have it all under control. But at a certain age, I remember they made a change, and they turned things around. And that’s very admirable. And I can do the same thing. So if your parents were struggling financially up until age 13, or 14, and then they turn things around, well, then guess what that means? Anybody can turn around. And that’s a great example. So yeah, so be purposeful with money. It’s not just money, money provides options or money takes away options. And when you lack options, you also gain a lot of stress.
Danielle 32:57
Absolutely. Is there anything else that we didn’t cover anything that you wish I would have asked you to have any closing thoughts?
David 33:05
I encourage everybody if the words I can’t afford that are in your vocabulary, take those away, don’t say I can’t afford that, say things like one day when we work hard, we might buy that or I choose to spend my money on different places I can’t afford that is kind of a negative limiting term, even if it’s true. So figure out a different term. Because really, should we wish things were cheaper? Or should we wish we had more money, I’d rather have more money. So the things that stress me out about paying for now I can easily afford and I can, to some extent, control how much money I have. Or I can at least take steps towards doing the things that can help me to get more money, so that I have more resources. So but but language is a strong, strong tool positively and negatively.
Danielle 33:54
That’s a great spin right there. Thank you for that. Well, where can the audience continue to learn more about you until you’re back on the show again, and stay in touch with you.
David 34:04
So www dot Weekly Wealth podcast.com or just search for the Weekly Wealth podcast on all the major, major, major platforms Apple, Spotify, and so on. If you have any money investing questions or anything that’s keeping you up at night about money, feel free to email me David at parallel financial.com I’m always happy to do a, you know 2030 minute phone call zoom call in person call and just see if there are any next steps. Sometimes it’s just a matter of paying, paying off some debts and maybe having an appointment in the future. Other times there may be some things that have to happen sooner, but I’m always happy to point anybody in the right direction because I do know that money, how we handle our money should positively impact our lives and the lives of those around us. And I’ve been on both sides of that so it can be very difficult.
Danielle 34:58
Plus, David, thank you again for being here. or until next time I know you will be
David 35:02
awesome I appreciate it and I love listening to your podcast as well
Transcribed by https://otter.ai
