Did You Get “The (Money) Talk” as a Kid?
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- เผยแพร่เมื่อ 1 ก.ค. 2024
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Did your parents give you “the talk” as a kid-the money talk, that is? This week, Rachel and George weigh in on how previous generations have done with teaching their kids about money, and what you need to know to raise your own money-smart kids.
• 📱Submit a Guilty as Charged question for Rachel and George! Send a DM to @rachelcruze or @georgekamel on Instagram! Be sure to type “GUILTY?” at the top of your message so we don’t miss it.
Today’s Happy Hour Special
🍸Oaxaca Old Fashioned (with Mezcal)
Recipe by: A Couple Cooks ⮕ www.acouplecooks.com/oaxacan-old-fashioned-mezcal
Ingredients:
• 1 1/2 ounces tequila reposado
• 1/2 ounce mezcal
• 1 teaspoon agave syrup or honey
• 3 dashes chocolate bitters (or substitute Angostura bitters)
• Large clear ice cube
• Orange peel, for garnish
Instructions:
1. Stir the tequila, mezcal, agave syrup, and bitters in a lowball glass. Add a large clear ice cube.
2. Express the orange peel onto the glass by squeezing it to release the oils.
Explore More Shows From Ramsey Network:
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💡 The Rachel Cruze Show ⮕ ter.li/zn5yjl
💼 The Ken Coleman Show - Highlights ⮕ ter.li/yhoefe
📈EntreLeadership ⮕ ter.li/nmira1
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Pull up a chair to the happy hour you wish your friends were having. Mix two money experts with some hot takes and a splash of nostalgia, and you get Rachel Cruze and George Kamel talking unfiltered about what’s going on in the world, pop culture, and how to afford a life you love.
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My folks (in their 80s) have started giving money ($1000 at a time) away when someone needs it instead of waiting until they are dead. They enjoy seeing the difference it makes.
my aunt who became like a second mom told me she wanted to leave some inheritance to me and I told her I'd rather enjoy it with her while she is still alive
I think that is a good way to pass money. One of my friend’s Mom pays her daycare for her. The Mom wants her children to be able to afford a nice house in a good neighborhood so the grandchildren will be in a good school district when the time comes.
My parents and in laws are both financially secure, but we don’t need any help. We direct them to the kids’ 529s if they want to make any donations.
@thebestthingithatneverhappe6729 I told my parents to sell the family farm because there is no way to decide it equally nore fairly. Told her to sell, spend their money in retirement and the rest of us 4 are adults, we don't need their money. She didn't like my idea buy I think she just didn't want to pay the taxes whw. If sold lol
This is for George. My dad bought us a horse. He went to the bank and they gave him those sample checkbooks. I had to write him a pretend check for all the horse's expenses. Board, vet, shoes, tack. Everything. Then I had to keep a register and watch it add up! I was always so worried I could never pay it back! Luckily I think he forgot about it!
Genius!!
My mom was a great example of putting away early for retirement. She taught me about compound interest. So thankful for her now that I am 64.
This is a great Video! I really appreciate the dedication in each video you post, I would be glad if anyone here can explain a few things to me about investment, I believe it's my time to shine for a better future
Building a good investment portfolio is more complex so I would recommend you seek Fergus Waylen's support. This way you can get strategies designed to address your unique long/short-term goals and financial dreams .
New survey has revealed rising adoption of cryptocurrency among the world billionaires, as they start experimenting in the digital currency, expanding their investments portfolio beyond traditional profitable assets.
He often interacts on facebook , using the user name
Fergus waylen , that's his user name
facebook
My parents did not discuss money with us, but were visibly bad with money. My success is a direct rebellion against their mistakes. My dad was estranged from my sister and I for many years, but he fell ill and passed within 3 months. My sister took over his care and advocated for his well being, and he left us an inheritance (we expected to be handed a mess of debt upon his death, so this was surprising). I put my inheritance in a HYSA, and will use the interest it makes to pay off our house early, and then take annual family vacations. I have no desire to spend the principal balance, but to provide the childhood to my children that he couldn't provide me. RIP Dad, thank you.
So glad I started watching y’all and the Ramsey show in January this year. I had moved out on my own to a different state and had to make the decision to stop counting on my family financially (especially cos I’m turning 30 this year). Was ALMOST gonna get myself at first credit card, but just like divine providence, yall showed up on my YT. Thank the good Lord.
George that's called the dad tax! Whenever Dad takes a bite or a piece of their Halloween candy he smiles and says "dad tax!" Lol 😅
I don't have kids yet but I definitely take the auntie tax from my sister's kids every Halloween and Easter. 😂
thats awesome!
I have recently employed this exact strategy with my daughter 😂
EXCELLENT episode, you two. True character is measured by how you treat those who can do nothing for you (ie. school janitor, waitress, waiter, server, etc).
Growing up we never had much money for big trips. However my mom let me and my brother choose a "day trip" and we thought it was the greatest. My brother's classroom had adopted a manatee so he chose to see the manatee rehabilitation area. I went to Wakulla Springs. Great way to learn about your State in a budget friendly manner.
Very interesting today. Now am raising a grandchild, he’s 6, and teaching him the value of money has become harder than with previous kids, because money is now all via cards, people use so little real cash.
My parents didn’t talk about money per se, but they did demonstrate work ethic & being frugal & intentional with the money they did spend. Living the example is more influential on your kids than discussing topics that they may not grasp until they’ve grown & moved out on their own.
I’m a boomer mom of 6. I very intentionally taught my children about money and also by example. All my children and several of their spouses have thanked me for doing that. It has made their life easier.
Hey George, much respect for honoring the culture of us GenXers’ need to be completely overlooked in every situation. 😎
Ya’ll listed off a century of generations there with great care to skip us. 😂
I love Skyler, but i wonder what happened to Lindsay. She had the cutest laugh.
I ask every week, and it seems to be quite the secret.
Hope they didn't dump her as they have others .
She had a baby not too long ago, so most likely on maternity leave.
I always felt like she talked down on Rachel a lot.. I could be way off 🤷🏽♀️
I’m twenty years older than you guys but you crack me up! 😂
I’m 40 years older and also find value here! I don’t even drink, but love their banter!
See, age ain’t nothing but a number 🎉
I'm 30 years older, and I love these two.
My money talk was "You will always have a house payment, a car payment and a student loan payment. Get used to it, and marry rich."
So glad I found Dave Ramsey and have a husband on board!
Can't remember mom having the money talk with me, but she did live frugally and wasn't wasting money or food. I did take that away from my childhood. After getting a big bill I couldn't pay 6 years ago, I completely flipped my finance game. From paying after, to paying up front. Having an emergency fund, paying off student loans (no interest till 2027), investing and budget my way through life. No more unexpected bills, I am in control now 💪🏼
Correct about the 70s, 80s, and 90s. Back then nobody would give me the opportunity to be a debt slave, now they bombard me!
If we ever asked my dad to open food/ drink, my dad called it openers tax 😂
You should do a smart money smart kids part 2 with what you have learned after having kids because the first book was written before having kids.
Kids need to know the basics of finance and accounting. Young Teens investing.
Also. To know or spot money scams.
I was raised by my grandparents and dad. Grandparents had a small business of dry cleaning/alterations and trophies. My dad worked as a plane mechanic. The “shop” was my second home and only took cash or check for payment. I learned about customer service and our customers were an extension of family. My grandpa would put me on his shoulders to do deposits at the bank at the end of each day. My grandparents were happy living on what they had from social security and any extra from work. My dad liked to live above his income. I could see what true happiness and love was from my grandparents!
Hi George bought your ebook , I am a baby boomer, and I took what applied to me, loved it all.
Great detail.
Unfortunately can not down load every Dollar, as I live on a island in Cyprus, but I took the concept and tracked every euro,gave my euro a job.
I have 2 loans with no interest , and a mortgage. Now I am attacking the 2 loans like Gisele, and started my emergency fund. Thank you even at my age I am open to learning better saving, spending skills, it’s defo 80 spending problem 20% knowledge.
I love your enthusiasm , it really inspired me.
Keep up the great work your amazing x
Angela
Elder Millennial here. My boomer Mom was amazing in all ways. We struggled financially and I knew the value of money. We loved with my Depression Aged Grandparents who taught me frugality, how to cook from scratch, grocery shopping wisely etc.
Started working at 16. Worked my way through college working 2-3 jobs plus scholarships from single parent low income household. Waitressing was usually one of those jobs.
Took FPU in high school in 2002.
The most important thing regarding money that we ever taught our four kids is to tithe.
Love smart money happy hour!!!!! I listen to it all the time while getting housework done!
You guys are Fantastic! Keep up the amazing job!
I totally understand Rachel! Our son also went from crib to queen! It’s because we had an extra bed frame, sheets, and blankets that were already queen. I didn’t want to purchase a new everything - and literally the mattress cost difference was super minimal! It actually saved us money 😂 go Rachel with your queen beds for the kiddos lol!!
I'm late Gen X and my Boomer parents talked a lot about money. It was very helpful!
Happy Hour? More like Happy 36 min…
I wish it were an hour!
This was a favorite episode. You two are so great! 😊😊
"Turn around, Bright Eyes!"
Loved the vulnerability and how you plan to teach your kids about money! Chicken soup for the soul ~ dedicating/recording songs on the radio or just passing burned CD's total ride to my teenage years
Thanks so much for making this show. I enjoy it a lot! In our family, there were just 2 of us, if we kept up our grades through high school and graduated then we got to either decide on a trip or use the trip money for college.
I think as an 11 yr old I would have enjoyed a trip with Grandma and Grandpa no matter where it was, that is such a sweet idea if you're close with your grandparents.
love this show
My parents never talked about money and we were taught that it was in poor taste to ask others about it. They paid cash (not debit, cold hard cash) for everything except their home and lived very frugally. I think they had a budget and a joint bank account but I'm not sure how much they discussed - any money conversations were private. I wish they had taught us kids personal finance. They begged me to save a portion of each paycheck but I never did. It took me decades to get out of debt and be financially secure.
As a boomer my mom taught me the envelope method.(it's been around for decades). Also about budgeting
I made mixed cds but I also used to call my girlfriend from the Lowe’s work phone and put her on hold while “Linger” by The Cranberries played 😆
George, great song choice for your dedication 😆
I learned about the envelope system, couponing, shopping grocery sales and saving in general from my mom (Silent Generation). Later on in life, she showed her love via gifts of money (it brought her great joy to actually have some after growing up in a tenement). I must have inherited that gene, as I like to randomly gift money.
My parents put me on their card in the early 90s (i was 19 or 20). It was a disaster. All the other ccs threw their cards at me. Luckily at 24 i married a very frugal man and he helped me get rid of my 10000 ish dollars in debt. (It was all lifestyle btw). I could have been a really sad story.
I didn’t really have a “money talk.” It was little bitty things periodically that have added up over time. I had a biweekly allowance that was 2x my age. And in exchange I was expected to do chores around the house. Once I got my first job at 16, the allowance went away and the chores stayed but it helped me learn the little lessons that have come in handy now in my adulthood
🤣 I do that, too!! Sometimes when my kids get food, I take a bite and call it "mom tax."
I always appreciated how my parents respected me and my “things”. I knew how to work hard and earn, but doing that, taking a bite like that seems invasive and rude. As opposed to fostering what it means to pay tax, etc.
I should do this lol. My toddler always wants what's on my plate even though it's the same thing 😅
We've done something similar except I don't eat my kids' food. We'll take a couple fries, a piece of broccoli, or a noodle from each kids' plate and my husband's plate to set aside for the small baby who can eat solids but not enough to justify buying a whole other meal. My husband jokingly calls it the baby tax. It never comes off my plate because I'm usually breastfeeding baby as his/her primary source of nutrition. I'm already taxed. lol
Honey, If you don’t think taxes are invasive and rude you haven’t grown up yet lol 😂
My dad told me repeatedly to not be like him. Best money advice I ever got.
Lots of good points here
My mother never saved a penny or hustled to earn a day in her life. I spent years living in government housing and you never talked about money. I'm gen x. My kids hear about money regularly when it made sense and watch me budget weekly and track my expenses. My daughter sucks with making money but it's frugal. My son works hard and is good at saving. They listened... Somewhat.
My husband and I started a tradition of taking our kids on a week long vacation with a plus one after they complete their chosen post secondary education. We have taken 2 boys where they chose so far. One, a college grad with minimal, but some student loans, and the other a welder/sculptor with a tech school certificate, no debt. An amazing week of celebrating their adulthood and doing all the things they want to do. We call it 'yes week'. We have a fund saved up to allow it every 3rd year, with the thought each will do a 4 yr college stint. Hopefully, tiny 5, our darling last born, gets to participate in this. Lots of planning to maintain this tradition! Highly recommend!
LOVE IT!!!!!!!
I really love this show and this episode was excellent. I agree that kids should be required to work for their money, but in some cases, they may have health or mental issues that parents need to prepare for. If you had a child that wasn’t able to work, or couldn’t work enough to fully support themselves, how would you handle that situation (both in the short-term, but also after you were gone and couldn’t support them anymore)?
Gen X here:My parents never talked to us about money but their actions spoke louder than words. Lived below their means, worked hard, no consumer debt ever, paid for house etc. They were always very generous with others too. I did rebel against this lifestyle for a bit as a young adult but have come back around and appreciate the example they set for me.
I started college when I was 17. My mom had to sign all my paperwork. She checked all the student loan boxes on my FAFSA without my knowing. She used the money to get me braces… I had a full ride scholarship. Here I am getting married at 20 thinking I had no debt… when I graduated college at 21 I got a letter in the mail for these loans. I felt like I had lied to my husband but I had no idea what she was checking on that FAFSA and financial aid form. Luckily I called my dad and he took care of it. It was over 10K in loans.
Wow! That’s terrible that you weren’t aware but wonderful that your Dad helped.
@@joycewright5386 I think the financial aid office was more focused on the fact I was a minor than informing me of the boxes my mom was checking. It all worked itself out though and my dad got their financial situation back in check and has been working on financial stability and decisions with my mom.
People here in america have so much advantage just by being born here, and most dont appretiate or get distracted really easy. Theres so much oportunity and financial education to start early in life.
I'm looking forward this year to starting my toddler's cash jar with chores.
But I also started an example of passive income for them when they were born. It's a sliding scale starting a 10 cents for my newborn. When he turns 4 it'll be a dollar then add another dollar each year until 18.
Every time I use my kid as a sermon illustration I have to move money into that fund which someday they can use for larger purchases. At the rate I'm going with the toddler he'll be able to pay cash for a Tesla at 16.
@rachelcruze what do you use on your hair? It is always so shiny whether up or down.
My money talk consisted of watching my single Mom work a minimum wage job and try to pay the bills while raising 2 kids. ( Deadbeat dad never paid a dime of child support). I always promised myself I would never ever be poor again. I educated myself on finance and investing,lived on a budget my entire life, stayed out of debt, and lived beneath my means. It’s not that hard.
@rachelramsey - I served food at a Young Life camp too at Work Crew. Literally the only serving job who kept me. 😂
My kids didn't work as servers but they all did manual labor before/during college.
Now they are all engineers but they understand hard physical work.
Right there with you George, I have had my share of jobs too since I was in Jr High. Probably why I'm a workaholic now 😂 I agree with Rachel on all teens should work at a restaurant but also think they should go on a missions trip. Another great episode ❤ PS. My Bro in Law's name is Thaddeus 😊 not a common name on the west coast for sure
I am a boomer and my parents NEVER talked money, never talked about saving and how to. They always acted like we were poor. Discovered after one of them passed that they were using their inheritance to do things like trips and shopping . I always felt like whatever we bought had to be as cheap as possible. Thankfully years ago I discovered the Baby steps. Currently on step 7! We have worked hard to teach our own children properly so they do not suddenly wake up like we had to.
I agree that parents should not ask kids for money. My mom is very firm in this too and even feels bad preparing to live with my brother. My brother wants her to live with him because she's 83 and when the time comes he doesn't want her to be alone. I don't live in the same state to help but I agree with my brother and what you are saying parents should ask their kids for money though kids should have the heart to care for their parents which my brother and I have.
Gen X here. Our kids are an authorized user on one of our cards, they know it's an "oh s**t" card and not for spending, they know it's a lifeline or for pre-authorized charges. They have their own checking accounts and when the money is gone from those accounts it's gone. We talk about debt and savings with the kids, to try and head off the bad decisions they will make. We hope that by talking about it they will recognizing their mistakes early. We plan on helping them match their roth IRA to max it out while they are young.
I know my father has some things for me in his will but we're not planning on getting squat, we're not even planning on social security. Anything we get is gravy.
I’m tail end boomer (1963) and my parents didn’t necessarily teach us or talk about money, rather assumed when you came out of the womb you knew it didn’t grow on trees and stop wasting money by leaving all the lights on in the house😂 seriously my silent generation parents yelled and screamed about money and everything I learned about management of money came from school. My parents constantly stressed and argued so I would encourage new parents to please teach and be patient with kids about money…teach them NOT to use credit as a lifestyle!!!!
Another Late Boomer here (1964) and for a minute there I thought you were telling MY story! LOL
17:17 A few weeks ago, for the first time in my life, I told my kids, "you don't NEED credit card/score.' For the OPM addicts out there, I was a 'debt addict' too along with coffee and tea!
Love it❤❤❤❤
New to the podcast I’ve watched about 10 episodes. And didn’t know that Rachel dad was Dave Ramsey.
My parents aren’t savvy investors but they always saved. When my dad was out of work for 18 months during an economic downturn, we were okay because they were savers. They are multi millionaires and pretty much just used bonds and CDs to get there. 😅
I babysat in the 1970s. I started our at 50¢/hour (doubled after midnight). I ended at $1/hour. My next job was $3.10 minimum wage at the mall. Obviously, way back when, babysitting was not the moneymaking scheme it is now. Our birthday and Christmas money definitely went straight into the bank. I did the same with my sons. Now that they're adults, I just randomly give rhem money, or pay for unexpected expenses (a new wheel for a car, gas money, Aldi gift cards).
George! Do a kickflip!
Awesome show, thanks for the helpful info
Yes!!! Let’s get him skating again . I’d attend that event for sure. Put one on for us skaters George!!
13:09 Last week, i paid my kid $6 just to come/stay with me while I did my 'woodwork shopping' in 3 big box stores. She spent all that money in the new Dollar Tree in our area. I don't remember what she bought.
I wish i had parents that spoke about money growing up or at least have a stranger teach me about money growing up. My dad filed bankruptcy 3 times when i was younger and never explained what was going on never taught me about investing or anything and i never had anyone teach me. Fast forward to a few years ago when i found the ramsey show and i made a big 180 with my finances cause i was horrible with money before then not bankruptcy horrible but still pretty bad.
The only money discussions I remember from childhood were around the importance of having a good credit score and paying bills on time.
You can learn a lot about who should be receiving an inheritance if you give them a certain amount while you’re alive and see if they manage it well
What happened with producer Lindsey?
I think she's on maternity
Thanks for passing over Gen X!
Anyone remember stores h aving layaway. Where you make payments and the item stays at the store until you pay the full amount. Mostly department stores did this in Canada
Yes! I worked retail in the late 1970s/early 1980s, and we had layaway.
22:05 My Dad and my Pastor (Two different people) never asked me for money.
21:22 q{ inheritance was stolen by the sister } i watched that part/video.
We have a son named Thaddaeus (Thadd) and he is a very kind generous hard working young man!
I’m late gen X, my boomer parents were absolutely terrible with money! Fortunately I learned heaps from my grandparents about money they used to talk about growing up in the war all the time and how bad it was. I personally believe the best way to teach kids about money is gardening! The fruit and nut trees are dividend stocks and the perennial crops the rest that require a capital gain to make a profit. This way they see results faster and they are yummy
Just want to say I love the banter it feels like a healthy debate of opinions on the show but my name is Karyn and I would like everyone to give us as much grace as the chad's and brads. I am positive and wishbtge best for everyone and a name shouldn't label me because of a fad. I just want everyone to feel confident and not looked down on for things out of their control ❤
You guys should do an episode about international equivalents in money terms, such as explaining what a Roth 401k would be in other countries that is the same or close to the same thing as a Roth 401k, etc etc etc
In most other countries the idea of government sponsored individual savings vehicles like 401ks don’t exist. People are expected to work until 6x and rely on the pension system. The notion of retiring early on your own savings would blow the minds of most Europeans for example - it’s just not in the culture.
@@user-pn8dq6vt4s you be wrong my friend, there are many different investment vehicles out there, not all run the same way of course. Personally I already know them, but would make for an interesting episode for the masses such as yourself to know about them.
When I was 5 or 6, my father gave me a $.25 weekly allowance, and once I had $10 saved, we went to the local savings bank and opened a joint account. That was pretty much all that my parents directly taught me about money.
It was Gen X parents that talked about money to our Gen Z and millenial kids. Yes, Gen X - we are out there! :) I had my daughters sit at the dining room table with me while I paid the monthly bills - utilities: the were amazed what just turning on the lights cost (win!). WoIrking at a clothing store - "Who is FICA??" I just smiled - and explained taxes.
You recently discussed high yield savings accounts. Does anyone remember which video that was?
Haha, I do that to my kids - every time they ask for a snack I take a " tax".
As a millennial I learned nothing about finances from my parents. It was basically you can spend whatever you can buy with the money that you make. My education has come from TH-cam lol. Trying to find a better way.
What is a money expert?
That sounds like the best drink i could get
It’s hard when people are raising kids 2 generations apart from them. Generation X vs. Gen Z.
I wouldn't put myself in the top % of people who are good with money, but I definitely have been above average in every age category but retirement savings....
My parents exposed me to Dave Ramsey when I was around 12 years old when they took a financial peace course at our church. When I was in high school my father exposed me to the stock market and I took financial peace in my senior year of high school...
I didn't start actually building wealth untill my mid 20s, I blew off retirement and would end up chipping away my savings when I entered the work force...
Now I'm 34 and I have over $40k in retirement, a 5k emergency fund, my mortgage and auto loans which we're working towards paying off combine for about 28% of our monthly income...
I don't tow the Dave Ramsey line, I contribute to retirement while paying off debt and I do short term speculative investing beside my retirement investing. We're getting to our goal of being wealthy, just won't get there exactly as Ramsey says too...
I did not. I got the 'You're going to college because it's a guarantee of a great future' talk. They meant well, because this plan had worked for them, but I followed their advice and ended up wasting plenty of time and money. If I had just started working out of high school or learned a trade instead of going to college, it would have been a better use of my time.
This baby boomer is so grateful for her not typical parents who taught us about money. I then taught my children, who are now in their 30s, and they are now millionaires by investing and saving. They actually are doing much better than their parents.
My boomer parents are passing their wealth on to us, their GenX kids.
Parents should do this, but mine never talked about bills or money in front of me and my siblings. We were seen and not heard. You didn't talk unless spoken to. You didn't involve yourself in adult things. I wish my parents had told me anything about debt and credit and saving. I had to learn it all the hard way...through mistakes.
That’s so sad. I will never understand parents doing that. I have 5 under 8 and they already talk about being smart with your money. And when I buy something that is usually expensive they say ‘oh was it on sale!!’ All excited 😂
Same here. Then I got married and as my husband was five years older and already had a car etc to pay for, took over the bills. I had a crash course in handling when he was in the hospital. It was hard and I have learned so much since. Don't have the husband now but I am debt free, own my own home etc.
Yes parents never did they hid it all.
Sadly none of kids learned a dang thing how to save
good one guys .... LOL ..... mahalo / tfs
George I'm the author of EIGHT DAYS IN AN INNER CITY SCHOOL please talk about the out of control OCCUPATIONAL LICENSING for k-12 teachers that's why we have teacher shortages
The race talk, the s talk, and the money talk
I love your episodes, but as a recovering alcoholic it is difficult for me to give you a thumbs up
Most kids don't get their inheritance from their parents until they are retired, so being stupid with money until you are 65 and your parents die is not a plan, or a life well lived.
This seems completely crazy to me - the idea of watching my son struggle to save for a house for 20 years and not helping is peak boomer behavior (other than maybe spending their inheritance on cruises and casinos)