How to Teach Your Kids About Saving: #1

Welcome to The Invested Dads Podcast, simplifying financial topics so that you can take action and make your financial situation better. Helping you to understand the current world of financial planning and investments, here are your hosts, Josh Robb and Austin Wilson.

Austin Wilson:
All right. Hey, hey, hey. Welcome back to The Invested Dads Podcast, a podcast where we take you on a journey to better your financial future. I am Austin Wilson, Research Analyst at Hixon Zuercher Capital Management.

Josh Robb:
And I’m Josh Robb, Director of Wealth Management, also at Hixon Zuercher Capital Management. Austin how can people help us with this podcast?

Austin Wilson:
Well, we would love it if you would subscribe so that you get new episodes every single Thursday when we drop them. And we thank our subscribers who are already subscribed, how many times can I say subscribed, subscribed in one sentence, that’s a lot. And we would love it if you would visit our website and sign up for our weekly newsletter to get notified when those episodes hit and to get a little summary of every single episode.

Josh Robb:
That’s right.

Austin Wilson:
With a direct link to listen. Oh-

Josh Robb:
Oh man.

Austin Wilson:
It’s a beautiful thing, it really is.

Josh Robb:
We do it all for you.

Austin Wilson:
So we would love it if you do that. Josh-

Josh Robb:
Yes.

[1:01] – The 2 Mindsets of Kids & Money

Austin Wilson:
We both have kids.

Josh Robb:
We do.

Austin Wilson:
We both know that saving money is a pretty good habit to have.

Josh Robb:
Two facts. Yes.

Austin Wilson:
So the question that we’re going to be answering today is how do we teach our kids about saving in a way that they are actually going to listen to and maybe even understand?

Josh Robb:
Yes, that’s always the hard part, right?

Austin Wilson:
Right.

Josh Robb:
Sometimes you feel like you’re talking to a blank wall there sometimes.

Austin Wilson:
In one ear and out the other, right?

Josh Robb:
Yeah. So I think in order to really dive into this, we will do a couple different podcasts on different topics and pieces of teaching your kids habits that help them financially down the road. But to begin with, the first thing we need to talk about is, there are really two overarching mindsets when it comes to how they treat money. There’s two camps and you’re kind of really born into this, it’s not really a learned habit. It’s kind of just where you default from and there’s no right or wrong, but there’s savers and there’s spenders. There is, by the way, a blog on The Everyday Advisor that I guest wrote that also reference some of this stuff.

Austin Wilson:
And we will link that in the show notes.

Josh Robb:
We will. Yes.

Austin Wilson:
So we both understand, obviously, that savers are the right people.

Josh Robb:
Yes. So we are both savers, you and I. And our conversations we’ve come to realize that. We default that way. So I think-

Austin Wilson:
Although I do like spending money sometimes.

Josh Robb:
Yes, and we’re going to talk about some of those caveats-

Austin Wilson:
Moderation.

Josh Robb:
Yes. But yeah, since we kind of come from that camp, that mindset of savers, we understand that, it makes total sense to us.

Austin Wilson:
It’s a no brainer.

Josh Robb:
And other spenders are a foreign, weird approach, what is going on with them? But in all honesty, there is no right or wrong approach. It’s understanding your mindset where you come from and understand the risks of that mindset and the potential advantages, as well, from there.

[2:44] – What is a Saver?

Austin Wilson:
So I guess we should probably start off by answering a couple questions based on the categories we’ve already defined. Josh, what is a saver?

Josh Robb:
Yeah. So let me give you a story. All right. True story.

Austin Wilson:
I love your stories.

Josh Robb:
When I was a kid, here, lived in Findlay, Ohio grew up here-

Austin Wilson:
Many, many years ago.

Josh Robb:
Many years ago, back when you would ride your bike up and down the street. We would ride our bikes uptown, stop at the hospital. Because they had free apples, just in a little basket for anybody that wanted come in and grab one, so that was healthy. Then we’d go up to the local pharmacy and periodically get some candy there. A side note, they used to-

Austin Wilson:
The one by the hospital?

Josh Robb:
Yes.

Austin Wilson:
That’s still there, right?

Josh Robb:
Yeah. Yeah.

Austin Wilson:
Gotcha.

Josh Robb:
Scarborough Pharmacy. They used to have those candy cigarettes, by the way, which-

Austin Wilson:
Oh man.

Josh Robb:
A side note on how marketing to kids cigarettes is a whole crazy thing that I don’t know how they got away with it.

Austin Wilson:
I remember those.

Josh Robb:
But those gum cigarettes-

Austin Wilson:
Good times.

Josh Robb:
Oh man. But when we were in there and this is something looking back, having talked through this whole concept, my process of deciding what to buy, you got all those shelves of candy. I have my 50 cents or whatever it was, back in the day. Not like a nickel like grandparents talked about, but-

Austin Wilson:
Wasn’t that long ago.

Josh Robb:
What do I want to buy? Almost always I’d end up with gum. And I like gum, there’s nothing wrong with gum. But the mindset was, you know what? I wanted really make sure that this money that I’m supposed to spend because given some money to go to the grocery store to do that, gets the best bang for the buck.

Austin Wilson:
Oh, you don’t swallow the gum. It lasts for-

Josh Robb:
If you look at the amount of time that the gum provides, it’s probably longer than a Hershey bar or Snickers or whatever. So regardless of what I really wanted, like if I was really craving chocolate or whatever-

Austin Wilson:
Nope, usually gum.

Josh Robb:
Usually is what the end of the thing, because it was like, you get five pieces of gum and each piece can last you a couple hours.

Austin Wilson:
It’s banging for your buck right there. That’s good value.

Josh Robb:
So, that in a story describes a saver’s mindset. They look at money as an important factor. That is something that is valuable, is important and you have to have a good reason to depart from it. So, that’s a saver’s mindset.

Austin Wilson:
So turn the page.

Josh Robb:
Spenders. Flipping around the other side.

Austin Wilson:
What’s a spender?

Josh Robb:
The spender. I had to go out and ask and find out. But in general, the other side is a spender, again, no right or wrong. So the spender would go into the candy store and say, “I have 50 cents.”

Austin Wilson:
What brings me the most joy?

Josh Robb:
“Which of these things am I going to be most excited to have? And I’m going to use my 50 cents for the thing that gives me the most joy or satisfaction.” They see money more as a means to an end, the end thing being the importance. But not the amount of money that it takes to get to that. And so again, nothing wrong with that. The mindset there is valuing that end result, whether it’s an experience or a physical thing, whatever it is. And they get a bad rap. Because when you hear stories about people, it’s always like, “Oh, they’re shopaholic.” The same is true, there’s the caveat for savers. What do you call someone who’s a really good saver, but to the extreme point? They are-

Austin Wilson:
Cheap.

Josh Robb:
Cheap. Or they are … the polite term is like thrifty, but you go can go beyond that and you can be just a stickler where, “Man, those guys, they pinch every penny.”

Austin Wilson:
Stingy.

Josh Robb:
Stingy, that’s the word. So there’s the extreme end on both sides and the goal is to not end up there. But understand that’s where you’re starting from.

Austin Wilson:
Absolutely.

Josh Robb:
So savers, spenders, that’s kind of where they start with. In a little bit, we’re going to get into some ways that you can utilize that and some things you got to watch out for.

[6:12] – Dad Joke of the Week

Austin Wilson:
But before then-

Josh Robb:
Before that.

Austin Wilson:
I have a dad joke of the week for you, Josh.

Josh Robb:
Okay. Yes.

Austin Wilson:
I don’t know if you-

Josh Robb:
You’re going to spend this dad joke. Spend it.

Austin Wilson:
Yeah, put your suspenders on because this is going to-

Josh Robb:
I’m ready.

Austin Wilson:
Knock your pants off. What do you call a blind deer?

Josh Robb:
A blind deer. I do not know.

Austin Wilson:
No eye deer.

Josh Robb:
No eye deer. I like it.

Austin Wilson:
Classic. So-

Josh Robb:
Like it.

[6:35] – The Risks of a Saver

Austin Wilson:
As Josh alluded to just a minute ago, we’re going to break down some mindsets, some risks, some actions, some teaching ideas for both savers and spenders. So why don’t you kick us off? Talk about saving people.

Josh Robb:
Okay. So people-

Austin Wilson:
Savers.

Josh Robb:
Savers, not saving people. They’re not in trouble.

Austin Wilson:
Talk about saving people.

Josh Robb:
So again, the mindset, the risk, but then again, we’re talking about kits. Like, so how do you utilize this for a kid to help them if they are the mindset of a saver or a spender, what’s some things you can do with them? So the mindset, like we mentioned, you default to money in hand is valuable because it provides some sense of security or safety. A lot of times having that money for something in the future is valuable. You feel a sense of peace about that.

Josh Robb:
So the mindset usually is a little bit more forward looking. If I was given the choice, I probably wouldn’t have always bought candy, I would’ve said, I could pocket this-

Austin Wilson:
That’s right.

Josh Robb:
And then, in a couple times, I may have a $1.50 and I could get a toy instead of a candy. The savers think that way. Risk. So that’s the mindset. What is the risk, though? We talked about this, is you can be a little bit too much of a penny pincher. But also… and not so far extreme, savers tend to be less likely to experience adventures, things like that, because usually that requires an outlay of cash. And so they can miss out on opportunities because they want to hold on and they don’t see the value in using some of those assets they’re saving for things that they want. What we see a lot of times, especially… and this isn’t for kids, this is the other end of the spectrum. But retirement, giving yourself permission to actually spend some of that money you’ve been saving your whole career is actually a thing that a lot of times, as a financial advisor, we’re doing.

It’s like, you’re okay, go ahead and take that trip, buy that thing. Those type of things. But along the way, in order to encourage and reward yourself, you need to give yourself permission to use some of that money. You don’t want to be a cheapskate and always hold onto it and do the bare minimum. So something as simple as upgrading your wardrobe. At some point, your shoes that you keep repairing, you might as well just buy a new pair.

Austin Wilson:
Is that just because I told you my shoe is falling apart?

Josh Robb:
It came to the mind. Just saying. I’m not pointing you out or anything. Or if your car needs new tires, if it’s a safety hazard, spend that money. You’re not being a saver by foregoing security of your physical self.

Austin Wilson:
Exactly.

Josh Robb:
So those are the things, the risks, you got to watch out for is missing opportunities. It may not even be a fun, it may be an investment opportunity. But the risk of the outlay of cash, you miss out on that. You’re afraid of putting that risk out there. So that’s the thing.

[9:09] – Teaching Opportunities for Savers

Josh Robb:
What are some things savers can do? What are some actions that they can take? So the first one is, you’re probably already doing this as a saver. But there’s a purpose you’re holding onto that money. Make sure you’re very clear on what the goal is, so when you get there, you actually do spend the money. I could think of times where I achieved what I was trying to do, but then the temptation is to-

Austin Wilson:
Yeah, do I want to do this all?

Josh Robb:
Keep going. Well, you know if I wait longer, I’ll have extra money. Set the goal and then give yourself permission to actually do whatever that is. Also, when you’re budgeting, leave room or budget some spending for things that pop up. Give yourself some of that freedom to spend it. Because if it’s part of your budget, it’ll be a little easier to spend. You don’t have that same guilt as a saver when you say, “Oh, I guess I already planned for it. So I’m not using any of my extra money. It’s money I’ve already planning on doing.”

Josh Robb:
Giving is important. So, savers tend to be less generous in their giving. Not always, but the mindset’s there. And so, make sure that you look outward and not just inward. You can be secure and safe, but also impact and help others.

Josh Robb:
So then when we talk about kids. All right, so if you have a kid and you’ll probably see this as they age, which road they go in. If they get a dollar and all of a sudden they’re like, “Are we going to the store? Can we go to the store?” Probably land in the spender’s mind telling. If they get a dollar, they’re like, “I’m going to go put this up in my room.” Maybe a save mind teller. You’ll see that.

Austin Wilson:
I’m going to hijack this right now-

Josh Robb:
Yes, go.

Austin Wilson:
Because you have a sample size in your own house.

Josh Robb:
I have four.

Austin Wilson:
Which is like, that’s practically a perfect sample size.

Josh Robb:
That’s right.

Austin Wilson:
So how many savers and how many spenders do you have?

Josh Robb:
So my oldest son is a spender. My oldest daughter is a saver. Super saver, I would want to call her. So she’s a lot like me, we are a lot alike in many ways. And then my next two are just getting into those ages where you’re starting to see, so I think my other son probably leans towards the spender side. And then my youngest, who’s four, she doesn’t have full concept of money. So she loves having it. But then she also is like the other day she had a penny in her hand, which she found on the ground, or I don’t know where she got it. She had a penny. And she’s like, “I’m going to buy dinner.” And I’m like, “Okay.”

Austin Wilson:
Where are we going?

Josh Robb:
“But you’re going to need some help.” She’s like, “No, I’m buying dinner.” I’m like, “Well, that penny in your hand is not going very far, especially with this high inflation we got.” So I’m not quite sure, she’s undecided. But two of my three so far are the spending mindset, one is a saver. The saver, by the way, she’s nine turning 10 soon, told me, “No time for boys because they cost money.”

Austin Wilson:
Ooh.

Josh Robb:
Which I said, “Well, I think it’s the other way around. It actually is going to save you money if you get a guy.”

Austin Wilson:
You wait.

Josh Robb:
But I didn’t want to tell her that, so she’s not going to find that out. But she’s saving for college and a car at nine.

Austin Wilson:
Okay, that’s a good start.

Josh Robb:
That tells you that mindset, right?

Austin Wilson:
That’s a great start.

Josh Robb:
So, she’s already on her way. And so, she was actually saving up for something, I forget what it was. And she had achieved it, but she said, “I’m going to wait to buy it until I get twice the amount, that way when I do buy it, I still have the same amount I was saving from before.”

Austin Wilson:
Woo.

Josh Robb:
Going back to that idea of, give yourself that permission if you reach that goal. So we had a nice conversation about that.

Austin Wilson:
So sorry to hijack-

Josh Robb:
Good question.

Austin Wilson:
Your conversation.

Josh Robb:
Good question. What about you? Have you seen?

Austin Wilson:
No, Juliana- she’ll be five, next week’s her birthday. And she doesn’t really have a great concept of money. But she has a little account she doesn’t know about.

Josh Robb:
Yeah, she’s a saver.

Austin Wilson:
It’s been put to work. So I’ve made her a saver-

Josh Robb:
Make her a saver by unknown-

Austin Wilson:
I’ve made her a saver. Other people are spenders on her.

Josh Robb:
Yes, well that’s a whole other story.

Austin Wilson:
She was the first grandkid, so she’s spoiled. So, I’m a saver for her.

Josh Robb:
Yes, she needs it.

Austin Wilson:
Any money that she gets for birthdays and stuff, she never sees. So, teaching moments, the first one I like to do is for those savers, encourage them to budget for giving. Because again, if you remember the savers like to first make sure they’re secure, which could mean most of that extra money. So, if you say, “No, no, you have to give some away.” It helps teach that habit. I say, and I kind of go a little more detail, not only do I want you to budget for this, but I want you to identify what the plan is. That way you’re actually working through that.

Make sure they find something that values them. Because again, the whole point of saver is, they need to know that hard earned money is going to something to get the best bang for their buck. Well, when it comes to giving, find something that you have the most passion for and you’ll feel better about letting go of that money. So, that’s important there.

Austin Wilson:
Unicorn conservation.

Josh Robb:
Yeah, whatever that is. So side note again, they have these bracelets you can buy now and they’re conservation-

Austin Wilson:
Oh, I’ve seen them.

Josh Robb:
For different animals. And then you get assigned an animal of that one and then you can log into a website, it’s got a-

Austin Wilson:
Track it.

Josh Robb:
Track on it, track it around as it goes. And so, for Christmas, my oldest daughter who has a kind heart, she is a saver, but she has a very good heart. She actually got two, she got one from us and then one from a relative. So, one’s a turtle, sea turtle-

Austin Wilson:
Nice.

Josh Robb:
Floats around, does its thing. And then she also got a shark. I tell her that sharks on the move.

Austin Wilson:
Oh really?

Josh Robb:
That thing is … it’s up on the coast, too. I’m getting a little worried. I’m like, “Are we liable if the shark does something?”

Austin Wilson:
On east coast?

Josh Robb:
It came up through Florida, so it was in the Gulf Coast and then down close to the east coast. So I hope we’re not liable-

Austin Wilson:
They’ve been a lot of [crosstalk 00:14:09]-

Josh Robb:
Like it’s not my shark, technically not my shark. Yeah, I’m keeping an eye on it.

Austin Wilson:
So the real question, not to be morbid is, when these animals die-

Josh Robb:
That’s the thing.

Austin Wilson:
What happens? Do they just like sit in one spot?

Josh Robb:
Well, so like our shark must have gone deep when it was moving from one spot to another. Because it disappeared for a while. And so we were kind of wondering, and then it popped back up. And then the sea turtle, I was a little worried about because it wasn’t moving.

Austin Wilson:
Oh man.

Josh Robb:
But apparently that’s normal. He does periodically, but he just kind of coasts, looks like every once in a while. Kind of hangs in an area and then jumps in the little current there and heads out somewhere else.

Austin Wilson:
So sidebar number 59 is this episode. We have membership to the Toledo Zoo. My daughter loves the Toledo Zoo. So I went there with her a couple times recently. So she loves the aquarium. The aquarium and the otters are like all she goes for.

Josh Robb:
That’s nice aquarium, too.

Austin Wilson:
The rest of the stuff she could care less about, but the sea turtles and the otters. But anyway, there’s a sea turtle named Tink.

Josh Robb:
Oh yeah.

Austin Wilson:
Tink in the aquarium was hit by a boat.

Josh Robb:
Oh no.

Austin Wilson:
There’s a whole story.

Josh Robb:
Why is there a boat in the zoo?

Austin Wilson:
Why is there a boat in the zoo?

Josh Robb:
What is happening?

Austin Wilson:
Yeah, so she was a saved… he, she, I don’t know. But the turtle was hit by a boat.

Josh Robb:
Oh man.

Austin Wilson:
And so its back flippers were paralyzed or whatever. So, the conservationists, they like JB welded these ballasts-

Josh Robb:
Oh, to help her kind of hang out?

Austin Wilson:
On the back of the shell to keep it level so it can go wherever it wants.

Josh Robb:
Oh yeah.

Austin Wilson:
It just swims with its front flippers and that’s it. It’s back doesn’t do anything.

Josh Robb:
This guy’s a saint.

Austin Wilson:
Tink the turtle. That’s it.

Josh Robb:
That’s awesome. I like it. And then the last piece of a teaching moment for kids, so saving is obviously their starting point. So, you got to encourage on the other end, giving being one of those. Then the second one, like we talked about is teach them that sporadic things are okay. So, leave some room in your budget for that thing that pops up. Friend calls and say, “Hey, you want to go to the movie?” And the savers mindset is, “I don’t know if it’s worth spending $8 to go watch a movie when I can watch one on my Disney plus subscription.” I don’t know what a 10-year-old thinks-

Austin Wilson:
It’s a great example.

Josh Robb:
Probably not, but there it is. But you say, “Hey, that time spent with them will be great. You should go do that. And you already accounted for that.” You have $8 in your budget; you can do it. So those are the two things I always think from a teaching moment is that you really don’t have to teach them much about that saving side of things. You just got to pull them away, that as long as they’re doing that and have a good percentage budget set up, those other two pieces need to be the piece that they’re probably more likely to push off.

Austin Wilson:
Absolutely.

Josh Robb:
That’s where it is.

Austin Wilson:
All right. So, Josh, we just talked about savers. But let’s turn it over and talk about spending mindset.

[16:39] – What is a Spender?

Josh Robb:
So like we talked about the mindset for spenders is the money is a means to an end. The end result is really the focus point. And so, money is a tool. So, you use that mindset and say, “Okay, let’s utilize that tool to its best ability.” So again, for a spender, there’s nothing wrong. That’s a great mindset because again, you get that discipline and you’re just looking as you’re saving as one more spending. I’m moving the money into this thing, and I spend it towards me, my cause, like that. Some that’s there.

The risks are they tend to be more impulsive. Again, not a bad thing, but that’s something they have to be aware of that everything that comes up will look like a cool thing to do. And you got to understand, “Well, do I have the money set aside for that?” Which comes to-

Austin Wilson:
Also, marketing, sales, coupons, all that stuff, totally geared towards spenders.

Josh Robb:
Oh yes.

Austin Wilson:
We’re just like, ‘oh look, I have 20% off coupon.”

Josh Robb:
I need to go spend. Yeah, because I’m going to save 20% on something I wasn’t going to buy. That’s a saver’s mindset. So future, it’s harder. Current is what they focus on. So getting the habit of again, looking farther out is where it’s important. All right, so those are the risks for a spender. Impulsive, future is not as important as the present.

So the actions are first and foremost is the budgeting. Setting up that habit of saying, “Okay, when I’m getting my paycheck and the money’s coming in, I need to know what I plan on doing with this money and part of that is saving. So, if I look at it as one more of my spending tasks to pay myself or pay my 401k or however, I want to look at it. If I just make that part of my habit.” Then the spender is a great saver because you see that as one more way of taking your tool and it’s the means to an end.

And then also, same as the saver, budget for those impulsive buys. If you put something aside, it’s guilt free. You don’t have to be, “Oh man, I did it again.” Well as a spender, you’re going to see those opportunities, you’re going to want to take advantage of them. And if you’ve already put aside money to do that, feel free in doing it, go for it.

Austin Wilson:
Absolutely.

Josh Robb:
You can then prioritize your plan, is this the one I want to do it on? Or is this one of the ones that’s worth spending some of that money I put aside for?

Austin Wilson:
Right.

[18:46] – Teaching Opportunities for Spenders

Josh Robb:
So those are some of the things to have. And then from a teaching moment, set short-term savings goals. Because again, when we’re talking to kids, probably my nine-year-old is an exception, car or college in the futures a little far out. And so, if you say, “Hey, Timmy, you want to get a new Nintendo Switch video game and it’s $49.99 or whatever it is. Let’s find a way to get there. If you get your mowing and you do mowing and you’re going to make $10 a month doing your mowing, or that seems like not very much, $10 a week, probably.”

Austin Wilson:
I don’t know, child labor’s cheap.

Josh Robb:
I don’t know. So, let’s say you get $10 a week for mowing the lawn and you can mow every week. In five weeks, you’re going to have that if you don’t spend any of it. But like we just talked about, let’s just save half of that. And so, we know in just a couple months you can buy that new video game. And you get to spend the money along the way.

Austin Wilson:
Absolutely.

Josh Robb:
You got to shorten up those goal lengths so that they can get the reward sooner. Because the kid’s going to lose interest after a while and be like, “What’s the point? I could be doing these other things.” And so that’s one teaching moment. The other one is that if you can teach them that the impulse buying is within a frame, you’re not the one policing. Because the spender’s always like, “Well, can I buy this?” Like, as a saver dad, I’m like, “Well, why would you want to buy that? There’s no value there. It’s going to break in a day.” Or whatever. But if they have a budget, you could say, “You decide.” You turn it back to them, “I don’t care what you spend that money on, you decide.”

Austin Wilson:
Right.

Josh Robb:
But then if they spend it and then something else comes up, that’s the teaching moment to say, “Well, remember those other things you got. Sometimes leaving some extra for something in the future may be worthwhile.” And you have that conversation. But allowing them that freedom to decide themselves, is this worth it? Teaches them to run through that, instead of quickly making the decision, the impulse buy to actually stop for a second and say, “Do I really want to own this? Is it better than some of the other things they could use this money?”

Austin Wilson:
Oh yeah. And over time their tendencies may look a little different, where they may not impulse buy as much because they’re like, “Well last time I did that, it just really wasn’t quite worth it. I’m going to put this towards the thing I wanted in another month or whatever.”

Josh Robb:
Yep. So savers and spenders, same thing. You’re just slowing down the thought process so that they’re aware of where they’re starting from. Savers, hey, you may be missing this because you’re just scared to give a little bit of that money away, which won’t hurt you to give away. Spenders, hey, you may be spending this when there may be something better down the road. Slow down, just think through that. Does this make sense?

[21:14] – Final Thoughts on Savers & Spenders

Josh Robb:
So for either one of those, hopefully those are some good tips to think about when you’re talking through the kids. The key is, bring it down to their level. Even for the savers, like you’re not going to be able to save it for college on $10 a week mowing a lawn. But let’s set a goal for saving that makes sense that you can achieve. Spender, same thing. You’re not going to be putting a 401k away as a 10-year-old. But let’s open up an account to show you what it’s like to be diligent about putting this money away. Those are the things you want to do.

Austin Wilson:
So Josh, if I’m hearing you correctly, what you’re saying is there isn’t a superior mindset.

Josh Robb:
There isn’t. As much as I’d love to say one is better than the other. There is not. And in fact, a combination of those two, having someone there that you trust, whether it’s for a kid, a parent or someone who can encourage them to see the other side is helpful. Or if you’re adults and your spouse is the other way, sometimes the two of you can butt heads. But in a good way, also drawl the other one out to encourage them to go closer towards the middle. Moderation is kind of what I’m leaning towards on.

Austin Wilson:
Have you ever said that before?

Josh Robb:
Surprise, surprise.

Austin Wilson:
Yeah, that is great. So, Josh, any final thoughts on this aspect of saving versus spending? And how that relates to raising up children to be financially good stewards.

Josh Robb:
Yeah, there are successful people from both mindsets. And so don’t think just because your kid is one or the other, that they’re going to struggle. Help them to understand their starting point and know where those things could hinder them so that they’re better aware to make those decisions in the future. That’s the key. And that’s what we’re doing as parents for all different situations. But when it comes to saving or spending, your way is not necessarily the right way. Your kids may not fully go the same route as you, but that’s okay. You’re just trying to help them be the best person they can be.

Austin Wilson:
Awesome. Well, you’ve certainly given me stuff to think about.

Josh Robb:
I hope so.

Austin Wilson:
And hopefully you’ve given our listeners some to think about, as well. We would love it if you would follow us on social media. So, we have an Instagram page, Facebook page and a Twitter page. Go ahead and give those a follow. We interact and are-

Josh Robb:
The Invested Dads.

Austin Wilson:
Pretty regularly posting on those, @TheInvestedDads at some form or another on all of those services. If you had someone just asking, “Hey, how do I talk to my kids about money?” or “My kids a spender, how do I get them to save more?” …Or vice versa. Share this episode with them. We would love it if you would pass this along and hopefully it can be of some value to them. And of course, email us any ideas to hello@theinvesteddads.com. We would love to maybe have an episode if what you are asking about is something that we would like to talk about in the podcast. If not, we would just love to hear from you and to connect with you via email. So, thanks for being here. Until next Thursday, have a great week.

Josh Robb:
All right, talk to you later.

Austin Wilson:
Bye.

Thank you for listening to The Invested Dads Podcast. This episode has ended, but your journey towards a better financial future doesn’t have to. Head over to TheInvestedDads.com to access all the links and resources mentioned in today’s show. If you enjoyed this episode and we had a positive impact on your life, leave us a review, click subscribe, and don’t miss the next episode.

Josh Robb and Austin Wilson work for Hixon Zuercher Capital Management. All opinions expressed by Josh, Austin or any podcast guest are solely their own opinions and do not reflect the opinions of Hixon Zuercher Capital Management. This podcast is for informational purposes only and should not be relied upon for investment decisions. Clients of Hixon Zuercher Capital Management may maintain positions in the securities discussed in this podcast.

There is no guarantee that the statements, opinions or forecasts provided here in will prove to be correct. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses, which would reduce returns. Securities investing involves risk, including the potential for loss of principle. There is no assurance that any investment plan or strategy will be successful.