Nurturing Your Child's Financial Genius with Gravy Stack [PART 1] | RMT221

Welcome to Real Money Talks, real strategies from the money makers and the world changers that you can use to make millions. Keep those millions. Multiply your wealth and build your team. Here's your host, author of five New York Times best sellers, money expert on Dr. Phil, CNN, CNBC, the street TV, Fox News, and the view Loral Langemeier. You know before gravy stack just a little history for you got all you guys was fine as I had this program with my kids called Never pay your kids an allowance. So instead of missions and gigs, I call them tasks. So now their missions and gigs and we're all involved in it. And so it's been what I've been doing for decades with my kids and my daughter is 17. And she's not a babysitter. She's a nanny. So all of you. You make more money as a nanny. And and she has a new Thanks, Scott, you guys will love this. So she's like, mom, okay, I have to get some pricing, right, because I was supposed to only babysit one kid. And then there was two kids. And then there was two dogs and once a puppy that pooped all over the house. And she's like, do I get paid more for all this? She's cleaning up poop. Negotiate like, what do I do mom? Oh, and then should they call this at what time? So two other dishes. I saw you were supposed to just babysit the one kid and it went to this huge task. So it was fun watching her negotiate 15 an hour to getting what? Really 20 In that what did it be 25 like as a tip. So she walked out with 100 100 bucks for a couple hours. It's just like I said, You got to ask, you know, and a lot of people I think that's a big point. You know, I know we're gonna talk more about some investing things today. But you got to encourage kids to ask, they're so shy, and they want you to do all the work. And it's like, I'm not, I'm not calling and negotiating your rate. Here's, here's your ideas. Now go back and renegotiate your pay. Because your day did not end up like what you thought was gonna be. It was fine. If you have the time. I think you're gonna love and enjoy this.

Yeah. So I'll just do final intro. And then let's just launch into this Laurel, your laurels. Amazing. So I literally I met a zone event right now. I was supposed to speak right now. I had them pushed me. Because I was like, yeah, now I'm going on this with Laurel. Because Laurel is one of the premier like world leaders in actually thinking through making your kids millionaires and investing. And actually she's got masterminds for adults like she and I train adults all over the world. But the beauty of what we get to do today is distill the thinking and distill the information down for kids. And I think what Laurel and I have found, this is why we connected in the first place years ago, that if you can clearly communicate to children. The parents also clearly understand it for perhaps the first time. Yeah, like, I think that's what so many people don't understand is like, we're here to talk about like how to be Rockstar parents and raise incredible kids with an unfair advantage. But this whole process helps us as parents, it helps us get clear on our goals and our businesses and our jobs and our families and our bills and our growth and our investing. And so what I what I'm pumped about today is you know, Laurel, you've trained the the world's best in investing the world's best. But well we get to do today is distill the information down on how do you help a kid think through this so that they have a lifetime of investing and compounding interest in delayed gratification. So that's the conversation that we'll have today. I'm going to give you the reins and I'll just like jump in and keep asking questions to you. But you lead the charge here. So first thing I want to ask you here is Was there a moment like with your kids? Like what was this investing light bulb moment that you realize maybe in your passing other people or with your children, what was the light bulb moment for them that really move that needle? I

will never forget the light bulb moment. So I want to back up a little bit too and just put another kind of banner on this as a 1999 January 8, I knew that I was going to be a mom, he didn't want to be a dad. And so I knew I went into parenting as a single parent saying okay, well how am I gonna do this myself. So in September, I had him in June, I hit my millionaire status. So I had a lot going on, it was great. But in 1999 I like oh my gosh, I gotta roll up my sleeves and I gotta get to it because I not going to be a broke single mom or play the victim game a lot of single parents play. So I also I just I bring that to the forefront because I think a lot of parents that you know, are blessed like Travis and Scott and have you know, those kinds of families it's just it's different. It's different when you're single and when you're doing you know whether a woman or man is a single person doing it. So that light bulb moment Scott because I what I did is I was the Rich Dad Poor Dad. At that point, I was the cashflow distributor for a master distributor for the game. So I was traveling all over doing game nights for Robert and Sharon and I had a huge database because they didn't do coaching. I did coaching. And so I wanted to teach adults. And to your point I want to really strengthen that point about what I call integration. Because integrated well systems is the name of my company. The reason I've integration is a lot of reasons is if you can't speak it, you don't know it. And what we don't want it through gravy stack or anything that I do is the parent to just regurgitate or grease at all. I agree with Laurel, I agree with Travis, if there's no, make it come out of your mouth, because then you know, you understand if you can't speak it, you don't understand it, which means your kids won't understand it. So a conversation about money is critical. And what I love about gravy sack is it forces that conversation by the way, they're going to have, you know, their little debit cards, and they're gonna get all this, you know, the way they're going to do it. And also, the save is my word for invest, is another thing that we do. So I was in real estate Millionaire is how I hit it. And so I went to Oklahoma City, and some guys that I hired to mentor me when I first got pregnant, said, we're gonna go raise capital, and I'm like, I've never raised capital. I mean, this is all new to me to write. So I was at the forefront of Oh, my gosh, I just have to do this differently. And so we bought so many apartments, and we raised $16 million. And all of us became millionaires in less than six months. But I was taught by great, great mentors on how to let go that fast and go that big, like, I didn't know how to do that. But I remember then we started rehabbing all these apartments of these projects that Logan was then probably one or two Scott's your mom and my aha moment. And he was sitting in a diaper. And we were sitting at the apartment and all of us were sitting in the different apartments while we were rehabbing this apartment, and I remember printing some paper down, and I just sat him next to the curb with a whole canopy. And he just like splattered everywhere. And then I moved into the one of the apartments that he painted part of the walls and my partner's are gone. So we're gonna paint over it. We're just giving him something to do. He still remembers, like, I mean, even three, four and five, like, he loves painting. He loves trades. He loves hanging out. He loves the apartments that have pools, can he go swimming afterwards as a little reward? So I just included them, like, what is it gonna do like sit home? I mean, I had him with me. I lived in California, I didn't live in Oklahoma. So I remember that moment, vividly Logan's, like zero to five years, he was hanging out painting rehab apartments with these little pants. Yeah. It's

so good. I mean, what we do with our kids is so much more important than what we do for them. Like you just nailed it. And I think so much of gravy stacks mission is bring your kids along on these skills on these habits on these disciplines. And the earlier the better. So I love that story that makes me so happy. When you did this all the way through their childhood. I mean, you, you gave them responsibilities. You gave them opportunities, you gave them jobs, and you gave them things and gigs all throughout their childhood. Yeah, what did you see was like the best strategies to implement with them as they were grown, with

the first like four or five. And I know a lot of people which, you know, say it's too young, but we traveled all over the world. And because I was, you know, fun playing. So what I would intentionally keep and talk about money, like I'd have, like Logan, you know, in every interest. And as she came along, I would have them, you know, hold the different money, touch the different money, what is money, just buy stuff, right? I mean, it helps you transact in the world, you have to have it, it's not this thing to be scared of. So each of my kids to this day have safes with little bags of money from all over the world, from the South African rand to like the old lira, when it would Italy out that, like we now they have euros, so my kids have little bits of money that we never cashed in from all over the world, just to see world money. And that money is nothing something to be feared. So I brought money people like Yeah, but they could have swallowed the coin. Like, did you let him play with the playdough knife? They didn't kill themselves with a knife. I mean, it's just people have the weirdest thinking about money. So I started a lot of that in the beginning. And then we started talking about real estate, I always use real estate as example. And so we we drive through town, even as little kids and I'd say, you know, somebody owns every piece of real estate. And your goal is to own as much as you can. And this will, what would you do with and then I said that the people pay you to live in there. But why don't people buy it? Well, they either can't afford it, or they can't get a loan said so we provide housing and we provide, you know, office space. And one point I want to jam and so you just explained like that's kind of common sense. Like people have to live somewhere. The other thing one of my my next ones, like between six and seven, I bought a laundry mat, and you talk about a fun investment, because they're not that expensive to buy, you're going for a couple $100,000 and and by the way, you can go to your bank and get very traditional loans for them. So it's easy peasy. You don't need a lot to get into them. And then once a week, we would go down and we would empty every you know, little washer and dryer. And then we added a vending machine. And it's like well do we get eat the candy and go no, no, we're not eating this stuff for your consumption. People are gonna pay for it. Why don't they buy their own? So it's just it's sort of a natural conversation of why don't people buy their own stuff is because it's convenient. Right? And so we just kept adding kind of assets like that and then when when Tristan was a Logan is probably 15 16 By then, we did a pizzeria. So I always do little things that were concentric. So I loved that they would go in and they're like, No, we own the pizzeria. And I love that ownership, the pride they had, they would have their birthday parties there and the kids would get back there. And I let all the kids make pizzas. And then we that's when we started talk about cost of goods and margins. So we just included them. I just included them and everything I did, because what I was going to do have, you know, not that I didn't have an Annie I did. Because I traveled a lot and was on stages a lot. But they weren't with us. I mean, they were just part of our family. Like, this is how we're gonna roll. And this is what we did. And they didn't know any different. And so like, we've never gone on a vacation. I have to tell you this story. This is a funniest one. Logan is five years old. We get home from Hawaii, I spoke at a big real estate conference. And he goes a Tony Robbins conference or something I don't know. And you're so funny, puts his little hands on his hips and kindergarten, he saved money. I've had the worst day. I said, what happened? He said, he said, well, people asked me if I went on a vacation. He said I didn't even know the word. I said, well, because you're never gonna go on a vacation. He said, Well, what is a vacation? And I'm sorry to say I've got to say it's what broke people do. I said this, people go on business trips. But that's why I told them, I went on business trip, but they laughed at me. And they didn't know they kept asking vacation to Hawaii. Anyway, so it's going to be different. So I show that it's kind of funny, and it's kind of hard. But I share it because I like a lot of it. Too many families, parents, they keep their kids at home, and they have their professional life. Bring your kids to work. Your kids even know what you do. Don't even know what any how the world even works. So I could go on and on. I tell stories because I I've done it's been their whole lives. Yeah, there's

a phenomenal job you've done. I mean, I've met your daughter, I think so you just have an amazing legacy. And so few families, I think, know the roadmap to raise their kids with the delayed gratification and the even risk understanding risk tolerance. And they don't I think a lot of them struggle to even explain like, what is investing with the kid. Yeah, so if you can't, and I know your book, we gotta we got to make sure that everyone here gets this book, make your kids millionaire like and the new one, like we got to get everyone this information. And

this has if you go you can get it on Amazon cheaper. But when you go here, I'll autograph it. And then I still have my $1,500 bonuses. So like when my kids, three and four, I did the never pay your kids and allowance because I wasn't going to pay on time allowance. So age appropriate tasks. So it's very similar. I mean, when I that's when we met, I was like, Oh my gosh, we're like a match made in heaven. Because you have gigs and mission I call the tasks. This is what tasks you're going to do. You have things you have to do because you live in the house expectations. And now, you know, call the task missions and gigs, what are you going to do? And age appropriate, they still do it to this day. So they designed their monthly income since they were three and four years old. You said what what did they do? Well, Logan had a little Smoothie Stand, my daughter made these little paper wallets. So just like your holiday gift baskets. And you know that you share it I mean, all like just involve them in the money. The one thing I did on investing, though, that was very different, I think it's still to this day as aggressive is I put my kids when they were born, employed inside one of my all C's of real estate. So I employed my kids, I paid them enough between zero and seven, and they were models. So you registered with the online modeling agency. And then we actually do corporate calendars. So we proved it. And then my kids are in every book. So they are corporate models. I use little pictures all the time. But my point is then here you can imagine after 18 years, now they're an adult. So guess what Logan got when he's 18 years old, and 18 year old, financially mature LLC for his birthday, that already had stacked. I mean, we already had art a quarter million dollars of credit lines. So we could immediately go in his own real estate investing. So it's very aggressive. But each kid has their own LLC. And they operate it as a child inside of it. So that's why I took them on business trips. And the biggest thing I did for delayed gratification, which drives people nuts, and I do a lot of pro bono work tons of pro bono work for the NCAA, a lot of Deewan schools is get them incorporated, because and I owe money is going straight into their bank account and Scituate to taxes. But my point is, like when the kids learn to live corporate life, and that's how you live to write. And even if you have a job, you can still do any of this, you can put your real estate investing or put a, you know, even a direct sales company, if you want to do some smaller, just put a send out card, whatever you want to put put, put a small company in there. But that that was enormous for the kids to walk into their 18. And I do have I mean, generational wealth has always been my goal. And I want to talk a little bit about the legacy, you know, and the what really creates that legacy is raising him like your most prime years for those kids in their subconscious mind. And all that learning environment is really zero to eight. I mean, that's when you really embed, you know, your language patterns and all of that. So learning to invest in a Roth IRA, so I was gonna go back to that. So I paid my kids enough zero to seven, just enough to fund an entire Roth per year. So they were employed, they had a Roth at zero. And so you can imagine now my son's two When he for and what he's done with that Roth, and he can't have it, he can't have it. The football players, they always get the football players to get a Roth and they said, Yeah, but Miss Laurel, I can't touch it. When he told my six years I said, that's the point. Because most of you don't have good behavior you want to make spend Makespan, you want to learn to make invest the pattern of wealthy successful legacy families, is you make an invest money you'll spend, you're going to be spending, that's just obvious how you spend is different. Because if you live in a company, there's deductions, if you live personally, they're not deductions. So I taught I teach corporate life to families, how to live corporate life, how to put those companies in really early. I'm also you know, when it comes to investing the Roth IRA, I let them have you know, view access, they go on, we put it on and I flip accounts. So I actually have a little link for gifts and stuff. I can put in a chat somewhere here. Yeah,

throw that in. I want to make sure everybody gets those. So I have I have tickets

to the slip corporate life live event I do the teaches you how to let live corporate life. I have a ebook copy in my millionaire maker book and I flipped blank. I have all sorts of goodies for you guys. So where's my little chat on here? How do you chat in here? That's why

we love Laurel. It's Christmas holidays. And she's just dropping bombs on everybody as well as $1,500 with a gifts for you guys for being a part of our community. Yeah, throw that in the chat. But I'll say this too. Not once have I heard in any of Lauren's comments that she set up all this money for her kids to get at 1804. You set this up? For? Yeah, she's setting this up to prepare the kids for investing. Yeah, she's setting this up to prepare the kids for a continued delayed gratification mindset. Yeah.

And then, so when they when they think about investing, it's you know, so here's the the the easiest activity and kids can do it as young as five is pull out a compounding calculator. And I do this with a lot of, you know, kids football players. I mean, believe it or not, the reason I went to, to teach football players is my son called me when he turned 21. And he said, Mom, because you started going to the bars, right? He's like, Mom, these kids, like they run around with debit cards, they don't even understand why to use a credit card and how that's going to help them. I mean, you can use both, but why aren't you using more of a credit card? And literally Scott, they didn't even know what investing was, they didn't know what a Roth was. They didn't know compounding power of interest. So I had them all pull out a calculator. So they'd be like, you know, compounding interest one on one, right? And I always challenged you know, can you make the rule 72 instead of seven years, five years. And you do that by by better compounding better investing choices. So I just said, you know, pull out a compounding calculator and put in $500, let's just start with 500. So you put 500 in, I said, let's just do a simple 10% for 20 years. What's that make you? Now let's go to 12%. What does that make you? Now let's go to 15%. Now, if you added 100 A month or 200 a month, what does that get you and I have them write it down? Because there's also something about integration and learning that this little typing thing and this little things doesn't do. Like behaviorally your brain registers better. I've done a lot of adult learning theory know Scott and Travis, you guys have to, but when you write, right, and you actually it actually is more in your DNA. I know it sounds very odd. But it's true. And our kids have forgotten how to write because he's take their tests online and everything. So you write it down. I said, so I want you to write down your formulas, I want you to write down, you start with $500, you're going to add 100 a month, what's the difference add in 100 a month at 10% versus 200 a month at 10%. map that out, then map out add 500 a month. So first, you want to get them excited about the amount of money that a little bit of money done over 20 3040 years is gonna make them a millionaire. Like you literally can be a millionaire in a Roth IRA, if you just contribute fully and invested 12% 20 years, you make your kids millionaires, like it is not difficult. It's just very different. And it's the behavior of that. I want that later. So yes, I get life now. And I get life later. So I always had that in. So what do you want later. And then one of the activities I just want to share with people that because we're coming into it is at the end of every year, when Logan was was first like three and four. I wanted to teach him values and goals and we go How do you do that as a parent? So he loved Christmas stockings. He's like, Mommy, we can't take over decorations down. So I cut out Christmas stocking shape, like a shape on a like a little piece of cardboard, not cardboard, but like, you know, cardstock and we drew a line down the middle. And I said so down the one side and I wrote for him at that time. And I said What were you excited about this year? Right? You learned to do whatever swim or learn to bike or like just little thing accomplishments of the year on one side? And then I said, you know, in this case, we put 2024 What do you want to look forward to? What are your goals this year? What do you want to learn personally? You know, do What sports do you want to learn? Like what do you want to do? We mean how many times you want to go home and see grandma how many times you want to go skate like what do you want? So in the beginning, it was more fun things. But as adults, like even my daughter said the other day because Logan's, you know now engaged so he's going to be in Georgia. are dispersed Christmas without him. She's well, what are we gonna do our stockings we have to do our goal stockings and our value stockings. So it is a ritual of our kids, and they have the history of their entire growing up of what they accomplished and what they want. And so this year, we'll go back and say, Okay, what do you do in 23? And we'll set 24. And it's going to be, it'll be a generational thing forever. So my kids have, like, they have to know goal setting. So part of investing is goal setting. And I'm gonna move to another topic of it that is called Money rules. What are your money rules, because I saw so many kids invest in crypto and NF Ts and a whole bunch of stuff, they had no idea because they only had 100 $500,000 to invest. And they were blowing it. And they didn't keep their wallets. And they didn't know how to track their wallets. And the parents weren't involved. So here, these kids are making money blowing their money. And I'm a huge fan, but I did our crypto on a Roth IRA. So I bought Bitcoin at 4000 8000 9000. And then when it hit the 80s, we sold off a bunch we taught, I told them I said to what percent do you want to sell off while you're at the hype? You know, buy low, sell high. So you teach the basic principles, but you do it in demonstration of real things. So gravy SEC provides that opportunity I flipped provides that opportunity. So they're like, well, we don't know. So I called Kelly, you know, the the designer of I flip. I said, So Kelly talked to my kids. What do you think's a good appropriate money rule about a sell off when you're at the height of a market? And he said, Well, virals, 20%. So then we just took that number, and we started playing with Well, if we sold off 20%, what would you make on your Bitcoin? If you sold off? 30%? What did you make? And then when do you buy back in, so you use just real life activities when they're present to you, which is I love where you are doing these calls for gravy sack out here weekly, because things change all the time. I mean, the economy changes, rules change. But investing has to come in early. I mean, the pattern I think Scott and Travis is in all of you is teach them, which is why I love great stack is to make an invest, you got to put money away. And then the compounding calculator is the simple tool I used over and over when they wanted to fight about, you know, why do you want to spend it. And then let's talk about spending. You know, if there's something that they wanted, or and I was on an agreement, then it's 50 is minimum 5050. But they're never gonna touch their asset account ever. You can't touch it, I call it a wealth account, you cannot touch it, you can't go borrow from it. You can't you gotta leave now older Logan can go borrow from it. But that's money that's put away for later in life and is still compounding. So you just got to show him the numbers. And again, you got to be with him. You can't just give him the assignment, go to your room and do this. Now you sit with them, and you spend the time with them. It takes time to do this. And I think that's what a lot of people are shocked about. It takes some purpose and time.

Yeah, you gotta be intentional and proactive, or else they won't, you know, like, I was just talking with one of these, one of the other top influencers in this space of investing. And they were just having a nightmare because the Gen Z right now is getting tricked. Like by and large. They're getting tricked on these like scam accounts, that are like, hey, this crypto this token, this get rich stock day trade this like they and then they may make some quick money. But inevitably, they're gonna lose it all.

Yeah, well, in forex camps, I mean, the Forex scams are all over the place and the kids, because they don't have a lot of money. So they get excited about it. That's why I love I flip, because it's an algorithm that's going to take you in into the market. It's not robotic, and it's not an auto trader. It's not those but it's similar. But it's algorithmically designed by one of the most genius men I know. That will take you in and out of the market. So when people lost 30% in the market, you know, me, my kids, we only lost 2.75 We never lost more than 3% because it pulls you out of the market. But the kids can still go in. And to your point like well, how do you get them to start investing? Well, when you get a nightclub account, it's free. In the beginning, you can start for 50 bucks. And then I you know, the obvious thing is to say well, what do you use? Right? Do you use a Samsung? Do you use Apple, you you know use Google's you use Zoom? So there's tech stocks, there's gas, there's what's called Red, red oil stocks, which are for gas and oil. There's all sorts of different industries that you can you know, invest in. So even if you put 10 $15 The kids get a pick. Now, I don't let them do it alone until later. Now, I mean, log has become clickable later on his own, but just so we just view and then she, you know, can move move her money a little bit, but not as not as much I don't give them full authority. So it's very active parenting. I gotta tell you, that between the stock market using IFA as a safer way for them to learn, but they also have cryptocurrency algorithms so you can still pick but then be in and out and not have to worry about a wallet. So you might not make as much but I can tell you those wallets are getting lost by all those Gen Z kids. I don't know how many. Don't you wonder you guys how much it's just sitting out there and lost in wallets that are unrecoverable. at Damascus, I'll be making a fortune left behind. Yeah, Laura

wood, could you explain an angle assets if you're starting off just for the first time with your kids to invest? So we talked about a Roth IRA, but specifically investments, I'm going to open a Roth Roth's kind of like a bucket. And then inside the Roth, we can invest whatever we want. You mentioned, if but what are like two or three kind of fairly, you know, say kind of to get started investments that you would you would invest for kids?

Yeah, great question. So I definitely would do, I flipped. So here's the thing with a Roth is a qualified plan. So each kid like my kids have a personal account, that they can put their extra money in. Because I do this thing called a car account as well, from 10 to 16, all the money that they additionally save in addition to their 50%, because my rule with my kids until they're 18, is 50% of what they earn goes into their investing account. And so that might be aggressive. But I was like, that's what we're gonna do. And so they had 50, to play with whether that's do some charity. But with charity, we do money. But again, I like behavior. So we would go Adopt a Family, we would bring them over for Christmas. I mean, we do very tangible in the streets, things with people is a different way to do it. But then I inside your Roth, so you have a personal account, and you have a Roth that has an eye flip account. So my kids have two accounts, one personal one for their Roth, so that inside the Roth, they can invest in again, inside the I flip, it's what do you like, what are you using? What do you what do you know about so then you just kind of look through this from our folio. So that's an easy one, and it's free to start. Your first investments only has to be 50 bucks. And then again, I'm a huge real estate fan. So for the parents who don't have any, I would have them get excited about saving for one, you know, putting some money away for one. And like right now Logan's buying his first house and I said you mean duplex four Plex you're gonna buy doors, you don't have kids, you don't need a home wife, and soon to be wife and you guys are gonna move you're gonna target less. So they're an FHA gives them those loans. So what's funny is he looks back and he said, You know, I sometimes did not like you, because you maybe put all that money away, but he's got enough money for a down payment. But kids can be part of that. Other really stocks, the easy one, crypto some easy ones. I do more goal setting when they're younger Travis at the money's not there. But I also want to here's what I noticed about investing in income. So I was able to wise income and investing is if you don't have the money to start investing, because some of the, you know, the basic stuff is a little bit higher, you better have more minimums to invest, than get motivated about making more money to put more money away. So you can buy that first, whatever it is. One thing I have done, because our community is very tight as you guys want now, is a lot of our kids of the parents have gone together in their teens and bought like their first property together. So I know like in Missouri, Kansas market, there's 10 families that went together and the team zoned it under one LLC, obviously parents helped guide it. But that way each kid with their Roth only had put in 5000. So then 10 families came up with 50,000 to do the downpayment, and the kids own the house. In theory, the parents do you know. So that's the thing about money and investing legally, you have to be in control of it until they're 18 years old. And if you have banks that have a lot of banks don't give custodian accounts on if you guys have run into that as well. So a great stack. But you you do need to have multiple accounts for the kids. So I always had towards very tangible things for investing and then goal setting inside of it. But for the most part, Travis in the early years, it's I flip and put money into stocks and Kryptos. Did

you ever have any? Did you ever lead? Yeah, I want to go to questions because I know, let's start putting like raised hands. And any questions you guys have like, I want to have a discussion with a lot of the audience here. But did you ever have pushback on the kids? Or they're like, why are we doing this? Like, why are we practicing for the future? Like what I'm just trying to figure out today? I like gaming, I want sports, I like my friends. Why do I care about 20 years from now? I'll worry about that later. Because I know we get that question a lot when it comes to kids. And so how would you answer that? Or did you have that issue? Or you obviously the families you coach, you know, can you talk

to and the later you start the harder it is The later you start the harder it is because you didn't instill all those principles in the values in the goal setting. So we go back to you know, goal setting what kind of life they they want to live. And early principle which sounds really harsh, but one of my my, like best mentors gave me this line. He said, You know what you need to teach your kids. Mom has money you don't. So I can choose to give it to you. I can choose to not give it to you. So you behave the way our families has a values and mission. So you grow them up in a set of values. And I mean, my kids were doing values of five and six years old. Now they got young ages, they change over time, but you know, you really instilled that so I didn't get a lot pushback. And when they did do a little bit of it, you know, I would just go back to their goals. What do you want? What do you want in the future? Like, this is my real estate, if you want to inherit, you have to like you have to be responsible. And I also have the saying is, if you can't be responsible for a little, how are you ever going to be responsible for a lot, it's not going to get delivered to you asking you shall receive is a true thing. You ask and you shall receive, if you can't receive and manage a little bit, you're not getting a lot. So if you want to make a big impact, and you want to do stuff, so I've also raised my kids, John Demartini was my greatest what Believe me, amazing parent, man, mentor. You know, he would tell my kids with me present because we would do it as a family. And he said, you know, everyone was born masters, but most people choose mediocrity. He says, if you're gonna live a masterful life and make a difference in lives, you have to live as a master of your life. And, and a lot of that comes with delayed gratification. It's not today, like I wasn't a best seller until I was, like, almost 40. Like, it takes a while. So you just use examples. I use a lot of stories. And then if they really want it, because like is very logical, I would go back to the compound, I would go back to the compounding calculator. So do you want to, you know, just turn every month and wonder where your money is coming from? Or do you want to like really, you know, build something and then have a legacy and have like, what do you want? So I brought those conversations in really early. Yeah,

so good.

Thanks for listening to The Real Money Talks podcast. Your host has been Loral Langemeier, author of five New York Times best sellers and money expert on Dr. Phil, CNN, CNBC, the street TV, Fox News and the view. Want to learn more about off Wall Street investing tax strategies and multimillion dollar business strategies. Visit live out loud.com/podcast for past episodes, show notes and resources. For some special wealth building gifts only for laurels podcast listeners, visit live out loud.com/podcast gifts. Do you have a burning question for Laurel? Visit ask laurel.com to submit your question, and it may just be covered on a podcast episode. So stay tuned and be sure to subscribe to get new episodes every week.