Raising Financially Savvy Kids with Gravy Stack [PART 2] | RMT222

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.

I was talking with my friend the other day, and he and I basically, like, you know, there's only three ways to really make money. If you're talking to a kid, it's like, you can either sell your time, you can sell a product, or you can invest capital. And each of those can go in a million different directions. But it's either your time your product or sell a product, or invest in capital. And I think the biggest thing for our kids that just like bumper stickers, it is, do you want your money to make you more money while you sleep? Right? Or do you want to blow your money on something today? And it'll never work for you ever again. Right? Because and that's what you're showing is, you know, if you set this this thinking, and it does come back to family values, I love that you said that. Because what are the things that you care about as your family, you know, in our workshops, right, like in our foundations, workshops, and we really talk about values, and how do you share the stories and how you build the right values and your family? And I think one of the critical pieces for your family needs to be, you know, we plan ahead. Yeah. We live on purpose, you know, like,

drops into our world. It's in very intentional living, very purposeful living. My kids make fun too, because I like I'm a Jeep girl, you know, because I grew up in a farm in Nebraska, so I don't know. But they're like, Mom, you could have any car. Like why do you buy? Why do you drive a Jeep all the time, and then you accumulate Jeeps like old jeeps, like a 75 s got a CJ 575 Cheap and they're like, you're the weirdest time you could buy anything. That's like I could but I don't want you I'd rather have apartments I'd rather have those people paying me rent. So I got glad you brought up the time and the money because that's, that's, I'd say basic, but it is it's important. So yeah, if you're forgetting that, that you can work for your money or your money, can they make money but and then I would dissect that and say, you know, people say that comment, I dissect that with adults, when I say everybody says they want passive income is owning real estate investments passive really. So I created a term called protective, because I don't want you ever to be passive passive means we're just going to sit on the couch eating bonbons and do nothing. Like you still have to manage the money. So you need to check your accounts, you need to check your you know, investing statements, you still need to manage the T eyes. And when a renter moves out, you might not have to have you might have a property manager. But don't tell me any that should be totally passive. So I blow up the whole passive word because I think it's overdone. It's not true. You know, I mean, I don't work that many hours. But nothing's passive. It's extremely intentional. So yeah, and I liked that you brought that up. So again, could the compound your parents, like your money can work for you. So then when you go back to like, looking at apartment, like when I had to draw it out for, you know, my new fiancee, or new my, his new fiancee, my soon to be daughter in law? It's like, do you want three people paying your rent, or just want to have one payment, that's going to create nothing. So would you rather have three people paying you, right, which then pays for the entire mortgage. And then you can just live in a one of the four plexes for a while. And then if you want to move on, and maybe you take that money, if you refinance, or whatever you do, then you get four more doors, and then you get four more doors. And just to accumulate doors in your young years. That is my greatest advice for football. For any young, even college kids. Anybody can get into a duplex four Plex and start that way. That's what I did. I mean, I started like small. And then when I got pregnant Logan's like, Oh, I gotta go big fast. But I could go big because I done. I was called fourplexes and duplexes. Like their little, their little first spacers, right, they're not homeruns, but they're a little first Pacer. So you're gonna get to first base, you're never going to hit a homerun unless you pick it to first base. So I teach from sports metaphors a lot. So we want to have a whole bunch of people on first base, so when it all accumulates, you have lots of brands. Yeah, that's good. Teaching. You know, those again, make it practical, like my kids are all you know, we're big sports family. So I taught in a lot of sports metaphors and even like training as a kid you gotta get out of the gym once and just get in shape. You don't get a goal you know in the life once and just get rich. Like you got it you got to go train you got to do the reps, you got to get the practice in. Guy practice. You know, I hate some of those cliches of practice makes perfect, but you don't get strong. And the other metaphor and muscle against again, because sports conditioning is you know, you got to strengthen your strengths. You got to atrophy, those negative things. So we're like atrophy, the things that aren't really working for you And how do you atrophy you just give it no attention. And it's gonna go away. So even your like, being in the secret right way back in the day it was in the secret. I mean, I talk a lot about muscle conditioning, money muscle conditioning, it's the repetition of the right behaviors over and over, that's gonna get you strong. It's not just showing up to one call with Travis Scott and I and said, Oh, I got it. Now, this is a repetition because you don't know it. And the bigger problem with adults, you have to unlearn all the crap that was stuffed into your head for all those decades, you have to unlearn a so much stuff. So it's actually I think, more challenging for adults to get it. That's so our part of our charity in our community is your kids under 21, come free. Don't ever charge kids under 21, they all come free, because I need them in your family, I need them with you, I need them in a conversation. You know, a task I give all of you is just to make sure you have a money conversation or business conversation every day, in some way. In some way, make it's just part of the normal daily. Because it is what you do, you may do it privately and unconsciously, you have to consciously bring it forward and take the time. That's

it's so brilliant. And one of the best assets our kids have is time to invest their time, like the time value of money is powerful when they start now, you know, I think my challenge would be listening to Laurel today. What can you guys do for this month coming up in December, kids breed entitlement over December like no one else. And what can we do is to teach delayed gratification or generosity. And investing in this in this holiday season. Maybe you have a gift for them is the is the Roth IRA for Christmas, right? Maybe the gift from grandma and grandpa instead of buying them all the random junk that's going to be in the back of the closet in a month. Maybe grandma grandpa's present is helping get the flip account and finding the first little bit and teaching and using it as a teaching moment. It's a brilliant way to have Christmas and

put money in I flip. And the other thing too on the on the charity and giving side is have your kids clean out like I've we've cleaned out clothes, toys, there's tons of you know, you know, places where you can donate your coats, SOX toys, and so have them pick 10 things that they have that they're going to give away and then know that they're going to do it and then you don't go drive them down to wherever you're going to drop them off or take them you take them with you and they deliver them they deliver the toys they're gonna give or the coats or the clothes or whatever they're going to do. So be a part of that in that community. And, and then it's an interesting conversation, because then it's then then it's the disparity conversation. Well, how can those people are so broke, like walking into a one bedroom apartment with five kids? Right? We've seen that, like, my kids are seeing that like, and we live in this enormous house. And I said, it's about how you made and how you spend. I said that's a dentist, that's another way to get to some of the delayed gratification is what life do you want? You know, are you going to be married with you know, or just a single parent and whatever, you're gonna have five kids a one bedroom apartment you want to it's good to have their own room? Like, how do you want your life to be as you grow into it? Because you're gonna, you're designing it now, like all these roots, you know, as you say, you give wings, wings and roots. And so the roots are critical in those early ages. That's so good. So, you know, the one thing to traverse, I gotta bring it up is a little more advanced. But I do do it for the teenagers. And the more advanced teenagers because you can imagine, like the families that have been around here for a couple of decades, I got some really weapon smart kids is arbitraging debt. So I have a very different spin on debt. And it's interesting, you know, using credit cards with kids, and I do have them use cards and I haven't gone to old schools like my daughter's had a card since she was 12. And it's got a $250 limit. Now it's got up to a little bit more but she has to reconcile she's got to go through the the credit card statement, she has to pull out what was hers, like if she bought gifts for friends, you know, because it's my card, right? So say she's an 18. She's not 18. So she's helping my credit, which is awesome. But she has to reconcile and then she has to go to a personal account and I still go old school with her she has to write a check to pay for the things that weren't mine. And now with gravy sack that's made it easier. So now we're actually this weekend, we're gonna have our conversation about how do you blend the way we were doing our cards and that to gravy and now use it all right, use your own personal debit card, gravy stack debit card, and your credit card. How does that work now, because she's off to college in a year and a half, two years, like I started teaching her that stuff. So and then make them behave. I gotta say one thing, whether it's investing or income consequences are critical parents, and you can't even though they take time to do you have got to lay down consequences, or this whole thing was for naught. They have to know they have to know there's consequences. And one of the more recent consequences is my son borrowed some American Express points from me to fly his girlfriend somewhere and didn't tell me or didn't ask, Oh, that was a really discount. Sorry. That was a really bad move because that's called stealing and our family. So exactly what it is and My daughter saw it, she's like, you're ready to buy. And so I saw papers corporate phone, I showed his phone up completely disabled his technology from our entire world and system for 90 days. He freaked out. He's like, Oh my gosh, do you know what cost to get my own phone? I've never had my own phone. He's this is his 20s. And it's like, like, he'll, he'll never do it again. Because like, Mom, you have to give it back to me. Do you offer my steps I cooked up on my score. So that's really not my problem. None of this is my problem. Here's the meat is Bob, I ain't you. I say, Oh, here's my other funny saying you can all use this one. When they say you know, I'm gonna get it. I mean, you have a problem with getting angry. I'll see you. You're welcome to put an ad the paper and try to find a new parent, like you are welcome to another paper, say find a new mom, see if they want to you. You're welcome to go to an adoption agency. You're welcome.

So I just struggled healthy struggles, rather healthy struggles. Yeah, that's good. So I think a lot of a lot of parents, it's, you know, it's, it's the easy button to cover the consequences for them. Yes, that's the easy button. And what we're really saying, and this is where this is proactive, parenting guys, not reactive. You are being proactive and making sure that they live out the consequences of their decisions in safety, but make them suffer the consequences. I mean, the best thing that I've seen is when parents give expenses to the kids, they make them do gigs, after they've saved, invested shared now they got their spend jar. If they don't got the money. They can't get the thing. That is a powerful thing to hold your kid to. Yeah, because that's where the learning happens. Yep, that's where the Oh, got it now. Yep, I am responsible for this. Yep. And then in the future, they will have that preparedness planning ahead. The budgeting thought the investing thought, and you're free as the parent to now be closer to them to be more connected to them. They only get worse as they get older. Right. Laurel? I mean,

on precedented? Yeah. I mean, it's just it's funny. Like I was like another thing I just came up from this was really funny. So what was going on? He got engaged. He called me and he said, So mom. So can I use the bank Laurel. That's what he called it was the Bank of Laurel to buy this engagement ring, or they have this thing called layaway. And I died laughing because like, we've never used it, like I've never explained layaway to them. And I said, well go ask them if there's an interest on the layaway. And so, and I say because this is a very special moment for you, you do not want to use the Bank of mom and you do have other money. And he said to you Well, let me borrow it for myself. And I said because you can go make it. This is not that much. I mean, he's a very, very, very, I mean, he's just a great trader. He's a tutor. I mean, he knows how to turn it on and make some money and make a couple 1000 bucks in a week. And if he wants, so I said just go make it. So that's your obvious option. And Alaska as a parent, a lot of people don't think just go make it. So anyway, he went back and he said, Well, this layaway thing's kind of cool. There's no interest payment. So then you put it all the way and you figure out how to go make the money. And then when you go in, you pay it all off. But like, you're just like I just brought up that point of being close to them. I mean, 2324 years old. I mean, we are so connected in such an intense way. And he does want the generation off. He's knows what we have. And he knows this coming to him. And I'm a huge fan of showing them what you have early. Like I took him we have a huge, I grow medical marijuana. So I have a huge farm. So I took him out and we ran a calculator. He's like, Oh my gosh, she said, Mom, how are we gonna do this. And he said, I'm going to be a CPA, in the in agriculture in cannabis. So that's really where he's on. He's excited if I'm gonna inherit this. So you and your sister gonna get all this so early, you have to bring him in. And if he actually makes it, and he does the way he wants to do that he does. But you got to like set big targets for them that are in their future that they want to work for. So they get today, and they get the future. So like when my vehicle conversation I said, you know, it's just like maintenance. I said, it's so easy to have a jeep. I said, if I had a Lamborghini, I said just to do like one repair is going to cost like, you know, 10 $15,000. I said, so you got to look at all of that. How do you really want to spend your money? Is it really that big a deal to have a Lamborghini offer jeep? So everything's relative, everything's got to be very spelled out. It can't just be like throwaway words or throw away terms. And it's, you're gonna be shocked how close these kids get to you. And you build it together as a family. So it's not just you doing it. It's not just them doing it. Y'all did it together, and you really lean on each other in a very positive way.

Yeah, so much of this is just being open, being honest, being being vulnerable as a parent and bringing them along with you on this journey. You know us. I think the irony of gravy stack is that we're probably helping the parents more than the kids at this point. Like if the tables have turned, I mean, obviously long term, it's massive for the kids. Well, what we've seen is so many instances where parents are having delightful lives.

Same with this Scott like last year when we launched this because it came out in May 2022. We were shocked. We thought kids would be all over it. Parents parents were like, I don't even know how to do it. So give us the checklist. And now they're getting the book. Now they're including their their kids. But yeah, we were shocked to like, it's this is a parenting book more than it's a kid's book, because the kids are just not oriented because the parents aren't oriented. And

here's your best December good guys, grab that book, and make it a $10 gig for the kids. Simple as that. It's a brain right there. Two things, they learned one thing they're going to implement today. That's how you do the best brain gigs in our system. And now you've got incredible money conversations for the next two months straight. Talking about laurels. Brilliant book, that would be my I hope for all of you guys. What an amazing gig. I mean, these, this is the system that brings kids along and creates that true family legacy that you want. And remember, guys, it's not about what you die with how many dollars you die with. That's not legacy. Legacy is the journey. Legacy is what you're instilling in them, right. That's why heritage means more than inheritance Laurel is a living proof of this with her kids and soon to be daughter in law, and probably grandkids here pretty quick.

Ever game to that point. And it's like, you know, we transitioned from a big conference building, you know, just to, you know, space, we ran down to Carson City off of Lake Tahoe. And when we moved all my memorabilia, I mean, you got 20 years of best selling stuff, the whole buildings full of my memorabilia and pictures with you know, famous people from all over the world. And he said that exact thing. He said, Mom, you need to get oops, he said you need to get he said, I want to have like four or five kids. He said, so I need five of every book. And he five of every game. He said my grandkids all have to have my kids and my grandkids all have to have this. They have no grandma. Right? But it's funny like how they take it when you start pulling stuff back how they lean in further. So I know we're we're about investing, I don't feel like we did when we were young. I mean, it is kind of I flip and it's the end even if the money goes into a money market or CD or just like I say kind of boring or stuff for a while, get their eyes on. Like I love small business. I know the most impactful stuff. I mean, real estate was big for my kids. But I can tell you their memories are the laundry mat. It's a little hair salon we owned, it was a little narrow nail salon, we found the pizzeria was still like the all famous family owning thing. And we only kept him for a year or two. Like there weren't businesses I wanted to run for a long time. But I wanted the kids experience. And I did it with partners just to give you parents an idea how to do it. So you're not like I didn't have to run it like that these businesses needed money. I was their investor. And then we partnered together but our kids got into it. So again, the more relative it is, the better it is. Yeah, I know.

I just thought this to children's business fair.org. There are 2000 Business fairs now all over the world. They're in 500. We started this 10 years ago just for fun, as a give back. And now it's in 1000s of areas all across the country, most likely there's one in every single one of your cities. That's a great way for kids to get their first thinking and business, their first understanding of profit and cost of goods and how to pitch and how to understand marketing, how to sell to safely in an environment. And then using that those funds to seed investments is one of the best moves you can make. So if you want to go to that quick, you can go that site and look it up or start your own start, you just bring all the local kids and we had ours last weekend with 250 Kid businesses and 1000 customers in Arcadia Park and Phoenix. Brilliant, brilliant way to help your kids start to understand delayed gratification, compounding interest, it's a form of investing, if you look at it, the kids they put in like 30 $40, they make $200 In three hours on average. That and that they can use those funds and continually compound either in that business more or into AI flip or other trade trading investing opportunities. So that's so good. Go ahead,

grab one more gift too. We dropped this in the chat and I'll drop it again. But we are we do have a special gifts slash discount for our seven family money skills waging war on entitlement course.

So if you want to jump in some of y'all on this car already have already taken it you're in it, or you want to share with the family or friend that's the link you can get that is really you know, most of the parents that we hear from or like I just don't even know where to start. And so a lot of things that Laurel is mentioned, take the family misos course even if you have a high school where they can take it, it's very it's kind of a base level. But Scott and I were talking yesterday and Scott and Lee had the idea of like, what's the ROI on like, getting started like Laura was talking about, whether that's money skills or gravy sack or just kind of getting in the game? Yeah, it's like it's It's millions of dollars and probably a lot of stuff. Ah money from and trauma from counseling sessions, honestly. So just get started. Yeah. And everyone should tent let's put laurels link to again in here for her freebies because I would love for this room to attend any of her events. I mean, she's world class 10s of millions of people, at least. And so I want to make sure that you guys have the freebie she's offering today and really engage more with with her community and her events and she really is she's one of the most generous givers of of content and resources and time. So make sure that you guys just engage and follow and let's also make sure we put in the links to follow her. I mean, she's crushing on Tik Tok. I love when anyone over 25 years old crushes on Tik Tok. What are you at right now? Laurel? Well, I haven't even checked your account lately, but it's exploding.

Steve knows I think we're headed north of 300,000. And a couple years ago, I did like and it's still out there and the first first first first video when my daughter and I did those first Tiktok dances and I'm thinking what a funny little channel like now I'm getting millionaires straight, like millionaires who want to be multimillionaires and other industries. That's clients straight out of Tik Tok. It's crazy. I did put my tick tock and Instagram because people have ripped off my channel. So be careful that I have a lot of rip off stuff out there. So at Ask Laurel is my instagram, facebook Tik Tok? And then the millionaire maker is my YouTube channel. So one of the cool things too, is we did these YouTube journals, because it's family friendly. So there's no you know, it's, it's all appropriate, I would say five years old and up. So get one of these for Christmas. That says what video what day, and it's forced, it's, I'm gonna say the word that forces the conversation to families who want to know how to do this. So it's what's the video? What did you learn? And what are you going to do? So you couple this with gravy stack? Oh, you've got the whole thing. You've got the book who tells you 87 things to do with your kids from zero to 20. Every day that kids have to watch something. And then at dinner, what I encourage the families to do my YouTube channel is everybody has to share one thing they learned video today. But nobody can share the same thing. They can't say oh, yeah, I got the same thing. Nope, what's something new. So if you have five kids, people in the family got five points of learning. And you add to everybody's journal, who adds to the money who adds to the investing account. And I think you're just kind of wrapping the investing. It's the behavior is that consistent behavior of make it invested that you've got it like you get that instilled you got gold, you got gold, the if you're just gonna keep them in the habit of making money, having to hustle for their next dollar for the next dollar. Like that's the pattern that you want to sell young, young, young. So we have all sorts of cool stuff to totally do a family environment, the event, kids can come and three hours of the event it goes from 10 o'clock to six o'clock. And actually next Thursday's our last one of the year. I teach what it takes to be a millionaire how to live corporate life. And then we go into your business, we actually do a funnel, we do pricing. And then from three o'clock to six o'clock, it's an open marketplace. We have hundreds of people out there selling all their stuff. And it's through zoom. So I would just get on and I would say so you know, Travis you want to do you know? session so I call them ask tell ask. I'm gonna ask you what you want. I'm gonna tell you I'm your solution. I'm gonna ask you for money. It's very simple little how to get money conversation, that from three to six. We have people making 1000s of dollars every couple of weeks on this marketplace. So grab those tickets. It's really fun. Love it. Your kids. Oh,

awesome. What an hour. What an hour. Okay,

let us help. Yeah, let

us help. And Laurel, thank you again, for your time today. There was so much gold in that. And Heather, I want to make sure that we snippet out some of this stuff and share it with the community and get more people to have her link as well. And obviously learn more about elite to help. I know that this was gold for us. I've got my otter AI in here giving notes to Amy to for Christmas, and what are the three things we're going to do from today? But for all of you guys listening, thank you again. We're going to be not talking again until I think a month right after the holidays. June January. Yep. We're meeting again in January. And as you want. Awesome. We will have we are definitely having Laurel back to train. But yeah, thank you guys so much. If you're still on here, just put a quick thank you to Laurel in the chat. Let's thank her for her time with us today. Laurel, you're a world class for a reason for a very good reason. And I'm

so excited to be part of gravy stack. It just like it just completes all of it because we're going to kick green lights rear. I love speaking you know, Robin Hood's rare you know and so the whole system now works, from the books to the games to the bank to the ICT like investing platform. Like you can't say you don't have the The tools like the tools are all here and now it's about executing into your family, which is why I love being a part of these. Because that's when you get the fulfillment with those kids.

There you go. Beautiful. Okay. Well, thank you so much, everybody for your time. Thank you, Laurel.

Thanks for listening to The Real Money Talks podcast. Your host has been Loral Langemeier, author of five New York Times best sellers, 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.