5 Tips for Talking to Your Kids About the Family Finances

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The “Friday Five” features five items to help you in your journey to financial freedom. They might be 5 tips, 5 tricks, or just 5 ideas. In any case it’s Friday, so here we go!

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My parents never talked to my me or my Sister about our finances. To be fair, my Dad really didn’t talk to us about much of anything at all other than how terrible the Seahawks were (this was the early to mid 80s, and they were stupidly awful), his fleet of semi trucks, or the chores we still hadn’t done.

I’ll retract that statement almost immediately, because my Dad did talk to us about money. Here’s how it went:

“Hang on to that Sports Illustrated with Michael Jordan on the cover. That sucker is going to be worth money one day.”

“Hang on to that Bo Jackson rookie football card. That sucker is going to be worth money one day.”

“Hold on to that Coke bottle telephone. That sucker is going to be worth money one day.”

You know what my Dad never held on to?

Money.

I’m not bagging on my Dad at all. My Dad started a business at the age of 18, built it up and sold it in his 40s, then parlayed that into a business that grew in value in the millions before losing it all due to circumstances FAR beyond his control.

Now in his late 60s, my Dad owns several small businesses in my hometown and is a staple of his community.

That doesn’t mean he was necessarily good with money.

As a kid I never knew how we were doing financially. I saw my parents buying lots of things; spots cars, satellite dishes, pools, ATVs, etc., but I never really knew if we had money in savings, or if all of that junk was purchased on credit and we were teetering on the brink of financial collapse.

It’s understandable why they didn’t share any of this information with their kids. Their parents survived The Great Depression, and was a generation that tried to forget about finances in general, not discuss them openly. They sure as hell didn’t share with their kids during that generation, and so my parents never felt the need to be super open with us.

When our finances took a dump on our collective heads in January, my wife and I decided that we would start talking to our kids about finances. We did this not to freak them out or add stress to their lives, but because we wanted to start teaching them to be financially responsible so that they can hopefully avoid our mistakes and live a financially independent life of their own one day.

We’ve learned some valuable lessons about how to approach kids when it comes to discussing finances, especially if you’re in a bad way. Here are some of our favorites:Read More »

Friday Five: 5 Podcasts for a Better You or Just a Laugh or Two

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The “Friday Five” are five items to help you in your journey to financial freedom. They might be 5 tips, they might be 5 tricks, or they might just be 5 items of thoughts. In any case, it’s Friday, and I’ve got 5 “things” for you, so here we go!

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I freaking love podcasts. My commute to work one way is around an hour and change, and while that may sound like a lot to some, I don’t mind it at all. It’s mostly lazy back country roads that cut throw cattle fields and farm country. It kind of sucks in the winter, because here in Seattle it dumps buckets of rain during those months, but otherwise it’s a beautiful drive.

My commute is also long enough that it gives me a chance to really dive into some podcasts. My tastes and interests are all over the road. I listen to some that center around music, some that deal with finances, a few that are straight comedy, and believe it or not at least 1 or 2 that deal with the world of professional wrestling. I don’t really watch wrestling as much as I did in my 20s, but I love hearing old wrestling stories about just how hard living those men and women were.

To me, podcasts are perfect forms of media because you can hand select the topics and genres that appeal directly to you. It’s like a salad bar for your ears! If you want veggies, you can listen to veggies. If you want oranges and sunflower seeds, boom! If you want nothing but a plate of croutons drizzled in thousand island, well… you should probably consult a physician.

So for today’s Friday Five, I thought I’d focus on podcasts, since I have a great deal of experience with them. The links are iTunes links, and I’m sorry if that isn’t how you digest your podcasts, but you can still look these up by name using your favorite service. I’d love to have you folks make recommendations in the comments down below too, but here are 5 of my current favorites:Read More »

Friday Five: The First 5 Things You Should Do if You Are in Debt

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The “Friday Five” are five items to help you in your journey to financial freedom. They might be 5 tips, they might be 5 tricks, or they might just be 5 items of thoughts. In any case, it’s Friday, and I’ve got 5 “things” for you, so here we go!

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As you can see, I’m trying something new with the Friday posts here. I like having some themes that I can dock to, such as the “Thursday Think Tank,” and the “Tuesday Tip Jar.” On top of this, I feel like you kind of don’t want a long post getting in your way on a Friday, and would prefer just to get out there and enjoy your weekend.

So these “Friday Five” posts will be a bit shorter, and get right to the heart of the matter, of hopefully providing you with 5 items you can use to help with your financial health and success.

So here goes! We’re going to kick the first one off with the first 5 things you should do if you find yourself in debt.

Back in January, my wife and I found ourselves in a buttload of debt. If you aren’t familiar with some of these fancy financial terms such as “buttload,” just know that it was a LOT. If you check that fancy little diagram/chart in the right column of this site, you can see we were just north of $126,000 in Credit Card and Student Loan debt.

Even though it took us years to get into this position, it was a smack in the face once we took a hard look, put it all together, and realized just how bad off we were. We didn’t really know what to do first, and just felt an initial sense of helplessness.

Debt can be super-scary, and you may not know where to begin. So let me give you 5 good initial areas to focus on if you find yourself in a similar situation:Read More »