Episode 41: Dad reflects on how to become rich

Making a money mindset with Mak & G
Episode 41: Dad reflects on how to become rich - Moneywithmakng - Podcast

SHOW NOTES

In this episode, we look at how to become wealthy, what the key lessons to building wealth are, and how to fasttrack your route to wealth.

 

I wasn’t always wealthy and I had to learn a lot of lessons along the way, most importantly, spend less than you earn.

 

In this “Money With Mak and G” podcast episode, we look at the importance of starting early, the key lessons to building wealth, and the importance of getting into a money mindset…

 

“We have options because mom and dad worked hard, saved and invested.” G

 

“You have to use your head and make good decisions but reading gives you the ideas you’re missing.” – Mak


Time Stamps:

03:40 – Learning about money through books.

04:30 – The importance of what our parents teach us.

06:00 – The difference between passive and active investing.

07:50 – How Apple went from nothing to the largest company ever in just a few years.

08:50 – The problems with borrowing money and living with your parents.

11:10 – How to learn about money and building wealth.

11:50 – The mental mindset you need for wealth.

 

Connect with Ben Jones:

Quiz

#1 Where are higher-income families more likely to do most of their Christmas shopping, compared to lower-income families?

A) At a pet store
B) At the North Pole
C) Online
D) At a yard sale

#2 What are lower-income families more likely to use to pay for Christmas shopping?

A) Home-grown vegetables
B) Compliments to the store clerk
C) Monopoly money
D) Credit card

#3 How do 29% of Americans plan to pay off their holiday bills?

A) By doing the dishes for six months
B) By joining TikTok and hoping they go viral
C) Using their tax returns
D) With money from generous strangers

#4 How long did we calculate a typical $1500 credit card bill would take to pay off at average interest rates if you only paid the minimum amount?

A) 44 months
B) Forever
C) Ten years
D) Never

#5 Prices today are around 50% higher than 20 years ago because of what?

A) 44 months
B) Forever
C) Ten years
D) Never

TRANSCRIPT

DAD: I thought I’d reflect briefly on each of the podcasts in this season for the parents. We’ve all asked the question on how to become rich, or at least be in a better financial situation, right? I’ve asked the question hundreds of times as I grew up, we didn’t have much and I thought about how my life could change. I believe it’s a normal question. Now, if you’re honest, I’m sure you’ve done the same. Maybe you’ve asked about how to manage money better, wouldn’t it feel fantastic to teach your kids a skill, they’ll use their entire life or feel like you have some control of your own finances to meet your goals, or feel confident that you know the right steps to take. We’ve learned some really great things from our parents, and also some really bad stuff as well. I learned how to work hard, but I also learned how to believe in the scarcity of money from my parents. So I wouldn’t hang my entire financial life on the stuff I learned from my parents. If I did, I know I’d be in a worse position. I bet many of you feel the same.

In addition, I refuse to miss the opportunity to work with my kids to make them comfortable speaking about money and understanding how it works. Now Mak & G are asking the right questions, we spent seven seasons talking about several great topics from taxes and bonds to businesses and stocks. But we all may need to reprogram some of what we’ve learned from our parents and reprogram them. There are studies that show we take in information from our parents and connect it with a particular situation, which then leads to a base level foundation that we use for the rest of our lives. I have a father who was literally a farmer until he left home. He confessed to me that it was a big part of his perception of the world. Crazy hard work and little money. What have you witnessed your parents fighting about money, you may internalize that situation that money is bad, and having it causes problems in your personal relationships. That may not sound really correct. But when you’re a kid as we were you process the information at the time you see it.

When you’re 10, you can’t expect to process this information from an adult perspective. As we move into the season, we’ll learn from the experts. Let’s lay a really good foundation based on their wisdom and put it to use as you digest the information over the next week. Ask her kids about their feelings about money. Do they think it’s good or bad and why? I encourage you to discuss some of the good things that money has done for you. We have a wonderful house, enough food to eat, money for school supplies and money for vacations. From our first podcast of the season, think about and write down some of the things you’ve learned from your parents, both good, and maybe not so good. Share some of those with your kids. My dad had a pet cow which isn’t exactly a good or bad thing. It’s just funny and might be a good opener. He believed in his heart, he wouldn’t become anything of significance and that he would never have money until a high school counselor encouraged him to go to college in Indianapolis. His lack of belief in himself was one of the things I had to reprogram and not inherit. Money is a mental mindset that’s important to believe in what’s possible, and the visualization of how the future can be different.

My mom really locked in a focus on learning and hard work. I’ve kept those too as well as helping others is a big part of who I am today. You can make a huge difference in your life and your children’s. Just take the little steps now and focus on one small thing you might be able to do just today that will help you move forward. And over the rest of the season. We’ll go ahead and deliver several podcasts on different books that have helped me which I hope will help your discussions with your kids and give you more tools to be successful. Thanks for listening. And I’ll see you again next week for more Money With Mak and G.

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