Smart Not Spoiled: 7 Money Skills Kids Must Master Before Leaving The Nest with Chad Willardson: An EOFire Classic from 2021
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Chad Willardson

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    Smart Not Spoiled: 7 Money Skills Kids Must Master Before Leaving The Nest with Chad Willardson: An EOFire Classic from 2021

    From the archive: This episode was originally recorded and published in 2021. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.

    Chad Willardson is the Founder and President of Pacific Capital, a fiduciary wealth management firm in Southern California and was elected city treasurer, managing the $350 million investment portfolio. He’s been featured in the Wall Street Journal, Forbes, Inc., U.S. News & World Report, Entrepreneur Magazine, NBC News, Financial Advisor Magazine, California Business Journal, and more. He is the Author of #1 Best-Seller (on Amazon) Stress Free Money: Overcome These 7 Obstacles to Find Financial Freedom.

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    Guest Resources

    Pacific Capital – Helping you enjoy life by removing your stress about money.

    Stress Free Money on Amazon – Overcome These Seven Obstacles to Find Financial Freedom!

    Smart Not Spoiled on Amazon – The 7 Money Skills Kids Must Master Before Leaving the Nest.

    3 Value Bombs

    1) You can be productive in less time and be successful without sacrificing what matters to you.

    2) Do not wait until you’re rich to become generous.

    3) Financial freedom and stress free money is available out there, and it’s up to you.

    Sponsors

    HubSpot: Stop spreading yourself thin, and start making major moves with HubSpot! Visit Hubspot.com/marketers to learn more!

    YT 100: Email JLD to learn more about making YouTube magic in 100 days: john@eofire.com

    Airbnb: If you’ve got an extended trip coming up and need a little help hosting while you’re away, hire a co-host to do the work for you! Find a co-host at Airbnb.com/host!

    Show Notes

    **Click the time stamp to jump directly to that point in the episode.

    Today’s Audio MASTERCLASS: Smart Not Spoiled: 7 Money Skills Kids Must Master Before Leaving The Nest

    [1:51] – Chad shares something that he believes about becoming successful that most people disagree with.

    • You don’t have to sacrifice your family time and personal time to become successful.
    • You can be productive in less time and be successful without sacrificing what matters to you.

    [3:16] – Let’s talk about your story of leaving corporate america.

    • I was working in the one of the large investment banks. I was grinding and had a corner office. I had a comfy situation, had a lot of corporate perks, but felt that it was not the place that I was meant to be.
    •  During the 2008 financial recession I felt it was the time to make a change. I took the big leap of faith at the age of 32, and it was the greatest decision I made in my life.
    • We just celebrated our 10th anniversary and are managing close to a billion dollars for people that I love and really like to work with.

    [5:25] – Your wealth management firm, Pacific Capital, helps people achieve financial freedom. Share an overview of this process.

    • Our goal is to help you enjoy life by removing your stress about money.
    • Most people have anxiety about money. I create a trademark process called the Financial Life Inspection. It goes thru 100 check points and it gives a very clear and objective score of green, yellow, or red.
    • It gives people confidence on their path forward, and the action steps they need to take to get them to their ultimate financial goals.

    [7:47] – Let’s talk about Smart Not Spoiled: 7 Money Skills Kids Must Master Before Leaving the Nest. Break down the first 2.

    • 2/3 of American parents today think that their kids are spoiled. Schools and parents alike are not teaching personal finance and it’s not the kids fault. Teaching personal finance is very important.
    • First chapter – Invest early and invest often. If they start early, they are going to be so much further ahead.
    • Teach your kids and young people to invest. Make small mistakes with small amounts of money.

    [11:00] – John shares a quick story about investing when he was 12 years old.

    • John’s dad gave him a thousand dollars and told him to invest it.
    • John’s only strategy was to buy stocks, and he bought stocks and doubled his money. He thought that he had a good strategy and did it again – but this time lost his money.
    • He learned a valuable lesson about investing: it made him understanding the market.

    [12:50] – A timeout to thank our sponsors!

    • HubSpot: Stop spreading yourself thin, and start making major moves with HubSpot! Visit Hubspot.com/marketers to learn more!
    • Airbnb: If you’ve got an extended trip coming up and need a little help hosting while you’re away, hire a co-host to do the work for you! Find a co-host at Airbnb.com/host!
    • YT 100: Email JLD to learn more about making YouTube magic in 100 days: john@eofire.com

    [15:15] – The second skill kids must master before leaving the nest.

    • Borrow wisely. They must understand how to borrow money and understand the terms of debt.
    • Teach kids about good and bad debt. Be smart when it comes to loans.

    [17:39] – Two more skills kids must master before leaving the nest.

    • Chapter 5 – Learn to earn. I have 5 kids who we’ve never given allowance to.
    • They give tasks to their children to do so they can earn money. They have a list of tasks their kids can choose.
    • Chapter 7 – Give generously. Let’s teach our kids how to be unselfish.
    • Do not wait until you’re rich to become generous.

    [23:58] – Chad’s key take away and call to action for Fire Nation.

    [24:40] – Thank you to our Sponsors!

    Killer Resources!

    1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

    2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

    3) Podcasters’ Paradise: The #1 podcasting community in the world!

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