A Parent's Guide to Teaching Financial Intelligence to Kids

Jake and Gino Multifamily Investing Entrepreneurs

Jake & Gino

Buyingapartmentbuildings, Investingsmart, Multifamilyrealestateinvesting, Business, Smartinvesting, Jakeandgino, Apartmentinvesting, Investing, Commercialrealestateinvesting, Makingmoney, Buyingrealestate, Realestateinvestment, Wheelbarrowprofits, Realestateinvesting, Cashflow

5 • 831 Ratings

🗓️ 10 November 2021

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, Jake and Gino talk about the significance of teaching financial intelligence to kids. Gino shares his personal story on how he was introduced to the whole life insurance concept as a savings tool to secure his financial future for both himself and his family. Jake and Gino map out a parent’s guide to teaching kids about finances early on, and how parents can use whole life insurance to help children protect and secure their own financial futures. Why Buy Whole Life for Your Children: ➡️ Whole life insurance policies will provide coverage for your child’s whole life, as long as the premiums are paid. ➡️ The cost of life insurance depends largely on age and health, thus purchasing a policy when your children are young locks in a lower premium that does not change, even if your child’s health changes as they grow. ➡️ The earlier you start, the sooner the policy begins to build cash value. This cash value can be borrowed to finance medical expenses, cars, college, or even a wedding. ➡️ You can't buy term life policies for children, as they would only provide coverage for a certain number of years. For more on Whole Life vs Term Life, check out this episode of our podcast: https://youtu.be/chnxJX_38DA Gino's better-half, Julia Barbaro, recently released her book "The Cannolis Exploded! Now What?: A Story About Three Different Paths You Can Take In Life". The book teaches children essential personal finance concepts in a fun way. Grab it now for your kids on Amazon: https://amz.run/52ML Key insights from the podcast: 00:00 Introduction. 00:24 Gino's personal story. 01:30 How Gino got introduced to the Whole Life Insurance concept. 02:20 The top ways to put your savings to good use. 03:20 Encouraging children to develop financial intelligence. 06:24 Julia Barbaro's new book on financial education for children. Purchasing a whole life insurance policy for your child creates generational wealth, and can be one of your greatest gifts to them. Our Team can answer any questions and is help you find the right policy for you and your children. Schedule a call to get started today: https://100yearrei.com/callnow/

Transcript

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0:00.0	Hello, everyone. Welcome to the 100-year real estate investor. We're your host, Jake and
0:11.4	Gino, and this is the show dedicated to long-term personal financial engineering. Gino, how's it
0:16.9	going? Jake? I'm doing good, brother. How you doing? Always making it happen,
0:21.4	big man. And today we're going to get a little personal. We're going to talk about how you had an
0:26.5	issue that actually prevented you from getting whole life insurance, but we're creative guys.
0:32.6	So it didn't stop there. You want to dive into that a little bit? Absolutely. I haven't shared this
0:37.1	story with very many people. And it was really personal, about four and a half, five years ago coming up
0:41.8	now, had a little health scare. Thankfully, took care of it. And I saw it as a warning, you know,
0:46.4	from God saying, hey, you're getting up there in age. You better start taking care of yourself.
0:50.1	And it haunted me. And at the same time, it was about the time that I was leaving New York to come down to
0:54.2	Florida. So for those of you that look back and go say, hey, Gino, you're really lucky to move to Florida
0:58.9	make that leap. Well, while I was moving to Florida, I had this health scare. And I had an amazing
1:04.0	wife and an amazing support system to say, you know what? We're going to get down there. We're going to find the right doctors. We're going to take care of everything. And if things go bad, we can always go back up to New York. But for me, it was a little scary.
1:14.4	And I was fortunate that I had whole life insurance when I was 30 years old. I had bought a nice
1:19.2	policy. I had term on top of that. So I was covered from my perspective. But in 2017, we're doing
1:25.6	pretty good with the real estate. Jake and I was financially free.
1:28.0	I didn't have a huge sum of money, but I was doing rather well. Fast forward two, three years.
1:32.3	All of a sudden, we're rocking and rolling. I get introduced to whole life in IULs again.
1:38.1	And I'm like, you know, Jake, I could put money into a policy, but guess what? I'm not really insurable right now. What do I do here? And there are a lot of you out there that may be saying to yourselves, I'm not insurable. Well, maybe you're not insurable,
1:48.7	but what about your spouse? I ended up taking a policy of my wife. Nice policy. She's younger than me.
1:54.7	She's a woman. She's super preferred health. So she's got a really great, great term. And for me, it worked out really well.
2:01.4	It's not fair, Gino. You know, it's like we're being discriminated against for being dudes here.
	...

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