How to Make Any Kid a MULTI-MILLIONAIRE!
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 3 January 2024
⏱️ 30 minutes
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| 0:00.0 | How to make any kid a multi-millionaire. |
| 0:04.4 | Brian, I am so excited about this one because you know I got three little kids and when I hear something like here's how you can make any kid a multi-millionaire |
| 0:20.6 | I start thinking about that for my three little ones and it gets me really |
| 0:23.6 | really excited to think about what that could look like and how easy that might be |
| 0:28.1 | to do. Now look it's like most things just because it's easy doesn't mean it's always super simple in the fact or in the fact that I think what's not talked about is that obviously you're the type person that can put money away for your |
| 0:46.0 | children trying to make them multi-millionaires you've got some resources. |
| 0:49.4 | Something's gone high. I would love to before we talk about how to do it. I want to talk about the |
| 0:55.6 | behavioral and mental things because I think actually raising your children with |
| 0:59.9 | resources nobody |
| 1:03.0 | feels sorry for rich kids or families that have money |
| 1:06.0 | but there are some unique things that you need to be prepared |
| 1:11.0 | so that your kids don't fall into the behavioral traps that kids |
| 1:16.6 | who grow up with money have. |
| 1:17.6 | And I think what's so interesting is being financial advisors living in this world, people |
| 1:21.6 | always come to me all the time about this anytime you know because |
| 1:24.7 | we're just in this season where we have other parents of children and oh hey |
| 1:29.8 | guess what I'm gonna do guess what I'm gonna do guess I mean they start telling |
| 1:32.2 | me all these things they're gonna do guess I mean they start telling me all these things they're going to do and I kind of start thinking all right let's pump the brakes |
| 1:37.0 | Let's pump the brakes first because I see people set this up wrong so often so before we talk about how to do it and what you should do, let's talk about |
| 1:46.0 | some of the things that you shouldn't do and this is the first one, this is like this really |
| 1:49.2 | cooks my gizzard, this one gets me upset. Here's what you shouldn't do. Don't just aim to make your |
| 1:56.1 | kids a millionaire. Don't just go, hey you know what I understand how the math works. |
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