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Money Guy Show

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

Education, Business, Investing

4.73.1K Ratings

🗓️ 3 January 2024

⏱️ 30 minutes

🧾️ Download transcript

Summary

Who wants be a childhood young money millionaire? Learn how to start your kids off on the right track, where to invest, and how to ensure you aren’t saving too much for their future. We'll walk you through that question and more in today's Q&A episode! Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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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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