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ChooseFI | Financial Independence Podcast

Silver Spoon Or Skills

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Careers, Investing, Business

4.85.2K Ratings

🗓️ 19 July 2019

⏱️ 48 minutes

🧾️ Download transcript

Summary

What if paying your kid to work for you could slash your tax bill and set them up for life? Brad and Jonathan break down a little-known strategy that lets parents reduce taxable income, skip payroll taxes, and teach their children entrepreneurship—all at once. The episode also covers listener voicemails, sustainable tech experiments, and the long-term wealth power of a Roth IRA started in childhood. Timestamps & Key Topics [00:01:00] Solar Panel Insights Jonathan shares the installation of his solar panels and discusses the benefits of producing energy at home. [00:05:00] Battery-Powered Lawn Equipment The hosts explore the advantages of using battery-powered tools versus traditional gas-powered ones. [00:10:30] Employing Your Child in a Family Business Discussion on the tax benefits of hiring children in family businesses, emphasizing the potential savings and skills learned. [00:16:00] Tax Implications of Employing Children Breakdown of tax deductions and avoiding payroll taxes by employing children in the family business. [00:18:24] A Case Study with Roth IRA Illustration of how employing a child and contributing to a Roth IRA can lead to significant wealth accumulation. [00:30:10] Voicemail Segment Community feedback and success stories shared by listeners. [00:46:00] Closing Thoughts Recap of key takeaways and encouragement to apply strategies discussed. Key Takeaways Employing Children: Lower your taxable income and avoid payroll taxes by employing children in a family business. Consider employing your child in a family business for both tax benefits and to teach them valuable life skills. [00:10:00] Investing in a Roth IRA: Contributions to a Roth IRA made during childhood can lead to substantial long-term savings through compound interest. Explore the benefits of investing in a Roth IRA early for your child's financial future. [00:24:00] Sustainable Technology: Embracing advancements like solar energy and battery-powered tools not only supports sustainable living but can also enhance convenience in daily tasks. Evaluate the true value of convenience in your purchasing decisions. [00:09:17] Key Quotes "Focus on enabling your child to build their own wealth rather than relying on an inheritance." [00:12:00] "You will always be in demand if you have a skill." [00:29:56] Related Resources ChooseFI website Playing with Fire Documentary

Transcript

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0:00.0

Welcome to the ultimate crowd sourced personal financial. This is your Friday Roundup.

0:06.0

You're listening to Choose Applied Radio.

0:10.0

The blueprint for financial independence lives here.

0:21.0

If you're looking to unblock the secrets to financial independence and early retirement,

0:26.0

you're in the right place.

0:28.0

Stay tuned and join a community of like-minded people who are getting off the answer.

0:33.0

And taking control of their lives in the pursuit of financial independence.

0:37.0

Choose FI, your home for financial independence online.

0:41.0

All right, super excited to dive into this week's episode to help me with this.

0:48.0

I have my co-host brand here with me today. How you doing, buddy?

0:51.0

Hey, Jonathan, I'm doing quite well. Yeah, what's going on in your room?

0:54.0

Well, nothing. Have you ever had nothing?

0:58.0

Wow. That makes great audio for the podcast.

1:01.0

All right, well, let me jump in there.

1:04.0

So my first question is, what's going on in your room?

1:08.0

All right, well, let me jump in there.

1:10.0

So my long awaited solar panels are finally installed.

1:14.0

I have my two-way meter running, everything's running.

1:18.0

I finally flipped Go last week on it. And man, it is awesome.

1:22.0

Well, you're kind of like a low-tech guy here.

1:24.0

So I can imagine a whole lot.

1:26.0

This laptop, this was a 1998 Special at a circuit city.

...

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