3 Money Mistakes Parents Make That Cripple Their Kids' Future | Anthony O'Neal EP 891

0:00There are two big things happening at one time that I've never done before. I'm going on a book tour for my new book, Make Money Easy, and I'm doing a podcast tour at the same time. It is going to be big, and I'm going to seven cities in 10 days. Get your friends, get your family, bring everyone you know to these cities. I'm coming to Austin, Texas, New York, Boston. We're going to Nashville. Then we're going to Los Angeles, San Diego, and San Francisco. Make sure to get your tickets right now. go to lewishouse.com slash tour again bring everyone you know if you're looking to create more financial freedom and abundance in your life and you want to see a massive guest live on the school of greatness show get your tickets i can't wait to see you there hi my name is lewis house and welcome to the daily motivation show

1:00What would you say are the three biggest conversation mistakes that parents teach their kids around money in general? Or three things that they don't teach they should be teaching. What are they saying that's maybe not the best thing they should say? Right, right. You know, you had your experience, but what are other people saying that you're hearing? Number one thing is chores. You know, like we're going to pay you and give an allowance for just being my son. That's good or bad? That's bad. Okay. No, we shouldn't teach our kids that the world is going to reward them for just being who they are.

1:36No, we need to teach our young people, hey, the world is going to reward you by actually producing and by working. Okay. By offering a value. Exactly. Not by just living. Just by waking up. Like, why does that teach you if you're just going to give someone money consistently without working? Exactly. It doesn't teach you nothing. And then it's like, why are you paying your kids to make up his bed to make up her bed? Why are you paying your kids to wash dishes? No, pay them to go wash cars. Not your car, but your neighbor's car. Pay them to go cut other people's grass. Pay them to go walk other people's dogs.

2:09Pay them to walk around the neighbor and pick up trash. teach them the true value of working in exchange for finances so that's number one is we got to stop teaching them that hey the only way you can get paid uh is you know make up your back yeah that's misleading our young people number two is you know i wrote the book debt-free degree while i was with random solutions is that the the only way to go to college is to finance it you know we You got to start, stop telling their young people, hey, your Harvards and Yales and Princeton's are the best schools out there. No, I know a lot of prestigious people who went to community colleges, but I know a lot of people who went to a Harvard or a Yale, a prestigious school, but they're not prestigious individuals.

2:55And so what we got to start teaching young people is, hey, go to college if that's the route that you want to go. But trade schools are actually in right now and it's less expensive. I got a friend who's a plumber who's making multiple six figures a year. Absolutely. He's a solo plumber crushing it. Absolutely. And he's like, I go golfing every week. I travel. I was just in Hawaii. And he's got his own little business in Vegas making multiple six figures. I'm like, dude, you're crushing it. He's like, yeah, no one wants to do his job. I'm making bank. No one. Man, I just had a handyman come out to my house in Nashville.

3:24$160 an hour probably or something. $150 an hour. Dude, man. I say, y 'all, I'm in the wrong business. I was going to be hammering some nails up in here, you know. He was like, but nobody wants to do the ugly work. Right. Nobody wants to be hot. Nobody wants to be cold when it's, you know, 30 degrees outside. So he's I mean, he can rack up. So we got to start teaching our young people, start asking them, hey, what do you want to do? You know what? What is it that that you feel as if you can do in the world and actually enjoy it? Parents have to stop telling their kids what they will do. OK, you have some parents and hey, I want you to go to this school and become this when you get older.

3:58And then then they grow up growing envy of their parents because their parents didn't give them an opportunity to say, you know what? Hey, let's work hand in hand. Right. Or resentful or whatever it is. Exactly. So it was like, how do we do that together? Okay. So that's number two. And then number three, this is going to be an unpopular one, but we've got to stop teaching our kids that the only way to be successful financially is to have a high credit score. We've got to stop saying that. I don't even, maybe I'm weird, but I never even, I don't even know what my credit score is. I never, I never tried to get my credit score.

4:29I didn't even check what my credit score was until like a year ago when I had to do some, I don't know, I signed up for some financial services thing and they had to like check it. And I was like, oh, okay. It's never meant anything to me. Right, right. Well, first off, I've never bought a house. I've always rented. Yeah, yeah. So it's never mattered, I guess, because I've never tried to buy a house. And I don't know what else I would need it for, because I'm just buying a car. You know, some people say I bought cash. You bought cash? Yeah, I bought cash. Let's go, Luke. Let's go. Well, I had a used car.

4:58My dad taught me this principle. He always had used cars. Yeah, me too. And he had used car for like 10, 15 years. I mean, he would keep it perfectly clean. Okay. In the highest condition for like 10, 15 years. Yeah, yeah. So it always looked and felt new, even though it was old. Yeah, but that came from the teaching of your father, though. Yeah, because he didn't have a flashy car. Exactly. And nowadays, and then too, growing up, because we're right around the same age, social media wasn't big back then. So we didn't see all the flashy stuff. You just saw your neighbor, maybe you had a nice car, and that was it.

5:27Exactly. Or your friend or whatever had. Or whenever you go to church or something like that. So like now this generation of kids are seeing the flashy stuff. Oh, you got to have the nice car to be perceived as successful.

5:44Thank you so much for listening to today's episode of The Daily Motivation. And I hope you have an amazing rest of your day. If you enjoyed this episode, make sure to click the link in the description. that will take you to the full episode of our main podcast on the School of Greatness. And if you are loving the daily motivation, please follow us over on Apple Podcasts and Spotify and leave us a review over on Apple Podcasts right now. And if you want more exclusive content and ad-free listening experience, make sure to subscribe to our Greatness Plus channel on Apple Podcasts right now. And if you want to get even more inspiration from our world-class guests and learn how to improve your life and take it to the next level, then make sure to sign up for the Greatness newsletter and get it delivered right to your inbox over at greatness.com slash newsletter.

6:34Again, have an amazing day and I'll see you tomorrow with another episode of the Daily Motivation Show.