In short
Podcast Summary: The Daily Motivation - "If You're Saving Money For Your Kids, You're Doing It Wrong" with Bill Perkins
Episode Overview In this episode of *The Daily Motivation Show*, host Lewis Howes interviews Bill Perkins, who challenges traditional beliefs around saving money for children's futures. Perkins argues that waiting to transfer wealth until after death may diminish both the quality of familial relationships and the legacy intended to be left behind.
Key Themes and Concepts
- The Paradigm Shift on Inheritance
- Perkins states that the conventional wisdom of saving for children’s inheritance is flawed and potentially harmful.
- Quote: "In some situations, you going to work to make more money to give your kids when you die is actually taking away from the fulfillment and diminishing your legacy."
- Importance of Timing
- Perkins emphasizes the significance of timing in wealth transfer.
- He advocates for giving children financial support between the ages of 25 to 33 when they can use it to shape their lives effectively.
- Suggests that it’s more impactful for children to receive money earlier, rather than waiting until they are much older.
- Experiential Wealth vs. Monetary Wealth
- He posits that personal and familial fulfillment comes more from shared experiences than from accumulating wealth.
- The decline in physical and cognitive abilities as people age means that meaningful experiences should be prioritized over hoarding money for the future.
- Charitable Giving
- Perkins calls for immediate charitable contributions rather than deferring donations until after death.
- He asserts that helping others in need now creates a greater impact, as opposed to waiting for future states or investments to mature.
- Living Intentionally
- The conversation revolves around living with intention rather than following societal norms without question.
- Perkins encourages listeners to reflect on their values regarding money, family, and legacy.
Key Takeaways
- Wealth Should Serve Living Relationships: Financial support should enhance quality of life and relationships, not hinder them through delayed inheritance.
- Value Experiences Over Accumulation: Prioritize enriching experiences with family and friends over simply accumulating wealth for later distribution.
- Act Now: Whether in terms of supporting children or charitable contributions, action taken now can create immediate positive effects.
Conclusion Bill Perkins' insights compel listeners to reconsider their financial strategies concerning family legacy and charitable giving. By emphasizing the importance of timing and the impact of experiences, he encourages a more proactive and intentional approach to wealth management.
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Additional Resources
- Book Recommendation: Make Money Easy by Lewis Howes
- Subscribe: Greatness newsletter for more insights and exclusive content.
- Listen to Full Episode: [Full Episode Link](http://greatness.lnk.to/1787)
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Written by AI. May contain mistakes. Listen to the episode to check what was said.
Transcript
Automatic transcript. May contain errors.0:00I have a brand new book called Make Money Easy. and if you're looking to create more financial freedom in your life, you want abundance in your life and you want to stop making money hard in your life, but you wanna make it easier, you wanna make it flow, you wanna feel abundant, then make sure to go to makemoneyeasybook.com right now and get yourself a copy. I really think this is gonna help you transform your relationship with money this moment moving forward. We have some big guests and content coming up. Make sure you're following and stay tuned to this episode of The Daily Motivation Show.
0:38Hi, my name is Lewis Howes and welcome to The Daily Motivation Show.
0:49So what is your thoughts around how we should be thinking about money for retirement? how we should be thinking about money for leaving it behind how we should be thinking about legacy and how does having money in the bank when you die connect to legacy what's your thoughts on that so i'm gonna go first which is on everybody's mind and one of the number one questions i get is like what about the kids and there's a chapter called what about the kids and it's about charity and and kids and so the same laws of physics that govern your body govern your kid's body okay Okay. So they're going to grow.
1:27Their brains are going to eventually mature. Trust me, parents, their brains will eventually mature. How many kids do you have? I have two. I have two, 16 to 19. And their bodies will reach physical maturity. And then they will plateau and start to decline. So if your body is unable to convert the money into meaningful experiences as you age, right? Like your physical ability to either enjoy them or do them goes down. The same is true for your kids. So actually giving a smaller amount to your kids at an earlier age will be more impactful and more fulfilling than waiting till you kick the bucket and they're 66 or 65 or 60, right?
2:12And two thirds or more of their life has gone by, right? Right. So what I advocate for is that be intentional. You want to give your kids fulfillment, a fulfilling life and choices. So whatever you're going to give them, you know, some people like, I'm not giving my kids anything. They got to make it. I got to make it. They had to make it. But whatever you're going to give them, give it to them at the right time. Timing is important. And so I advocate, you know, somewhere between 25 and 33, right? Different. Some kids are very mentally mature and they can handle money when they're younger and, you know, it's going to be fine.
2:51And some are a little bit later in life, right? But at a certain point, it's their life, right? You've done your best to prepare them to navigate the world. They're their own person. If they want to light it on fire, let them light them on fire. If they want to do this, you know, and they're industrious, et cetera, let them do that. But it's their adventure. and so and that money has the most impact when you give it to them then and also your legacy you know people like i'm working hard for my kids you know they're 60 i'm working hard for your kids like well part of the legacy and the fulfillment from your kids is spending time with you moments for you not you going to work you with them memories with them so in some situations in a perverse way you going to work to make more money to give your kids when you die is actually taking away from the fulfillment and diminishing your legacy.
3:44Interesting. Right? So, we have to be really intentional and think about what are we trying to do when we're giving our kids money? And, you know, six-year-olds are not kids. You know what I mean? So, I think one of the most asinine things we do or the most autopilot, not living with intention things we do is wait till we die to transfer assets to our kids. Interesting. Right. And that's the same thing with charity. Like charity is now. Right. People are hurting now, dying, starving, whatever the issue is that speaks to you. It is now. Right. So, you know, I give kind of examples as like, imagine the people that donated to, you know, funds for polio said, I'm just going to wait till I die.
4:30And then more kids have polio. Right. You know, there's people, you know, and I just use that as an example. And even if it's into education, the returns on education or a human being educated right now far exceeds any market return that you can make. So if you are a charitable person and you identify capital that you're not going to use before you die now. Right.
4:59Thank you so much for listening to today's episode of The Daily Motivation. 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 Podcast right now.
5:34And 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. Again, have an amazing day and I'll see you tomorrow with another episode of the Daily Motivation Show.
6:01Thank you.
From the publisher
Order my newest book Make Money Easy! https://lewishowes.com/moneyyou
Check out the full episode: greatness.lnk.to/1787
"In some situations, in a perverse way, you going to work to make more money to give your kids when you die is actually taking away from the fulfillment and diminishing your legacy." - Bill Perkins
Bill Perkins drops a truth bomb that flips everything we've been taught about money and family legacy on its head. While most parents work themselves to the bone, saving every penny to leave behind a massive inheritance, Bill reveals why this traditional approach is actually robbing our children of their most impactful years and stealing precious time we could be spending together. His insight about giving inheritance between ages 25-33 – when our kids can actually use it to shape their lives – challenges the autopilot thinking that keeps us locked in cycles of endless accumulation.
This isn't just about money strategy; it's about understanding that our bodies and our children's bodies follow the same laws of physics – we all peak and then decline, making timing everything when it comes to meaningful experiences. Bill's approach to intentional living extends beyond family to charity, showing how giving now rather than later creates exponentially more impact when people actually need help. You'll walk away questioning not just how you handle money, but how you define legacy itself.
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