Raising Money-Smart Kids Through Entrepreneurship & Real-World Lessons | Rachel Rodgers EP 926

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

0:59you have uh four kids right yes four kids what are the uh the main themes that you teach your kids about money from all these different age ranges you know if you could share three things that you teach them consistently at home yes whether it be a simple or you know profound principle what are those three things that you talk about on a consistent basis with all of them Well, I like to teach them about consistency, which I think is about money. It's huge. Yeah. Like you got to show up and you got to do this every day. And it's like you did it for five days and they're like, well, I did it for five days.

1:33Why can't I get credit for that? And it's like, that's great. But this is the kind of thing where you got to show up. So teaching them really about habits and about like having a work ethic. If you want something, are you willing to put some sweat equity into it so you can have it? Yeah. And so teaching them that I think is a core money principle. And then I also teach them about business. I teach them about entrepreneurship, that you can create a business and sell anything and make money from your own creative ideas. So I want them to learn that. So my daughter is always making books or she's making little gifts for people for their birthdays.

2:09And she's an artist. And I want to teach her to value her art. This beautiful thing that you created, we can hang it on the wall. And that adds value to people's lives. so you can charge for that. So just having those conversations and showing them even things that they're creating now have value. Absolutely. Or things that they're willing to do. Like my son is like very techie. So I'm like, oh, the remote's not working. My eight-year-old, and he's been doing this since he was six. He's like, mom, just give it to me. He like fixes it all. So, you know, he has that natural skill. Like it's obviously a natural school.

2:40Who taught him? I didn't teach him nothing. I don't even know how to do it. Maybe he learned by watching my husband, I don't know, but you know, I want him to see that like, Oh, your ability to come in and fix that for somebody who doesn't know how that, that adds value. That's, that's something you could charge for if you wanted to in the future. Um, so like teaching them that and asking them to do things and telling them like, you know, if you do X, Y, Z, I will pay you. So I negotiate a lot with them. So, you know, it's like, we did this family photo shoot, um, recently and my son absolutely hates taking photos.

3:12He hates getting dressed up. He hates the whole production of it. and so I'm like okay so you do this for mommy and you make sure you smile in all of the pictures and you have to like not like untuck your shirt and do all those things and if you do all of that then I'm going to allow you to play video games tonight for two hours on a weekday wow so like that's big deal and then we shake hands and then there are times where he tries to go back on the deal you know and he makes deals with his sister too they and like he'll try to go back on it I'm like, no, no, no, no, no. If you make a deal, you have to stick to it, you know?

3:45So making sure that he understands that if you say, if you give your word on something, you have to back that up. Yes. Um, so, so teaching them that I guess is another part of the, the money story. And I like them to just, it's so funny. My husband and I will go for walks or whatever, and we'll be talking about business because my husband's a CFO. Um, and so we're having business conversations and my daughter's hanging out with us, listening in. And my husband's like, yep, you stay right there and listen to all of this, you know, soak it in. So teaching her just about like the different strategies that we, we try and, you know, marketing moves are making or whatever different investments that we're making and why we're doing it.

4:23And explaining that to her willing to have that conversation, you know, like we bought a beach house, let's talk about how, you know, we're only going to use it for the summer, but we're going to rent it out during the other parts of the year. And that's going to cover the cost of what we're paying for the summer or like what we're paying for it all year long. So this is the strategy and explaining it to her so she can start to see. And it's like it's repetition, right? It's us having those conversations over and over again over time. And there's something about the eldest daughter. I don't know what it is, but she's going to be running this whole empire.

4:55You can already tell. That's great. That's fun.

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5:57Again, have an amazing day and I'll see you tomorrow with another episode of the Daily Motivation Show.