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The most valuable email you’ll read for yourself and your kids in a few MOMENTS per week.
I finally got another longer video out on teaching kids about money. I’ve still been posting Shorts on YouTube related to advertising and how it affects your kids.
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MONEY TIP
“There’s a difference between nice stuff and fancy stuff. One provides tangible utility, the other offers social utility. Someone once noted that a high-end Toyota is a better car than an entry-level BMW, because the nice Toyota is filled with things that make driving more pleasant, while the entry-level BMW is mostly just status and bragging rights. Using money to buy nice stuff is great. Fancy stuff is a different, more complicated, animal.” I would love to take credit for that thought, but it’s actually just one of many fascinating thoughts on money that Morgan Housel shared here.
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OPPORTUNITY
If you have kids approaching the high school [and soon college] years, and they plan on going to college, look at all your options for scholarships. Their full-time job as a junior and senior in high school should be applying for scholarships. Places like College Board make it easy, but I also have a complete guide full of scholarship resources so don’t forget about that!
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MINIMALISM TIP
I found an interesting way to narrow our focus throughout the day. This is a printable calendar with every single day of 2024 (yes, including February 29th!). It’s limiting, which is a good thing. Go to the the link, print the calendar, and see how little you can fit into each day as your primary focus.
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ESSENTIAL READING
If someone asked me what one book I would recommend when it comes to investing, it would be The Simple Path to Wealth by JL Collins. I’ve read hundreds of books on investing, and all the good ones keep coming back to index funds. The Simple Path to Wealth shines light on that. It’s truly the only investment book you need.
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NOTION
Even if you never plan to do your own maintenance, and you plan to teach your kids the same, it’s still a good thing to know. Of course, you can save some money if you DIY, but if you think your time is more valuable than the money saved, it’s still good to know when you’re getting ripped off.
These are a few things that would be good for your kids to know:
Home Maintenance
- Cleaning
- Painting
- Basic drywall repairs
- Basic wood repairs
- Basic plumbing and electrical repairs
Car Maintenance
- Changing a tire
- Changing the oil
- Detailing and cleaning
- Changing spark plugs
- Changing the battery
- Changing the brakes
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TRAVEL TIP
If you’re leaving the country, don’t forget to notify your bank and credit card companies. My credit card company basically stopped freezing my card, because I travel so often. I’ve used it in 3 different countries in one day and my bank was like, “Yeah that’s probably him.” But if you’re new to traveling abroad or if it’s rare for you, let them know or they may freeze your card until you verify the purchase. You don’t want to be somewhere without Wifi and therefore without the access to unfreeze it.
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SCRIPTURE
“‘For I know the plans I have for you’, declares the Lord, ‘plans to prosper you and not to harm you, plans to give you hope and a future’.”
Jeremiah 29:11
Closing Question
Do you know someone who is currently going through a self-inflicted hardship? What’s something you could learn from their experience and apply to your life?
