Most Americans didn’t have an inkling about Formula 1 racing for most of its existence, until the Netflix show Drive to Survive came along. It’s amazing what a docuseries can do for a sport that was typically relegated to Europe! But an interesting thing about F1 is that the driver with the fastest lap time in trials the day before gets the pole position which is the best starting position at the beginning of the actual race. It turns out that the driver who gets that crucial advantage right out of the gate wins more than 42% of the time. Where you start matters! And similarly we think there is a massive advantage gained in life when kids have the basics of financial literacy as tools and lessons that they can draw on from a young age. Not only will their wealth compound over the years but so will their knowledge and the positive behaviors that they build upon. Listen as we discuss a number of lessons you can implement now, the behavior you’ll model, and the accounts you can open in order to fast-track your kids to financial success.
Additional links:
- Credit score – Make it harder to lose money to scammers by not only freezing your credit but your kids as well!
- College – Listen as we discussed how college might be overrated! And maybe the path to college isn’t for you- instead a high-paying blue collar career might be the best route to take and there are more options available then most might realize!
- Investing – If you’re not already investing in tax advantaged accounts, listen to why we think you should start with the beautiful Roth IRA.
- Teaching – Here’s some great info on teaching kids about money, and teaching them about investing!
- Credit Card Tool – Looking for the right credit card for you? Then check out our new credit card tool that’ll help you to easily filter through all the cards based on your preferred airline, whether or not they have an annual fee, or simply by the cash back offer! Just toggle the sliders and you’ll know which card to consider.
- Newsletter – Don’t forget to sign up for the best personal finance newsletter in all the land! It’s completely free and something we create to help you along your journey to financial freedom. It drops every Tuesday morning and you can always unsubscribe if you don’t dig it!
During this episode we enjoyed a Prostmeister by Oddstory Brewing! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
Best friends out!
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