Business
Today we are talking about teaching your children financial independence, teaching them how to manage their money, and teaching them about what money means. Our guests today are Doug Nordman and Carol Pittner. A father-daughter team who wrote a book on this topic. Doug Nordman served for 20 years of active duty in the U.S. Navy's submarine force and retired in 2002 at the age of 41. He and his spouse, a retired Navy Reservist, reached financial independence in 1999 on a high savings rate. Carol Pittner joined the Navy on an ROTC scholarship. She and her active-duty spouse are rapidly approaching financial independence on a high savings rate, and they've just started their own family![00:01 – 04:52] Opening SegmentI talk briefly about great values that await you in this episodeLet's welcome our guests, Doug Nordman and Carol PittnerDoug and Carol talk about their background[04:53 – 16:22] Raising a Financially-Savvy FamilyWe talk about their book, Raising Your Money-Savvy Family For Next Generation Financial IndependenceThey discussed their inspiration for the book.Start teaching your kids how to manage money. The earlier you introduce the concept, the better the results.Teach them about taxes when the moment that they need to know about it emerges.[16:23 – 28:53] Raising the Younger GenerationCarol talks about the things she would do differently in raising a child compared to her generationThe younger generation is getting better at writing books about moneyGiving your kids the responsibility of being grown-ups is one way to motivate them to learn about moneyCarol reflects on all the lessons she picked up since she was younger[28:54 – 37:26] Educational SystemSet expectations to your kids that they will be paying for their college (if not all, some of it) to raise awareness and learn how they will manage that.Doug and Carol share some tips and strategies to teach your children[37:27 – 51:33] Closing SegmentQuick word from our sponsorsWhat is the best investment you've ever made other than in your education?Doug: "Marrying my spouse."Carol: "Having that good investment in my spouse and having that good investment in our marriage."What is the worst investment you ever made?Carol: "Trying to figure out what kind of insurance I need."Doug: "My worst investment is that I'm an angel investor."What is the most important lesson that you've learned in business and investing?Doug: "Business is all about cash flow." The most important lesson to financial independence is a high savings rateCarol: "Just get started." Stop sitting there and thinking about the what-ifs and to actually go and make the what-ifs.Connect with Doug and Carol. See the links below. Tweetable Quotes:"The earlier you start talking about this [managing money]. The more prime do they are to catch on and start doing something with it." – Doug Nordman"The best way to make money is to have a long-time horizon." – Carol Pittner"It's a two-way street when you're talking about money with your kids. It's not only what the parents want to teach the kids, but it's also about the reception of the kids themselves." – Carol Pittner Resources Mentioned:The First National Bank of Dad by David OwenThe Simple Path to Wealth by J.L. CollinsThe Millionaire Next Door by Thomas J. StanleyThe Motley Fool Guide to Investing for Beginners by The Motley FoolYour Money or Your Life by Vicki Robin You can connect with Doug on his website https://the-military-guide.com/. Grab a copy of their book on Amazon.You can connect with Carol on Facebook. Visit her website https://childfire.com/ LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes.