A lot of us are hard-charging employees, side hustlers, or business owners who are looking to grow, get that promotion, or just make more money. But we can’t forget the most important people in our lives: our spouses and our children.
Today, we’re going to talk about how we can practice putting family first and how it’ll help us be even more successful in our financial lives.
Jon Vroman is my guest today. He’s married to his wife Tatyana and he’s a father to two energetic and playful boys, Tiger and Ocean, and they live in Austin, Texas.
Jon is a bestselling author and the founder of a global network of men at Front Row Dads. They believe in being family men with businesses, not businessmen with families.
In today’s episode, Andy chats with Damian Dunn about how to save for our children’s future.
Damian is the director of personal finance strategies at Your Money Line and is the co-host of the Pete the Planner Show. He’s been working in the financial industry for nearly 20 years and is passionate about providing accessible and affordable financial guidance to anyone seeking it. He also has two kids of his own, and lives in Indiana.
As career-driven individuals and busy entrepreneurs, we can get often caught up in the time-consuming race of constantly growing our income and expanding our businesses.
While our motivations may be pure, there can be long term consequences to focusing more on your work than on your family.
Our guest today knows this reality first hand.
Jim Sheils is the founder of 18 Summers, which specializes in live events, workshops, and private consulting for organizations looking to strengthen their family lives while still succeeding in business. He’s an in-demand public speaker and owns a private real estate company that has done more than $200 million in transactions.
He’s also an avid surfer and enjoys traveling with his family and friends, especially his wife, Jamie, and their four children.
Hello all! Andy Hill here … We have a new guest post from Logan Allec from Money Done Right. Logan is a CPA, real estate investor, and full-time personal finance blogger. His article below shares how his life changed when he became a father. I can definitely relate! I hope you enjoy!
There’s no question that having a baby changed my life. I just wasn’t quite prepared for the impact it would have on my finances.
I was definitely prepared for all the expenses of having a newborn. However, I also found myself adjusting my long-term financial goals in a way I hadn’t expected.
If you’re a new parent — or are about to become one — you might find yourself thinking about new financial goals that probably weren’t on your mind before. You might also realize you have a different mindset when it comes to money.
Everyone’s experience is different, but here’s how the birth of my son changed my own financial goals.
The future cost of college is no joke. According to Vanguard, the average rate of inflation for college costs has been about 5% in recent years.
As an example, my alma mater, Michigan State University in 2019 costs $25,046 per year for an in-state student. This includes tuition, fees, room, and board. That’s around $100,000 for 4-years of in-state tuition if my son or daughter were to be going to school today.
Fast forward to the year 2030 when my daughter starts her freshman year of college, 5% inflation on that $100,000 in 2030 comes to $184,000! Oh, and then you add in my son who will be attending college in 2032 and he’ll need around $203,000.
That means I’m looking at around $387,000 for my two children to eat, sleep and learn during 4 years of college. AHHHHH!!!!
I don’t know about you, but that number makes my head hurt. So much so that I want to throw my hands up in the air and just quit.
This is one of my favorite times of the year. Every 50 episodes, I have the extreme pleasure of interviewing the most important people in my world … my family. With it being episode 150 (woo hoo!), I didn’t want to pass up the chance.
We’ll start things off with my daughter Zoey. We’ll be chatting about summer, sports and how she likes to use her chore money.
My son Calvin Hill will be next and we’re going to briefly discuss Spider-man, learning to ride his bike and why we give our money to charities.
Last but not least, my final interview will be with my wife of almost 10 years, Nicole Hill. By popular demand from the MKM Community, we’ll be chatting about how embracing minimalism allows us to have a happier and less stressed home life.
Here’s an abbreviated transcript of our conversation below. Enjoy!
Setting up a Roth IRA for your child can be an excellent way to support their future financial freedom. By demonstrating the importance the investing to your kids at a young age, you’re helping them to develop financial skills that will last a lifetime.
Today, we’re interviewing a father who’s actually put the Roth IRA to use for his daughter. Doug Nordman is the author of The Military Guide to Financial Independence and Retirement and the founder of the website The Military Guide. After serving 20 years of active duty in the US Navy, Doug retired in 2002, at the age of 41. Doug’s financial expertise has been featured in major national publications like MarketWatch, Business Insider, and CBS News.