One Way to Feel Awesome! – Episode 336

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[00:01] Welcome to the Prosperity Podcast. Listeners, welcome to another episode of the Prosperity Podcast. Today, we are so thrilled to share a personal story with you. And this may be something that you’ve never seen, hopefully you’ve never experienced. And we’re going to shortcut some of the woes that you or family members may face. How about that for a little cliffhanger? Sounds like a story I want to hear. Do I get to listen or do I get to tell? You get to tell because you told me this story and this one that I would love for the listeners to be able to hear as well. How fun. Well, it’s super cool because I actually thought very carefully about how to title this story. And so I was on a walk this morning with Emma Dog going up to the barn

[00:51] to fill the alpacas thinking about this story. And the title that originally popped into my head was how to take responsibility or maybe financial stewardship or something like that. And I’m starting to learn from people like you, Spencer and other people that have really good natural marketing brains that the title of a story is so important. And if you can include in it the benefit of listening to the story, then of course, the title draws people in. And those of you that write headlines or that know this are like, yeah, Kim, you’re 50 plus years old and just finally learning that. Well, yeah, the answer is yes. So as I continued my walk to the barn, I thought, okay, I have to retitle this

[01:40] story. What? So I’m seriously adding to the cliffhanger right now, yeah? No, I love it. This is good. What is the benefit? What is the super cool thing that came out of the story? And it just popped into my head. It’s a way to feel awesome. I like that. So that’s the title of the story. A way, a single way, one of many to feel awesome. I love that. So I think I’m just going to hit the pause button because we have to tease just for a second. If most of our loyal listeners, they’re going to sit there and say, well, I bet Kim’s going to talk about gratitude. And yes, that’s a part of it, but there is more. And that’s what’s fun about this story. Yeah. So let’s hear it. What is it? What is the way? Let’s hear the story. How did you come about?

[02:26] So I’m talking with my daughter who graduates from college in a week and her boyfriend, who’s already graduated. And both of them have full-time jobs and an apartment and a dog, life is set, right? What else do you need? Yeah, that’s great. They are expressing awesomeness about the feeling that they each have because they are 100% on their own financially. So yeah, through school with a little bit of debt, not a lot, but a reasonable amount, enough to have skin in the game, right? Yes, with jobs. And yet they have friends that are not on their own 100% financially because of choices that the parents are making, not the kids, the parents, which then of course, as we know, has a huge rolling down the hill effect of causing certain choices for the kids to make.

[03:38] So here’s the back part of the story. They have a friend that has their rent paid for them. And consequently, this friend has extra money and no real clear guidance on building up lifestyle insurance, which we’re going to have to do a whole other podcast on lifestyle insurance and what that is. It’s similar to prosperity credit, which we’ve talked about in the past. So the friend is spending seven bucks every single day at Starbucks, or whatever the thing is that’s going on that the friend is spending more money on because they are not 100% on their own financially. And that’s all interesting and factual and we can be like, yeah, okay. But then here’s the kicker. It’s how it makes that friend feel. And more importantly, how Kaylee and Trey feel because they are on their own

[04:38] 100% financially and they are saving first and they are learning about finances and they feel awesome. Wow. That is great. I think what’s amazing is this. Kaylee is just jumping into the ring right now, getting out of college. So it’s not that she’s at the top of her career. It’s not that she has this nest egg that’s going to last her for the rest of her life, but she’s in the fight doing it. And if you take that away from someone, I’ve seen it time and time again. And so it’s a prosperity mindset. It doesn’t necessarily mean a prosperity on the balance sheet, correct? Oh, so true. And yet we know that it must start in one’s brain and mind and even in one’s heart. You have to have that feeling. And that’s what I loved about the story

[05:34] is, yeah, there are certain finances around it. And you said it well. This is somebody that’s on their own. And of course, our listeners will remember Kaylee because she’s the one that said, Mom, do I have to save 10% of my second jobs income too? And I just love that she asked that. And of course she did. And now she’s starting her life insurance policies. And she is doing a 401k up to a match level. And she’s got friends that are so confused about what to do in this space. And it’s just so interesting to me, the awesome feeling that these kids get when they take it on. And like you said, they jump into the foray and the opportunity and the work that has to be done and they do it. So I would love to kind of turn the table and open up the mic for you

[06:25] and maybe give some advice that parents that have kids, how can you help them create the environment so that their kids can be awesome? And then then we’ll jump to that next question. But let’s take that one first. Yeah, absolutely. It really comes to letting the kid handle their money on their own as soon as possible. And we’ve shared so many stories about how to do that at early phases. But without a doubt, when that kid graduates from college and hopefully gets a job quickly, clearly if they don’t, then maybe something has to happen and there has to be some intervention there. But the whole idea of them being on their own and Kaylee and I’ve done it over the last year. She took over her car payments. She took over her car insurance. She’s taken over other aspects

[07:13] of just little bits and pieces of things that I was paying for. In fact, another example is she’ll occasionally still use my Amazon Prime. And we’re talking for an item that’s $13 or $22 or something like that. And in the early years of her college time, she would say, I’ll Venmo you the money. And I would be like, don’t worry about it. I got it. She often would still Venmo me the money. And now when she offers that, I don’t care if it’s six bucks, I say, yeah, okay, thanks. Because of the principle that I realized I had to help her set by handling 100% of all of her own activities, which includes paying me back something that I would happily pay for. But it’s really a matter of principle for her as well as for me. Yeah, isn’t that the hardest I think as a parent?

[08:12] Because we understand those principles. And more than likely, many of us had to go through some challenging times. And we don’t want our children to have to go through those. But that is what builds our character. That’s what makes us who we are now. And so well put together that even on those $6 purchases, you’re grateful that she’s paying for it. And I know she is too. This is wonderful. I think for our listeners in this time that we realize, okay, we’ve got this parental relationship. You’re seeing that they can have more control over their money. And this can be good consequences. And sometimes they can be bad and let them scrape up their knees and get a little bit bruised up while they’re at home, hopefully. So then the next is, how can we as adults

[09:02] live more awesome and feel more awesome and take more control of that? I think it’s having liquidity. Because as we all know, every family, even a salaried employee family is going to go through lean years and green years. I just look at ourselves when we bought our house. And we built our house, which is the bigger issue. There was initially plenty of money to get the project finished, but it’s construction, right? There’s just always going to be extra stuff. And so for quite a few years there, we went through some seriously lean times. Income was fine, but the expenses were just crazy getting everything the way that we want it. And full disclosure, my husband’s an eight implementer on Colby. So when he does something, it’s all out. There are no halfway

[09:52] jobs. There are no, oh, we could get by with 10 feet. If it needs to be 15 feet, well, it’s probably going to be 16. He just doesn’t go the other way. It’s just not in his ability to do so. And so having cash, liquid cash where we could do the kinds of things that we wanted to do and do them right. And by the way, I love our 16 foot cement driveway that got poured in that particular space that is so much better than a 10 foot. It’s one of those things that, oh my gosh, we would have hated that space for the next 20 years until it was time to take it out. It’s just so valuable to have extra cash, extra cash, extra, extra, extra more than you need. That liquidity, that peace of mind, that emergency opportunity fund to me supports everything in our lifestyle and in our minds

[10:44] and in our abilities and our capability to do this whole house of both thing, which we’ve talked about numerous times in our capability to give tomorrow. You and I are recording this on a Monday. Tomorrow is giving Tuesday and I’ve got two charities. I can’t wait to support. I mean, it’s just so cool to have liquid cash. Yes, absolutely. I think as we summarize this episode and as we title it, one way to feel awesome, we’ve gone through that perspective of Kaylee, that we’ve gone through the perspective of a parent helping a child go there. And then now as an adult and having that liquidity and that control over your cash is what it seems to be this taking full ownership, amazing, great advice. And I know for some of our listeners that are looking,

[11:38] sometimes we peruse different podcasts or blogs and we’re looking for that secret weapon or we’re looking for that new tip or technique, but it’s those old principles, those things that we have to be reminded about that actually make a difference over time. So true. I was thrilled to hear it from the kids and you could hear it in their voice, how awesome they felt to us. Well, listeners, we want to thank you. We feel like it’s an awesome privilege to be able to have these conversations. And honestly, some of the most awesome feedback we get are emails from listeners. And so if there is a subject that you want to hear, or if you have a specific question, or even if you’re maybe struggling with

[12:19] teaching your kids this principle, send an email in and ask him. And that’s at hello at partnersforprosperity.com. And those emails go to a special inbox where you’re going to get answered and helped out. And if, again, you have special requests, needs, please send those emails to hello at partnersforprosperity.com. Thank you for listening to the Prosperity Podcast. To take control of your money and have it work for you, visit us at partnersforprosperity.com. If you liked this episode, make sure you subscribe and leave a review.