Teaching Kids the Family Business – Episode 430

What lessons should you impart to your kids? One of the most important lessons that you can teach your children is handling finances. Teach them young: As they grow older and start building their career and their own family, they’ll thank you for it.

Spencer and Kim discuss the importance of using Quickbooks, doing proper accounting, and focusing on what’s going in and out of your family’s finances. They also talk about teaching kids the importance of handling family finances at an early age.

Best-selling author Kim Butler and Spencer Shaw show you how to take more control of your finances. Tune in to The Prosperity Podcast to learn more about Prosperity Thinkers thinking and strategies today!

Do you have a question you would like answered on the show? Please send it to us at hello@prosperitythinkers.com and we may answer it in an upcoming episode.


Links and Resources from this Episode

  • For resources and additional information of this episode go to https://prosperitythinkers.com/podcasts/ 

    Show Notes

  • The importance of having Quickbooks and keeping records separate. – 1:22
  • Educate your children in the family business called your personal finances until they rise to their capability. – 2:41
  • Are affluent clients doing the proper accounting? – 4:20
  • Paying attention to your finances: Making sure to look at what’s going in and what’s going out on a monthly basis. – 5:12
  • Should families who will not enter their information in
  • Quickbooks be hiring bookkeepers? – 6:27
  • Other pieces about the family business that you should teach your kids. – 9:39
  • I’m a firm believer that when kids get out of college, even if there’s a family business, they should experience life and work outside the family business. – 10:19
  • Today is your opportunity: Whatever their interest is, start there. – 12:14

    Special Listener Gift

  • Free eBook: Financial Planning Has Failed
  • Kim Butler’s groundbreaking eBook/ audiobook explains why typical financial advice may be sabotaging your wealth… and what to do instead!

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