Introduction

Chad Willardson is the President of Pacific Capital, a fiduciary wealth advisory firm he founded in 2011 that serves entrepreneurs and families. His bestselling first book, Stress-Free Money, has been featured in Forbes’s “21 Books To Read In 2021” and on NBC News and Yahoo Finance. Chad has appeared in The Wall Street Journal, Inc., U.S. News & World Report, Investment News, Entrepreneur, and Financial Advisor Magazine. He lives in Southern California with his wife, Amber, and their five children.

Main Topic Notes

1. Give us a brief overview of how things have been for you since writing Stress-Free Money. What inspired you to focus your attention on financial education for children for your new book?
2. At what age should parents be talking to their children about the skills you mention in your book?
3. What are the seven skills kids should know before adulthood, in your professional opinion? Why are these skills important?
4. What should parents teach their children about “money now vs. money later”?
5. Speaking of being “smart, not spoiled,” (how) should parents distribute allowances to their children?
6. What are some learning activities parents can do with their children to make learning about money fun?

Recap / Takeaways

1. Fiduciaries are different from financial advisors because they are legally required to look out for the clients best interest instead of selling a product like insurance
2. Ways you can help your kids be smart with money:
3. Give your kids 3 jars - spending saving giving
4. Start having conversations with your kids about money younger
5. 7 things kids should know about money
6. Invest early and often
7. Hire your kids to do work around the office
8. Open a Roth IRA in their name
9. Borrow wisely
10. Know your cash flow (income and expenses)
11. Teach about how much stuff really costs
12. Talking taxes
13. Taxes are your #1 expense, so you better know your stuff
14. Learn to earn
15. Create a menu of opportunity so your kids can earn money
16. Let the kids go around and find a job to do and offer a price
17. Protect who and what you care about
18. Give generously
19. When you travel internationally, you could set aside a day for service

Money doesn't buy happiness, but it does give your more choices and freedoms. It gives more opportunity to make a greater impact for others.

Action Item:

Start having more conversations about personal finance in your family.

Connect with Chad

PacificCapital.com

Linkedin

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