Personal Finance - Interview with Chad Willardson - Part 1
The Friday Habit
Introduction
The hosts chat about their love for fall while introducing guest Chad Willardson to dive into finance and parenting topics. Banter about seasons sets the tone for the episode's upcoming discussions.
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
- 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?
- At what age should parents be talking to their children about the skills you mention in your book?
- What are the seven skills kids should know before adulthood, in your professional opinion? Why are these skills important?
- What should parents teach their children about “money now vs. money later”?
- Speaking of being “smart, not spoiled,” (how) should parents distribute allowances to their children?
- What are some learning activities parents can do with their children to make learning about money fun?
Recap / Takeaways
- 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
- Ways you can help your kids be smart with money:
- Give your kids 3 jars - spending saving giving
- Start having conversations with your kids about money younger
- 7 things kids should know about money
- Invest early and often
- Hire your kids to do work around the office
- Open a Roth IRA in their name
- Borrow wisely
- Know your cash flow (income and expenses)
- Teach about how much stuff really costs
- Talking taxes
- Taxes are your #1 expense, so you better know your stuff
- Learn to earn
- Create a menu of opportunity so your kids can earn money
- Let the kids go around and find a job to do and offer a price
- Protect who and what you care about
- Give generously
- 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
Go to TheFridayHabit.com to find show notes for this episode. There you can also find links to our websites and ways to get in touch. At the bottom of the page you can download our guide to the Friday Habit system that will show you how to set aside one full day each week dedicated to working on your business instead of in your business.
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