There’s come a point in your financial journey where you cross that 7-figure net worth milestone and you’re feeling very comfortable financially. So … What’s next? A lot of wealthy families turn their attention to their kids and how they can provide generational wealth for their future.
And our guest today is focused on doing just that! Andrew Giancola is the host of the popular Personal Finance Podcast, focused on helping people control their money so they can live stress-free, rich lives.
After achieving a personal net worth of around $1.5 million by age 34, Andrew is now focused on inspiring generational wealth for his young family.
Overview: This Millionaire is Helping His Kids Become Millionaires w/ Andrew Giancola
Andrew Giancola reviews the following:
- How he became a millionaire in his 30's
- The steps he's taking to provide the same wealth and happiness for his kids
- Advice for others who want to build real generational wealth
LISTEN AND SUBSCRIBE ON:
Here are my top three takeaways from my conversation with Andrew Giancola.
Put on Your Own Oxygen Mask First
Helping your kids become wealthy sounds incredible, but you want to make sure you’re financially SET (or at least on your way there) before focusing on your children’s financial future.
As Andrew demonstrated, this comes from eliminating high-interest debts, establishing a solid emergency fund, becoming a homeowner, and putting away money for retirement.
When you’re feeling financially strong then you can put your focus on your kids.
With YOUR financial ducks in a row, you can turn your attention to investing for the big goals for your kids.
Those big goals could be:
- College – using a 529 College Savings Plan
- Homeownership – using a UTMA or Kids Brokerage Account
- Retirement – using a Roth IRA for Kids
The earlier we start investing, the better opportunities our kids will have because compound interest works best when we have time on our side.
Talk About Money with Your Kids
I loved Andrew’s party trick about helping his 4-year-old son know the difference between an asset and a liability! I believe knowledge is MORE important than money when it comes to generational wealth.
If our kids don’t understand money and the responsibility that comes with it, then it’ll get squandered and they’ll lose it.
You’ve seen this with people who come into money fast. Without experience, they don’t know how to handle it.
According to Sports Illustrated, nearly 4 out of 5 former NFL players either go bankrupt or suffer severe financial distress within two years of retirement.
Readers Digest shares that about 70 percent of lotto winners lose or spend all that money in five years or less.
If you don’t have experience or knowledge of something, you won’t know how to handle it.
So let’s teach our kids about money early. That way, they can become good stewards of it and strengthen your family tree for generations to come.
Guest Bio – Andrew Giancola
Andrew Giancola is the host of the popular Personal Finance Podcast, focused on helping people control their money so they can live stress-free, rich lives. After achieving a personal net worth of around $1.5 million by age 34, Andrew is now focused on inspiring generational wealth for his young family.
When he’s not inspiring others through his platform, he enjoys spending time with his wife and kids in Tampa and taking some time for Golf!
Resources – Andrew Giancola
Website: Master Money
- Family Wealth + Happiness Guidebook: Get the 10 steps to young family wealth and happiness for free by signing up for our bi-weekly newsletter. This 39-page PDF gives the tools, guidance and resources to achieve your own version of family financial independence.
- MKM Coaching: Looking for someone to walk alongside you on your financial independence journey? Grab your free 15-minute consultation today.
- Corporate Financial Wellness Presentation: Contact me to discuss how I can support your company's overall financial wellness.
- Recommended Resources: You won’t reach your financial goals without the right tools. Here are my suggestions!
Carpe Diem Quote:
“Someone's sitting in the shade today because someone planted a tree a long time ago.”-Warren Buffett
What do you think of the advice from Andrew Giancola? Do you want to make your kid a millionaire too?
Please let us know in the comments below.