Are you setting up your family for years of generational wealth? What are you doing to teach your kids about money? I'd love to know. Leave your comments down below!
I am already teaching my four year old about debt and the stock market.She already knows what a bull and bear markets are.I enjoy your philosophy on investing and look forward to meeting you in February.
Phil Town's Rule #1 Investing I don't have kids yet, but I really want my parents to not have to ever worry about money in their retirement. They made a lot but didn't know about finance and investing and I just want them to be comfortable and stress free.
my Daughter is 10 and every month she buys one ounce of silver out of her allowance money. I am also going to start her a Robin Hood account next year ( in my wifes name) and she wants to learn to trade like Daddy. She is also starting to do home work with me like watching your videos and reading The richest man in Babylon. I also have a one year old son in which i buy a little silver for him when I buy mine. I thing the most important way to create generational wealth is to pass on to them the wisdom I have gained.
Brad The Average Dad That is so cool! I think having financial literacy as a child is so important because kids won't learn how to make and manage wealth at school
Passing on the knowledge of how to handle money is most important. This is why the majority of wealthy families lose their fortunes in three generations.
Great video. My kids are 9 and 7 years old and we just opened brokerage accounts for each of them this year. My nine-year-old loved seeing her dividends roll in and gets motivated to make more money so she has started businesses around the neighborhood to help with yard work and pet care so she can invest more. Doing and showing has been the best teachers and motivators for my kids. I grew up with my grandparents who would never discuss finances and never even taught me to balance a checkbook, I had to learn everything myself. I hope to set my kids up better than I was.
My grandparents in the UK survived ww2 saved and paid off their home somehow, lived on moderate expenses but were happy . I learned lots from them. My parents were not money savvy so I'm glad I had great elder role models. In fact, were it not for my grandparents, my mother would have just a home now, and hardly any money to live on. Plus we've benefited from cash gifts on occasion too. I'm teaching my son who is 8. One generation can truly have an incredible impact.
The most important aspect of money that we’ve taught our kids is to value it as it moves in and out of their hands. Money is neutral until we put the meaning on money. Money can improve lives or destroy lives. It makes you more of who you already are. It is up to each of us to create a healthy relationship with money so that we are in control of how it affects us instead of giving money the control over us.
Phil no one likes to lose money but most investors do make wrong investments but has opportunity to recover over time. It’s life. You even stated that you once lost a lot of money on an investment. What I like is you teach about how to evaluate a purchase of a good company and to stay patient for long term growth. I have made good and bad investments. I am patient on a couple companies I purchased as both are down but I believe they both have a great future and expect to do well over time. Keep up teaching and that’s for what you do.
No kids yet. I chip 10% into my roth tsp and max my ira yearly. I put everything into VTSAX. The only investment I need. Thank you Jack Bogle. Your book taught me all I needed to know. RIP.
I'm learning how to run the the business through the rule 1 investing practice. Learning how to invest is not only learning investment. I found that this investment practice is way beyond what actuary people think about learning investing. I'm so glad that I found Rule#1.
Thank you for giving us a purpose! Once we have reached a “comfortable” status, we think we’re done, but how boring is that! Shoot for the next goal: generational wealth! Loved your video!
This video came just on time. I just told my friend that a lot of Black people leave their families with debt and most white people leave their families with inheritance. It’s sad but unfortunately it’s true. I try to talk about generational wealth to people and they are always negative about it but get mad when my husband and I work towards paying our house off in less than 10 years. I talk about Bonds, IRAs and stuff like that. I’m about to get into stocks. Right now, I’m doing research on it. My husband is just now getting on board because he saw how much I have in my IRAs. I told him to open up his years ago. He didn’t listen so I opened up mine by myself. He has been giving me grief for the past few days but he will be alright.
Great video. You just can't have enough information and do enough planning to provide the next generation a financial advantage. Old Money families know this.
I'm one of those "poor dad" people. I'm from Hungary my dad grew up under communism and due to his values, he was heavily oppressed. He is happy we have a great family (10 kids - 7 grandkids) but he just couldn't save money - neither my siblings. I'm learning and trying to pass down but seems I can have the role of the "rich uncle" one day! So I'm learning not just for myself but for my family too! Thanks Phil!
Thank you so much for sharing your knowledge and skill and teaching us how to invest. I'm bringing my son with me to your January workshop and I'm so pumped to learn from you and be able to start investing the Rule #1 way. Then I can teach my daughter and her husband and get my grandchildren to start saving and investing. Very exciting!
Good information, my parents were born in USSR and they’re literally don’t know about investments, in post USSR countries it’s very rare to met a guy who knows how to save a money and what you can do with it
Would not touch current stock market until after it crashes - we are looking at a 50% or o next crash. I started investing at 26 and having been doing so for last 10 years - real estate and mutual/index funds but sold all my stock market holdings few months ago (taking great profits) - sitting in 90% cash and 10% gold/silver until we see the crash. Started at 18 (or younger) gives you far better compounding time.
Tom tom, I like what your saying, but where do you park your money while you await the eventual downfall of the market? I hate to see my money draw such minimal returns (interest) while I wait. Even in my Money Market savings account it's pretty weak. CD's lock up your money, bonds aren't liquid enough,, what's left? Where or what is the best way to get the best ROI, but still liquid enough to pull out of when you are ready to pull the trigger and start buying again? Any recommendations my friend?
Hello Phil, Great video on generational wealth. I have attended your 3 day Transformational Investing workshop with my wife one year and son a year later. I am learning Rule One investing through your Rule One Investing and Options courses. Currently finishing the Advanced Options Course with Jeff Town and looking forward to coming back to finish your Live Options Course. I have been doing well with Rule One stock investing and options. I am also trading Rule One Options including my first Iron Condor which successfully will expire today and I get to keep 100% of the premium. Looking forward to seeing you again in the future. Setting my sights on becoming a Rule One Coach.
This is very true. People speak of generational wealth as if it's just money being passed down, it's not. It's knowledge. You'll hear countless stories of someone inheriting money and losing it all to a sports car, drugs, or failing college. The ones who make it are the ones who followed in their parents footsteps, passed college, and lived frugally despite the money. Take the money, invest it, and use the interest to live off off. Take the fat and reinvest it in the children and teach them to do the same. This not only ensures the money stays in the family but keeps the wealth from getting into hands of bad family (which is often how generational wealth ends). Is it hoarding wealth? Yeah, But it is still earned each and every generation.
Great video Phil. I would love to leave a substantial inheritance to my 2 children. My son put me into you and is really keen to learn your Rule 1 method so he is going to pick my brains after I come back from your Seminar in January😊👍
my mom is poor but she was wisely advicing me about how to handle the poberty problem. Nowdays i plan to invest in the future in the stock market. You Phil have a great channel. Thanks for your help.
I wish you were my dad. My parents wasted everything they inherited, taught me nothing about money. I am now 40, I have nothing but I am learning and my kids will learn.
I'm amazed how many people put money on those insurance policies just to see all the investment lost in case of necessity. Do yourself the job, don't lend others to create wealth. Insurances are a waste of money.
Hi Phil, great video. I love the wisdom within it, if anything it is as valuable as the education it's self. Thank you for putting out all these videos. Look forward to them Everytime as part of my toolbox of wealth growth.
Great video Uncle Phil, i will be sharing this. However, I don't understand why 27 people gave this a thumbs down? What the heck are they thinking!? You are one of the most down to earth and humblest person I've ever known.
Hi Phil. On one of your invested podcasts (21 or 22), you mentioned that you follow websites that track events and alert you. I don't think I heard you follow up on a what those websites were. Can you advise?
Is it possible to start investing , as a 15 year old. I’ve personally already saved up an estimation of 5 grand, but i’ve given it a thought, but i’m not able to get any ideas... Please help, I wanna succeed in life too bad.🤞
That’s one of the reasons why I wanna learn about individual stocks investment. I would like to pass it to my kids and they will pass it to my grand kids. Generational wealth and making this world a better place. With God willing.
It's better to leave to children a reasonable amount of money, so they can grow it easely if they are capable, and wouldn't lose so much if they're not.
Luckily, my university has partnership with a state-owned enterprise broker. So I can open brokerage account for very low deposit and they provide us with some online and offline course about investing in capital market.
This is extremely important, but often overlooked because it's a lot like planning for your kids college, its too far into the future. Great information! !!!!
I have houses, buildings, businesses and I don't have children. All the money I make is for me. I don't pay for anyone's colleges or dentists. I only pay my expenses and I live for myself. life couldn't be sweeter.
How to create generational wealth simple first you buy investment properties or an asset pass it to your kids when you get old and for them to pass it on to their kids repeat forever.
Does anybody use Phil's Rule 1 Toolbox on his site? I've looked online for reviews or analyses and there's almost nothing. Phil himself almost never ever mentions it, and I'm wondering if it's worth the $30/mo price tag.
@@PhilTownRule1Investing Hey, thanks for replying! Actually, my free trial already expired. I'll be honest, I'm a bit hesitant to pay for the toolbox since it requires the use of Flash which is being phased out across the web. Any plans for an update?
My 2 cents about the apple and the tree.. My parents are smokers me and my brother are not. My parents do not understand persona finance me and my brother do.. also we are more educated and earn more than few times above average salaries for the country.
I will teach my kids to work as much as they can and earn more money and leave little bit for their children as a margin of safety for their kids and use rest of money for philanthropy which gives happiness. Any finally teach their kids the same.
My granddad catered to my dad and my dad from 80 to 90 pissed away over 6 million in farmland away on my dead beat brother both degenerates bad checks and judgements
So True but how does a 23 year old son going on 19 learn from grandmaish me? He loves rocket science not budgeting as a plan for the future. Trump says that his father taught him to pick up bottles for deposits.
I am always struggling about inheretance tax: -As a future parent I want to pass down my wealth, a natural tendency. -from a moral standpoint every child has to get equal opportunities. And you can get lazy people who never worked for their money.
