Glenn from North Carolina is calling in today because he wants to know what he can do to teach his kids the best money management possible. Glenn’s family is very blessed in that his kids are a part of the Native American Tribe thanks to his wife. Essentially the Tribe gives a trust fund to the children that they will not be able to touch until they are 18, and then it’s dispersed over time. Glenn has over 7 children, and if Glenn’s estimates are correct, they will all get $250,000 each. However, Glenn has noticed other kids that squander it and does not want that for his children.
Dave has worked with many tribes that have had this issue because money is not always a blessing. Dave equates it to growing up in a wealthy family but not earning them money. Dave tells Glenn he needs to warn the kids of the dangers that money can produce: Sloth, addiction, and misbehavior. Dave taught his kids at an early age that they are entitled to nothing. Being stern with them is the start of proper parenting.
Money is not the problem; Dave states it is how you react to it. The thing you can teach your kids with inheritance is that money is also a blessing. However, there is a tremendous responsibility with this gift. Instead of celebrating with it like you scored the game-winning touchdown, you need to be modest about it. Teaching kids to be responsible is the start of all of this.
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Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Tom Brady #12 of the Tampa Bay Buccaneers hands the ball off to Ronald Jones II #27 in the second quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Douglas P. DeFelice/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Mike Evans #13 of the Tampa Bay Buccaneers catches a touchdown pass past Jaylon Johnson #33 of the Chicago Bears in the second quarter in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Mike Evans #13 of the Tampa Bay Buccaneers catches a touchdown pass past Jaylon Johnson #33 of the Chicago Bears in the second quarter in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Tom Brady #12 of the Tampa Bay Buccaneers hands the ball off to Jaelon Darden #1 in the second quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Mike Evans #13 of the Tampa Bay Buccaneers reacts in the second quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Tom Brady #12 of the Tampa Bay Buccaneers calls out instructions in the second quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Tom Brady #12 and Mike Evans #13 of the Tampa Bay Buccaneers celebrate after scoring a touchdown in the second quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Douglas P. DeFelice/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Mike Evans #13 of the Tampa Bay Buccaneers celebrates after scoring a touchdown in the second quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Mike Evans #13 of the Tampa Bay Buccaneers catches a touchdown pass past Jaylon Johnson #33 of the Chicago Bears in the second quarter in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Tom Brady #12 of the Tampa Bay Buccaneers calls out instructions in the second quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Douglas P. DeFelice/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Jason Pierre-Paul #90 of the Tampa Bay Buccaneers reacts after a sack in the second quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Douglas P. DeFelice/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Chris Godwin #14 of the Tampa Bay Buccaneers runs with the ball in the second quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Jason Pierre-Paul #90 of the Tampa Bay Buccaneers reacts after a sack in the second quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Douglas P. DeFelice/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Tom Brady #12 of the Tampa Bay Buccaneers throws a pass in the second quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Douglas P. DeFelice/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Tom Brady #12 of the Tampa Bay Buccaneers calls out instructions in the second quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Tom Brady #12 of the Tampa Bay Buccaneers throws a pass while being hit by Trevis Gipson #99 of the Chicago Bears in the second quarter in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Tom Brady #12 of the Tampa Bay Buccaneers throws a pass in the second quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Justin Fields #1 of the Chicago Bears slides with the ball while being chased by Kevin Minter #51 of the Tampa Bay Buccaneers in the second quarter in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Ronald Jones II #27 of the Tampa Bay Buccaneers runs with the ball in the third quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Tom Brady #12 of the Tampa Bay Buccaneers drops back to pass in the fourth quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Tom Brady #12 of the Tampa Bay Buccaneers jogs off the field after beating the Chicago Bears 38-3 in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Douglas P. DeFelice/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Vita Vea #50 of the Tampa Bay Buccaneers celebrates after beating the Chicago Bears 38-3 in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Tristan Wirfs #78 of the Tampa Bay Buccaneers celebrates after beating the Chicago Bears 38-3 in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Tom Brady #12 of the Tampa Bay Buccaneers looks on in the third quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Tom Brady #12 of the Tampa Bay Buccaneers drops back to pass in the fourth quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Rob Gronkowski #87 of the Tampa Bay Buccaneers walks off the field after the Tampa Bay Buccaneers beat the Chicago Bears 38-3 in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Douglas P. DeFelice/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Ronald Jones II #27 of the Tampa Bay Buccaneers runs with the ball while being tackled by Alec Ogletree #44 of the Chicago Bears in the fourth quarter in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Douglas P. DeFelice/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Blaine Gabbert #11 of the Tampa Bay Buccaneers walks across the field in the fourth quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Douglas P. DeFelice/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Ryan Jensen #66 of the Tampa Bay Buccaneers walks off the field after beating the Chicago Bears 38-3 in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Tom Brady #12 of the Tampa Bay Buccaneers looks on in the fourth quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Douglas P. DeFelice/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Ndamukong Suh #93 of the Tampa Bay Buccaneers jogs off the field after beating the Chicago Bears 38-3 in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Justin Fields #1 of the Chicago Bears throws a pass in the fourth quarter against the Tampa Bay Buccaneers in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Douglas P. DeFelice/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Devin White #45 of the Tampa Bay Buccaneers celebrates in the fourth quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Douglas P. DeFelice/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Head coach Bruce Arians of the Tampa Bay Buccaneers walks off the field after beating the Chicago Bears 38-3 in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Rob Gronkowski #87 of the Tampa Bay Buccaneers walks off the field after the Tampa Bay Buccaneers beat the Chicago Bears 38-3 in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Ryan Succop #3 of the Tampa Bay Buccaneers celebrates after making a field goal in the fourth quarter against the Chicago Bears in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Douglas P. DeFelice/Getty Images)
Chicago Bears v Tampa Bay Buccaneers
ShareTAMPA, FLORIDA - OCTOBER 24: Darnell Mooney #11 of the Chicago Bears fails to make a catch in the fourth quarter against the Tampa Bay Buccaneers in the game at Raymond James Stadium on October 24, 2021 in Tampa, Florida. (Photo by Douglas P. DeFelice/Getty Images)
Make Your Plan
ShareHave a written plan and budget. He quotes a passage from the Bible where Jesus said don't build a tower without knowing the cost or you'll get halfway up and run out of material. Dave further States that no one accidentally wins. You need the plan or you will lose.
Clear All Your Debt
ShareClear Your Debt. Your most powerful wealth-building tool is your income. If you are spending most of it clearing out your debt you are walking backward trying to win a race. You are paying for banks who have nicer things than you that is just stupid. Clear your Debt, when do that you have money. He wants you to win.
Live Below Your Means
ShareLive on Less Then You Make. If you spend everything you make you are a fool. Dave knows that everyone's situation is different but that's no excuse. The most common excuse is that wages are stagnant, and Dave doesn't buy that. If you accept this it is because you stagnant and you can't blame anyone
Start Saving Right Now
ShareSave Some Money. You know how rich people get rich and stay rich. They Save money. You may not agree with Dave and quite frankly he doesn't give a crap but these are cold hard facts. You'll always be broke unless you save and that's all there is to it. Invest and save. 100% of people who don't save money don't have money.
Live Like the Rich, Not the Ultra- Rich
ShareIt's not run out and buy a Ferrari that's the ultra-rich. No, Rich people save invest, and get a return. Rich people are not scamming the middle class out of their money they live below their means and save so they can spend their money on investments that provide returns.
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