Money talks with my kids, Aya and Naima! - Episode 2
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TRANSCRIPT:
All right, you guys today in studio, we have two very special guests. Um, it might get a little hectic because as you know, I have a toddler. She's three, she'll be four next month or this month when this podcast airs since it's gonna air December 1st. Her birthday is New Year's Eve, so both my daughters AA and Naima are joining me.
Um, so a. Three. She'll be four on New Year's Eve, and Naima is eight years old. And I, we, and we have to do
okay. And I'm not gonna tell you guys what she said because she said something that's top secret and we'll keep, we'll keep that, uh, surprise for later anyway. So. Um, this podcast episode is gonna be talking about money lessons for my kids. And, I'm setting my kids up to be very wealthy early in life because, And she got slime from the store.
Um, setting my kids up to be wealthy early in life so they don't have to go through a lot of the things that I had to go through. Kinda like struggling with money. But a lot of the, the most important lessons that I wanna teach them are around financial literacy. So, um, for my kids, the way that I'm investing for them is they'll each have a hundred thousand dollars to go to college in their five 20.
They have, um, Roth IRAs, which, um, kids can have retirement accounts if they have an earned. And because they work for my brand financially intentional as models, as spoke as spokespeople, they are able to earn an income, which I can then put into a Roth IRA for them, and you can only invest up to their earnings.
So if I pay them a thousand dollars this year, they can only invest up to a thousand dollars. Um, but they can al but ultimately the contribution limit is going to be whatever the contribution limit for a regular Roth IRA is. And in 2022, that's $6,000. They also have brokerage accounts and in their brokerage accounts.
I let them pick individual, um, stocks. To invest in so that they can understand how to be owners and not just consumers. So they know when they see that McDonald's sign, they are part owners in McDonald's, and so on and so forth. So I'm gonna let them start, um, talking and, you know, share with you some of their money lessons and hopefully it will be, um, more insightful than chaotic.
All right. You wanna start Naima? Mm-hmm. . All right. What about. Okay, so do you wanna start ia? Like, mommy, welcome to my fantasy and mommy with me, and I'm on the lap and translation. Welcome to my fantasy, and mommy's with me and I'm sitting on her lap. Okay, ia, what do you know about money? I know about It's cold.
It's cold. Money is cold. Or the slime is. Time is warm. No, the slime is warm. But what do you know about money? I know about money is so be, money is beautiful. So why is money beautiful? Because I look at it. You like to look at money? Yeah. What does money. Help you do it out? Me? I do clean up. Oh, so you get money when you clean up.
Okay. What can you spend money on? I didn't spend money on all the stuff I fight for. All the stuff you fight for? No, she said buy for. Okay. What's your favorite thing to buy? Uh, dolls. Dolls. Your favorite dolls. Okay, so do you like to invest? Yes. Do. Okay. So what's your favorite company right now to invest in?
Apple. Yeah. You like to invest in Apple right now. Why do you like Apple? Because it help you makes so bigger and
Well, apples that you eat does make you grow bigger and it doesn't hurt your stomach, but you like apples because you have a apple cell phone, right? Yeah. I. And my phone gets come up and I stole a apple on my phone. Yeah, there's an apple on your phone when you take your phone case off, right? And you have an apple iPad, right?
Yeah. So instead of just owning those things, you can be a owner. Of the actual company. Right. But I don't wanna give my stuff away to people. But it's one step away. Yes. That's very nice that you wanna give some of your stuff away. All right. Thank you very much. I am, let's talk to Naima. Naima. Can you share one money lesson that you've learned?
Um, like, mommy, what do you mean? Like, what's something that you know about money that you've learned about money? Uh, so what I learned about money is that money can help you, um, process many things like buying stuff that you need. Um, you can also get money by doing chores and all kinds of other stuff like getting and doing jobs and, um, You.
Um, and then you can sometimes buy stuff that you want, but it's most important to buy stuff that you need. So, uh, so the next time when you get something else, um, you'll have everything like a car or, um, or the, uh, or food. So after that, you can buy the stuff that you want because first you have to buy the stuff that you need.
Then you have to buy the stuff that you want. That's very important. So do you know what the difference between, um, having money and building wealth? No. Okay. Do you, can you think of one, do, do you know what wealth means? Uh, yeah. Wealth means like, uh, having a lot of money and you're not poor and you don't live on the streets and you have a lot and you have a, like a really big house and a lot of things.
Well, do, you know, some things that it takes to actually build. Um, investing, saving up, um, uh, not buy stuff that, uh, that is ne uh, unnecessary. Um,
and then, and then sometimes you can make, uh, and sometimes you can make reels, uh, for companies. So, uh, so you pay because they can pay you for you to do it. Mm. That's called a brand partnership. And sometimes you work with me on your brand, partner on my brand partnerships, right? Mm-hmm. . And then when I, when we do those brand partnerships, then I'm able to pay you and put that money into your retirement account, right?
Mm-hmm. . So, um, do you invest. Yes. Okay. And, um, when you invest, how do you invest? What does that look like for you? Like for me, I don't really know what a vest really means, but I invest is when you are buying something now that's gonna give you return later, that's gonna help you grow your money for. Okay, because I made money.
Mm-hmm. . So one of the ways that you invest is that you, I let you pick stocks in your brokerage account, right? Oh, yeah. Right? Mm-hmm. . So that's investing because those stocks are likely likely to be worth more in the future. So if you're buying a stock for $5 right now, , it'll probably go grow to a hundred dollars or more later on.
And so that's 20 times your investment in the long run, right? Yeah. So you put away money for now that'll grow for you later, and then you'll have that money for later that you don't necessarily have to work for in the present time. Mm-hmm. . Okay. So what are your, some of your favorite stocks and. Some of my favorite stocks are Nintendo, apple. Tesla. Um hmm. Um, McDonald's. and um, so tell me about one oh in Disney. Disney, okay. Tell me about one of those stocks and why you picked to invest, why you chose to invest in that. So, uh, I chose to invest in Disney because Disney is one of my favorite, uh, uh, companies, uh, uh, because Disney is one of my favorite companies.
Companies, and, um, they, um, have really good parks, really good movies, and, uh, I just love Disney. Okay, AYA, what, what again is your favorite company to invest in? What's your favorite stock? My favorite stock is Apple. Yeah. A Loves Apple. Okay. Any other money lessons or things you think people should know about money?
Mm. Yeah. So what I think people should know about money is that you can't spend, uh, money on everything. Like, you can't just, um, you have to save up your money do get the things that you need before getting the things that you want, because if you don't get the things that you need, uh, um, before then and you get the things that you want, then after, uh, then you're not gonna have a home or a car or any type of, um, And any type of helpful, uh, helpful resources.
Very good. I think that's a very good tip and I think Paula Pant would, uh, appreciate that you can afford anything. Just not everything. That's what you're saying, right? Yeah. Okay. Ia, anything else you wanna tell the people? Anything about money that you wanna talk about? Okay.
And every money to take everything because money is, and be careful with money because it's, and it's made, it's not made out plastic, made out paper, aka uh, aka regular paper, uh, which goes back to trees because trees. Because paper is made out of trees and it also has some cotton in it. But cotton comes from trees as well.
Yes. Okay. And you can remember my best. Who's your best friend? You and Ima. Awesome. All right, you guys, you heard it. I hope you enjoyed our episode about money. I hope you stay tuned for Future Financially Intentional Podcasts. This is just the beginning, you guys, and I can't wait to update these episodes in the future so you can hear how my kids have grown and their understanding around money has changed.
Mommy, joke up. Uh, money Joke up today. Oh yes, go ahead. Na. So, mommy, what, uh, what did the penny say to the other penny? What? We make sense . I love it. Thank you guys so much for listening to the Financially Intentional Podcast. I hope you have a wonderful week and keep on learning and growing about how to build and sustain true.
Hey there I’m Naseema
My dream is for everyone to know that financial independence is attainable with a little intentionality. Learn how I can help you finally break the cycle of living paycheck to paycheck.
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