Summary In this episode, we explore the concept of generational wealth and the importance of intentional financial parenting. The discussion emphasizes the need to instill financial values, habits, and mindsets in children from an early age. Key topics include raising wealth-minded kids, understanding the difference between assets and liabilities, the balance between legacy and entitlement, and the significance of personal responsibility in financial matters. The conversation culminates in the importance of designing a family wealth blueprint that fosters multi-generational wealth with intention. Contact Jessilyn and Brian Persson | Weekend Wealth Investments: Website: weekendwealth.caInstagram: weekend.wealthFacebook: Weekend Wealth InvestmentsLinkedin: Weekend Wealth Investments Chapters 00:00Raising Wealth-Minded Kids 09:25Legacy vs. Entitlement 19:17Designing a Family Wealth Blueprint Transcript Jessilyn Persson (00:00) Welcome to the Light by Design Podcast, we're Jessilyn and Brian Persson struggling to align your financial goals or confidently invest in real estate as a couple. Brian Persson (00:18) That's why we created this podcast and the Riches Relationships and Real Estate program to help you build wealth and strengthen your relationship. Visit weekendwealth.ca to take our quiz and discover your real estate investor type. Let's create the life you deserve together. Jessilyn Persson (00:35) Welcome to today's episode where we're diving into a topic that reaches far beyond dollars and cents, generational wealth and intentional financial parenting. This isn't just about passing down assets. It's about passing down mindsets, values, and habits that create empowered, financially capable generations. We'll explore how to raise wealth-minded kids, how to pass on legacy without entitlement, and how to design a family wealth Brooklyn that lasts. Because true wealth isn't just about what you build. It's about what you build into your family. And so today we're going to start with raising well-minded kids and stealing financial values early. Brian Persson (01:21) Yeah, and I think this is probably the most important part about generational wealth because obviously your kids are the next generation and if they don't understand wealth and they don't understand how to manage it, grow it, keep it, then it is going to disappear very, very quickly. Jessilyn Persson (01:39) Yeah, and I know we talk quite openly about money in our house and real estate and investing. So our kids at some level understand all of that. And while we haven't, I think, gone too deeply in some of these things, they definitely know, I believe, the difference between assets, which is our real estate, and we have other investment assets that we haven't talked about, but they definitely know real estate. They know income because they know I work a full-time contract. And that's the money that's the day to day, pay the bills kind of a thing. And then liabilities, which can be a tricky one depending on age appropriateness of our kiddos, right? But I think we have definitely over time explained, you know, like our vehicle, like, cause you know, they come home and they're like, they're like, well, my friends have like three vehicles and they have toys like quads, skadoos, like all boats. And we're like, great, but those are liabilities. not exactly assets that we choose to invest in real estate instead of all those toys and vehicles. Brian Persson (02:42) Yeah. And I mean, you say that income assets and liabilities are perhaps complicated subjects, but we truly believe in like teaching them as early as possible because even if they don't understand what the idea of a liability is that say nine or 12 years old, well, they've heard the word. Now they get into their teens and they're, you know, they're 18, 19, 20 years old now, and they've heard this word. right? Or these words, assets and liabilities over and over and over again. Well, that repetition is already ingrained into their head and suddenly they'll get it. So imagine it's kind of like learning math, learning basic algebra, you know, when you're, when you're like quite older, you're, you're, now you're starting at 20 to take the 12 years of schooling that is going to take you to learn all the math. Instead, they, start you at grade one and, and now you learn all your math. We believe in just starting earlier so that there's less barriers going into the future of what they have to learn. Jessilyn Persson (03:45) Absolutely, and it also teaches them the responsibility of money. when they ask for something, ⁓ we evaluate the cost of it. And sometimes, if it's like, ⁓ it would be like, okay, this is what it's going to cost. Are you willing to pay for that? And our oldest, who is a little bit more into just buying things, he's always like, yeah, yeah, I'll buy it, I'll do this. But then we're like, okay, but it's going to take the cost of your four weeks. of doing your paper route to buy that asset or that Lego, I should say, it's not an asset. And that's when he'll be like, ⁓ wait, I gotta work for four weeks on my paper route to get that. Then he really considers, it worth the effort for the toy? Brian Persson (04:31) That's a lot more effort than he thought it would be. And you can start quite early. I remember when they were even younger than nine and 12, which they are right now, we would equate not so much money, but like things they understood, like Lego sets. So as you were saying, our oldest, he's very much into Lego. And when he wanted something, we would be like, okay, well, do you understand that that's the equivalent of like 15 Lego sets? And he's like, what? that many Lego sets and he didn't understand the value of a dollar, but he understood the value of how much he could get out of it for his toys. so the number representation was still there and he could understand the volume of what he was asking. Jessilyn Persson (05:18) Yeah, yeah, build in, you know, in this, build a healthy relationship with money and we talk quite openly about scarcity versus abundance on our podcast. And, and when we speak in public and our kids are aware, cause I, you know, there's times where they'll say things and then I, know, do the old, what all parents do, bring up my past. I like when I was a kid, right. And I share what I had to do on the farm and they, Because they've never experienced it, they'll be kind of like, yeah, okay, whatever, mom, no big deal. But then when I explained the magnitude of it, like, I'm like, when I mowed the lawn, it took three days. They'd be like, what? I'm like, and when I finished, I had to start over. Like, that's just how fast the grass and how much grass we had on the farm. For them, when they see like our lawn, which is maybe 30 minutes to mow, once a week, at least when I can relate time, I think time's a good thing for kids at this age.
