Balance: How to Help Your Children Succeed with Andrew Hallam, Episode 021

Today’s guest is Andrew Hallam.  Best-selling author Andrew provides a four-part framework on how we should redefine success.  And talks about what parents can do to set their kids up for success.

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Today’s Guest

Andrew Hallam

Andrew is a Personal Finance Journalist and one of the world’s best known Investment speakers on financial independence.  He is also an international best-selling author of “Millionaire Teacher”, “Millionaire Expat” and his latest book “Balance: How To Invest and Spend For Happiness, Health and Wealth”.  

Profiled on such media as CNBC, and The Wall Street Journal, Andrew’s also the first person to have a #1 selling finance book on Amazon USA, Amazon Canada and Amazon UAE. He has written columns for The Globe and Mail, Canadian Business, MoneySense, Swissquote and AssetBuilder. Since 2016 he has spoken at businesses and international schools in over 30 different countries.

• Follow Andrew Hallam |  Website
• Purchase Andrew’s latest book “Balance: How To Invest and Spend For Happiness, Health and Wealth” on Amazon Canada [Amazon Affiliate Link]

You’ll Learn:

• Money Lessons that Andrew had growing up and the importance of learning to earn
• When Andrew started investing at 19 years old and the number one key he used to build a million dollar portfolio by his late 30’s
• The magic of dollar cost averaging concept taught to him by a millionaire dollar mechanic
• Andrew’s observations during his travel experiences, including how plenty of conventionally successful people appeared less satisfied than those who did not achieve the same levels of money or career advancement
• The inspiration behind writing his latest book “Balance”, including defining success in terms of life satisfaction, rather than traditional ways of defining success
• How Andrew defines the four quadrants of success
• The opportunity cost of spending, including an example of how picking up a daily Starbucks coffee on your way to work represents a $1 million dollar decision
• How spending should align with your values and developing awareness around that makes sure your spending is aligned with your values
• The importance of developing realistic expectations around expected investment returns when viewed through a long-term lens of time like 30 years
• What parents can do to set their kids up for success including splitting their allowance into 3 different categories
• How teaching our kids about giving and helping others adds to their power
• How allocating allowance can teach delayed gratification skills
• The research around the infamous Marshmallow test research, and how delayed gratification can be trained
• The main benefits of assigning chores to kids and how chores might be a predictor of whether your children are successful
• Strategies Andrew used in teaching young people about personal finance.  Rather than telling them, he would “lead from behind” to allow for self-discovery
• The research around whether parents should pay for their children’s post-secondary education and how that can be a predictor of success in the child

Resources

• Asset Builder, US based low-cost advisor
• Portfolio Visualizer, online software platform
• Quiet: the Power of Introverts in a World That Can’t Stop Talking, by Susan Cain
• Follow and tag moneydadpodcast on Instagram to comment on topics and ideas discussed during the episode that resonated with you or share with a friend

Thanks for listening!

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Thanks to Andrew for joining me this week! 

In case you missed it, make sure to catch up on last week’s episode “Episode 020: Giving Hands-On Financial Knowledge to our kids with Deborah McMillan”!