Today’s guest is Will Rainey. On today’s show, I chat with Will about how his own habit of saving and investing has allowed him to take a mini-retirement in Vietnam. We discuss the key themes and analogies that he uses in both his published Grandpa’s Fortune Fables book as well as his blog, and how these stories and analogies can be shared with kids to make it engaging, fun and memorable to learn about money concepts and lessons. We talk about the 3 rules of wealth, dive into the rich vs. wealthy mindset, how the home you live in is not an asset, the lessons around investing and how to use the storm analogy to teach kids about risk and diversification.
Today’s Guest
Will Rainey
Will is a writer, an award-winning blogger and speaker focused on helping parents teach their kids about money. He is an author, recently publishing the children’s book, Grandpa’s Fortune Fables, a book that teaches 7-13 yrs old kids about money and wealth using fun stories. His financial education website, bluetreesavings, has helped thousands of parents start talking to their kids about money. Will is based in Vietnam, and also the father of 2 daughters.
- Will Rainey | Instagram
- Blue Tree Savings | Website
- Purchase his Grandpa’s Fortune Fables book [Amazon Affiliate link]
You’ll Learn:
- The powerful lesson that Will’s parents taught him about money when retiring early
- The one simple statement that had a big impact on why Will decided to pivot away from the corporate world to spend more time with his kids
- How the initial conversations with his daughters about money led to teaching kids about money through stories
- How Will’s habit of saving and investing allowed him to take his mini-retirement in Vietnam
- The big cultural differences he has seen while growing up in the Western and Eastern world of the way kids think about money and the powerful lesson his daughters have seen in Vietnam with breaking the link between money and happiness
- The inspiration behind his book, Grandpa’s Fortune Fables
- The key themes of his book and some of the key analogies using seeds, trees, and growing your financial forest that can be used to teach our kids about important money lessons
- The three rules of wealth (saving, investing, patience) and the analogies you can use to teach your kids about these rules
- What the superpower of the wealthy is
- The difference between the rich and wealthy mindset and how you can use stories and Ritchie Raccoon and Wealthy Wallaby characters in the book to teach your kids to understand the difference
- Why the home you live in is not an asset and the analogy of the purple trees and the lessons around that for children to ensure they are putting their money into other assets to produce income
- The lessons around investing that we should be sharing with our kids and the example parents can use to talk about it
- Why teaching kids that investing should not be scary will help them get into the mindset of being an owner, rather than a consumer
- How the storm analogy can be used to teach kids about risk and diversification
- How the stories he writes on his blog help kids remember money concepts as well as help parents learn about the concepts themselves in an enjoyable and engaging way
- How developing the habit of saving can change the trajectory of your child’s entire financial future
Resources
- The Richest Man in Babylon by George S. Clason [Amazon Affiliate link]
- The Millionaire Next Door: The surprising secret’s of America’s Wealthy by Thomas J. Stanley [Amazon Affiliate link]
- Rich Dad’s Cashflow Quadrant: Rich Dad’s Guide to Financial Freedom by Robert Kiyosaki [Amazon Affiliate link]
- 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 Will for joining me this week!
Make sure to catch up on last week’s episode “Episode 006: Gamifying Financial Literacy and Education with Pam Liyanage”!
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