Hi. My name is Tracie Shroyer!
I would like to invite you to your very first 401kKid (now AllowanceAcademy.com) video.
Now before we get started, I want to explain the 401kKid pholosophy:
We believe as parents that it’s our job to teach kids the skills they will need to be successful outside of our home because that is the goal, right? That we have great kids who we really love that we want to someday grow up and not live in our basements for the rest of our lives.
Now, if that is not your goal, if you’re trying to figure out how to get your kids to stay with you forever, well it’s best to tell you now: This is not the program for you.
Because we want our kids to be successful, we developed a program that allows them to start managing their money long before they are actually out on their own. It’s based on the common principle of giving kids time to practice a skill in order to fully develop it. I think it’s so ironic that we spend thousands of dollars a year enrolling our kids in lessons that may or may not ever have long term value to them. But we reisist giving them money that they can actually use to practice in a real life way. We encourage them to practice everything else, why not money?
Now I realize that this is a pretty new idea for many of you. In fact, our culture has historically looked at the topic of money as taboo. So we’re encouraging you to think beyond that. And to realize that things have to be different if our kids are going to succeed.
So your task for this week: figure out how much money you spend on lessons for your kids. If you use Quicken or some other type of computer tracking system, this will be easy.
If you don’t use a money tracking system right now, we suggest you start. It’s not just going to make this program, but the rest of your life a whole lot easier.
If your kids are too young for that right now and aren’t really in lessons, choose one or two activities that you think they’d like to participate in in the future. Dance, baseball and gymnastics are all very popular choices. Do the research now to figure out what that is going to cost you in the future. And we don’t mean spend five minutes thinking this over. Sit down with paper pencil and a calculator if you have to and add up the money you spend on lessons.
The second step of this is to figure out how much time your kid spends practicing for those lessons, and how much time you spend driving them back and forth – in real hours. This will take a while, but don’t worry, you have a whole week before I’m going to be checking in on you to see how you’re doing.
If you have a question, you can look right below this video – go ahead and put your question in the comment box and we’ll answer you just as quickly as we can. We really, really love to help.
Good luck, and I’ll see you in a week.