Financial Planning: ”How do we find the money to afford children?”

Summary

 

It’s important to have faith and adopt a mindset of knowing that things will work out when it comes to having confidence in affording children.  It’s also important to be satisfied with what you have and appreciating the present moment, rather than focusing on what you don't have. That foundation keeps us from going outside ourselves to seek what we desire which leads to overspending and all kinds of other stress.

 

Things change over time, and you'll be able to provide more and more for your children as your resources expand. Breaking a generational curse is not about giving children material things, but rather passing along emotional intelligence. 

 

Chapters

 

| **Timestamp** | **Summary** |
| ------------- | ----------- |
| 0:00:01 | Introduction to the podcast and topic of discussion |
| 0:00:30 | Disclaimer about investment risks and advice to consult a financial advisor |
| 0:00:46 | Emotional approach to affording children: having faith that things will work out |
| 0:01:55 | Practical approach to affording children: Warren Buffet's example of renting an inexpensive apartment and using a drawer as a crib |
| 0:04:54 | Having the mindset of knowing that things are going to work out and being willing to do what you need to do to make ends meet |
| 0:06:03 | Being satisfied with where you are today and allowing the picture to fill in through inspiration, ideas, and intuition |
| 0:06:52 | Focusing on the positive aspects of what you want and being satisfied with what you have |
| 0:07:29 | When you are not satisfied with where you are currently, you are shutting your mind down to ideas and opportunities that can make things better |
| 0:09:22 | Appreciating the beauty of the process of life and being easy about it |
| 0:10:27 | Making adjustments, passing emotional intelligence, and breaking generational curses |
| 0:11:01 | Disclaimer about Stone Hill Wealth Management and consulting a qualified financial advisor before implementing any strategy discussed herein |

Quotes

- "Once you have faith, which you can call it love, you can call it faith, you can call it feeling good, you can call it satisfaction, you can call it appreciation, I'm just going to call it faith… But when you have a confident feeling that things work out you open up your genius." (0:03:13)

- "If you can just be satisfied…be happy where you are today." (0:06:03)

- "The way you break a generational curse is not to give them (children)  stuff. It breaks by passing along emotional intelligence." (0:10:27)

 

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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.