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

Send us a text

#021.  Today’s guest is Andrew Hallam.  We talk about money lessons Andrew experienced growing up, including the importance of learning to earn.  He goes into the number one key he used to build his million dollar portfolio by his late 30’s on a teacher’s salary.  Andrew now travels the world and talks about the observations during those travel experiences with his wife, including how plenty of conventionally successful people appeared less satisfied than those who did not achieve the same levels of money or career advancement.  He provides a 4-part framework on how we should redefine success.  He also gets into the opportunity cost of spending, including an example of how picking up a daily Starbucks coffee on your way to work could represent a $1 million dollar decision.  We discuss the importance of developing awareness around our spending to ensure it is in alignment with our values.  And how we should look a longer lens of time like 30 years when developing realistic expectations around expected investment returns.

We next talk about what parents can do to set their kids up for success including splitting up an allowance into 3 different categories.  And how allocating allowance this way can teach delayed gratification skills.  We also dive into the main benefits of assigning chores to kids and how chores actually might be a predictor of whether your children are successful.  We review the strategies Andrew himself used in teaching young people about personal finance in allowing self-discovery, rather then telling them what to do.  And we finish with a discussion into 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.

Show notes and more at:

https://moneydadpodcast.com/session021

Support the show