Tony Steuer Financial Wellness Advocate Talks Kids and Money with Sammy Rabbit: 13 Sammy Rabbit “Gold Karat” Takeaways
by Team Sammy
We had a Sammyriffic Childhood Money Memory podcast and discussion today with Tony Steuer, financial wellness advocate and personal finance author.
Watch the video above or listen to the audio of the interview below!
Plus, below, also find 13 Sammy Rabbit “Gold Karat” takeaways from the podcast!
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About Tony
As a young person Tony enjoyed collecting comic because, listening to records, especially the Grateful Dead, and enjoyed earning money working at the school gym, where he often got to play basketball while working.
"Big" Tony is married and the father of a teenage son.
Career-wise, he is the author of several personal finance books including "Questions and Answers on Life Insurance!"
Tony is also the Head Financial Wellness Advocate at Paperwork, a podcaster and speaker.
Steuer’s mission is changing the way we think about money, so we can all achieve financial wellbeing.
Welcome Tony Steuer Financial Wellness Advocate!
13 Sammy Rabbit Gold Karat Takeaways from Tony Steuer!
(1) In high school, Tony first learned you can earn money and enjoy yourself at the same time.
This is something Tony believes people, especially young people are generally not aware is possible. You can have fun working!
(2) When you like the work you do, you bring excitement and enthusiasm to the experience. That helps you and everyone you come in contact with. It makes for a whole different way of life. You enjoy life so much better.
(3) One sign that you enjoy your work is you often lose track of time as opposed to thinking, "oh boy, is this going to be over yet?"
(4) Tony wishes as a teenager he knew more about the proper use of credit cards. He shared that going into debt is bad because you have to not only pay off the debt, but you need to pay interest on the debt as well. It is much better to earn interest than have to pay interest.
Kids should know there is always a cost for borrowing money from someone else. It's the "inverse" of savings. You have to pay to borrow and use someone else's money. Whereas if you are saving, someone else is paying you.
(5) Something Tony really likes related to teaching his teenage son about money is the time they spend talking about investing.
(6) Tony enjoys sharing a "value" oriented strategy managing money with his son, whether it is investing in stocks or purchasing consumer goods and services.
When you buy stocks seek value. When you spend money look for value!
Checkout the Sammyriffic reading job Tony did!!!
(7) One challenge with his son is getting to take time to think about his spending and ask questions like: Is this a good way to use my money? Is this a good price to pay for something? Is this the right price to pay for something?
Tony and I agree, smart spending is a great habit. Smart spenders asks questions and do comparison trade-offs before buying anything. This is a great habit and skill to teach your children.
(8) Tony and I also talked a little bit about the distinction between "cheap" and "frugal" or "value."
Remember to discuss with kids being frugal and insisting on getting as much value as possible for each penny or dollar you spend is prudent!
Tony and I further discussed how important it is to plan and think about ones spending as well as what we sacrifice to buy things including our time and energy.
(9) Being ready; being prepared is a great habit! Making a habit of saving money has a prepared for good and bad surprises; opportunities and emergencies.
The point of "getting ready" is to think about what you are going to do before you do it.
Email us today to get started: contact@sammyrabbit.com
(10) The one money habit Tony would teach a child is "to learn!" And also be certain to learn "how to" use and "take action" on what you learn.
Sammy Rabbit says: "Learning is a great habit. Be a lifelong learner!"
It was also noted that:
---often those learn more, earn more; and
---the more you learn, frequently the better choices you make.
(11) Money is an essential life skill. No matter what you do in life you are going to be dealing with money. Accordingly, schools should be offering students on personal finance and money management.
You want to be in control of your money instead of having your money in control of you!
(12) As a kid, Tony enjoyed saving for comic books and records. Working allowed me the freedom to buy things I wanted. That made me feel good!!!
(13) Tony and I both think having a family financial discussion hour periodically is a Sammyriffic idea!
Discover more about Tony at:
His website: TonySteuer.com OR at Paperwork
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