What is the money for?
00:00:01.33\00:00:02.80
Is it a helpful
resource to use for good?
00:00:02.83\00:00:05.67
Or is the love of it
the root of all evil?
00:00:05.70\00:00:08.44
Actually, it's both.
00:00:08.47\00:00:10.17
But God may have a
different definition of success.
00:00:10.21\00:00:13.54
Real success
doesn't come overnight.
00:00:13.58\00:00:16.21
It takes hard work
and faithful planning.
00:00:16.24\00:00:20.38
To use your dollars well,
00:00:20.42\00:00:22.12
it takes more
than a little sense.
00:00:22.15\00:00:26.09
Hello, and welcome
to Dollars and Sense.
00:00:26.12\00:00:28.36
I'm Yvonne Lewis.
00:00:28.39\00:00:29.72
And I'm the
co-host for this program.
00:00:29.76\00:00:31.59
Our primary host is Ryan Mack.
00:00:31.63\00:00:34.20
Ryan is a
financial literacy expert,
00:00:34.23\00:00:36.60
author, speaker, teacher.
00:00:36.63\00:00:38.53
He just does it all.
00:00:38.57\00:00:39.90
Hey, Ryan, what's up?
00:00:39.97\00:00:41.30
It's a good day today.
00:00:41.34\00:00:42.67
It's a good day. It is.
00:00:42.70\00:00:44.17
The Lord is
blessing and we're here.
00:00:44.24\00:00:46.81
You got great information.
00:00:46.84\00:00:48.18
What are we
gonna talk about today?
00:00:48.21\00:00:49.58
Well, today is a very
special occasion for me.
00:00:49.61\00:00:52.35
Okay.
00:00:52.38\00:00:53.75
'Cause we have a special
guest in our video segment.
00:00:53.78\00:00:56.72
And it's my mother.
00:00:56.75\00:00:58.22
Oh, nice.
00:00:58.25\00:00:59.59
And I owe a lot to my mother.
00:00:59.62\00:01:01.02
And I think that what she did
00:01:01.06\00:01:03.16
because I guess
being the financial expert,
00:01:03.19\00:01:06.39
she instilled in
me a lot of things
00:01:06.43\00:01:09.26
that led a light unto my path.
00:01:09.30\00:01:11.93
And so that's why I
chose the scripture today
00:01:11.97\00:01:14.60
to be Psalm 119:105 that says,
00:01:14.64\00:01:19.04
"Thy word is a
lamp unto my feet,
00:01:19.07\00:01:21.48
and a light unto my path."
00:01:21.51\00:01:23.91
And I think that it's imperative
00:01:23.95\00:01:26.68
that our parents began to start
instilling within our children
00:01:26.72\00:01:30.45
principles of
physical responsibility.
00:01:30.49\00:01:32.25
This is where I
first learned about
00:01:32.29\00:01:34.36
physical responsibilities,
00:01:34.39\00:01:35.72
this is where a
lot of individuals
00:01:35.76\00:01:37.09
get their first exposure
to all these life skills.
00:01:37.13\00:01:40.66
And so I'm just excited to
just hear our conversation.
00:01:40.70\00:01:44.60
And she led the
conversation as normal,
00:01:44.63\00:01:46.37
I just let her lead the way.
00:01:46.40\00:01:49.24
And it was a good day.
00:01:49.27\00:01:51.77
That's great, that's great.
00:01:51.81\00:01:53.14
It is so important to
teach our children about money.
00:01:53.17\00:01:56.31
Yes.
00:01:56.34\00:01:57.68
And many times, we
weren't taught about money
00:01:57.71\00:02:00.52
and our parents
weren't taught about money,
00:02:00.55\00:02:03.05
so on and so forth,
00:02:03.08\00:02:04.42
like the book
"Rich Dad, Poor Dad".
00:02:04.45\00:02:05.79
Right.
00:02:05.82\00:02:07.16
You know, so if we don't,
if we don't teach our kids,
00:02:07.19\00:02:10.76
the first thing is we
gotta learn about it ourselves
00:02:10.83\00:02:12.66
so that we can teach our kids.
Yeah, you're right. Absolutely.
00:02:12.69\00:02:14.40
And then, we
share with our children
00:02:14.46\00:02:16.46
what we learn
00:02:16.50\00:02:17.83
because it's just
critical that we learn.
00:02:17.87\00:02:20.74
It's very valuable point.
00:02:20.80\00:02:22.14
A lot of times in
teaching physical responsibility
00:02:22.17\00:02:24.21
and I've done a lot of work
with youth as well as adults.
00:02:24.27\00:02:27.68
And when I go
into various schools,
00:02:27.71\00:02:29.51
I would organize with the
parent-teacher association
00:02:29.54\00:02:32.28
to say, "Hey, let me
bring some of your parents,"
00:02:32.31\00:02:34.92
and many of them
have never been exposed
00:02:34.95\00:02:36.85
to very basic principles.
00:02:36.89\00:02:38.82
And I remember one time,
00:02:38.85\00:02:40.42
we were doing some
programming with some youth
00:02:40.46\00:02:42.39
and they went home and
they came back the next day
00:02:42.42\00:02:45.13
for the second
day of programming.
00:02:45.16\00:02:46.49
And the couple of the kids
had notes from their parents
00:02:46.53\00:02:49.26
saying, "How come we don't
get this information ourselves?
00:02:49.30\00:02:52.20
'Cause now our children
gotta learn more than we do."
00:02:52.23\00:02:54.44
So it's just imperative
that we just take sometime
00:02:54.47\00:02:57.97
to again understand
how the scripture relates
00:02:58.01\00:03:02.21
to physical responsibility
00:03:02.24\00:03:03.78
and use that as an
inspiration to say,
00:03:03.85\00:03:06.48
"Let us further learn
about these tools and principles
00:03:06.51\00:03:10.42
that we've been inspired
00:03:10.49\00:03:11.82
to attain by
just using scripture.
00:03:11.85\00:03:13.76
I'm looking
forward to checking out
00:03:13.79\00:03:15.29
what your mom says on the video.
00:03:15.32\00:03:17.36
She did a good job by the way.
00:03:17.43\00:03:18.76
A little by so, I
made you see it as well.
00:03:18.79\00:03:21.43
Great, let's take a look.
00:03:21.46\00:03:22.80
All right.
00:03:22.83\00:03:24.17
Welcome to another
episode of Dollars and Sense.
00:03:29.74\00:03:32.61
And my name is
Ryan Mack, your host.
00:03:32.64\00:03:34.28
And I have with me
today a very special guest,
00:03:34.31\00:03:36.85
my mother, Karen Mack Wells,
00:03:36.91\00:03:39.71
who is a large reason
that I'm your host today,
00:03:39.75\00:03:44.19
a large reason why my brother
is doing what he's doing today.
00:03:44.25\00:03:48.26
And very physically
responsible individuals.
00:03:48.29\00:03:50.83
And the show today is
really all about making sure
00:03:50.89\00:03:53.29
that how parents
can teach their children
00:03:53.36\00:03:56.43
about the importance of
physical responsibility.
00:03:56.46\00:03:58.43
And what better way
than to bring my mother
00:03:58.47\00:04:01.00
who taught me a lot about this.
00:04:01.04\00:04:02.57
So our scripture for today
is Psalm 119:105 which says,
00:04:02.60\00:04:08.38
"Your word is a lamp to my feet,
00:04:08.41\00:04:10.55
and a light for my path."
00:04:10.58\00:04:13.28
Now, Mom, as it
relates to financial literacy,
00:04:13.31\00:04:17.52
does that
scripture resonate with you,
00:04:17.59\00:04:20.59
and how so?
00:04:20.66\00:04:21.99
First of all, thank you
very much for having me today.
00:04:22.02\00:04:23.86
Absolutely. I'm
please to be on your show.
00:04:23.93\00:04:26.73
Yes, it does, very much so.
00:04:26.80\00:04:28.30
Because
throughout your childhood,
00:04:28.33\00:04:32.20
my responsibility
was to create a pathway
00:04:32.23\00:04:35.97
to guide you and
your brother into lights
00:04:36.00\00:04:39.64
that would be
physically responsible.
00:04:39.67\00:04:42.88
And so there are many
things that I remember
00:04:42.91\00:04:47.58
that you did for us
that resonated with me.
00:04:47.62\00:04:51.69
I remember starting my
job when I was eleven and half
00:04:51.72\00:04:55.09
as a paper route and
eventually it was caddie.
00:04:55.12\00:04:59.33
What are some of the
things that resonated with you
00:04:59.36\00:05:01.50
that you did intentionally
00:05:01.53\00:05:03.87
to make sure that
physical responsibility
00:05:03.90\00:05:06.97
was deeply embedded within us?
00:05:07.04\00:05:10.41
Well, one of the primary factors
00:05:10.44\00:05:13.78
that played a role in my plan
00:05:13.81\00:05:16.88
and how you all were taught
00:05:16.95\00:05:20.02
was the fact that we
had very little money
00:05:20.05\00:05:23.49
when you were growing up.
00:05:23.52\00:05:24.85
And so my goal
was to share with you
00:05:24.89\00:05:31.19
what you had to do in
order to deal with the fact
00:05:31.23\00:05:36.63
that you didn't
have a lot of money
00:05:36.67\00:05:38.30
and go on to school
00:05:38.33\00:05:39.90
so that eventually
you could have more money.
00:05:39.93\00:05:43.97
I remember going
into grocery stores
00:05:44.01\00:05:46.64
and having you and your brother
00:05:46.68\00:05:50.11
longingly look at
things like potato chips and...
00:05:50.15\00:05:54.32
We wanted all the good stuff.
00:05:54.35\00:05:55.68
You wanted all the good stuff.
00:05:55.72\00:05:57.05
You didn't want
all the healthy stuff.
00:05:57.09\00:05:59.15
And so, but I had to say to you,
00:05:59.19\00:06:02.92
you know, we have
X amount of dollars
00:06:02.96\00:06:07.13
and that's how
much we have to spend.
00:06:07.13\00:06:09.93
And if we buy the
potato chips and the candy,
00:06:09.96\00:06:13.84
we can't buy the healthy things.
00:06:13.87\00:06:17.51
We can't buy the things
00:06:17.54\00:06:18.87
that we can eat
for two and three days
00:06:18.91\00:06:21.51
and not just
have a bag of chips.
00:06:21.54\00:06:24.25
So that was kind of
a beginning of what,
00:06:24.28\00:06:27.82
you know, you
learned as you were shopping.
00:06:27.85\00:06:31.79
I also remember the
job that you refer to.
00:06:31.82\00:06:37.16
The job was as a caddie.
00:06:37.23\00:06:41.56
I don't know if you remember,
00:06:41.60\00:06:42.93
you didn't like
being paper boy that much.
00:06:42.96\00:06:44.67
No, I didn't like it at all.
00:06:44.70\00:06:46.80
The money was not that
good, there's lot of work.
00:06:46.84\00:06:49.27
I didn't like, I
didn't like it at all.
00:06:49.30\00:06:51.01
It was the worst.
00:06:51.04\00:06:52.37
Well, then you got the
position as a golf caddie.
00:06:52.41\00:06:56.38
And it was a good position.
00:06:56.41\00:06:59.65
You made a little bit of money.
00:06:59.68\00:07:01.58
But again, the lesson
that I tried to convey
00:07:01.62\00:07:06.65
was you don't spend all
of your money in one place.
00:07:06.69\00:07:13.26
In other words, you have to make
00:07:13.29\00:07:15.36
certain that your
money goes a long way.
00:07:15.40\00:07:17.63
Because you had us buying a
lot of our own school clothes
00:07:17.67\00:07:20.74
even back then. Yes, yes.
00:07:20.77\00:07:22.10
You bought your school clothes
and you washed your clothes.
00:07:22.14\00:07:24.91
You did the wash. Yeah.
00:07:24.94\00:07:27.71
Mainly because you didn't like
00:07:27.74\00:07:29.08
the way I washed your blue jeans
00:07:29.11\00:07:30.55
but that was okay.
00:07:30.58\00:07:32.18
But you did buy your things.
00:07:32.21\00:07:35.48
I went to resell shops to buy.
00:07:35.52\00:07:40.79
I knew that I wanted to
wear nice things to work.
00:07:40.86\00:07:46.03
I knew that I
couldn't afford them.
00:07:46.06\00:07:47.93
So I would go to
Somerset Saks Fifth Avenue.
00:07:47.96\00:07:51.97
Which is the half
affluent type store.
00:07:52.00\00:07:54.14
That's right. That's right.
00:07:54.20\00:07:55.54
And I walked through this so
called higher affluent store.
00:07:55.57\00:07:59.14
And I saw what
they were selling.
00:07:59.17\00:08:01.08
And then I
immediately went back,
00:08:01.11\00:08:03.11
left there, went
to the resale shop
00:08:03.14\00:08:05.08
and got not the same things
00:08:05.11\00:08:07.65
but similar things
from the resale shop.
00:08:07.68\00:08:11.25
I used to buy
things from the resale shop
00:08:11.29\00:08:13.39
for you and your brother.
00:08:13.42\00:08:16.12
But again, you didn't wanna
wear resale clothes so I...
00:08:16.16\00:08:20.23
We were too satiety for that.
00:08:20.26\00:08:21.56
Yeah, you did not like that.
00:08:21.60\00:08:24.40
And so I used to buy stuff
and put them in cleaning bags.
00:08:24.43\00:08:29.00
And then bring them
home to you and say,
00:08:29.04\00:08:31.24
"Look what I went and
bought at the store today.
00:08:31.27\00:08:34.38
Look at this beautiful sweater."
00:08:34.41\00:08:37.05
And you all, because you
thought it was brand new,
00:08:37.08\00:08:39.45
you liked it and you
wore. You would fool us.
00:08:39.48\00:08:41.55
I would. I would.
00:08:41.58\00:08:42.92
I fooled you
00:08:42.95\00:08:44.29
because I knew that
my money could go further
00:08:44.32\00:08:47.86
in a resale shop
00:08:47.89\00:08:49.22
than it ever could have
gone in the Saks Fifth Avenue.
00:08:49.26\00:08:51.39
Never once I could have
gone to Saks Fifth Avenue.
00:08:51.43\00:08:53.70
But the less it was,
00:08:53.73\00:08:57.23
here's what we have,
00:08:57.27\00:09:00.07
here's the
amount of money we have.
00:09:00.10\00:09:02.14
And we talked about this.
00:09:02.17\00:09:04.34
Here's the
amount of money we have.
00:09:04.37\00:09:06.01
Do we use it to go and buy
one pair of designer gym shoes
00:09:06.04\00:09:12.71
or do we buy one pair
of non designer gym shoes
00:09:12.75\00:09:17.62
and a sweater to go with it.
00:09:17.65\00:09:19.42
I still remember
Mr. Alan's two for fifty
00:09:19.45\00:09:22.82
and all those shoes.
00:09:22.86\00:09:24.19
I mean, we used
to get shoes for $10
00:09:24.26\00:09:25.79
and pay less and
all sorts of things.
00:09:25.83\00:09:27.40
And we still do a lot for it,
00:09:27.46\00:09:29.60
that kind of where it
started from, wasn't it?
00:09:29.63\00:09:31.67
Well, yeah.
00:09:31.70\00:09:33.34
You know, you
decided at very young age
00:09:33.37\00:09:37.24
because that was
what I made you decide
00:09:37.31\00:09:42.31
that you were
gonna have more money
00:09:42.34\00:09:46.11
to spend if you
bought this one item
00:09:46.15\00:09:51.12
and then you'd
have some leftover
00:09:51.15\00:09:52.79
rather than
buying a designer this
00:09:52.82\00:09:55.09
or designer that.
00:09:55.12\00:09:56.52
So the two of you were raised
00:09:56.56\00:09:59.53
literally not
having any designer things.
00:09:59.56\00:10:03.57
So it became more less about...
00:10:03.63\00:10:06.30
It became more
about the saving principle
00:10:06.33\00:10:08.10
than it did about the brand
the we were actually wearing
00:10:08.14\00:10:10.51
which is still why to this day,
00:10:10.57\00:10:11.91
I've never been too excited
about getting a brand name
00:10:11.94\00:10:16.08
where I've never really been,
00:10:16.11\00:10:17.61
I guess, hip to the
new styles coming out.
00:10:17.65\00:10:20.48
That was because
of all those things
00:10:20.52\00:10:22.02
that you were teaching
us way back then, wasn't it?
00:10:22.05\00:10:24.32
Right, it was.
00:10:24.35\00:10:25.69
And you all took to
the lessons very well.
00:10:25.72\00:10:29.29
And I don't know
how much time we have,
00:10:29.32\00:10:33.56
but I'll talk about
the time you went shopping
00:10:33.60\00:10:35.86
with one of your first
paychecks from the caddie job.
00:10:35.90\00:10:39.50
And I sent you
out with your brother.
00:10:39.53\00:10:42.74
And I said to you,
"Make your money work.
00:10:42.77\00:10:47.21
Make your money wiser.
00:10:47.24\00:10:48.74
Spend your money wisely."
00:10:48.78\00:10:51.38
And so you took the money out
00:10:51.41\00:10:54.32
and your brother took with you.
00:10:54.35\00:10:57.15
And you came back with two
of the most horrible outfits
00:10:57.22\00:11:02.72
that I have
ever seen in my life.
00:11:02.76\00:11:04.13
Yeah, I bought a Duke blue devil
00:11:04.16\00:11:06.70
and Universal
Michigan short sets.
00:11:06.73\00:11:09.63
And I bought them on the corner
of Eight Mile And Greenfield,
00:11:09.66\00:11:13.23
literally on the street.
00:11:13.30\00:11:15.27
And they were cheap,
00:11:15.30\00:11:16.67
they were cheap
but they were ugly.
00:11:16.71\00:11:19.31
And I was proud
of those outfits.
00:11:19.34\00:11:21.14
That was my first, I
remember those outfits.
00:11:21.18\00:11:23.95
Well, your brother and
I and you talked about it
00:11:24.01\00:11:28.32
when you got
back with the outfits
00:11:28.35\00:11:29.92
'cause I looked at
them and I thought,
00:11:29.95\00:11:33.42
you know, you
learned the lesson well.
00:11:33.46\00:11:36.49
You didn't go out and
buy something from Hudson's
00:11:36.52\00:11:42.06
or Macy's or whatever
00:11:42.10\00:11:43.90
where you would
not have a lot to buy.
00:11:43.93\00:11:47.27
You bought two outfits
00:11:47.30\00:11:49.10
where as had you
gone to the Hudson's
00:11:49.14\00:11:50.97
you would've only
had maybe money for one.
00:11:51.01\00:11:53.44
Can't get any cheaper
than buying on the street.
00:11:53.51\00:11:55.51
No, you did.
00:11:55.54\00:11:56.88
And it was clear that
that's where you got it from.
00:11:56.91\00:12:00.45
But that's where
you begin to learn
00:12:00.52\00:12:04.09
that it was more important
to make your money go longer
00:12:04.12\00:12:09.22
so that you could
buy one or two items
00:12:09.26\00:12:13.50
as opposed to
one expensive item.
00:12:13.53\00:12:17.57
And you and your brother have
maintained that throughout all
00:12:17.60\00:12:20.50
of these years.
00:12:20.54\00:12:22.94
Well, I gotta say,
Momma, I wanna say thank you.
00:12:22.97\00:12:25.94
You're certainly welcome.
00:12:25.97\00:12:27.34
For all of the
principles and tools.
00:12:27.38\00:12:29.41
I'm sure that viewers
of the Dollars and Sense
00:12:29.44\00:12:33.48
hopefully will
pick up on some things
00:12:33.52\00:12:34.92
and will be in the studio
00:12:34.95\00:12:37.49
giving some
further tips on strategies
00:12:37.55\00:12:39.52
but all of these things,
00:12:39.55\00:12:41.76
I mean, it is really living
your life in a biblically base
00:12:41.79\00:12:45.79
that you put in
these principles within us.
00:12:45.83\00:12:48.20
So I wanna say I
appreciate you for that.
00:12:48.23\00:12:50.10
Well, I appreciate the two
of you for being the kind of
00:12:50.13\00:12:52.20
people that you are.
00:12:52.23\00:12:54.60
I'm exceptionally
proud of the two of you.
00:12:54.64\00:12:57.57
You are the one thing
that makes me feel very good
00:12:57.61\00:13:02.78
about what I've done,
00:13:02.81\00:13:04.15
whatever that is.
00:13:04.18\00:13:05.51
And I thoroughly enjoy that.
00:13:05.55\00:13:07.32
But I just have
one other thing to say
00:13:07.35\00:13:09.22
is you didn't
wear designer things
00:13:09.25\00:13:11.59
but you didn't mind not
wearing designer things.
00:13:11.62\00:13:13.56
No.
00:13:13.59\00:13:14.92
Because you knew that
you were saving money.
00:13:14.96\00:13:18.36
And that was the
rational that we had...
00:13:18.39\00:13:20.60
That's the biggest principle,
how much money can we save.
00:13:20.63\00:13:23.16
And so you said,
00:13:23.20\00:13:25.23
"I can go without
wearing designer gym shoes
00:13:25.27\00:13:29.17
because I know
I'm saving some money
00:13:29.20\00:13:32.41
or I know I'm
spending my money wisely."
00:13:32.44\00:13:35.31
And that was important.
00:13:35.34\00:13:39.08
Yeah, you have it, a
message from my Momma.
00:13:39.11\00:13:42.75
See you back in the studio.
00:13:42.78\00:13:44.15
That was so good.
00:13:47.89\00:13:50.59
That was my mother.
00:13:50.63\00:13:51.96
Wow.
00:13:51.99\00:13:53.33
I really, I love
some of the stuff,
00:13:53.36\00:13:55.16
the lessons that she taught you.
00:13:55.20\00:13:57.10
You know, one was
the value of work.
00:13:57.13\00:14:00.44
Yes, absolutely.
00:14:00.47\00:14:02.67
She gave you a work ethic early.
00:14:02.70\00:14:06.01
And that's important
00:14:06.04\00:14:07.38
because we have
to show our children
00:14:07.41\00:14:09.21
that they have to
work for their money.
00:14:09.24\00:14:12.55
Money doesn't grow on trees.
00:14:12.58\00:14:14.02
Your mom can I
have money for this,
00:14:14.05\00:14:15.38
mom or dad, can I
have money for that.
00:14:15.42\00:14:17.59
It doesn't grow on trees.
00:14:17.62\00:14:18.95
You teach your
children how to work.
00:14:18.99\00:14:21.69
She taught you how to work.
00:14:21.72\00:14:23.36
The other thing
is she taught you
00:14:23.43\00:14:25.16
that I saw from there
00:14:25.19\00:14:28.06
is the value of saving.
00:14:28.10\00:14:29.96
You know, saving money
00:14:30.03\00:14:31.37
like not spending so much
is differed gratification.
00:14:31.40\00:14:35.97
I don't have to
have this right now.
00:14:36.00\00:14:38.81
I don't have the money right now
00:14:38.84\00:14:40.58
but I can earn some
money to get some things.
00:14:40.64\00:14:43.41
So she taught you
the value of saving.
00:14:43.45\00:14:47.38
And she also taught
you the value of money,
00:14:47.42\00:14:50.69
and putting it in
its proper perspective.
00:14:50.75\00:14:53.62
And I just, like
that is just great.
00:14:53.66\00:14:56.12
I just thought she was great.
00:14:56.16\00:14:57.49
We had a good time
doing that interview.
00:14:57.53\00:14:59.23
And just going down memory lane
00:14:59.26\00:15:00.96
is just, really just
pulling out a lot of nuggets
00:15:01.00\00:15:05.80
of what she had done.
00:15:05.83\00:15:07.90
Again, I had
previously over the years
00:15:07.94\00:15:11.14
since I've gotten more matured,
00:15:11.17\00:15:12.84
really just thinking
back on a lot of things
00:15:12.87\00:15:14.71
that we had to go through
00:15:14.74\00:15:16.08
and what, as a parent
she was going through.
00:15:16.11\00:15:18.81
And really just
taking in those life lessons.
00:15:18.85\00:15:21.55
And I said, you know what,
00:15:21.58\00:15:23.59
I've actually
written many an article
00:15:23.62\00:15:25.99
based on the various things,
00:15:26.02\00:15:27.69
for parents based on what
she has actually taught me
00:15:27.72\00:15:30.26
and my brother.
00:15:30.33\00:15:31.66
So very thankful for that,
00:15:31.69\00:15:33.73
very grateful
for what she's done.
00:15:33.80\00:15:35.73
And actually I have
some tips. Oh, good.
00:15:35.76\00:15:37.90
Some tips for
parents that they can use.
00:15:37.93\00:15:40.60
And hopefully they can
take some of this information
00:15:40.64\00:15:44.31
to right there at home
00:15:44.34\00:15:45.67
which my mother has done for me.
00:15:45.71\00:15:47.54
Oh, that's great.
00:15:47.58\00:15:48.91
So get a pencil and some
paper and take some notes.
00:15:48.94\00:15:51.35
Well, one thing that we did
00:15:51.38\00:15:53.68
is we have the
three boxes strategy.
00:15:53.72\00:15:56.48
Okay.
00:15:56.52\00:15:57.85
So the three boxes strategy,
00:15:57.89\00:15:59.55
there are only three
things you can do with money.
00:15:59.59\00:16:02.16
You can spend your money,
00:16:02.19\00:16:03.99
you can save your money,
00:16:04.06\00:16:05.39
and you can
give your money away.
00:16:05.43\00:16:07.30
That's all you
can do with money.
00:16:07.36\00:16:08.66
You can't do anything else.
00:16:08.70\00:16:10.37
And if you really break it down
00:16:10.40\00:16:11.73
like that's actually
the very crux of budgeting,
00:16:11.77\00:16:14.37
that's actually the crux
of every financial decision
00:16:14.40\00:16:17.87
that you're gonna make.
00:16:17.91\00:16:19.24
Asking yourself,
00:16:19.27\00:16:20.71
what you're gonna
do with this money?
00:16:20.78\00:16:22.11
You're gonna spend
it? Are you gonna save it?
00:16:22.14\00:16:23.48
Are you gonna give it away?
00:16:23.51\00:16:24.85
Okay.
00:16:24.88\00:16:26.21
So we have these three boxes,
these shoe boxes in the house.
00:16:26.25\00:16:29.88
And we labeled
them, spend, save, give.
00:16:29.92\00:16:33.56
So every single
time that we had a dollar
00:16:33.59\00:16:35.52
that entered into our pockets
00:16:35.56\00:16:37.03
and we didn't really get
a large allowance at all,
00:16:37.06\00:16:39.29
but when I was
11, I started to work.
00:16:39.33\00:16:43.10
She would have the decision
00:16:43.13\00:16:44.47
in where would
we put those money.
00:16:44.50\00:16:47.00
Giving obviously, is tithing.
00:16:47.04\00:16:48.40
What about your offering?
00:16:48.44\00:16:49.77
What other organizations
are you gonna give it to?
00:16:49.80\00:16:51.67
Is there anything out there,
00:16:51.71\00:16:53.14
any cause that you
wanna be attached to?
00:16:53.17\00:16:54.98
And now to this day,
my brother who has a son
00:16:55.01\00:16:57.85
does what my mother did with us
00:16:57.88\00:16:59.25
and he will take them,
00:16:59.28\00:17:01.35
he will take his
son to the shelter.
00:17:01.38\00:17:04.02
In addition to tithing,
00:17:04.05\00:17:05.82
go to the shelter and
they would give clothes
00:17:05.85\00:17:08.39
and they would
buy clothes and gifts
00:17:08.42\00:17:10.26
for every
Christmas time for people.
00:17:10.29\00:17:12.33
And they would have
a discussion about it.
00:17:12.36\00:17:15.06
So before you give a dollar,
00:17:15.10\00:17:17.20
the beautiful part about having
these boxes in the household
00:17:17.27\00:17:19.53
is that every
time that a dollar,
00:17:19.57\00:17:21.14
if you give your
children allowance,
00:17:21.17\00:17:23.10
every time you give them,
you should have a discussion.
00:17:23.14\00:17:25.01
How much are you gonna save,
how much are you gonna spend,
00:17:25.04\00:17:28.31
and how much are you gonna give?
00:17:28.34\00:17:30.15
And what are you gonna give to?
00:17:30.18\00:17:31.95
That becomes the
discussion about tithing,
00:17:31.98\00:17:33.92
that becomes the
discussion about offering,
00:17:33.95\00:17:35.88
that becomes the
discussion about charity,
00:17:35.92\00:17:38.05
that becomes the discussion
about local organizations
00:17:38.09\00:17:40.26
and what you can
do to give to them.
00:17:40.29\00:17:41.62
It makes it really tangible.
00:17:41.66\00:17:43.43
What are you gonna
spend your money on?
00:17:43.46\00:17:45.46
Now usually,
every child like I did,
00:17:45.49\00:17:47.66
she didn't mention the fact
00:17:47.73\00:17:49.03
that I actually wasted
my money on some things.
00:17:49.06\00:17:50.93
I'd buy things
like Baker Square pies
00:17:50.97\00:17:54.90
and McDonald's and
all those unhealthy stuff.
00:17:54.94\00:17:57.47
And I would eat and get sick
00:17:57.51\00:17:58.84
'cause I was making
money for the first time ever
00:17:58.87\00:18:00.61
and I got so ill and whatever.
00:18:00.64\00:18:02.64
And so that became a discussion,
00:18:02.68\00:18:04.08
"Okay, what are you gonna
spend your money on next time?
00:18:04.11\00:18:06.15
Now your money is gone.
00:18:06.18\00:18:07.55
Now you have to
buy your school clothes
00:18:07.58\00:18:08.92
all from now on.
00:18:08.95\00:18:10.82
Are you gonna go
back to Baker Square,
00:18:10.85\00:18:12.32
or you gonna buy
the school clothes?"
00:18:12.35\00:18:13.79
At what point did you start
buying your own school clothes?
00:18:13.82\00:18:16.46
12 years old. Nice.
00:18:16.49\00:18:18.53
Ever since 12 years old, I
bought all my school clothes.
00:18:18.56\00:18:21.13
And I was very intentional
00:18:21.16\00:18:22.50
because I bought
the Baker Square pie
00:18:22.53\00:18:23.87
and McDonald's and
all that unhealthy stuff.
00:18:23.90\00:18:26.47
And she said, you know what,
if you're gonna go out and buy,
00:18:26.50\00:18:30.41
your money on
irresponsible things,
00:18:30.44\00:18:31.84
you're gonna
have to start buying,
00:18:31.87\00:18:33.21
that's when she send us
out to start buying clothes.
00:18:33.24\00:18:34.68
That was the first
clothes that I bought.
00:18:34.71\00:18:37.48
And that instill
within me, all of a sudden,
00:18:37.55\00:18:41.18
that Baker Square
pie and that costs,
00:18:41.22\00:18:42.98
you know, seven
to eight dollars,
00:18:43.02\00:18:45.22
it became less important,
00:18:45.25\00:18:46.59
it became less valuable.
00:18:46.62\00:18:47.99
And I had this,
00:18:48.02\00:18:49.36
looking my spend
box and that's it.
00:18:49.39\00:18:50.73
I only have
enough money to spend
00:18:50.76\00:18:52.09
but I gotta put
some money to save.
00:18:52.13\00:18:53.50
The save box is crucial
00:18:53.53\00:18:54.83
because that became
the first savings account.
00:18:54.86\00:18:57.43
And that became a
conversation about saving.
00:18:57.47\00:19:00.77
And I would look at
the account, I'd say,
00:19:00.80\00:19:02.14
well, what is this it
was, you know $10 before,
00:19:02.17\00:19:06.04
you know,
months and months later
00:19:06.07\00:19:07.44
it was $10 and ten cents.
00:19:07.51\00:19:09.21
What is this 10 cents?
00:19:09.24\00:19:10.58
That became the
discussion about interest.
00:19:10.61\00:19:12.38
And that became the discussion
about compounding interest,
00:19:12.41\00:19:14.98
that became
discussion how money grows.
00:19:15.02\00:19:16.52
And I said, "Well, I
didn't put a dime in,
00:19:16.55\00:19:17.92
where did it come from?"
00:19:17.95\00:19:19.65
I used to think that...
00:19:19.69\00:19:21.46
I think it was midget
behind the ATM machine
00:19:21.49\00:19:23.19
giving money away, right?
00:19:23.22\00:19:24.86
And it's obviously
not a midget behind there,
00:19:24.89\00:19:27.30
so but it was a conversation,
"Hey, Ryan, I have a job.
00:19:27.36\00:19:30.77
And this is the mortgage."
00:19:30.80\00:19:32.20
And my mother was very candid
00:19:32.23\00:19:34.90
about having real
life conversations
00:19:34.94\00:19:37.81
and saying that this house
00:19:37.84\00:19:39.74
does not just
come from anywhere.
00:19:39.77\00:19:41.91
As I had a mortgage,
00:19:41.94\00:19:43.28
this is what the mortgage costs,
00:19:43.35\00:19:44.68
we have a budget,
yes we have to have food,
00:19:44.71\00:19:46.72
we have to go
shopping, we have to...
00:19:46.75\00:19:48.52
All those expenses we had
even before I was working,
00:19:48.55\00:19:51.12
we would have very
candid conversations.
00:19:51.15\00:19:52.92
And then, I think
the three box strategy,
00:19:52.95\00:19:55.36
if you do those things
inside of your household,
00:19:55.39\00:19:58.33
what it does, it allows
you to have those conversations
00:19:58.36\00:20:01.43
and opens up to some
really candid conversation
00:20:01.46\00:20:04.37
with your children
00:20:04.40\00:20:06.27
to make sure that
they really understand
00:20:06.30\00:20:07.84
about what are the options
00:20:07.87\00:20:10.07
that they can
have with that money.
00:20:10.11\00:20:11.44
And then be there with them
00:20:11.47\00:20:12.81
as they're
making those decisions
00:20:12.84\00:20:14.24
and say, "Well, no.
00:20:14.28\00:20:15.61
Maybe, you shouldn't
spend your money on that
00:20:15.64\00:20:17.01
'cause if you
spend your money on that,
00:20:17.05\00:20:18.38
you won't have enough
money to go down to shelter.
00:20:18.41\00:20:20.78
You won't have enough
money to go down to the church.
00:20:20.82\00:20:22.32
You see all the good
things that church does for you.
00:20:22.35\00:20:24.19
Don't you wanna support them?
00:20:24.25\00:20:25.62
And then you can
start instilling in them
00:20:25.65\00:20:27.32
from an early onset.
00:20:27.36\00:20:28.69
You know, that's so good.
00:20:28.72\00:20:30.09
And, you know, part of
the beauty of this to me
00:20:30.13\00:20:32.63
is that you don't have
to have money to do this.
00:20:32.66\00:20:34.56
No, it doesn't.
00:20:34.56\00:20:35.90
You know, your mom was
struggling at that point.
00:20:35.93\00:20:38.77
Yeah.
00:20:38.80\00:20:40.17
And she instilled
these values in you.
00:20:40.20\00:20:43.07
You don't have to
have a lot of money
00:20:43.10\00:20:45.14
to instill
values in your children.
00:20:45.17\00:20:47.78
I'm so thankful for my boys
00:20:47.81\00:20:49.71
and what God is
doing in their lives too,
00:20:49.74\00:20:51.95
Mark and Jason.
00:20:51.98\00:20:53.35
And to me, it's like God
just lets you know what to do...
00:20:53.38\00:20:59.02
And they're very physically
responsible as well, I see.
00:20:59.05\00:21:01.52
They are. Yeah,
they're getting there.
00:21:01.56\00:21:07.20
I'm getting there too.
We all have learning to do.
00:21:07.23\00:21:08.53
Yeah, we're all getting there.
00:21:08.56\00:21:10.03
But I'm just so
thankful for them.
00:21:10.07\00:21:12.60
And you don't have
to have a lot of money
00:21:12.63\00:21:16.34
in order to teach you children.
00:21:16.37\00:21:18.37
You don't. We used
to take trips to...
00:21:18.41\00:21:22.38
Our vacation was a trip
to the Indian Reservation.
00:21:22.41\00:21:26.15
And we did that
because we didn't know
00:21:26.18\00:21:29.38
where else to go
and we didn't have
00:21:29.42\00:21:30.75
any money to go anywhere else.
00:21:30.79\00:21:32.12
So my mother
said, "You know what,
00:21:32.15\00:21:33.52
there is a Native
American Reservation
00:21:33.56\00:21:35.32
is up there in Canada.
00:21:35.36\00:21:37.69
Would you like to go there?
00:21:37.73\00:21:39.06
Would you like to go to
Ohio to see your grandparents?
00:21:39.09\00:21:40.66
Would you like to go to..."
00:21:40.70\00:21:43.30
You know, very other options
00:21:43.33\00:21:44.67
that essentially
were cost efficient.
00:21:44.70\00:21:46.47
And so we chose
00:21:46.50\00:21:47.84
to go to Native
American Reservation in Canada.
00:21:47.87\00:21:50.74
And we went up there.
00:21:50.77\00:21:52.41
And we heard a strange noise
and as we said, "Let's go, man.
00:21:52.44\00:21:56.14
I don't know what the heck
is going on in the background."
00:21:56.18\00:21:58.41
I remember it.
00:21:58.45\00:21:59.78
It's just a clearest day,
and I was only five or six.
00:21:59.81\00:22:02.68
But that vacation
in my mind, it was...
00:22:02.72\00:22:05.52
To me, that was a
week-long vacation,
00:22:05.55\00:22:08.29
but it is only a day.
00:22:08.32\00:22:09.86
But to a five or six-year
old, everything is magnified.
00:22:09.89\00:22:12.99
So, and we have a lot of parents
00:22:13.03\00:22:14.46
who are spending money on things
00:22:14.46\00:22:16.00
that they're gonna grow out of,
00:22:16.03\00:22:17.70
spending money on things
that they're never gonna use.
00:22:17.73\00:22:19.67
They're not even
know or appreciate.
00:22:19.70\00:22:21.44
They never have any
value attached to them.
00:22:21.47\00:22:24.01
And it doesn't
give any life lessons.
00:22:24.07\00:22:26.68
Those life
lessons are so important
00:22:26.74\00:22:29.34
because we carry them with
us for the rest of our lives.
00:22:29.38\00:22:32.45
Yes, absolutely. What
other tips do you have?
00:22:32.48\00:22:34.35
Well, one other tip is a
tangible allowance, right.
00:22:34.38\00:22:37.62
So, if you give your child,
00:22:37.65\00:22:39.59
well, I didn't
really get an allowance,
00:22:39.62\00:22:41.22
but if you give
your child an allowance,
00:22:41.26\00:22:43.63
you wanna make sure
that you give them money
00:22:43.69\00:22:45.09
but have a
purpose attached to it.
00:22:45.13\00:22:46.86
So, for instance, if your
child wants to ask for an Xbox,
00:22:46.90\00:22:52.17
or a new plays, video
game, or some new clothes,
00:22:52.20\00:22:56.00
or whatever it is for Christmas
or what have you, then say,
00:22:56.04\00:23:00.11
"You know what,
I'll buy this for you
00:23:00.18\00:23:02.34
but you have to pay me back."
00:23:02.38\00:23:04.18
And if you buy that child
00:23:04.25\00:23:05.98
that brand new pair of sneakers,
00:23:06.01\00:23:08.35
then give them, write down
an 'I owe you' for that $50
00:23:08.38\00:23:11.15
or hopefully not $100 but
we all know there are $100
00:23:11.19\00:23:14.16
and $150 shoes out there.
00:23:14.19\00:23:16.52
But write that
child an 'I owe you'.
00:23:16.56\00:23:18.73
And he gets his new
sneakers but then attach $5
00:23:18.76\00:23:22.53
to doing the dishes.
00:23:22.56\00:23:24.47
Attach $3 to clean up your room.
00:23:24.50\00:23:27.00
Attach $5 to
vacuuming the living room,
00:23:27.04\00:23:30.27
and so on and so forth.
00:23:30.31\00:23:31.64
So now whenever your
child goes through paying off
00:23:31.67\00:23:34.68
that 'I owe you', burn it up
and have a debt burning party.
00:23:34.71\00:23:37.95
It really make it a
very visible occasion
00:23:37.98\00:23:41.02
where, now that
child is learning visibly
00:23:41.05\00:23:43.95
that you're burning up his debt.
00:23:43.99\00:23:45.95
And it's crazy
enough but what it does,
00:23:45.99\00:23:47.72
it imprints
something in his mind
00:23:47.76\00:23:49.82
that goal is to pay off of debt.
00:23:49.86\00:23:51.83
And the goal is to make
sure we're getting rid of debt.
00:23:51.86\00:23:54.56
So as long as
we're using the money
00:23:54.60\00:23:56.36
that we're giving our
children in a very tangible way,
00:23:56.40\00:24:00.14
we give them life lessons.
00:24:00.17\00:24:01.97
And Nike shoes, I mean,
well, I mentioned $150 shoes.
00:24:02.00\00:24:05.94
I mean, I ask the
question all the time.
00:24:05.97\00:24:08.91
"Is it better to own the shoe
00:24:08.94\00:24:10.88
or is it better
to own the company?"
00:24:10.95\00:24:13.72
And most people will say,
00:24:13.75\00:24:15.08
"It's better to
own the company."
00:24:15.12\00:24:16.45
And most children will say,
00:24:16.48\00:24:17.82
"Well, I can't own the company."
00:24:17.85\00:24:19.22
Well, then I
just take out my phone
00:24:19.25\00:24:20.96
and I'll show them the price
in which Nike stock is trading
00:24:20.99\00:24:23.93
and it was $50 of
share and what not.
00:24:23.96\00:24:27.20
$50, what is that?
00:24:27.23\00:24:28.53
Well, that's a
conversation about stock.
00:24:28.56\00:24:30.43
And say, "Well, for
$150, you could have bought
00:24:30.47\00:24:33.17
three shares of stock
but as opposed to doing that,
00:24:33.20\00:24:36.40
you only own the
shoe which devalues.
00:24:36.44\00:24:38.41
But now, you can
actually own the company,
00:24:38.44\00:24:40.38
the stock which appreciates.
00:24:40.44\00:24:43.01
So these are just
basic conversations
00:24:43.04\00:24:45.18
that get our children to learn.
00:24:45.21\00:24:46.78
And one last
lesson is, what I did.
00:24:46.82\00:24:49.22
I started working when I
was eleven and half years old.
00:24:49.25\00:24:52.89
And I think that it was amazing
that the people that I met
00:24:52.92\00:24:56.46
when I became a caddie,
00:24:56.49\00:24:58.39
I think every
child should be a caddie.
00:24:58.43\00:25:00.13
I love caddying.
00:25:00.16\00:25:01.46
I got the full ride scholarship
to University of Michigan
00:25:01.50\00:25:04.53
because I was a caddy.
00:25:04.57\00:25:05.90
It's called Evan's scholarship,
Western Golf Association.
00:25:05.93\00:25:09.30
Every parent that has
access to a golf course nearby
00:25:09.34\00:25:13.14
that where they have caddies
00:25:13.17\00:25:14.51
might have
access to this program.
00:25:14.54\00:25:16.08
So if your child
is 11 or 12 years old,
00:25:16.11\00:25:18.98
they could start working.
00:25:19.01\00:25:20.62
And I would meet doctors,
and lawyers, and attorney,
00:25:20.65\00:25:23.08
and business
owners, and union workers,
00:25:23.12\00:25:27.66
and all sorts of
these individuals
00:25:27.69\00:25:29.69
who are very well off,
00:25:29.72\00:25:31.06
who are part of
this private golf course.
00:25:31.09\00:25:32.43
They would talk to
me about their career.
00:25:32.46\00:25:34.46
And so it was very intentional
00:25:34.46\00:25:35.80
that she got me
that job at that age.
00:25:35.83\00:25:38.57
I would learn about all these...
00:25:38.60\00:25:40.14
It's very important things
00:25:40.20\00:25:41.54
and very important life lessons.
00:25:41.57\00:25:42.90
So I've been very
blessed. You have.
00:25:42.94\00:25:44.37
You know, one of the
things that I've read about,
00:25:44.41\00:25:48.58
and one of my favorite authors,
00:25:48.61\00:25:50.91
Ellen White has written about
00:25:50.95\00:25:52.28
the importance of
giving children chores
00:25:52.31\00:25:54.65
and letting them
learn to how to work.
00:25:54.68\00:25:57.99
And from when
Jason, my younger child,
00:25:58.02\00:26:00.49
when he was a little
boy, I gave him chores to do,
00:26:00.52\00:26:04.69
help me fold clothes,
help me do this and that.
00:26:04.73\00:26:07.50
And it just instills the work
ethic that is so, so valuable.
00:26:07.56\00:26:12.37
I've seen his work ethic.
00:26:12.40\00:26:13.74
Well, actually he does
the production for this show.
00:26:13.77\00:26:15.37
Yes, yes.
00:26:15.40\00:26:16.74
He's behind the scenes
right now plugging away.
00:26:16.81\00:26:18.74
He is, he is, he is.
00:26:18.77\00:26:20.28
Doing a good job.
I'm really thankful.
00:26:20.31\00:26:21.64
And you've done a
really very good job
00:26:21.68\00:26:23.01
and excellent
job, I have to say.
00:26:23.04\00:26:24.38
Oh, praise the Lord.
00:26:24.41\00:26:25.75
The Lord is really good
and He guides us as we go.
00:26:25.78\00:26:30.59
So just recap in ten seconds
what this program meant to you.
00:26:30.62\00:26:35.32
And then, we'll
go to our takeaway.
00:26:35.36\00:26:36.73
It meant
everything in the world to me.
00:26:36.76\00:26:38.36
It meant making sure
00:26:38.39\00:26:39.73
that my mother got
the credit she deserves.
00:26:39.76\00:26:41.70
And I just wanna say thank you.
00:26:41.73\00:26:43.20
And I give God all the credit
00:26:43.23\00:26:44.80
for giving the
mother like that to me.
00:26:44.83\00:26:46.74
Amen, amen. Well,
let's hear your takeaway.
00:26:46.80\00:26:48.87
Let's go for it. Yay!
00:26:48.90\00:26:50.27
The concept of saving money
00:26:57.45\00:26:59.01
as well as the value
of compounding interest
00:26:59.05\00:27:00.98
should be taught early in life.
00:27:01.02\00:27:02.85
Simple acts like opening
00:27:02.88\00:27:04.22
a savings account for your child
00:27:04.25\00:27:05.59
and walking him
through the statements
00:27:05.62\00:27:06.99
will make a lasting impression.
00:27:07.02\00:27:08.59
Every child should learn about
00:27:08.62\00:27:09.96
the concept of
debt early in life.
00:27:09.99\00:27:11.76
Spend some time in Proverbs,
00:27:11.79\00:27:13.19
reading scriptures like
Proverbs 22:7 which says,
00:27:13.23\00:27:15.83
"The rich rules over the poor,
00:27:15.86\00:27:17.63
and the borrower is
servant to the lender."
00:27:17.67\00:27:19.97
Have conversations
with your child about money.
00:27:20.04\00:27:22.24
Let them know
where the funds came from
00:27:22.27\00:27:23.91
for purchasing that videogame.
00:27:23.94\00:27:25.84
The growth of a tree
starts from the roots.
00:27:25.87\00:27:28.01
We all will agree that
our children are the root
00:27:28.04\00:27:30.48
and foundation that
determine the future
00:27:30.55\00:27:32.45
and direction of our society.
00:27:32.48\00:27:34.22
I wouldn't be
standing here today.
00:27:34.25\00:27:35.58
And it's people
like my mother, father,
00:27:35.62\00:27:37.02
and many others poured into me.
00:27:37.09\00:27:39.15
Psalms 1:3 says, "And
he shall be like a tree
00:27:39.19\00:27:41.89
firmly planted by
the streams of water
00:27:41.92\00:27:44.13
ready to bring forth
its fruits in its season,
00:27:44.16\00:27:46.43
his leaf also
shall not fade or wither
00:27:46.46\00:27:48.70
and everything he
does shall prosper.
00:27:48.73\00:27:51.20
Be the change you want to see.
00:27:51.23\00:27:53.00
Always remember the purpose
of life is a life of purpose.
00:27:53.03\00:27:55.84
Dollar and Sense, signing off.
00:27:55.87\00:27:57.61