{"id":1121495,"date":"2019-06-17T18:16:14","date_gmt":"2019-06-17T18:16:14","guid":{"rendered":"https:\/\/dailyreckoning.com\/?p=107523"},"modified":"2019-06-17T18:16:14","modified_gmt":"2019-06-17T18:16:14","slug":"what-i-tell-my-daughter-about-money-and-life","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1121495","title":{"rendered":"What I Tell My Daughter About Money (and Life)"},"content":{"rendered":"

This post What I Tell My Daughter About Money (and Life)<\/a> appeared first on Daily Reckoning<\/a>.<\/p>\n

I had a great Father\u2019s Day weekend, spending time at the beach watching my daughter compete in a major surf contest at Huntington Beach.<\/span><\/p>\n

This week I\u2019ll watch her do an even bigger one \u2013 the USA championships at Lower Trestles, an invite-only Olympic development event. <\/span><\/p>\n

Quite honestly, my daughter amazes me. After just a few years in the sport, and just a few days after her twelfth birthday, she\u2019s already doing things most people only dream of. (See for yourself by checking out her Instagram account @velamattive.)<\/span><\/p>\n

It\u2019s the result of natural talent, passion, and hard work.<\/span><\/p>\n

So through surfing, she\u2019s already learning major life lessons. <\/span><\/p>\n

But I take every opportunity to give her additional insights\u2026 many of the same ones my mom and dad gave to me. <\/span><\/p>\n

Probably the simplest and most effective thing I\u2019ve ever learned is the need to keep things in balance \u2013 not just on a board but in life… and especially when it comes to money. <\/span><\/p>\n

Finding Balance<\/b><\/span><\/p>\n

It started when, as a young kid, my parents took me to the bank to open up a basic savings account.<\/span><\/p>\n

I can still remember getting handed that little passbook ledger for the first time. It seemed so important and grown up! <\/span><\/p>\n

From that day on, we always put some money into the account whenever I received gifts for birthdays or other special occasions.<\/span><\/p>\n

I was then able to watch the progress add up in that little book, a tangible reminder of saving for the future.<\/span><\/p>\n

At the same time, I was free to spend money on things I wanted, too.<\/span><\/p>\n

The overall message was pretty clear: Life isn\u2019t about being a miser OR <\/i>a spendthrift. It\u2019s about maintaining balance between current wants and future needs.<\/span><\/p>\n

Today, my daughter is saving and spending her own money just like I did. <\/span><\/p>\n

Managing Your Health<\/b><\/span><\/p>\n

It\u2019s the same thing when it comes to overall health, too.<\/span><\/p>\n

If you think about eating and exercise, you\u2019ll quickly realize that our bodies are just like checkbooks: They\u2019re best when they stay balanced. <\/span><\/p>\n

Burn up a lot more energy than you take in, and you crash.<\/span><\/p>\n

Consistently take in more calories than you burn, and you accumulate extra deposits over time!<\/span><\/p>\n

So again, I always aim for balance. <\/span><\/p>\n

I try to eat the highest-quality foods possible. But I don\u2019t deny myself pleasurable splurges, either.<\/span><\/p>\n

The way I see it, an ice cream isn\u2019t a big deal if I ride my bike 15 miles that same day.\u00a0<\/span><\/p>\n

Coincidentally, even the act of exercising serves as a good counterweight to all the time I spend sitting at a desk writing and watching the markets.<\/span><\/p>\n

When I come back from surfing or cycling, I end up feeling more <\/i>energized and creative. <\/span><\/p>\n

Teaching My Daughter Balance<\/b><\/span><\/p>\n

My daughter has grown up seeing this in action and already practices it herself. <\/span><\/p>\n

We might take a few hours to go surf together then return home and get our respective chores and work done. <\/span><\/p>\n

We have dessert but only after the healthy dinner is over.<\/span><\/p>\n

And speaking of my work, I\u2019m also trying to impart the power of not just saving but also investing!<\/span><\/p>\n

If you merely eat well, exercise regularly, and spend less than you make, you\u2019ll be living a pretty solid life \u2013 probably better than 90% of the population.<\/span><\/p>\n

But learning how to get your money working for you is what takes things to the next level and gets you that extra 9% or 10%. <\/span><\/p>\n

Again, I try to illustrate this to my daughter whenever a situation arises. <\/span><\/p>\n

For example, a few years ago all of the girls in her school were into a teeny-bopper clothing retailer at the local shopping mall.<\/span><\/p>\n

So one day, when she was going on about how great their clothes were, I took it as an opportunity to explain the basic premise of capitalism.<\/span><\/p>\n

\u201cDo you realize,\u201d I said, \u201cThat instead of spending $50 on a t-shirt there, you can actually buy some of the store itself for the same amount of money?\u201d<\/span><\/p>\n

After a little further discussion about the merits of owning a stake in the store itself, which was part of publicly-traded retail group, my daughter went quiet for a minute. <\/span><\/p>\n

\u201cWould I have to work there?\u201d she asked.<\/span><\/p>\n

\u201cNo,\u201d I explained. \u201cActually, everyone at the store would work for you. And every time one of your friends bought something, you would benefit from that spending.\u201d<\/span><\/p>\n

The general concept quickly took root in her mind — she started talking about opening her own store, including how she would price the products. (\u201cHigh, so I make a lot of money.\u201d)<\/span><\/p>\n

Right now, it\u2019s mostly just cute when we have these conversations. <\/span><\/p>\n

But there\u2019s no doubt in mind that the long-term implications will be crucial to her success, her independence, and her overall well being.<\/span><\/p>\n

Because, really, these lessons are not just about money, physical fitness, or hard work.<\/span><\/p>\n

They\u2019re about truly living well\u2026 enjoying what you have\u2026 dealing with both the wins and the losses\u2026 and always aiming to do a little better in the future.<\/span><\/p>\n

To a richer life,<\/p>\n

\"Nilus<\/p>\n

\u2014 Nilus Mattive
\nEditor, The Rich Life Roadmap<\/i><\/p>\n

The post What I Tell My Daughter About Money (and Life)<\/a> appeared first on Daily Reckoning<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

This post What I Tell My Daughter About Money (and Life)<\/a> appeared first on Daily Reckoning<\/a>.<\/p>\n

Probably the simplest and most effective thing I’ve ever learned is the need to keep things in balance – not just on a board but in life … and especially when it comes to money.<\/p>\n

The post What I Tell My Daughter About Money (and Life)<\/a> appeared first on Daily Reckoning<\/a>.<\/p>\n","protected":false},"author":55,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2294,366,657,2296,490,923],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1121495"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1121495"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1121495\/revisions"}],"predecessor-version":[{"id":1121496,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1121495\/revisions\/1121496"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1121495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1121495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1121495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}