How can we teach our kids about money and encourage them to develop smart financial habits? And what can we do to help our kids learn the hard way and make their own mistakes without getting hurt?
To help answer these questions, I’m talking with my good friend, Mike Miller. He’s a family man with three adult daughters, COO at Advisors Excel, creator of the First Habits System, and the author of First Habits Win: Prime Your Children for a Lifetime of Financial Success with This Simple System.
In today’s conversation, Mike shares the story of how, even with his formal financial education and graduating debt free, he was a financial disaster when it came to personal financial management. We talk about what he did to make sure his daughters weren’t set up to fail like he was, and the different ways they achieved success.
We also dig into the brain chemistry behind spenders, savers, and whatevers, Mike’s unique First Habits System, and how to create your own roadmap to help your kids achieve financial independence and live abundantly for generations to come!
P.S. If you loved this episode, please write a review on iTunes, take a screenshot, and send it to firstname.lastname@example.org, and I’ll buy you a copy of Mike’s book!
Some of the topics I discuss with Mike Miller
- What Mike did to start managing his kids’ money when they turned 12–and how it proved highly beneficial.
- Why do projects we try with our kids fizzle out so frequently?
- How Mike wrecked his life when he became financially independent as a young adult.
- How Mike’s daughters showed him the different types of money personalities.
- Why our kids live in our financial comfort zones–and why this doesn’t work when our kids get their first entry-level jobs.
- How do financial issues lead to anxiety, divorce, suicide, and other tough social issues?
- How to talk to your kids about inflation, cryptocurrency, and some of the other financial topics that come up in our daily lives.
- The value of introducing things in stages.
- What defines financial success?
- What does it mean to achieve flourishing wealth?
- Why are our financial challenges never truly over at any age?
Mike Miller Links & Other Resources
- First Habits Win Website
- Mike Miller on Advisor’s Excel
- First Habits Win: Prime Your Children for a Lifetime of Financial Success with This Simple System
- The Money Mindset Course
- The Money Personality
- You Need A Budget Website
- Wired For Wealth
- Tim Urban
Mike Miller Bio
Mike Miller is COO at Advisors Excel and creator of the First Habits System. He’s the author of First Habits Win and the creator of Cabbage – The Earning,Saving, Spending and Giving App for kids and parents.
Mike has a B.S. in Finance from Kansas State University and serves on the Advisory Board for the Personal Financial Planning degree program. He has served on the Insured Retirement Institute’s Senior Steering Committee for Operations and Technology and currently serves on the Advisory Board for Insurance Technologies.
After creating the First Habits System for his daughters and seeing the benefits, Mike’s passion is about helping parents provide the education, training, and real-world experience to set their children on a path to a positive and healthy Money Mindset and financial success.
With the First Habits System and the First Habits Win book, Mike aims to improve the financial lives of a generation by giving parents the tools and resources to provide the education their children will rely on for the rest of their lives.
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