Making Money Simple Tips for Raising Children with Good Money Habits with Peter Lazaroff

Peter Lazaroff's book

 

“…when you come to that moment, you’ll be a more attractive business to buy. Cuz you’ll have checked all the boxes in that early-stage due diligence that buyers go through. But you’ll also be prepared to pivot when things are looking different.”

-Peter Lazaroff


Financial planner and speaker Peter Lazaroff discusses how an allowance can help teach children about money. He also talks about the market cycle and how it’s difficult to predict when a market will fall. He goes on to say that in the past few months, the market has fallen by 30%,

Only about 20 minutes long, this podcast episode discusses ways for business owners to prepare for the downturn caused by the pandemic. The tips outlined include having a Financial Plan in place, knowing what your business is worth, and being prepared for unexpected changes.

Four-Year-Old Gives His Dad An Allowance

  • Peter Lak is the Chief Investment Officer for an investment firm, and he’s also the host of the service business mastery podcast.
  • He’s talking about his experiences giving his four-year-old an allowance and how it worked.
  • He recommends starting when your child is asking questions about money, preferably when they’re around age ten or younger.

How to Teach Your Kids About Money

  • The author’s son had an allowance of $1 per week, which he saved and spent in a similar way to how he would have spent his regular income.
  • When his birthday fell on a Saturday, the author allowed his son to wait until Sunday to ask for his allowance, which the son found hilarious.
  • The author recommends not tying allowances to chores or spending, instead allowing children to learn money lessons in a more gradual way.

3 Different Buckets for Kids’ Video Game Time Peter Lazaroff's book

  • The three buckets for parenting are savers, givers, and
  • The saver bucket is the most important because bad financial decisions can be fixed with good savings
  • When a business owner is entrepreneurial, they’re driven to take a 30 year
  • The primary investment for a business owner is their

How to Survive a Stock Market Crash

  • Most business owners should have a safety net in place, such as an emergency fund or safety net, to cover personal and business expenses in the event of a pandemic.
  • The market will usually decline during a pandemic, but it is important to remember that this is just the cost of higher returns.
  • It is important to have a financial plan and an exit plan for your business in case of a

How to Prepare for and Avoid Financial Losses

  • Probability is the key to success in investing, and it’s easier said than done to make good decisions under
  • When it comes to investing, the key is to minimize mistakes and focus on matching your time horizon to the investment’s potential return.
  • Financial planning includes creating a plan based on assumptions about future market conditions and how you want to exit the business.
  • Appraisals are often necessary when valuing a business for sale and can be used to determine its value and tax.

How to Prepare for an Exit as a Service Business Owner

  • When considering becoming a business owner, it’s important to have an exit plan in
  • Having an exit plan can help retain key employees, prevent disgruntled employees from leaving, and protect the business’ identity.
  • An exit plan can be prepared at any stage of business life, including early.
  • Resources for creating an exit plan are available at com.

Allowance

Money is a big topic for kids and one that can be difficult to teach them about. That’s why Peter Lazaroff, a financial planner, and speaker, recommends giving them an allowance. allowances can help teach children about money in a number of ways. For example, they can learn how to budget and save money. They can also learn about the market cycle and when to be cautious about investing. In the past few months, the stock market has fallen by 30%. This means that many people are losing a lot of money. If your child is interested in investing or wants to be financially responsible, it’s important to talk to them about these risks. Allowances can help teach them about money in a safe way and help them develop good financial habits.

Market Cycle

Money is a very important topic for children to learn about, and an allowance can be a great way to teach them about it. Peter Lazaroff, a financial planner and speaker discusses the market cycle and how it’s difficult to predict when a market will fall. He goes on to say that in the past few months, the market has fallen by 30%. This means that if you have money invested in the stock market, it’s important to start thinking about how to get your money out of the market before it crashes even further.

Diversification

Are you concerned about your children’s financial future? Do you want to help them learn about money but don’t know where to start? Peter Lazaroff, a financial planner and speaker has some advice for you. In his latest podcast, Peter Lazaroff discusses how an allowance can be a great way to teach children about money. He also talks about the market cycle and how it’s difficult to predict when a market will fall. However, he says that in the past few months, the market has fallen by 30%. Now is a great time to start teaching your children about money! By giving your children an allowance, you are helping them learn about budgeting and saving. They will also learn about the market cycle and how to protect their investments. If you are worried about your child’s financial future, now is the time to start teaching them!

Financial Planning

Money is a big topic for kids and parents alike. What can be done to help them understand and manage their money? Peter Lazaroff, a financial planner and speaker has some ideas. First, let’s talk about allowances.

Allowances are a great way to teach children about money. They can learn about how to budget and save. They can also learn about the market cycle and when to sell stocks or buy bonds. Second, it’s important to remember that money isn’t always easy to come by. The market cycle is a difficult thing to predict. Sometimes markets will go up, and sometimes they will go down. It can be hard to know when this is going to happen. But remember, it’s important to stay calm and stay invested in your own financial future. The market will eventually rebound, and you’ll be better off for it!

Key Resources From The Show:

Meet the Hosts:

Tersh Blissett; Host & Producer of Service Business Mastery podcastTersh Blissett is a serial entrepreneur who has created and scaled multiple profitable home service businesses in his small-town market. He’s dedicated to giving back to the industry that has provided so much for him and his family. Connect with him on LinkedIn.

 

 

 

Josh Crouch Host of Service Business Mastery podcastJoshua Crouch has been in the home services industry, specifically HVAC, for 8+ years as an Operations Manager, Branch Manager, Territory Sales Manager, and Director of Marketing. He’s also the Founder of Relentless Digital, where his focus is on dominating your local market online. Connect with him on LinkedIn.

 

 

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For a complete transcription of the interview, Read More

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