In this week’s episode Bobbi answers the question she is getting asked the most after the release of her new book “Launching Financial Grownups”

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Full Transcript:

Hi grownups!

I hope everyone is enjoying the spring and spending lots of time with their friends and family- hopefully staying healthy and having time with our loved ones in person. 

I’ve been enjoying getting out as well- and getting to share my new book: Launching Financial Grownups. Live Your Richest Life by Helping Your (Almost) Adult Kids be Everyday Money Smart. In fact when this episode is released I will be in Los Angeles both for some speaking engagements and also getting to spend time with friends I have not seen since the before times. I’m so excited to get back out there in person. 

It’s been about a month since Launching Financial Grownups was released and it’s been so interesting seeing what people react to- a lot of people have related to my specific tips about teaching the next generation about money and also enjoyed the not always conventional  advice from the experts I was able to interview for the book including Tori Dunlap from her first 100k and financial therapist Dr. Brad Klontz. 

But there is one question that I keep getting when people learn about the book. And I have been surprised because I thought it was something people were more aware of - it wasn’t something I came up with myself and it wasn’t something that I thought would surprise anyone or really be that interesting. In fact it was kind of a last minute decision to expand the section in the book that talks about it. 

The question everyone has been asking is why do parents these days have such a harder time than their parents did- is there something different going on or are we just bad at this parenting thing even though we seem to be trying so much harder?

The last part of that question is the one that really gets everyone frustrated- should be we BETTER at parenting since we are paying so much more attention to it. I mean when we were coming of age, our parents didn’t pay nearly as much attention to us. They certainly didn’t spend as much money on us- and once we were out of school whether it was high school or college they just kind of let us figure it out. 

We’re working so hard to set our kids up for success. Many of us prioritize education and frankly almost any kid related expense over almost anything that seems indulgent or even wanted for us. And yet, their childhood seems to be endless. 

It’s even become a thing on social media. So many parents of early 20 something joke about the fact that their almost adult kids just don’t seem to leave the nest- financially. And the next generation is not shy about embracing their endless adolescence- joking that they are “adulting” as if doing something adult like in their 20’s is a game and they aren’t actually adults. 

But this didn’t just happen.

Parents are financially tied to their kids for longer for some very specific reasons. Here are some of them. 

First: The Affordable Care Act- aka Obamacare allows our offspring to be on our health insurance until age 26. So that often creates a financial tie in the family until age 26- boom- how do you cut off your kid when you are paying their health insurance. That discussion never happened when anyone who is a parent of a 20 something was growing up . 

Ok you’re saying- just limit it at that. But there are other things parents often pay for that also literally did not exist when we were growing up. Let’s talk about the cell phone bill. If it costs $100 for your kid to have their own bill- and your bill doesn’t go up much- maybe $25 to keep them on- you probably are going to do the math and keep them on there at least until they are .. say 26.. when that health insurance tie happens. But time slides- let’s just way a recent bit political investigation turned up a high ranking former presidential aide that was still on his parents phone bill. Google it. 

And who among us is going to take their kid off their Netflix and other streaming services if it literally costs nothing to keep them on. 

All of this is not bad- but it is something that keeps their finances tied to ours, and better for it. 

We’re closer to our kids and frankly tend to be more involved in their lives thanks to technology. When we were dropped off at college we could use a payphone to call home.. at some point. If we had a question about a life skill- we tended to ask around or figure it out. Now the answer is just a text away. Also a quick text away- money. As in, they can get money to us immediately. No waiting for a check in the mail. Which is a good thing because most young people haven’t even really dealt with physical checks. 

The point being- we’re there so solve their problems- instantly - and there’s a lot of good with that- but it also undermines their ability to develop their own solutions- financial or otherwise. 

And they need us more than ever because corporate America - for all it’s talk of upgrading the workplace - is also relying more on contract workers and many of our kids spend their first years in the gig economy- so they don’t have that structure that helped many of us feel like adults. They don’t have income reliability so how can they manage to have their own home- rented or owned. Ditto that for really being able to save up to live somewhere NOT their parents home. 

Which goes a long way to explain why so many of this generation of emerging adults live at home- which used to have a stigma. But will trillions in student debt and minimal wage gains relative to inflation- who can blame them. 

It’s a lot falling on our young adults- and in turn on us. 

So I’m glad we are all gaining a new appreciation of the challenges facing our young adult kids- and so we can understand how we can help them embrace being adults and move past the gamification of adulting. 

If this makes sense to you- I know you will really get a lot out of Launching Financial Grownups and I hope you will check it out. 

In the meantime I’m also giving some tips and having a little fun at my own expense over on Tik Tok- I keep it simple - the handle is just my name.. as it is on all social media except instagram which is bobbirebell1 - DM me or leave a comment on any of the social platforms with your ideas on how to tackle these challenges- whether you are a young adult or a parent- or if you just care about a young adult in your life. 

Also a reminder- if you are celebrating a big milestone this spring- graduation, mothers day, fathers day, an engagement or a big birthday- great gifts are available at grownupgear.com

Thanks so much as always for joining me as we all learn to be financial grownups. 

Episode 200!

Bobbi shares 20 quick and easy ways to be a little more Financial Grownup some of her hopes for the podcast as the show grows up. 

Bobbi: This is a surreal episode. We are celebrating number 200 - and I want to first thank everyone for your support. The DM’s that you send me mean so much- as do reviews so just thank you and I hope I keep delivering value to all of you. Please be in touch and keep letting me know what you like and what you want to hear more of.. and I will do my best to deliver. So for this special episode I kind of wanted to do something fun directly with you guys, 

20 quick and easy Financial Grownup tips

1. Organize your closet to know what you own and be able to find it when you want to use it. Full disclosure I’m in the process. When we moved into our apartment- oh a decade ago- stuff got put away. and we all know how that goes. We are dong a major re-org and I’m working up to actually spending money on a closet system. There’s always something more important- right? I’ll keep you posted and leave links in the show notes for resources. But knowing what you have will keep you from spending on things you.. already have. And if we are being honest- unless you are that really organized person we all aspire to be- it probably has happened. 

2. Donate or sell clothing you have not worn for two years- or choose your own time frame but no a decade is not acceptable and yes I have clothing that is a decade old. So i’m on it too. Let’s face it- we all have stuff  that we know was a mistake-buy. I give myself a 5 out of 10 on this one. There’s more room to go on this. Make sure to get a receipt in case you end up deducting donations on your taxes

3. Go on that trip. Modify it to fit your budget but to not put off your life until you feel you are a “grownup”. I had a hard time last year going to Iceland. It’s expensive. So we went for just 4 nights. Don’t sit home not living your life. That’s definitely not grownup. 

4. Decide on purpose if you are buying or renting for the next 5 years. In other words have a plan.. and play out the scenario of how your finances are impacted by that decision. Write it down and maybe discuss with someone you feel comfortable talking money with. 

5. Make sure your  side hustles actually accomplish a goal. If it’s money- make sure you are making enough to justify the time. If it’s for fun- make sure you really are having fun. Don’t side hustle just because its a thing

6. Plan meals. This is on my aspiration list which is really bad. We eat at home but it’s a lot of same same same. And because we live within a block of several groceries including whole foods- I’m not organized with shopping and often need to run across the street for that one missing ingredient as I’m cooking dinner in the evening. Not grownup. We can all do better. 

7. Understand your paycheck. Go through each line and look up what it is. Just so you know. If you already did your 2018 taxes (we filed for an extension) go through each line there so you understand the tax pain points under the new tax law. You may make different choices if for example, something you used to deduct no longer is. 

8. Clean out your computer and create digital systems. I’ve been working on this and it is already making a difference in my general productivity not just in my business but with life in general. Also my computer runs better when it’s cleaned out. Pro-tip: if it is really bad- drag everything onto a hard drive- wipe it clean- and then only load on the stuff you miss. You might want a professional to supervise. 

9. On that note, create mail systems. I use sane later and I’ve been mostly happy with it to sort e-mail.There is still a lot of room for improvement because sometimes it is too aggressive and puts emails from unknown senders (like a potential client) into spam. Feel free to send me tips on organizing my email better. 

10. Follow brands you like on social to get discounts. For example: we were ordering in last week, I went to twitter, got a discount code, and instantly saved money

11. Read the news. Grownups know what is going on around them- politics is important because it is often the politicians decisions that impact our finances- hello new tax law. Be aware of what is up to date- and by the way that includes things like financially relevant supreme court decisions, and trade war developments. Those can directly impact everything from what things cost to buy, to the job market. 

12. Create a financial slush fund to support your friends charities and causes. Like it or not, as we grow up, we get asked to support friends and actually co-workers causes. Sometimes you even get ambushed when you least expect it- I remember being with my husband at a work related party hosted by someone senior to him at the firm. His 12 year old son hit us up for a donation to his boy scout troop. We had no choice but to give. Multiply that time losing count and that’s what you will start to get. And the truth is that example aside, you want to give. So start to budget for it. And it is more than ok to give $25 even $10. It’s the support that counts. 

13. Focus on being really nice to anyone you deal with in customer service. You can usually get better service and sometimes a better deal. You can even ask nicely if there are any coupons or discounts available. They often are and if you are that nice person, they usually choose to tell you.

14. Read the directions to things you buy and invest the time to really learn how to work them- not just muddle by. This is an aspiration for me. I often rush to use products without really learning to use them. Even my iPhone. I can do the basic stuff but I haven’t invested the time for example, to learn how to take the best photos, or shortcuts that I know are out there. Every time I go to an apple store I learn just from those slide shows they have showing little iPhone tips. So Note to Self- take the time to learn more about the things that I already own - like the iPhone- can do. 

15. Read more books. Books make you smarter. They just do. I try to segment 45 minutes before bed to devote to reading books.That often goes to books of authors that are going to be on the show. I also listen to books on audio when I’m walking around or taking public transportation. And as our regulars know- I use Blinkist to get the best summaries of books I have aspired to read but haven’t gotten to. Done is better than perfect and Blinkist gives me the intel I want to get from the books in the most efficient way. I do audio but you can also get it with just text- and on any device including Kindle. As some of you know, I love Blinkist so much I partnered with them- so if you want to check it out- please use my link for a free trial and to support the show. 

16. Install web extensions like honey , rakuten and ebates so you get cash back when you buy things

17. Sell things you aren’t using for money- and buy used things when they are just commodity items. And yes you can buy refurbished.  

18. Unsubscribe. In your email and also with almost everything you do- then add back in the things you miss. They will always take you back. and you sometimes get a better deal for requesting to cancel. 

19. Be smart about outsourcing. It may make sense to have someone do things for you if they can do it more efficiently and free up your time to do things that either make more money than that person costs you, or if you can afford it, frees you up to have more fun. Just because you CAN do something doesn’t mean you should, or that you are the best one for the job. Financial Grownup has a great editor- even though technically I know how to edit, Steve does a better job and it is not the best use of my time. Same goes for a lot of my social media. Ashley, my wonderful assistant, is more efficient at it than I am. What should you be outsourcing?

20. Look up from your screen and talk to someone IRL. You could even call someone instead of emailing, texting or messaging via social media. And focus on listening- something I’m definitely always trying to get better at. You never know what kind of business opportunity- or even friendship-  could come from just paying better attention to the world around us. 

Before we wrap- a quick note about the show. If you listened to the April Fools show- but not until the end. It was April Fools. The show is continuing. I do have a lot going on but this show is a labor of love, so I have no plans to stop. That said, my goal for the next couple hundred is to focus on expanding the show and yes- monetizing it. I have two people that help put the show together- Steve Stewart and Ashley Wall and they need to get paid, as do I. So- while the show will remain free- I do ask that you understand that we will be having sponsors on the show. Rather than shortchange you on the editorial content, the sponsors may at times  make the show a little longer. And that’s ok. I have an amazing lineup of guests for the summer that I can’t wait to bring to you- so thanks to all of you for being financial grownups with me. 

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.