EarlyBird March Fireside Chat with Ross Mac

The latest EarlyBird monthly webinar featured a very special guest: financial expert, entrepreneur, and Netflix star Ross Mac (@imrossmac)! His new show “Get Smart with Money.” deals with financial anxiety and follows four different families from all walks of life. Ross has been a friend of EarlyBird for a while and has helped out with all kinds of content and promotion of financial literacy.

Ross Mac’s engagement with EarlyBird began organically, since he shares our passion for increasing financial literacy. He’s been an amazing advisor on content creation as well as helping the team in many other ways. We are so happy to have him in our corner, and as our first webinar guest! This month’s webinar was structured like a fireside chat between Jordan and Ross, going over topics we know are important to our community.

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Mindset is Crucial

We at EarlyBird believe that mindset plays an important role in personal finance, and Ross agrees. Your mindset determines your beliefs, attitudes, and behaviors towards money, and ultimately impacts all your financial decisions. A positive and proactive mindset can help you make better financial choices and achieve your financial goals.

Financial Habits

Budgeting and spending wisely are fundamental to good financial management, which is composed of all your financial habits. Creating a budget helps you track your income and expenses to ensure you are spending within your means and identify areas where you may be overspending - not a great habit. 

Budgeting can also help you adjust your spending to save more money or invest in new and different ways. Tracking your spending is a critical habit for achieving financial stability and success, so you should always be conscious of your choices, and thoughtful about how or if you should make different ones. 

Investing and Building Wealth

Investing and building wealth are essential for long-term financial success. Investing now allows your money to work for you and grow over time - a valuable source of “passive” income. Passive income is earned without active participation on your part, such as working for a wage or selling products. It can seem daunting to set aside money for investing on a regular basis, but building wealth requires discipline, patience, and a long-term mindset.

Involving Your Children in Financial Conversations

All of the topics above are incredibly important for overall financial success, and understanding and practicing them are key components of being financially literate. Normalizing conversations about money and specifically teaching financial literacy to your children is a powerful way to support their financial future. Children need to learn about budgeting, saving, investing, and other financial concepts in order to develop healthy financial habits and make informed decisions about money as they get older.

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It’s never too early to start teaching kids about money and to set a positive example with your own financial habits and decisions. Kids can and should be included in discussions about family finances to help develop their sense of financial responsibility and value of money. It also shows them that you view them as an important part of the family who can contribute with thoughts and actions. 

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Of course, some financial concepts are pretty advanced for kids, so use your judgment and knowledge of your child when having financial conversations. Financial education is an ongoing process that continues throughout a person’s life. Becoming familiar and comfortable learning and talking about financial topics early on can help your child grow into an adaptable and strategic manager of their money to maximize their financial well-being.

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Building Generational Wealth

Healthy financial habits are the foundation for financial success and the possibility of building generational wealth. There are some habits that specifically support generational wealth creation, like developing and sticking to a financial plan, staying informed about changes in the economy and tax laws, and seeking advice from financial professionals. 

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Any kind of wealth-building requires discipline, patience, and a long-term perspective, as we mentioned before. Generational wealth in particular has the keyword in the name: “generational”! You cannot continually make short-term investment and financial decisions, you need to take a strategic and informed approach with the goal of benefiting yourself and your family for years to come. Prioritizing financial education, planning, and smart management for yourself and your children can help build a legacy of generational wealth.

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Final Tips from Ross Mac

1. Lead by example: Show them how you manage your finances, how you budget, save, and invest. Share your successes and challenges with them, and let them see the positive impact of good financial habits in your own life.
2. Start early: It's never too early to start teaching kids about money. You can start by teaching them about basic concepts like saving, budgeting, and spending wisely. As they grow older, you can introduce more advanced topics like investing and credit.
3. Make it practical: Help them apply financial concepts in real-life situations. For example, give them an allowance and help them create a budget, or involve them in family financial decisions like planning for a vacation or buying a big-ticket item.
4. Use relatable examples: Use examples that are relevant to their lives and interests. For instance, you can explain the concept of compound interest using a savings account or investment account, or talk about the importance of credit scores when they start thinking about buying a car or a house.
5. Be patient and persistent: Remember that financial literacy is a lifelong journey, and it takes time for kids and young adults to develop good financial habits. Be patient with them, answer their questions, and continue to have open and honest conversations about money.
6. Collaborate with other influencers: If you're not the only one in their life trying to teach them about financial literacy, collaborate with other influencers, such as teachers, mentors, or family members, to reinforce the message and provide consistent guidance.
7. Make it fun: Financial literacy doesn't have to be boring. Look for interactive resources, games, and activities that make learning about money fun and engaging for kids and young adults.

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