In this episode of FI for Kids, host Dominic DeLaquil speaks with Ashley Tison, a lawyer and entrepreneur, about the importance of teaching children financial independence. They discuss Ashley's own experiences with money growing up, the strategies he employs to educate his children about finances, and the benefits of investing in real estate or a business within Opportunity Zones, both for the investor and the people living within the opportunity zone. The conversation also covers tax benefits, the role of trusts in family legacy, and innovative ways to involve children in financial decision-making.
Takeaways
Teaching kids about money is crucial to their future success.
Encouraging entrepreneurship can lead to valuable life skills.
Opportunity Zones provide tax benefits for investors and those living in the zones.
Investing in real estate can be a smart financial move.
Using trusts can help manage family wealth effectively.
Putting kids on payroll can teach them about earning and saving.
Financial education should start early and be ongoing.
Creating a family bank can promote responsible financial behavior.
Understanding tax strategies can enhance investment returns.
Involving children in financial discussions fosters responsibility.
Episode links:
Music: https://www.reverbnation.com/douglascameron
Sponsors:
https://groovemoney.org/
Chapters
00:00 Introduction to Financial Independence for Kids
02:49 Lessons from Childhood: Money and Entrepreneurship
05:34 Instilling Financial Values in the Next Generation
08:23 Exploring Cash Flow and Financial Independence
11:11 Understanding Opportunity Zones: A Primer
13:55 The Benefits of Investing in Opportunity Zones
16:44 Practical Applications of Opportunity Zones
19:39 Strategies for Financial Freedom through Real Estate
22:34 The Importance of Financial Education for Kids
25:43 Unlocking Opportunity Zones: Beyond Real Estate
29:02 Navigating Business Limitations in Opportunity Zones
30:17 Intellectual Property and Opportunity Zones
33:08 Future of Opportunity Zones: Legislative Changes
35:52 Setting Up Opportunity Zones Across the Nation
37:12 Tax Strategies for Families: Putting Kids on Payroll
43:14 Creating a Legacy: Intentional Estate Planning
51:36 New Chapter
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