Raising a Financially-Savvy Family with Doug Nordman and Carol Pittner

Today we are talking about teaching your children financial independence, teaching them how to manage their money, and teaching them about what money means. 

Our guests today are Doug Nordman and Carol Pittner. A father-daughter team who wrote a book on this topic. Doug Nordman served for 20 years of active duty in the U.S. Navy's submarine force and retired in 2002 at the age of 41. He and his spouse, a retired Navy Reservist, reached financial independence in 1999 on a high savings rate. Carol Pittner joined the Navy on an ROTC scholarship. She and her active-duty spouse are rapidly approaching financial independence on a high savings rate, and they've just started their own family!

[00:01 – 04:52] Opening Segment

  • I talk briefly about great values that await you in this episode
  • Let's welcome our guests, Doug Nordman and Carol Pittner
  • Doug and Carol talk about their background

[04:53 – 16:22] Raising a Financially-Savvy Family

  • Start teaching your kids how to manage money. The earlier you introduce the concept, the better the results.
  • Teach them about taxes when the moment that they need to know about it emerges.

[16:23 – 28:53] Raising the Younger Generation

  • Carol talks about the things she would do differently in raising a child compared to her generation
  • The younger generation is getting better at writing books about money
  • Giving your kids the responsibility of being grown-ups is one way to motivate them to learn about money
  • Carol reflects on all the lessons she picked up since she was younger

[28:54 – 37:26] Educational System

  • Set expectations to your kids that they will be paying for their college (if not all, some of it) to raise awareness and learn how they will manage that.
    • Doug and Carol share some tips and strategies to teach your children

[37:27 – 52:52] Closing Segment

  • Quick word from our sponsors
  • What is the best investment you've ever made other than in your education?
    • Doug: "Marrying my spouse."
    • Carol: "Having that good investment in my spouse and having that good investment in our marriage."
  • What is the worst investment you ever made?
    • Carol: "Trying to figure out what kind of insurance I need."
    • Doug: "My worst investment is that I'm an angel investor."
  • What is the most important lesson that you've learned in business and investing?
    • Doug: "Business is all about cash flow." The most important lesson to financial independence is a high savings rate
    • Carol: "Just get started." Stop sitting there and thinking about the what-ifs and to actually go and make the what-ifs.
  • Connect with Doug and Carol. See the links below.

 

Tweetable Quotes:

"The earlier you start talking about this [managing money]. The more prime do they are to catch on and start doing something with it." – Doug Nordman

"The best way to make money is to have a long-time horizon." – Carol Pittner

"It's a two-way street when you're talking about money with your kids. It's not only what the parents want to teach the kids, but it's also about the reception of the kids themselves." – Carol Pittner

 

Resources Mentioned:

 

You can connect with Doug on his website https://the-military-guide.com/. Grab a copy of their book on Amazon.

You can connect with Carol on Facebook. Visit her website https://childfire.com/

 

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes.

This episode is brought to you by Roofstock, the world’s largest residential real estate investing marketplace. Open an account for free and start browsing turnkey investment properties today.

We are also supported by You Need a Budget. YNAB is a different kind of personal financial tracking company. They’ll help you track and plan your money with your priorities in mind. Open your trial account today and give it a shot!

About the Host

Taylor on stage

Hi, I’m Taylor. To date I’ve acquired or partnered on over $250 Million in Commercial Real Estate Investments. I help busy professionals invest in multifamily and self storage real estate through my company NT Capital

Not Sure How to Tell a Good Deal from a Bad Deal?

Learn 7 Red Flags in Passive Real Estate Investing

Free 7 Day Video Course

Real Listener Reviews

Extremely useful podcast
Extremely useful podcast
@thehappyrexan
Read More
Short, impactful with excellent guests. If you have a full time W-2 job or business and are looking for ways to get involved in real estate on the side, this is for you.
Simple & effective information!
Simple & effective information!
@jjff0987
Read More
This podcast is worth listening to for investors at all levels. The information is simplified for the high level investors but detailed enough to educate seasoned investors about nuances of the business. I recommend!
Awesome Podcast!!!
Awesome Podcast!!!
@Clarisse Gomez
Read More
The host of Passive Wealth Strategies for Busy Professionals podcast highlights all aspects of real estate investing and more in this can’t miss podcast! The host and expert guests offer insightful advice and information that is helpful to anyone that listens!
Great podcast!
Great podcast!
@Owchy
Read More
Love all the information and insights from Taylor and his guest. Fun and entertaining. Highly recommend.
Previous
Next

Popular Posts