Do you teach others to budget? #parenting #realestate #money #strategy #financialfreedom #tips

10 Aug 2023 · 1 min

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Steve D Valentine put his kids on payroll at 10 and 12, paying them $15,000 a year and funding their 401(k)s from company money. They got $100 a week for personal expenses. By 18 and 20, each had $40,000 to $50,000 saved.

Questions this video answers

10 and 12

$15,000 each

$100 per week (≈$5,200 per year)

Roughly $40,000–$50,000 each

Yes — the speaker states the 401(k)s were fully funded with money that came out of the company (described as legal business expenses).

Chapters

Because we are entrepreneurs. We have these things we can do inside our business. So at 10 and 12, we put our kids on payroll. They have jobs in the company. And we walked through the cpa, she's like, they got to have jobs. So they were marketing at school for clients. Like, they're wearing swag. They're giving out swag. Like, here's all your jobs. You're cleaning the office. These are things you're doing. They had a $15,000 salary each. Well, when you send your kids to private school, where does the tuition come from? Well, you can't write that off in your business, not to write off in your personal stuff. So my kids got paychecks, and they paid their own tuition out of their own bank accounts. And on top of it, we fully funded their 401ks. And at 18 and 20, they have roughly 40 to $50,000 in their 401ks. It was all money that came out of the company legally for things. And on top of that, we gave them a new budget. You have a hundred dollars a week, every week of the month, $5,200. You have to budget for your school lunches, you have to budget for your shoes. You have to budget for your clothes. And for your friends birthday parties. You'd be amazed at how lame the birthday presents are when they've got to pay for it themselves.