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Teaching kids about money as the first step toward building a financial legacyVideo

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Video ADA Text: Teaching kids about money as the first step toward building a financial legacy video

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Description: Teaching the next generation to understand and handle money is important for your family’s financial future. Read some practical tips for talking to your kids about money.

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Length (seconds): 711

Transcript: <h2>Note:</h2> <p>Legal disclosures appear.</p> <h2>On Screen:</h2> <p>INVESTMENT AND INSURANCE PRODUCTS ARE:</p> <ul> <li>NOT A DEPOSIT</li> <li>NOT FDIC INSURED</li> <li>NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</li> <li>NO BANK GUARANTEE</li> <li>MAY LOSE VALUE</li> </ul> <h2>On Screen:</h2> <p>J.P. Morgan Wealth Management logo.</p> <h2>On Screen:</h2> <p>A blooper clip shows the two J.P. Morgan Private Client Advisors, featured in this video, talking and smiling with the off-screen film crew, in a video recording studio…</p> <h2>Radhames Pineda:</h2> <p>Uummh. Good.</p> <h2>Staff:</h2> <p>I think we got what we need.</p> <h2>Radhames Pineda:</h2> <p>All right. Cool. All right. Yeah, that was completely free styling film.</p> <h2>Staff:</h2> <p>That was perfect.</p> <h2>Radhames Pineda:</h2> <p>Never put two advisers to speak. We'll never stop.</p> <h2>Note:</h2> <p>The staff laughs.</p> <h2>On Screen:</h2> <p>J.P. Morgan Wealth Management presents - <strong>Building a New Legacy: </strong>A Summit for Black and Latina Women.</p> <h2>Note:</h2> <p>Bright upbeat music plays.</p> <h2>On Screen:</h2> <p>Episode 4: Multigenerational Wealth Starts Now.</p> <h2>On Screen:</h2> <p>A man with short dark hair, brown eyes and wearing a blue blazer and a red tie, Radhames Pineda.</p> <h2>On Screen:</h2> <p>Radhames Pineda, Private Client Advisor, J.P. Morgan Wealth Management.</p> <h2>Radhames Pineda:</h2> <p>Good morning, good afternoon, good evening. Welcome to Multi-generational Wealth Starts Now. My name is Radhames Pineda. I'm a J.P. Morgan Private Client Advisor. In this session, we're going to talk about how to teach children in your life, how to be responsible with money and create good investing habits. I'm joined by my friend and esteem colleague, Private Client Advisor, Samira Arikat.</p> <h2>On Screen:</h2> <p>Ms. Arikat is a woman with long black hair, brown eyes and wearing a dark blue shirt and jacket.</p> <h2>On Screen:</h2> <p>Samira Arikat, Private Client Advisor, J.P. Morgan Wealth Management.</p> <h2>Radhames Pineda:</h2> <p>Sam was recently named to Forbes’ Top Women Wealth Advisor List for 2021. And I'm super proud of this one, Sam. Working Mother magazine for 2021, top Wealth Advisor Moms ranking, such an awesome, awesome list to be a part of.</p> <h2>Samira Arikat:</h2> <p>Thank you.</p> <h2>Radhames Pineda:</h2> <p>Talking about money and families is usually a difficult conversation. I know it was in my family growing up, Sam as a mother first and an investment professional. Why is it so important to have these conversations at an early age?</p> <h2>Samira Arikat:</h2> <p>Talking about money is often a very taboo subject, and it's very difficult for families to talk about money. So because it is difficult, our children don't always learn the foundations of good money habits as early as they should. So it's always important to start talking with children early and often about money. It builds a foundation for them to go on into their lives, to be responsible adults with money, or, you know, if they're struggling with money, how do we get back on track and how do we save money and how do we build for future generations? Because this is all about multi-generational wealth. So in order to build multi-generational wealth, we have to start right now.</p> <h2>Radhames Pineda:</h2> <p>In your process of raising your children, was it always an easy topic to talk about money?</p> <h2>Samira Arikat:</h2> <p>You know, it wasn't always easy. We went through a period of time where we didn't have a lot of money and times were tough. You know, my kids are now 27 and 28 years old. And there was a time where, when they were 11 and 12, their father passed away and I was left as a single mom, single parent raising two boys. And it wasn't always easy. I had to have hard conversations with the kids, you know, our life events made it so that I didn't have a lot of secrets from my kids financially.</p> <h2>Note:</h2> <p>She chuckles.</p> <h2>Samira Arikat:</h2> <p>We either had it or we didn't. And there was a period of time I remember that I had to make a choice between having cable or not having cable. And I had to tell my kids that, you know, we really need to do without cable right now. And if you rewind several years ago, there was no streaming services to watch anything.</p> <h2>Note:</h2> <p>Both laugh.</p> <h2>Samira Arikat:</h2> <p>It was either cable or it wasn't. And so, you know, I remember telling my son, he was 11 years old at the time, you know, &quot;Honey I'm sorry, we're going to have to do without cable.&quot; And I remember what he said to me was , &quot;It's okay, mom, we'll just have more time to spend together.&quot; And you know, as a mom, I had to walk away so I could cry because certainly I didn't expect it. I expected them to be all kicking the couch and you know, why not and everybody else. And I realized in that moment that whatever conversations I had had up until that point about money, they understood the value and that just because we can't afford something now doesn't mean we can't ever afford anything again. And it created a more open dialogue for me to start talking about money and saving and investing and future.</p> <h2>Radhames Pineda:</h2> <p>So your children are now young adults, they're professionals. How did that conversation evolve?</p> <h2>Samira Arikat:</h2> <p>So I would say that, you know, it's important to teach kids skills with money. We have to teach them how to save money. You know, what's the difference between a checking account, a savings account and an investment account, and you know, what each one does. And then on the flip side of that exact same coin is how do we spend money? Because that's equally as important if we don't teach them how to spend it, then the savings part really doesn't matter that much because then they're just blowing it all. And then how to borrow money, you know, don't get over leveraged with credit cards or debt you don't need. My favorite bucket is the share bucket. You know, how do we share all of this? And we can do it, break it down by age. It doesn't have to be, you know, one size fits all. Because you know, when they're kids, when they're, you know, 5, 6, 7 years old, get a piggy bank, give them the money, give them the change, let them put it in there, give them a goal to save for. Okay. You know, let's put this in here. And so at some point we're gonna go to an amusement park and you can buy whatever you want. And then, you know, at 10 years old, 11 years old. There's a story I can share with you that, you know, my cousin was telling me the other day that she took her daughter and her and a couple of her friends to the mall. And you know, her daughter had the digital wallet and was spending on her digital wallet. And then the other one of the other girls had a gift card that she was using to spend. And then one of the other girls had a hundred-dollar bill that she was spending and the, you know, the girls with the debit card and the, the gift card and the digital wallet, they were just spending it and no big deal. But the little girl that had the money, they walked into, you know one of the high-end stores and she wanted a pair of leggings and it turned out it was $65 worth of leggings. And so she gave her the a hundred dollar bill at the cashier and she gave her back the change and she just looked at it and, and my cousin was telling me that she was just like, &quot;Oh my gosh, where'd all my money go?&quot; Because in her mind, she had a lot of money, A hundred dollars sounds like a lot of money when you're 11 years old. And she had many things she wanted to spend that on and realize that she couldn't. So, you know, one of the things I like to do is, is as kids are growing up, give them cash to spend. It's important because we lose the value of money when it's digital or electronic. I mean, even as adults, how easy is it to spend money on a credit card? You know, so then as they get to the teenage years, you know, you want to teach them how to spend responsibly, you know, don't blow all your money on, on, you know, movies and going to expensive dinners or going to the mall or what have you. You want them to learn to save money and as they get to their first job for example; you know, they're they're more likely than not gonna be making somewhere around minimum wage, working part-time, going to school. And having a conversation about what that paycheck is going to look like before they get their first paycheck is really important. So if we start early and always start talking about money and creating this idea that it's okay to save, it's okay to invest. And we'll talk about how we teach kids how to invest, but it's okay... it's okay not to spend everything that you make. And if we start with that, that's the foundation for everything else that they're going to do in their life.</p> <h2>Radhames Pineda:</h2> <p>So Sam, you bring so much joy to me, as you're thinking out loud. I have a 10-year-old son. And to your piggy bank example, right? He actually has three of them at home. Saves, spend, share. Two weeks ago, he took his mom on a date.</p> <h2>Samira Arikat:</h2> <p>Oh.</p> <h2>Note:</h2> <p>She laughs.</p> <h2>Radhames Pineda:</h2> <p>And he was weighing his piggy banks, and he had a little extra in the share bucket. So he actually took, I forgot what it was, but he took the amount, went to a local restaurant and he paid himself. And what that created was such a positive feeling that he was able to share what he put aside. He wasn't spending irresponsible cause he already had it there. So his mom and him come back. She's super excited. She's crying. “Oh my God, my son paid for dinner!” But he came to me to the side and thanked me. &quot;Hey daddy, thank you for having me have three piggy banks. I took my mom on a date, just like you.&quot; And I think that would be a teachable moment for him that he can take on and at some point, teach his children. At this point in time, what key activities or lessons or habits can you share to the audience that they can do now to be more responsible with their wealth in a multi-generational manner?</p> <h2>Samira Arikat:</h2> <p>So kids are easy. They, they look at you as an adult, as a parent, a grandparent, an aunt and uncle, and they learn from you and your messages are so important. And anybody that's had their beautiful, sweet little innocent, 2, 3, 4-year-old say their first curse word knows exactly what I'm saying. You know exactly where they heard that from.</p> <h2>Note:</h2> <p>She laughs.</p> <h2>Samira Arikat:</h2> <p>Kids learn from us. So if we start talking early about money, if we start talking about how to save…</p> <h2>On Screen:</h2> <p>Goal-based savings (noun): A saving strategy by determining your goal, opening a savings account specifically for that goal, and saving up the money before you buy.</p> <h2>Samira Arikat:</h2> <p>…goal-based savings, whether it's a, you know, a quarter in a piggy bank for a trip to an amusement park, or as a teenager, if it's, you know, you're a hundred dollars you've got for your birthday into a savings or an investment account for your first car, it all leads to the same thing. And it leads to conversations about money. It was really never too late. You know, I don't want people to feel bad if they have teenagers or 12-year-olds and they don't have a savings account or an investing account. It's okay, let's start today. And you know, I remember my mom growing up, she used to always, no matter what, no matter how tight money was, she was always saving into her 401(k) and always saving in a Christmas club account. So that at Christmas time she could, you know, pull out the money. And I remember that as an adult now, and that was really one of my first memories about what it means to save. And she would, you know, $20 a month or a hundred dollars a month or whatever it was for 11 months. And then December 1st, she would get her Christmas club money. And, and I remember her saying, she calls it like free money. Because I, I didn't feel it coming out. And so it's never too late to start. And, and how, no matter how much money you have or don't have anything is better than nothing.</p> <h2>Radhames Pineda:</h2> <p>I love that Sam. I want to summarize all that you shared which was awesome into three bullet points that I think resonated with me. and hopefully with the audience. Number one: The mirror effect. A two or three-year-old saying something they shouldn't. They pick that up from somewhere. I think is very important that we are very mindful as parents, as coaches, as an example to the community, it doesn't even have to be your child, anyone you care for, they're watching you. So good money habits definitely are something younger folks are picking up. Number two: Longevity. Start stretching your thought on money for the long term. It's not just you transitioning what you have to the next generation. Just as important to transition, the information and the habits to the next generation. And then lastly: You're not in it alone. Here at J.P. Morgan, as private client advisors, this is what we do every day for our clients.</p> <h2>On Screen:</h2> <p>Key Takeaways:</p> <ol> <li>Everything we do and everything we say resonates with children;</li> <li>Transition good money habits and skills to the next generation;</li> <li>(and) You're not in it alone.</li> </ol> <h2>Radhames Pineda:</h2> <p>And again, we want to reinforce our audience. The importance of talking to kids about money, by being aware, how we model behavior, and to remember: we're here for you. J.P. Morgan private client advisors are here to plan for your long-term needs and ultimately your legacy. And with that, thank you for your time.</p> <h2>On Screen:</h2> <p>Building a New Legacy: A Summit for Black and Latina Women.</p> <h2>On Screen:</h2> <p>J.P. Morgan Wealth Management logo.</p> <h2>Note:</h2> <p>Legal disclosures appear:</p> <p> </p> <h2>On Screen:</h2> <p>Investing involves market risk including possible loss of principal, and there is no guarantee that investment objectives will be achieved.</p> <p>Past performance is not a guarantee of future results.</p> <p>The views, opinions and estimates expressed herein are those of the speakers and are subject to change without notice. Information herein may differ from those expressed by other areas of J.P. Morgan. This information in no way constitutes J.P. Morgan Research and should not be treated as such. The views contained herein are not to be taken as an advice or a recommendation to buy or sell any investment in any jurisdiction and there is no guarantee that any of the views expressed will materialize. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only; based on certain assumptions, current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of writing, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or products. In addition, investors should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own professional advisers, if any investment mentioned herein is believed to be suitable to their personal goals. Investors should ensure that they obtain all available relevant information before making any investment. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and investors may not get back the full amount invested. Both past performance and yield may not be a reliable guide to future performance.</p> <p>JPMorgan Chase &amp; Co. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. You should consult your personal tax, legal and accounting advisors for advice before engaging in any transaction.</p> <p>J.P. Morgan Wealth Management is a business of JPMorgan Chase &amp; Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment advisor, member FINRA and SIPC. Annuities are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase &amp; Co. Products not available in all states.</p> <p>Copyright {{copyrightCurrentYear}} JPMorgan Chase &amp; Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC.</p>

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