Episode 79

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Published on:

2nd Jan 2023

Are Your Finances on Track to Support Kids? | E79 Clifton Corbin

I remember being so furious with my dad because I felt like I was the only 16-year-old in my friend group that paid for their own car insurance. 

 

Looking back now, I really appreciate him making me handle my financial responsibilities early on. Don’t get me wrong I still take advantage of my parents picking up the tab at dinner or paying for the hotel on a family vacation but I pay my own bills and it makes me feel so empowered being financially independent.

 

This was the first step toward my parents seeing me as financially mature.

 

Maybe you’re someone who’s been taking care of yourself since you were a teenager or you might feel guilty that your parents are still financially supporting you.

 

I’m here to tell you there is nothing wrong with being a young adult and getting support from your parents. Life is expensive and I don’t think it's a smart idea to rack up credit card debt to try to prove that you can pay for your own things.

 

Although the financial support might be nice, I know you want to be seen as mature enough to make your own money and handle it appropriately.

 

That’s what this conversation is about today. How do I move towards this goal without making a huge mistake? How do I gain trust from my parents?

 

My friend Clifton Corbin is going to share some advice as he’s gone through this journey himself. After making a mess of his finances in his early 20s by racking up debt and destroying his credit, his parents lost faith in him. Luckily, he turned things around and eventually earned back trust with his parents.

 

If you’re looking for what you should do and what shouldn’t in your own journey, this is a great place to start. We also talk about how to stop trading your time for money, how to know when you’re ready for kids, and how to maintain your identity whenever you become a parent.

 

If you’re a listener of the show and haven’t left us a rating and review, we’d really appreciate it if you did. And if you’re new, welcome, sit back, relax, and let’s learn something new.

 

I hope you enjoy my conversation with the basement DJ, PTA Chair, and Author of Your Kids, Their Money…Clifton Corbin.

 

Key Takeaways:

  • How to stop trading time for money
  • How money scripts affect your risk tolerance
  • What to do when you find yourself in credit card debt
  • How to cut the financial umbilical cord
  • How to know when you’re ready for kids
  • How to maintain your identity whenever you become a parent
  • Good parenting principles

 

Mentions:

Mason Burchette on TSIR: www.tsirpodcast.com/71

 

More of Clifton:

The Richest Man In Babylon by George Clason, Edited by Clifton Corbin: https://www.amazon.com/Richest-Man-Babylon-Illustrated-Revised/dp/1777869544

Your Kids, Their Money by Clifton Corbin: https://books2read.com/YourKidsTheirMoney

Website: www.cliftoncorbin.com

 

More of Justin & The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

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FI Minded: Achieve Financial Independence & Have Fun Doing It
Achieve Financial Independence & Have Fun Doing It
Want to achieve Financial Independence (FI) without missing out on life?

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Whether you’re at the beginning of your FI journey or already deep into Coast FI or Slow FI, this show gives you practical strategies and insights to reach early retirement and design a life that aligns with your values, purpose, and fulfillment.

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If you want to reach financial independence, design a life that’s purposeful and fun, and avoid burnout along the way, FI Minded is your guide to building a sustainable, fulfilling, and free life.

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