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October 16, 2024

Allowance or No Allowance? How to Confidently Raise Cash Smart Kids | S7 E7

How do you teach your children the RIGHT way to handle cash? Steve Alessi sits down with his son Chris Alessi to answer the eternal question all parents face - do we give kids allowance or make them do chores to earn money?

How do you teach your children the RIGHT way to handle cash? Steve Alessi sits down with his son Chris Alessi to answer the eternal question all parents face - do we give kids allowance or make them do chores to earn money?

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The Family Business with The Alessis

How can you teach your children the RIGHT way to handle money - before they get the chance to waste it?

In this enlightening episode, Steve Alessi sits down with his son Chris Alessi to discuss how they are approaching the eternal question of giving kids allowance or making them work / do chores for money in the family budget. 

You'll see how both experienced and new parents are approaching this question in various ways, yet keeping the same principle - making sure the next generation has the tools they need to be financially smart and wise as they mature into young adults. 

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Chapters

00:00 - Coming Up In This Episode

03:09 - How To Raise Financially Health Kids

05:55 - 'Chores' or 'Expectations'?

10:26 - Financial Accountability And Planning

20:09 - Money Does Not Dictate Who You Are

26:25 - In Life There Is No Free Lunches

31:45 - Kids Need to be Taught

Transcript

Steve Alessi:
And Lauren comes on the scene, and now we didn't have enough money to give anybody

Chris Alessi:
To give all 3? An allowance.

Steve Alessi:
And then when Gabby comes on the scene, forget it. We're broke. That's all it's doing. All the money we had went to just diapers and all the the stuff that goes into raising kids. Hello, and welcome to another episode of the family business with the Alessis. I'm Steve Alessi. Today, I'm here with Christopher Alessi, and we're talking about family because family is everybody's business. We're in season 7, Chris.

Steve Alessi:
Season 7, the year of completion. The year of completion, the number of completion. Now there's going to be on this particular season, there there's gonna be a lot dealing with some some financial matters. We'll be talking, dealing with how young couples can handle, affording a house, buying a house as opposed to renting, and all of that. I'll be talking with Roger. He's gonna be sharing, and, we'll be discussing businesses, how to build a business, entrepreneurship, and all of that. But today, you and I are gonna stay on this money topic.

Chris Alessi:
Yeah.

Steve Alessi:
Because it has to do with, raising financially healthy kids, and that's where I want our focus to be today as a family that is in the business together, of course, we're on payroll, and, that means with the resources that we get, we gotta make sure, especially running this church, that we operate our finances in a, a good way. We can't ever be in debt, can't carry debt. This doesn't look good for us to do that as leaders except for our mortgage, car payments maybe, but not business not credit card debt. We gotta always work very hard at managing our money. We lead in front of people, and so with the donations and so forth, we we are able to enjoy a living that we have, plus what we do on the outside with our own personal investments and things. But when it comes to finances, I'm not sure enough people look at money as something that they have to be prepared for and trained to be able to manage. So we wanna look at it. You're a young father.

Steve Alessi:
You're going to have a boy one day that gets older and starts wanting to have money. He's gonna need money. So you'll be looking at things like allowances. Should they get an allowance? Should they get money for chores that they do around the house, or do they just get money because they're Chris Alessi's son or daughter?

Chris Alessi:
Or just get my credit card.

Steve Alessi:
Yeah. Do they get a credit card? All that. So let's talk about that. How do we raise financially healthy kids? Yeah.

Chris Alessi:
So what do you think? Well, I yeah. So I I don't really have answers to that. I I have what we did, and then I have what I'm seeing all over social media these days. And, you know, the reality is the algorithm knows when you're having a kid. And it's just I don't know how it works that way, but, like, you use answers.

Steve Alessi:
Because you post about them every

Chris Alessi:
I'm saying before there's anyone to post about. But, you know, you you go and you put you're looking for a stroller, and then all of a sudden your algorithm starts saying, hey. They might be interested in kids. And before you know it, that gets to Instagram, gets to Facebook, and it starts throwing different kid related content at you. I mean, you go follow 1 dad page, and now you're gonna have, like, a ton of recommended content about parenting. And so I remember what we did growing up as far as what you did with us, and there was some allowance. There was some things that we got paid for. But the reality is we never really had to worry about it.

Chris Alessi:
It was never really a thing. And our big thing as a family, I remember you always raising us with a money will never dictate what we do. Money will never be the reason we do or not do something. If we feel like there's a next for our family, we'll find the money. And I didn't realize how unique that was to our family until I got older, until I got married, until Rochelle came from a completely different mindset about money. And they started to hit me, man. We gotta make a real decision on what is our household gonna think about money. Because I I don't know if you did it intentionally, if it was something that just poured out, but I realized that I picked up a culture about finances from you and mom, And my kids will pick it up from us.

Chris Alessi:
Mhmm. So, you know, there's a lot of stuff on on on Instagram now. There's even, like, parents that have become influencers, and this is the topic they discuss. And I would love your thoughts on it because even as I'm trying to make sense of what I eventually do with him, you know, I I don't I don't really know. There are some things that sound so good on social media, and then you get around parents who have already done it. And they're like, you know, that was around when we were getting started too, and it didn't work out.

Steve Alessi:
Yeah.

Chris Alessi:
So can I throw it your way? And Please. So I actually saw it again this morning, and I'm so glad we're talking about it. So there's this guy, and he he goes around and he says that kids should never get paid for what we would call basic chores. In fact, he even says you shouldn't have the word chore, like, in your in your house. He says you should call them expectations. So things like doing the dishes, cleaning their rooms, making their bed, those are all expectations. You don't get celebrated for that. That's how you handle the home.

Chris Alessi:
But in order to teach them about money, he calls it tying money to value creation. There's no created value in you taking care of your room, but there is in cleaning the garage because it's a shared space. So he says, in order to show a value creation chart, you have, like, a menu on your wall that ties an amount of money next to different gigs they can do. So, like, washing the cars, maybe running an errand if they're of driving age, mowing the lawn, taking care of the pet, doing something in the garden, like pulling weeds, or even organizing the garage. And so they talk about expectations versus gigs. And, you know, that really sounds good. Mhmm. But is it? I mean, what what what are your thoughts on them?

Steve Alessi:
Well, this is one of those things, I can't say I was really good at. Alright? I thought it was a great thing. I remember saying to you as the firstborn, okay, Chris. You're gonna get an allowance. And whatever that allowance was, we would try to give it to you try to give it to you, on a weekly basis. Stephanie comes along, and we kinda forgot about it. And then we end up starting our church, and Lauren comes on the scene. And now we didn't have enough money to give anybody To

Chris Alessi:
give all 3? An allowance.

Steve Alessi:
And then when Gabby comes on the scene, forget it. We're broke. That's all let's do it. All the money we had went to just diapers and all the the stuff that goes into raising kids. So I can't say we did it the right way intentionally thinking this is this is the way that you do it. However, as I look at where we're at today, I think with a generation, young people that are given before they're, you know, 13, they're already they already have a phone. Yeah. That's a huge deal.

Steve Alessi:
You got a computer in your hands. And now kids start to feel entitled to something because everybody is doing it. And some of their school is attached to a computer or attached to a phone. So much of their world gets tied up to it. So if you could raise a generation of kids that are that have this entitlement, I'm entitled to it. And so I can see then where tying together a financial reward for certain responsibilities to be carried out in the household is a good thing as opposed to just a general allowance that you get a quarter or you get a buck or you get, you know, whatever, that $10 as you get older to have. So I can see it because it's gonna chip away at the entitlement that some young people start to have as it pertains to money. So then when the holidays come around, they're just accustomed to getting a lot of stuff that's been given to them.

Steve Alessi:
So they don't have this appreciation for what money, how to get money and what money can give them.

Chris Alessi:
Well, especially because you you mentioned the cell phones. Like, having to help Gabby with some of the youth stuff and kind of, being a soundboard for her as she's dealing with things going on. I never had an issue like this when I was a youth pastor, but Gabby deals consistently with kids that have their parents' credit cards on their phones. And so they're literally swiping on Amazon whenever they want, or we had kids that were buying 1,000 of dollars on on their video game, on the end game purchases. Wow. They're they're spending all this money. So the reality of like, it's not the equivalent of, oh, they, you know, they might go out and get $15 from their parents. I mean, it's it's not just entitlement.

Chris Alessi:
It's money is not a thing. Mhmm. Because they don't ever feel the pain of seeing cash change hands. They don't ever have to kinda get held accountable for it. And one of the things that I remember when we were older, I remember you would sit down with us monthly and go, alright. You show me on this credit card statement. Where are you? And you would make us go and see it so there was at least accountability. Mhmm.

Chris Alessi:
But now, it doesn't seem like there's any of that.

Steve Alessi:
No. No. And that you're right. I do remember when I would look at the credit card because, I would wanna make sure that you got to a place, Steven, when you were 16, y'all were or 15, 14, y'all were going on trips, with the church, and I would wanna make sure, okay, y'all were always taken care of, especially in emergency.

Chris Alessi:
Mhmm.

Steve Alessi:
That time you called with a we had a a car breakdown on the side of the road Oh, god. Late at night, and I was thankful you guys had a credit card. So I always wanted to make sure you guys were covered on that. Well, imagine what we're dealing with today with your the kids that, yes, that can turn around. Oh my gosh.

Chris Alessi:
It's linked into their Amazon. I mean, it's

Steve Alessi:
Yeah. And then coffee. Coffee shops as they start to get a little bit more, you know, entitled. So that's where Uber Eats. Uber. At school.

Chris Alessi:
People are literally kids are having food delivered to them Yeah.

Steve Alessi:
All the time now. Yeah. So in that, I would say when they when it became excessive, alright, guys, sit down. Who's buying this? Who's buying that? Who's buying this? And especially as they started making a little bit money from this job or that job, I'd say, alright. That's no longer my responsibility. A family card is for groceries, but anything over that, your clothes, things like that, coffee, little desserts, lunches you're gonna go get, coffee shops, pastry shops, the French bakery, all that stuff.

Chris Alessi:
By the way are the girls. All of that stuff was not me. I didn't drink coffee until I was, like, 30.

Steve Alessi:
Yeah. So it was having to sit down with them. But back to kids. Do we give them, excuse me, do we give them allowance, or do we tie into it a kind of like a pay, as you perform? Because that's what happens in the real world. Yeah.

Chris Alessi:
And we actually have a great example of somebody who's trying to teach their boys this. Because I think I I wonder if parents are fully aware. I wonder if, you know, if I'll even be aware that you're teaching your kids whether you're trying to or not.

Steve Alessi:
Mhmm.

Chris Alessi:
So if you don't have a system to intentionally teach your children today, then they're learning.

Steve Alessi:
Mhmm.

Chris Alessi:
They're learning something. So for instance, I saw this other guy who was like a billionaire on Instagram, and he talks about on a podcast, he talks about the days that his kids would come to him with a broken toy. And they'd be like, dad, this toy broke. And he'd go, oh, that stinks, and he'd throw it in the trash can. And the kid would freak out and go, what? No. And he'd take it out of the trash. He's like, dad, we could fix it. He goes, how are you gonna fix this? You told me it was broken.

Chris Alessi:
So the kid would sit there and put the wheel back on or whatever, and he'd fix it. And then he would celebrate the kid for fixing it, and it was his way of teaching the kid, don't come to me with a problem thinking I'll just fix it for you. You you're capable. You're able. You can fix it. And that stuck with me. I was like, I I wonder if people are aware of the little things you can do even at an early age to start helping a kid see how the world works. And, like, I I I do think that even the example I brought up of the guy and the gig and all that, what kind of husbands does that create? You know? Hey.

Chris Alessi:
I cleaned the garage. Time for my reward. You know, I created value in the home. Because one of the things you did a really good job of is you always tied that stuff just directly to the role of a man. You would always you'd always let me know, and I would not like it early on. But now that I'm a man, I'm like, oh, thank god. I have this figured out because when I look at the garage and it's messy, I I I clean it because that's my role in the house. I'm the man.

Chris Alessi:
I can't wait until Moreno's old enough to take the trash out probably in another 2, 3 years or so. 5 years old. Yeah. Because he, because it is a place where he starts to learn, you know, what his role is in the house. So this example sounds great, and I think I think there's a lot of value to it, but even left unto itself Mhmm. Could have some side effects. So this is where I think that that guy in our church has set up a whole, like, summer business model for his kids.

Steve Alessi:
He's great. Jeff. Everybody loves Jeff. Now Dave Ramsey has his, but Jeff Childers has a better program. And what he more or less did was he started with seed money. He gave them over the summer a certain amount of seed money, and then he required of them with that seed money that they were gonna have to there's a couple of have to's, which meant they're gonna have to spend some money. And that was, like, take mom out to dinner. You have to take mom out to dinner.

Steve Alessi:
You had

Chris Alessi:
to rent your video games. So it was, like, $30 an hour to play your video games because he wanted them to see them.

Steve Alessi:
Well, those those that was a a option. Okay. But there was a couple of mandatory ones. 1, they had to take mom to dinner. They had to give. And then they had to give something. Alright? A certain amount back to as an offering. But from there on, there were other things that they would need to spend money on in order to make money to now enjoy the benefits like playing a video game.

Steve Alessi:
If they want to play a game, they had to rent the system. But in order to get the money to rent the system, they had to take the seed money

Chris Alessi:
And make more out of it.

Steve Alessi:
Make make it more. So for instance, washing the car, they would get so much money to wash the car. But in order to wash the car, they had to go down and use their seed money to buy a bucket, buy soap, hose, all that kind of stuff. And then turn around and use that as seed money as an investment. They even had to write a business plan. They made money for writing up a business plan. They had to sit down with a money manager. When they did so, they were able to make money.

Steve Alessi:
He also had in there a grace play. I see you looking at your phone.

Chris Alessi:
I think

Steve Alessi:
I think it's okay. Listen, he had a grace play. Yeah. A grace play means that you could do something and you can squander your money if you make a certain mistake because you blow it in life. But then grace comes on the scene, and grace points are gathered by serving, by doing things that you don't get paid for. So serving in church, reading books, and reading your Bible, those would be grace points. You wouldn't get money from them, but you get grace points so that when you would do something that would cause you to lose money, when you should have been washed out, you weren't washed out. You those grace points kicked in all to teach the responsibility that goes along with managing money and the rewards that if you are responsible, you will be rewarded.

Chris Alessi:
Yeah. And you would think that his kids, which I think are like 7 and 9 or 7 and 10, you'd think they would hate it. And yet they walked into church with their whole binder explaining exactly how the program worked. They were excited to tell me about it. I think they got money for telling people about it. They were excited to take their mom out, and he even created, like, a a sort of investment bank. Mhmm. That if they went and they met with a money manager Yeah.

Steve Alessi:
He gave

Chris Alessi:
them a couple guys in the church that knew how to do it. And if they put money in the bank, when the issue came, that money wouldn't be affected. And so he he really did think of it. And I think the reason that I like bringing it up is a lot of parents would look at that and think my kid can't fathom all of that. And they might be right, but they can fathom more than we think they can. Mhmm. They're learning more than we think. And, you know, he already sent me Marino's.

Chris Alessi:
And I was like, oh, great. I'll, you know, I'll pull it out in 6 years. And he told me, 6 years.

Steve Alessi:
Yeah.

Chris Alessi:
You'll pull it out next year.

Steve Alessi:
And I'm

Chris Alessi:
like, what are you talking about? He's gonna be 2. Yeah. Pull it out next year. Yeah. So I again, I I think that one of the things that I would say are, like, huge takeaways is if you could add something like this while also adding some of the conversational stuff that you and mom brought into our lives, like, the accountability of what you're spending. Constantly coming back. Hey. There there is paper money.

Chris Alessi:
There is a limit. There are no paper trees. And then still tying responsibility to our roles in the house and not just forsaking that, not just making it about making money. You know, I think I think that goes a long way, and I know that that's the line that Rochelle and I wanna walk for our kids.

Steve Alessi:
Mhmm.

Chris Alessi:
Because I still think the most valuable thing, even though I wasn't all that great budgeting at the at the beginning Sure. I've gotten a lot better. But I still think the most one of the most valuable things I bring to my home was a true belief that money does not dictate our lifestyle.

Steve Alessi:
Yeah. That

Chris Alessi:
was one of the I mean, if you were to ask Rochelle now, like, what's one of the things you love the most about Chris? She'd say that. Mhmm. Constantly reminds me money doesn't dictate who we are. And as crazy as it is is that even that mindset keeps God God

Steve Alessi:
Mhmm.

Chris Alessi:
And money

Steve Alessi:
Mhmm.

Chris Alessi:
Not God. Yeah. So I think you guys did a phenomenal job with us. I still remember having to wash your car every weekend.

Steve Alessi:
Well, I did I did want you to help around the house, which I like the idea of somebody helping around the house and not necessarily getting paid for it. I I I think that's good. I because you're teaching them responsibility. Their their bedroom, their room, you know, I think is just you're teaching them that they make their bed. They clean up their room because that's what responsible citizens of the home do. And there's gonna be a wife one day that appreciates the fact that her husband gets up out of bed and doesn't wanna sit there and let the bed stay unmade all day, or is he gonna pick up his drawers after he drops them or even go and does does his own laundry on occasion. Those are just great things that you teach kids. I mean, we have housekeepers today.

Steve Alessi:
We've got lawn guys today, that take care of a lot of those things that a kid early on used to have chores. Those are the chores to do around the house. That we don't have that today because we've got other people that are doing those things. So how how do we teach kids to be responsible with finances? And I believe at the appropriate age, there comes that teaching and that training. What we just don't ever wanna do is not consider that giving kids everything from money to cell phones to a car and all that, just giving it to them is in the long run helping them in itself without teaching them that with everything you get, there comes a responsibility to it. Yeah. So if you do give your kids a key a car because they graduated or because you need help running errands and picking up your brothers and sisters, The moment that kid has that car, something goes wrong with that car. It's up to the kid.

Steve Alessi:
So if he burns out the tires because he's driving too fast all the time, gunning it and going through gas continuously, and you see it's just not. Now you gotta sit back and say, alright. Let's talk about this because now you're being irresponsible. If they got a phone and they're running up all the game expenses on their phone. I think that's a time when a parent has to step in and say, wait. You're wasting money. We're gonna have to lock this thing down. You you can't do so.

Steve Alessi:
There has to be some measure of teaching, training. And if it's from a program like Jeff has, which is phenomenal, and I I hope that I even told him, man, market that thing, copyright it, and then

Chris Alessi:
the church package and

Steve Alessi:
He wanted to give it to the church. I said, no. No. No. No. What you need to do is help your kids figure out how to copyright it, and then there'll be a license fee or, you sell it at a discount, a wholesale price. Let your kids benefit from that because other schools may pick it up for summer programs. But let your kids benefit.

Steve Alessi:
That's a great program for our church, for our families to be able to make the investment. Anything you give somebody, Chris, they don't appreciate. They gotta get some skin in the game and pay for it. I would love for our families to to do that and put their kids through it because it teaches them valuable life lessons about money. The whole point is giving them allowance, I don't think necessarily teaches them how to manage their money. Yeah. Allowing them or paying them for doing certain chores or or jobs around the house, I think starts the process. Get out there, mow the lawn, you know, wash down the sidewalk, whatever that is.

Steve Alessi:
I think that that may be helpful to teaching them. But to go get the mail every day or to do their laundry, those are just make your bed, clean your room. Those are just lessons that they're gonna have to learn anyway to be a responsible citizen in the family. Yeah. So giving them allowance for doing those things, I'm not sure that's the best way to do it. And if you can't give an allowance because your finances don't allow you to, then here's what you're doing. You're making it up when a kid has a birthday. Yeah.

Steve Alessi:
At birthday parties or whatever, kids get some money from family members and so on. That's when you now start teaching your kid how to manage the money. Get involved. Ask your kid, what are you gonna do with it? You wanna go buy some shoes? Okay. This is how much these tennis sneakers are gonna cost. Is that what you wanna be able to spend all that money on? You wanna spend it on a game. That's how much this game is gonna cost. And after you spend the money for the game, that means you're gonna have 0 left.

Steve Alessi:
That's those are times when you should be able to teach them.

Chris Alessi:
That's a good point.

Steve Alessi:
You know? Rather than just looking at it saying, alright. An allowance is gonna teach them financial stability and making them, healthy financially. Yeah. So I guess my my last question for you would be, you look at your grandson. You look at

Chris Alessi:
your namesake. You see him. And I know that the father in you is still present, and you look at him and think of the things he'll need to know. When you look at me as his dad, what do you feel like are the things that I need to be aware of when it comes to teaching him about this kind of stuff? Or the things that you hope I'll step in and do? Yeah. What's my role in him? Well, this is

Steve Alessi:
what they call sleeve to sleeve success, that the 3rd generation and even business usually fails because the 3rd generation was never taught the sacrifices that the first generation had to make and then the second generation had to try to maintain. But sometimes, the third generation just enjoyed the benefits of all the early sacrifices without having to sacrifice. My hope is with Marino, your kids, my grandkids, that they would recognize that as, in life, there really is no free lunches. Somebody's paid for it somewhere. And the benefits that they will all enjoy from just the vacations that may be taken to, the the cars they may drive, schools and educations that they may enjoy. All of that's gonna require some measure of sacrifice on their part. If they want a good education look. Your mom and I bought the Florida Prepaid Yeah.

Steve Alessi:
For the grandkids. That's our goal is to provide that for them. And the reason we went with the Florida Prepaid is because it's going to help. If you go to a Florida school, it's gonna cover their Florida college expenses. Right? They wanna go somewhere else, then it's on them to earn it or you to have to pay for them. The reason you didn't go to Southeastern a second, 3rd, and 4th year was twofold. 1, because we wanted you to come and help us with the youth. The second though was because It was a

Chris Alessi:
private school.

Steve Alessi:
It was a private school, and you didn't get the edge the the grades to be able to substantiate a scholarship to that. So you Enough of a scholarship. And A scholarship at all. You didn't even you didn't even apply. Yeah. I know. You had it the 1st year, but we still had to pay that. And it took us 3 or 4 years to pay that off, you and I.

Steve Alessi:
But the 2nd year is like, no. We got a prepaid college kits. Prepaid college plan right here at FIU. Take advantage of it, and you did. But that was to teach you responsibility because your grandfather was sacrificed. Him and grandmommy did, you know, just work their hands to the bone and just had to sacrifice. We didn't have the privilege of going on vacations. Like, I was able to enjoy and like you're able to enjoy.

Steve Alessi:
So your grandfather sacrificed grace greatly. Mom and I sacrificed greatly. You're coming into this as a 3rd generation from this aspect, and you're like, okay. It's it's a little easier. But you're having to learn back then the the sacrifices that need to be made. So you know what? We're just not here to write fit the bill for you going to a college of your choice. If you want to go to a certain college, you had to qualify with grades and so forth. And because you didn't get those scholarships at that level, that was one of the things that brought you back here to then finish up at FIU with a prepaid college plan that your grandparents paid for.

Chris Alessi:
And what you just said, I had to pay for 4 or 5 we had to pay for 4 or 5 years for 9 months. Yeah. We had to pay off 9 months of school Yeah. For 4 or 5 years. So we

Steve Alessi:
were trying to teach you responsibility. That was a tough conversation. I hated that conversation. I remember. But it was teaching you that you had to do the work in order to enjoy the privileges. So if I look at my grandkids

Chris Alessi:
Which was actually foreign to me at the time. To me, I'm like, you're my parents. You're supposed to pay for me to go where I wanna go. Like, that's really what I thought.

Steve Alessi:
That's what we see modeled so much today. So when you look at Marino,

Chris Alessi:
you know, our goal now is to teach them that lesson that just because the resources may be there doesn't mean you've earned them. Mhmm. You have to go earn it. And, you know, I see the value in that in the day to day of what we do.

Steve Alessi:
Mhmm.

Chris Alessi:
I see that in the the people. You come on staff at a young age. You look at people older than you and think, I've already earned so much, and you're like, wait. No. Mm-mm. I have to earn it all. And, so I I definitely could see that that is gonna be on me because it is you and mom's reward for not killing us. You get to spoil our kids.

Chris Alessi:
Oh, we want to. So now we gotta be the ones to come.

Steve Alessi:
Want to. We're we're fortunate enough to have a certain level of of blessing in our life that we get the joy of seeing the grandkids, come over and have, you know, the playground and have all these things that that we want them to have. At the same time, we also have to pull back a little bit. Mom and I, you know, we're talking about trips we're gonna take for our anniversary coming up just as a family and what we are going to do, you know, with Christmas. And I was telling her just last night, hey. You know something? This economy's getting a little tight for people. We don't know what's gonna happen with this election. We don't know what the future looks like, and we can't sit there and say to our kids, listen.

Steve Alessi:
We're gonna go on this vacation. We want you to spend money to go with us. Mhmm. Because then we alright. We may help with going on vacation, but how much of that money do we want of your own money do we want you spending? Do we want you saving it? So from our standpoint, we're, like, we still got it exercise financial responsibility to teach our adult kids Yeah. Financial responsibility, which in turn, they will hopefully teach their children financial responsibility. So is it about giving Marino when he's 5, 6, 8, 10 years old in allowance? Or is it about teaching him, alright, every money every time you get money, this is how you spend it, and you're just aware. And I think the big issue would be, parents, be aware that everything you do with your kids is teaching them about financial responsibility.

Steve Alessi:
They need to be taught. It just doesn't come natural form. So you can do a program like Jeff's. Jeff's gonna teach those kids hard work. He's gonna teach them that they get paid, and then they can play. It's gonna teach them. And that's why having this conversation is so important. You and your spouse get on the same page so that you are well well aware.

Steve Alessi:
I gotta make sure my kids our kids are being taught how to handle money in a healthy way.

Chris Alessi:
You're right.

Steve Alessi:
Anything you wanna say on the way out?

Chris Alessi:
I feel I feel good about it, and I even feel now I have a better sense of what to make of some of the stuff I'm seeing on socials. Because some of it, like I said, sounds so great. But it's kinda like you need both sides. Yeah. Even that program by itself still doesn't do the whole job.

Steve Alessi:
Yeah. So Got your hands full. Yes. We do. I'm glad that you Alright. We wanna help you raise financially healthy kids. So thank you for joining us on this podcast. If you think this podcast can help some other families that are raising kids, why don't you go ahead and, share it with them? And, hey, thanks for joining us today on the Family Business Podcast with the Alessis.

Chris Alessi:
You've just enjoyed another episode of the family business podcast with the Alessis, and we can't thank you enough for being a part of our podience today. Now that you've learned more about us, here's how you can join in in the family business. First, make sure you're following our podcast right now and download this episode so you can hear it at any time. 2nd, think of someone you know that might need or enjoy this episode and share it with them. You'll be helping them and helping us to spread the word about the family business. 3rd, go to alessefamilybusiness.com and tap the ask the Alessis button. This is really cool. You could use it to record a voice mail comment or question, and we can add your voice to our conversations.

Chris Alessi:
Finally, while you're on our page, tap the reviews tab, and you'll see a link to leave a review on Apple Podcasts. We love reading your reviews, and we might even share them on the show. Thanks again for joining us, and we'll see you next time at the Family Business with the Alessis, because family is everybody's business.