The Best Way To Help Your Family Is To Help Their Kids

One of the best conversations I’ve had recently was with my neighbor and friend John Bishop on the Bangers Only Podcast.

John and his wife Barbara did something simple, but powerful.

Instead of just leaving money to the next generation…

They decided to help them with the cost of their college education.

Back in 2005, they created a family program that:

• Helps younger relatives pursue education

• Builds financial confidence

• Creates accountability

• Shows that things thought unobtainable are really within your grasp

Five years ago, they added something even better:

A family financial education program where the next generation learns how to assess what you have, build on what you have and motivate them to invest in the future.

And John told me something that stuck with me:

“Don’t just give money. Give understanding.”

The results?

Some become investors.

Some become savers.

All are more confident about money.

If you’re thinking about how to help the next generation, this conversation might give you a few ideas.

Connect with John

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Timestamps

(0:00) Intro

(0:22) Welcome John Bishop!

(1:00) John’s Small Town Roots

(3:16) Bringing Together Big Families

(4:18) 30 Years at Boeing

(8:00) Stopped Working For A Paycheck

(12:07) Financing Family’s College Education

(14:04) Unpacking The Process

(19:15) 3 Generations

(20:20) Making Exceptions

(23:40) Family Financial Literacy + Health

(28:14) Before + After

(30:11) Unintended Outcomes

(31:55) Do’s and Don’ts

(35:23) Don’t Just Share, Engage!

(37:47) Participation Requires You Pay It Forward