To all parents out there, do you talk about money with your children?
If so, what’s your approach?
In this week’s episode, The Retirement Solution’s Mike Whitmore quickly breaks down how to start, introduce, and maintain financial and money-related conversations with kids depending on their stage as pre-teenagers, teenagers, and adult children.
- Teaching your pre-teen children how to handle money, and what are the benefits of setting up UGMA accounts for them
- Why have tax, “paying yourself first,” debt, and credit history-related conversations with your teenage children as they receive their first paycheck and are ready to go to college
- The importance of emergency funds, saving for retirement, and power of attorney documents for adult children
- The difference between consumer and educational debt
- What is “bank on yourself,” and what’s its role within the mortgage and life insurance arena
- AARP considerations for adult children
- And more!
- Uniform Gifts to Minors Act (UGMA)
- LinkedIn: Jim Black
- Investing For Dummies by Eric Tyson on Amazon
- dummies – Learning Made Easy
Connect with Mike Whitmore:
Connect with The Retirement Solution:
- The Retirement Solution
- (888) 500-5830
About Mike Whitmore:
Mike graduated from Brigham Young University with a BS in Business Management and Marketing and a minor in Dutch Literature. He is a Financial Planner with The Retirement Solution, serves as the President of the Advisory Board for Velvet Media, and is a former co-founder of Fresh Consulting.
[00:00:00] Welcome to Your Retirement Solution Podcast. Imagine the value in knowing exactly what day you could retire and have the income you want for the rest of your life. Listen on to explore the strategies that are designed to set you on track to living your happily ever after in retirement. Now onto the show.
00:18:31 – 00:21:00-ish
[00:00:22] Hello and welcome to Your Retirement Solution with Mike Whitmore. Mike, what’s going on today. Oh my gosh, buddy, it is a gorgeous after the Memorial Day weekend. And It’s a gorgeous weather out here today. Memorial weekend weather was terrible here by the way, but Today It’s going to be 80 degrees and you know, really summer’s kicking in, which is just phenomenal.
[00:00:40] Got to love that. Absolutely. All right and it’s time to have a talk, right? The subject today is talking with your children about money. I am so excited for this. I mean, it sounds really geeky to say that, but I love teaching kids and that’s kind of where my heart is at, I love teaching and training.
[00:00:56] So talking about money is I think really important. [00:01:00] Aric, do you have any kids at home anymore? Not at home. No, but here’s the thing. This is the kicker. My daughter is 21 and probably three months ago she’s like, “Dad, I think I should start a Roth.” I’m like, “I love you.” Wow. That’s impressive, buddy.
[00:01:13] Nice job. I was like your mother did something, right. Because it wasn’t me. I don’t know. I don’t know if it was me at all. She knows what she’s doing. She’s a great saver. My son is more of a spender, but he’s learned a few lessons. He’s 25 and so now he’s learned some lessons and he’s making good money and he now has a good savings account and a good emergency fund set up.
[00:01:30] It’s the first time he’s ever had a good emergency fund. So I’m really proud of him for that. Man, no kidding. And he’s at the age that most young people don’t even have that in place. So, hats off, kudos to him. That’s great. Yeah. Thanks. I know you’ve got a grip of kids. Yeah. So we, our oldest is 24.
[00:01:47] She’ll be 25 here in about a month or two. I’ve got a granddaughter as well. Then, you know, down to my youngest at home is a nine years old buddy. So I’ve got a spread yeah. Yeah. So how do you want to view this today? I mean, I know [00:02:00] that you’re going to kind of teach us about talking to these kids about money.
[00:02:03] How do we break this down? Well, I think one of the most important things is A, not all kids are not created equal. B, they’re going to be different age groups, right? So, I’m always welcome to hear people’s comments on these podcasts as they listen to them if they’ve got ideas that worked for them or their families or whatever.
I’d love to hear [00:02:21] what they have to share about it too. Just some guidelines I’d like to break it down to kind of three main groups. That’s going to be preteens. Guess what? I’ve got a bunch of those. Teens, I just might, my last teenager just turned 20, so I don’t have any teens anymore, but up until a month ago, I did.
[00:02:37] And then I have some adult children too. So I thought I’d break it out into those three key areas for the listening audience. They could say, “Hey, you know which group do I need to take this advice?” By the way, grandparents, this is something you can use with your grandkids too. So that’s how I kind of want to divide it up today [00:02:52] Aric.
That sounds fantastic. Before we do that, you said something I love. That was that you’d love to hear from the listening audience [00:03:00] about what they’ve done, what’s been successful for them, any questions that they have. So, can you give them some contact info right now? And maybe an email address [00:03:08] where they can email their info in?
Then at the end of the show, we’ll do the same thing. Is that okay? Yeah, that’s great. So Aric, I would say have them email me at mike@trsfamily, that stands for The Retirement Solution. So email@example.com or give us a call on our office (425) 558-3700 and talk to any of the planners or they can even reach me through that number.
[00:03:31] I’m happy to continue the conversation that we’re just going to touch on and start today. Yeah, audience participation. Love it. Yep. Me too. All right, so let’s start. So you broke it down into three categories. Where do we start? Yeah. So let’s start with the preteens, right? Cause these are the kids who are, like my daughters still at home, are nine and ten years old. They’re always asking me, dad, how can we earn money?
[00:03:52] How can we earn money? How can we make some money? So, when you’re kids, one of the things they want to figure out is what are [00:04:00] some of the jobs we can do? Well, gosh, that’s a great time to teach him how to run a small business. Yeah we’ve played this game [00:04:06] believe it or not on our echo devices of running a lemonade stand.
Now yeah, it talks about you’re buying your supplies. You’re going out during certain times and weather and selling and how many, and what’s your price is going to be for on those cups and that kind of thing.
[00:04:20] Yeah, it’s a bit of a game, but then my daughters actually go out and do the lemonade stands and Aric I’m blown away at how well they do at running these lemonade stands. I will say, location means a ton, but now they’ve got some money. Right? So let’s talk about that money that they’ve now earned.
[00:04:36] Well, I need them to understand that really money is a tool. Just like a cell phone is a tool and it needs responsibility. Your television is a tool can be used appropriately. Money is the same way. It can be a wonderful gift. So after they’ve done that and they’ve earned some money, [00:04:54] we always kind of talk about, okay, how do we want to tithe, right? If you’re a person of faith [00:05:00] and you want to tithe some of that, we usually pay that first. Then maybe there’s some charitable giving. Right? With kids it’s not that much, but you understand that we’re trying to set a basis here. Right? Then we talk about you know, savings, making sure they put some of that money away for some future [00:05:17] thing.
Of course my youngest daughter always wants to get LOL dolls and she wants to go to Target and blow it on toys. But we’re saying, save that for some future rainy day. Usually we say 10% goes into savings or more. In the case of these young kids, we try and get them to go 50% into some kind of savings account.
[00:05:36] They can even do an UGMA or an UTMA where they can open up a brokerage account, believe it or not at their young age with a parent. Yeah, that’s great. Yep, because you can’t earn anything at the bank these days. Yeah, that’s true. That’s very true, right? So get an adult and they can actually open up an account.
[00:05:52] My ten-year-old daughter is reading on stocks, and it’s not because dad’s telling her, they are actually teaching it in school. So it was really [00:06:00] fun. Then there’s the idea of using an allowance, right? So we have a list of chores and things that the kids have to do each day to, before they go out and play. Well, if they want an allowance, that’s the minimum standard.
[00:06:10] They’re not just getting free money. I think that’s really important that they’re taught the principles of work. Yeah, absolutely. I was just having flashbacks. I have grandkids as well, and we haven’t done it with them because, well they’re not our kids. My son will teach them and he has done some teaching to them.
[00:06:27] When our kids were younger, much younger than even preteen, we had a bank that had three different spots in it. I don’t know if you’ve seen these, but it was a long plastic bank. Exactly what you’re talking about, which was one was a small building that looked like a church. Your tied money goes in there.
[00:06:42] The middle building was a savings, like a little bank. So you put your savings in there. Then the end one, which had a much larger hole at the bottom, to be honest, was the spending one, was the store. It was like a little shopping center. Then they put some of the money in there. So they know they get to spend some of that.
[00:06:59] We [00:07:00] did that with their allowance based on their chores. So right in line with what you’re saying. Even when they’re really young in this preteen part of this, I think that’s fantastic. They don’t need that little plastic bank anymore, but did you call it an UGMA? Yeah, an UGMA. That’s amazing to me, [00:07:14] I’ve never heard that before.
So, that would be fun I think to learn about that. Yeah, it’s fun. You know, another thing Aric, I should have added it into my list of topics today. When my first wife passed away, some of the audience will know that I lost my first wife to breast cancer. To really help teach my kids, they were all under the age of 12 at that time, so fits in this preteen category. I said, “Okay, you guys, we’re going to plan out a meal [00:07:38] and a budget.”
I said, “Your budget is 15 bucks and we’re going to plan out what we’re going to go to the store and purchase, and we’re going to come home and cook it.” Because I really needed them to start to understand the pressures of money. Me as a single dad, what that pressure was like on me.
[00:07:52] Yeah, and they still talk about that adventure. We have pictures from it, you know, kind of just silly things. But again, teaching them the principle [00:08:00] of how to stretch that dollar, even at that young age. Yeah. That is so vitally important. That’s an awesome story. Thanks buddy. Now the next category, and this is when things kind of pick up and get interesting.
[00:08:11] I love when I visited with my clients, I always love asking them, what was their first job, right? I grew up in the restaurant business. My family owned some very famous restaurants in Lewisville, Colorado at the time. My first job was washing dishes. Man, that is the epitome of the toughest job, but it taught me a lot – discipline, being on time, being ready to work.
[00:08:33] The other thing, it teaches you when you get your first paycheck, Aric. You think you’re going to make all this money, but what’s missing? A lot. Yeah. More than what you thought was going to be missing. Yeah, exactly. Wait, when you had those babysitting jobs or mowed somebody’s lawn, right? They paid you in cash. Cash in hand, baby. Cash in hand. Now you get your first check and it’s really your first exposure to taxes.
[00:08:55] Yeah. Yep. Government. Yep. Uncle Sam. Oh [00:09:00] man. Yeah. It can be heartbreaking. Yeah, and I think it’s important to talk about with kids. Okay. Well, what do I get in exchange for these taxes I’m paying? Cause you know, they don’t really care about that stuff. But pointing out, we have police, we have fire, we have rescue, we have parks, and roads and the signs that someone’s got to pay for.
[00:09:18] I want them to understand that at that age, that’s where that’s going. Yeah. Yeah, right. Again, there’s other things that goes to you as well, but that’s kind of the start. Then we talk about charitable giving, right? Whether that’s on gross or net gross. Of course, being before taxes, a lot of teens don’t understand that.
[00:09:34] What do you mean gross or net? Great time to have that conversation too. Yup. Right. Then paying yourself. Again, making sure you set aside that money because maybe it’s going to be for a trip for band class, have them own some of that. So my daughters who want to go to cheerleading camp and math camp and they want mom and dad just write them a check for all that stuff.
[00:09:55] Hey, if you’re comfortable doing that great, but we want our daughters and our kids knowing, [00:10:00] hey, this stuff costs money. If you want to do this, if you really want to do it, you have some responsibility here too. Yeah. Yeah, absolutely. There’s so many ways to look at it. I know that I’ve dealt with parents that their children are tremendous, as far as their education and learning. They’re in very advanced classes and they’re very difficult classes.
[00:10:21] So they don’t expect them to work or get a part-time job because their quote unquote job is school. That’s awesome. That’s totally fine. Not every family runs that way and I love your take on it. I love having kids own part of whatever they want to do. It doesn’t have to be a large part.
[00:10:37] It doesn’t even have to be half necessarily, but at least some part of it as they are earning it. I truly believe, and this is just my opinion, I believe they’ll enjoy the experience more knowing that they work for part of it. Absolutely. Well, Jim, the head of our company, [00:10:53] the CEO, he’s a personal friend of mine as well, has plenty of assets.
I [00:11:00] said, Jim, what are you doing for your teenagers who are going to college? He said, I’m not doing anything for them. Wow. Well, that sounds pretty harsh. He’s like, “Nope, I want them to have that responsibility.
[00:11:12] I had to pay for my school, and because of that, I cherished that education more.” Jim went into the military, he even did ROTC during college. He went on and became an army intelligence guy at the time. So he took that responsibility on himself. Now, I hear some parents say, and this is more of what we’re doing is, if you get A’s, we’ll pay a hundred percent, B’s, 90%, C’s, and so on.
[00:11:34] My first daughter, she has autism. So she’s on the autism scale and she has what’s called Asperger’s. I thought, Aric, I was wondering, was she ever able to go to school and succeed? I was very concerned about her. She not only succeeded, she did outstandingly well.
[00:11:51] So she, between grants that she was able to get and through getting an 89 on all of her stuff at cosmetology school, I said, [00:12:00] “No worries honey, I’ll pay for the rest of it. You did a great job.” I’m so proud of her. But I didn’t give that money up front, she had to earn it first.
[00:12:06] Yep. I’ve heard of a family doing something very similar where they would not pay for school, but they held them to a standard. You’re going to pay for it in its entirety. If you get A’s, we will match what you paid a hundred percent towards either your home, a wedding or whatever big ticket item that they would need later in life.
[00:12:25] So instead of paying for the schooling, they gave them future money that way. I thought that was fantastic because they had to pay for their education. I think they cherish it more like you said, or like Jim said as well. But yet they knew that there was a bonus quote, unquote, you know, at the end of the road, Yeah.
[00:12:40] And do you hang that carrot out there so you don’t have to beat him with a stick? Yeah. Yeah. That prize. One couple I knew growing up, not growing up actually, when I was in college, okay. The wife in this couple, she told me something fascinating. When the kids turned, when her and her siblings turned 14, the dad would go out with them and buy [00:13:00] an old, not running Mustang.
[00:13:02] Okay. Then for the next two years, not only was it a wonderful way for father and child to spend time together, they would spend two years restoring that car so that when they turned 16, they had a car to drive. Wow. Not only are you spending that quality time with your kid, now she knew everything about the cars.
[00:13:23] Absolutely. Yeah, so you teach and you have those moments, those teaching moments as well, and that bonding time and they have a car to drive. Now that’s another question that I’d love to place to the audience and then hear their feedback. How did they get their first car? For me, we had a third car as a family.
[00:13:39] It was an international scout. The thing was a tank, okay. Fully operational and it got 16 miles to the gallon or no, 13 miles a gallon. Didn’t matter if you had a tailwind, if you had the AC on, it didn’t matter. 13 miles to the gallon. I had to put my own gas in. I think my parents paid for the insurance but [00:13:58] I don’t remember that.
We actually [00:14:00] have our own kids pay for the insurance themselves right now. But we do have a car that we’ve given to the kids as the third car. I’d love to hear what your first car was and how you paid for it. It’s participation time again. Yup. So again, call that number, email me, firstname.lastname@example.org, [00:14:16] I’d love to hear that story.
The other thing when you become a teenager is now it’s time that you’re really comparing yourself to others, right? Is that self-esteem and boy it’s really tempting to go into debt. Right? Boy, if you start getting into debt as a teenager, that’s going to be a really tough hole to dig out of as you get older.
[00:14:38] So I really encourage them to completely avoid debt even at that age. Yeah. Yeah, absolutely. You know another thing and I didn’t put it on my list either, but it’s come to my mind, getting a checking account. Right? Understanding how that works. Building a credit history. Probably important as you become a teenager because eventually when you turn 17, 18 years old and become an adult, [00:15:00] having that credit rating and having a history of good credit really makes a nice difference for you as you get ready to go to college.
[00:15:07] Yep, absolutely. Well, let’s switch over to the adult children now, right? So I know you have some of these. Are your kids, you said you have grandkids, are both of your kids married? No, my daughter is not married. My son is. How old is she? 21. Yep, 21. Okay. It’s funny, you just mentioned the credit issue and that was something that we just went through over this last, probably two years with her.
[00:15:29] Really? Yep, she had just an extra car that we had, it was a Honda, I think it was a 2000 Honda Civic. It was a beater. It ran like a top, but it was a rust bucket, and it was a stick. So, I taught her how to drive stick. She loved it. Then I said, “Are you ever gonna get a [00:15:46] different car?” I mean, it’s lasting, I get it. I love the fact that it’s you don’t pay anything on it and so on and so forth. But there came a time when she was like, “Yeah, I’m kind of thinking about it now.” Then she had to come to the realization that she really didn’t have any credit.
[00:15:58] She was in an apartment, [00:16:00] right? So she was paying that, but that really didn’t show up unless she had them, she had to have them report it. Then she ended up finding a small credit card that she could then use for gas and groceries and pay off every month. We taught her how to do that and worked with her on that, just to build that little bit of credit so that she could get to the point where she could get a loan for a car.
[00:16:19] She paid about half the car right up front in cash because she’s a good saver, but she still took out a loan. Now her credit score because of her car payments, because of that little credit card that she always pays off, is upper seven hundreds and she’s doing fantastic. Oh, that’s terrific to hear buddy.
[00:16:35] That’s huge. But it took a while, right? I mean that’s the thing is that kids don’t understand that it does take a while to build that. It really does. You know, you have to have that building over time, the time value of money. Of course, there’s really no where to earn much interest right now.
[00:16:49] When I was a kid and had a passbook savings account. I think I got 5% on it, you know, back in the early eighties or whatever it was. But now, you have to go online like [00:17:00] bankrate.com. That’s the best place I can find rates right now. But about the best you can find is 0.6%.
[00:17:05] That’s really not much. Yeah. That’s abysmal. Yeah. That’s why, again, showing kids how to invest it. So now you’ve got teens. One of the things I recommend for teenagers is getting the book called Investing For Dummies. It’s a great gift. Give it to them for a birthday or Christmas.
[00:17:19] Hopefully they’ll read it and not just put it on the shelf. But it teaches them several things. I think I may have mentioned this book before in our program, but it teaches them the basics of investing, it teaches them basics of business and even real estate. So, and it’s that Investing For Dummies or that Dummies For Dummies Series is so digestible and [00:17:37] it teaches it in chunks.
So it’s a great resource if you want to give your kids a leg up on finance at that teenager age. Now for your adult children, here’s the thing that most people don’t know. I’m not an attorney. I cannot give legal advice. But your adult children, if they are not married [00:17:53] and they’re over 18, the HIPAA laws are so strict in our nation that if they had an issue, now let’s [00:18:00] say they’re away at college or they’re moved out of the house and they become incapacitated. Aric, you, even as their parent, you have to go to the courts and get a court order to act on their behalf to make medical decisions, even though you’ll have their parent.
[00:18:14] Yeah. Or if you want to help them make their payments while they’re incapacitated, for some reason. So, I really advise them to get put together their power of attorney documents. Even if they’re 18, 19 years old. Wow, I did not know that. I’m going to definitely have to have that conversation.
[00:18:31] Yeah. People don’t know that. So it’s a real need and most parents don’t understand that’s a big hole. So, adult children. So what I say first, and it’s kind of interesting, I had a CEO tell me one time, the four bases, right? First, second, third, and home base of saving and growing wealth.
[00:18:48] The first one, and you mentioned already, is having that nest egg. Have an emergency fund. You said your son has this. We usually advise our clients to have at least three to six months of just cash, liquid cash they can [00:19:00] access in case anything goes awry. Yep. So your daughter buys a new car and then suddenly something goes wrong with it.
[00:19:07] Boy, we’d hate to see her have to take a credit card out to fix that car, right? Then you’re paying interest on that credit card, which is not inexpensive by the way. So have that safety net, that emergency cash. Again, continue to pay yourself out of every paycheck. I have a colleague, a guy I grew up with, I just saw him here about a month ago, [00:19:29] and every check he’s ever received since high school, he’s put away 10% for himself.
Wow. He’s going to retire at 54 years old. That’s nice. Yeah, not bad, huh? Well, yeah, not too shabby. Yeah, when you have the time value of money working for you, putting it into now as an adult, you can actually have an investment account, a brokerage account, right?
[00:19:47] Can have all those great things. You can be saving for retirement. So a lot of young people I speak with are so concerned about having that monthly cash flow that they’re not taking advantage of the 401k. Right? And getting [00:20:00] those free matching funds, that’s free money. Yeah. Yeah. Right? So market growth, I mean the S and P has done extremely well even through COVID.
[00:20:08] Right? The market did very well over 18% growth in the S and P 500, even during 2020. So don’t underestimate that power of saving for retirement as an adult, even with your first job time. Yep. Again, avoiding the consumer debt, but that can just be a noose around your neck, right? Yeah.
[00:20:26] Educational debt, that’s different. Right? Because that may be forgiven here soon. Did your kids have college debt at all? No. No, they did not. My son was a mechanic at 18 and he’s still a mechanic and he loves it. He did not go, didn’t go to college.
[00:20:42] He did have all on the job training and all those certifications through his work. So that was fantastic. My daughter started working at a credit union at 18. Now she’s considering school, because of business and she’s got some extra time and she’s trying to figure out what she wants to do with her life. I said, “You got time.”
[00:20:58] So, yeah. [00:21:00] That’s great buddy. That’s one of the things that I’m seeing in our country too, is that it seems to be like focused so much on college when we really need people who are in the trades, right? Finding an electrician you know, qualified plumbers. There’s tremendous opportunity there that’s being missed, frankly.
[00:21:16] So for those folks who like to work with their hands, or like my adult daughter who went into cosmetology school, I never would have guessed that for her. Not only does she love it. She’s doing well at it. I have an aunt in California. Okay? She did hair in Beverly Hills. Beverly Hills clientele.
[00:21:33] Yeah. Okay. Yeah. 600 grand a year. Not bad. I want cut some hair. I know. I think we’ve all cut her own hair for the last a year and a half, haven’t we? Exactly. Yup. So don’t miss out on those opportunities for the adult children. It does not always have to be a college focus. The educational debt is what I would say is [00:21:55] good debt versus consumer debt, which doesn’t better you [00:22:00] as a person, it doesn’t increase your value.
Now, the last thing I’ve been talking about, and I know it’s kind of boring and so on. But boy, when you’re young, like when my first wife and I were newly married, now we got little kids and a mortgage.
[00:22:14] Life insurance, boy, it’s really cheap when you’re younger. Yeah. Right. Of course I know Dave Ramsey and Suze Orman. They hate life insurance and they hate it for this reason. It’s cause it’s so expensive, right? There’s a lot of fees inside of life insurance because if you get that life insurance policy and you’ve only paid a few months into it and then you were to die, then they have to pay out tens or hundreds of thousands of dollars.
[00:22:37] This happened with my first wife, Aric. In 2007, we’d refinanced one house, bought a second house. We did that in April of 2007, by the way. Yeah. Yeah. The worst time to do that because later in 2007 the market fell through. Well, we also had a third child by that point, our child is now 20. [00:23:00] So I said, “Let’s sit down with our life insurance guy.”
[00:23:01] I hadn’t sat down with him in like 10 years. I said, “Let’s bump up Deb’s life insurance from 50,000 to half a million. Literally I picked the number out of the air. Okay? You know, she was young at the time. She was 38, 39 years old. You know, life insurance is cheap when you get term life insurance back then.
[00:23:20] Well, she passed away a year later, 13 months later. Wow. Yeah. So we paid, 12, 13 months of premium, which wasn’t that much, maybe 1800 bucks or so, and they paid hundreds of thousands of dollars to me, half a million dollars to us, tax-free. Yeah. Well, we needed that. Right. To help me through that time.
[00:23:40] Here’s the thing. If you get cash value life insurance when you’re young like that, it works like a Roth. Most people don’t know that. So all of your growth in cash value life insurance grows tax-free. You might’ve heard of the term called bank on yourself. This is where you can actually [00:24:00] loan money to yourself out of your life insurance policy and the interest that you have to pay goes to you and you don’t ever have to pay that loan back.
[00:24:10] Okay? Eventually if you let it grow, it can actually turn into an income stream that is a tax free income stream for you, for the rest of your life and will never run out. Yeah, that’s fantastic. Yeah. So that’s the adult children stuff. Again, with kids who are in their thirties, forties, whatever those principles apply.
[00:24:29] So I hope some of these principles, you know, people can get some value out of this. But if they have questions, absolutely reach out to me and let me know what your questions are about any of these topics. Or I’d love to hear what your ideas have been that have worked in your home? I tell you, I get some of my best ideas, Aric, from what my clients tell me.
[00:24:46] Well, yeah. Learning from each other is what it’s all about. And I’ve got something that I’d like to add to your list. Please. Yeah, it may just blow your mind. And so if you’re listening and you’ve got adult children, consider this. Your adult children, Mike, have they [00:25:00] signed up for AARP yet? Oh, my gosh, Aric.
[00:25:03] No, I kind of fell over backwards when I turned 50 and got my first AARP offer. Tell me more, what are you saying here? There is no age limit. If you’re 18 and over, you can join AARP. The trend right now is the mid twenties and mid 30 year old’s are joining AARP so they can get the discounts to help them save, so they can hopefully retire early, or they can maybe save money in certain areas so they can afford a home.
[00:25:26] Now there is no age limit on AARP. I never knew that until about a week ago and it just blows my mind. I’ve never even heard that. I’ll have to look that up, but that’s amazing. Yeah, I learned too. This is great. There you go. One more tip for the adult kids. Join AARP. It’s a good thing. All right, Mike, thank you so much for your time today.