#165 The Next Generation of Investors: Conversations With Kids About Money, ft. Dr. Peter Kim & Kids - Passive Income MD
#165
Episode #165

#165 The Next Generation of Investors: Conversations With Kids About Money, ft. Dr. Peter Kim & Kids

In this episode, Dr. Peter Kim has a conversation with kids about money. This interview with his children includes questions about their mindset when it comes to wealth, investing, due diligence, and financial literacy. This fun episode will help you guide the conversations at your home when it comes to teaching financial literacy to your kids.

Are you looking for a community to encourage you as you begin, or want to accelerate your business to the next level? Then join thousands of physicians who share the same journey of creating their ideal lives through multiple streams of income by joining us in our Facebook communities such as Passive Income Docs and Passive Income MD.

Eckard Enterprises brings this episode to you.

Eckard Enterprises, LLC, is a family-owned and operated alternative investment and asset management firm, specializing in mineral rights and the U.S. energy industry. Eckard believes that owning tangible assets is one of the safest, long-term investment strategies available in today’s investment climate.

 

16.05 Min • June 27

Episode Highlights

Now, let’s look at what we discussed in this episode:

  • About Money
  • About Investing
  • About Passive Income
  • About Financial Literacy Books
  • Physician Real Estate and Entrepreneurship Conference (PIMDCON) 

Here’s a breakdown of how this episode unfolds.

 

Episode Breakdown

[01:00]

Conversations With Kids About Money

Dr. Peter Kim asks his kids about money, what it is, where to use it, and how to get it. The discussion also includes how they manage their resources. The questions and answers reflect that despite the innocence of children, the concept of money can be taught at an early age so that they can better manage their personal finances in the future.

“So I have three jars. One is called gift, one is called save, and one is called spend. I like to put all my money into three parts. I put 1/3 of it into the gifts section. And then 1/3 of it into the save section, and then 1/3 of it into the spend section. I’m still working on that. And then that’s how I save, give and spend” — Dr. Peter Kim’s Kids

[05:41]

Conversations With Kids About Investing

Peter discusses with his kids what their thoughts are when it comes to investing. He asked his children about due diligence. How do they define investing, how should they invest, and whom do you trust with your money? Together, they discuss the importance for families to talk about money at home.

“It’s very, very important to talk about money. Because you have to treat people the way you want to be treated. We need to use our money to help others in need.”  — Dr. Peter Kim’s Kids

[10:47]

Conversations With Kids About Passive Income

Dr. Kim asked questions to his kids about passive income. He urges his children to define passive income vs. regular income. The kids talk about how important it is to have passive income so that it has given their dad the freedom to do fun things, hang out, and make memories.

“If you were just about regular income, all-day-every-day, you will be all tired out, you won’t have that much fun. And then life is about fun…you know. So, if you have passive income, you’d have more fun, and you wouldn’t be so tired.” — Dr. Peter Kim’s Kids

[12:25]

Conversations With Kids About Financial Literacy Books

Dr. Peter asked whether they had read any books about money, to which the kids answered that they had read Reach for the Stars by Dr. Michele Cho-Dorado. The final questions asked for advice they would give to other parents when it comes to teaching financial literacy at home. The kids delivered practical tips for parents to talk about money at home. 

Reach for the Stars: Introduce basic financial concepts while empowering kids to think BIG!

[14:51]

Physician Real Estate and Entrepreneurship Conference (PIMDCON) 

Dr. Peter Kim closes by inviting everyone to join the Physician Real Estate &Entrepreneurship Conference (PIMDCON) this September 21 – 23, 2023 in Los Angeles, CA. The event is for those who want to learn more about real estate, investing, finances, passive income, entrepreneurship, and more. 

“By attending in person, you’re gonna get exclusive access to expert speakers, panel discussions, and the opportunity to connect with like-minded high-achieving professionals like yourself.” — Dr. Peter Kim

We talk in depth about all of this and more in our course–Passive Real Estate Academy. Want to learn everything about investing in real estate with confidence? You can grab your seat right here!   

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