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 without missing out on the fun?

FI Minded is for anyone who wants to achieve financial freedom, live life on their own terms, and, most importantly, enjoy the journey along the way!

Whether you’re just starting to think about financial independence or already deep into the process, FI Minded gives you the tools and inspiration to make FI a reality - without giving up the things you love.

Each episode, we’ll cover topics like:
*Financial Independence Strategies: Simple, actionable advice to reach FI faster (if that’s your goal).
*Work Optionality: Transitioning from the corporate grind (no more "one more year syndrome") to a life of freedom and flexibility.
*Lifestyle Design: How to build a life that aligns with your values, goals, and dreams.
*Stories from the FI Community: Real people sharing their journeys to FI and what they’ve learned.
*Fun with FI: How to save your future and enjoy your current life through CoastFI, mini-retirements, travel, or just making the most of your time.
*Fighting Burnout: Balancing saving for your future while staying mentally healthy.

Some of our past guests include:
Carl Jensen (1500 Days), Jeremy Schneider (Personal Finance Club), Nick Loper (Side Hustle Show), Andrew Giancola (The Personal Finance Podcast), Jordan Grumet (Earn & Invest), Jill Sirianni (Frugal Friends), Jacking Cummings-Koski (Catching Up to FI), Jesse Cramer (Personal Finance for Long-Term Investors), Diania Merriam (Optimal Finance Daily), Rachael Camp (Work Optional), Jillian Johnsrud (Retire Often), Sean Mullaney (FI Tax Guy), Joel Larsgaard (How to Money), Erin Lowry (Broke Millennial).
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