Family Meeting – Money | Dad, How Do I?

Dad, how do I?

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Transcript provided by YouTube. Slightly edited with AI.

Hey kids, so I thought I would have another family meeting. I thought that was important to talk about money. You know, as I mentioned in my shorter video earlier today. Money is a very sensitive subject for people. It’s a little like their precious from The Lord of the Rings. If you didn’t see my Gandalf impression earlier, hopefully this won’t embarrass you, but here you go: “Bilbo Baggins, do not take me for some conjurer of cheap tricks. I’m not trying to rob you. I’m trying to help you.”

You know, a funny side story for you, we did a Lord of the Rings spoof at our church around 20 years ago, and I played Gandalf in that as well. My friend Jim came up with a great name for me. Instead of Gandalf the Gray, he called me “Can’t Golf That Great,” which is probably pretty accurate.

I get that there will always be differences of opinion when it comes to money. When I made my budgeting video, it was tough to make it in under a minute, right? Trying to keep it around a minute. I have followers of all ages all over the world, but we must start somewhere in order to move forward, and I think a budget is the logical place to start.

As a man of faith, I put $400 for charity to show that’s how I personally would budget this money. If you don’t feel the need to give, you do have that choice. It’s your choice. You can put that money towards whatever you think is important to you. I do believe, though, that it’s important to budget giving into your budget because if you don’t, you most likely won’t have any money at the end of the day to give away. In my book, I talked about the importance of being generous, and I just think it’s a good habit to get into.

You know, in my video, there were comments about paying $1,200 for rent, and maybe that was low, but maybe you have a roommate, and this is half, right? We’re not trying to get caught up in the numbers. There were comments about the money being $40,000 for a budget. You know, maybe you’re married, and that’s the total amount. Again, don’t get so caught up in the numbers. I know people that make way more than $40,000, and I know people that make less than that too. There were comments about student loan debt. I did include car loans, but maybe you don’t have car loans and you have student loans. All that to say, we’re just trying to make the point that you need to figure out how much you’re bringing in and then have a plan for how you will spend it.

In my videos, it’s tough to paint with such a broad brush since I have such a wide range of people of all ages from all over the world watching my videos, and I can speak to what I’ve gone through, my experience in the US, and there’s some advice that I would give you. If you’re graduating from high school or trying to figure out what you want to do next, I would highly recommend that you look into Community College. If you do go there and you plan on transferring to a university at some point, just make sure you get your associate’s degree. Your two-year degree or most of those credits may not even transfer for you, so just be aware of that.

So many of our young people aren’t sure what they want to do, so like everybody else, they head off to a university, run up all kinds of student loan debt, and then they get a degree in something that they might enjoy, you know, but it doesn’t have a great career path or doesn’t pay well. So make sure you look into what the end game is for the career path that you’re choosing for when you graduate. Choose a profession that pays well or pays decently so you can survive. I do plan on starting to make some videos on all kinds of different professions where I interview different people because there are so many other things that you could be. There’s so many career paths out there. You could consider the trades. You could be a plumber, an electrician, a carpenter, a mason, you know, so just choose wisely.

If you’re in debt, in really bad debt, I would highly encourage you to look into Dave Ramsey’s resources. He’s helped many, many people get out of serious debt, and he can come across as a little harsh at times, but after starting this series and realizing the pushback that I’m getting, he’s probably a little bit callous. So the point again is not to get so caught up in the numbers that I’m putting out as a budget. I just want to make sure that you have a plan. Like David Ramsey says, you know, a budget is telling your money where to go instead of wondering where it went.

I also mentioned the book “The Richest Man in Babylon,” and the main takeaway I get from it, you know, there’s other things they talk about too, but you’ve got to remember to pay yourself first. Make sure that’s in your budget. Speaking from experience, if you don’t have a plan, years will pass by, and you may not have anything to show for all of your hard work. So it’s important to budget that in.

I realize budgeting isn’t the most exciting thing to put into a video. But ultimately, it’s in your best interest to take control of your money. This, I can promise you, your future self will thank you for taking the time to do this. I hope you have a great day, and God bless you.

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This post was previously published on YouTube.

Welcome to “Dad, how do I?” Here you will find “How To” videos by a dad who has raised 2 adults (and we still talk). I will do my best to provide useful , practical content to many basic tasks that everyone should know how to do. On this channel, you will find a variety of content like How To’s, Story times, Dad Chats, and more!

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