What to Do with Your Kids’ Holiday Gift Money

There's a common question parents face every holiday season and that is what to do with your kids’ gift money so it actually supports their long term financial habits. When generous family and friends give cash at Christmas or birthdays, it can feel unclear whether to let kids spend it, save it or invest it. We break down simple, age appropriate strategies that help your children enjoy their money now while also learning the basics of stewardship, goal setting and future focused thinking!

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Chapters

• 0:56 When Your Kids Receive Money As a Gift...
• 3:39 Life Updates: Christmas at Menards & Garage Sale Trees
• 4:45 Your Responsibility as The Parent
• 10:42 Option 1: Take Your Child to the Bank / Open Them An Account
• 15:18 Option 2: Put the Money in a 529 Plan
• 16:49 Option 3: Opening Your Teenager a Roth IRA
• 18:20 Option 4: Open a Simple Investment Account in Your Name
• 19:56 Option 5: Open a Custodial Investment Account (UTMA/UGMA)

Transcript

You're listening to The Wealth Mindset Show, where Hixon Zuercher Capital Management's team of finance professionals, portfolio managers, and a life coach, come together to tackle complex topics in finance and retirement planning so you don't have to. From investment strategies and wealth management, to tax planning, retirement income, and aligning your money with your values and purpose, the Wealth Mindset Show offers the tools to thrive.

Austin Wilson:

All right. Hey, hey, hey, welcome back to the Wealth Mindset Show where the Hixon Zuercher team helps you manage wealth, navigate retirement and make smart decisions for a secure, meaningful future. I'm Austin Wilson, Director of Investments at Hixon Zuercher Capital Management.

Josh Robb:

I'm Josh Rob, Director of Wealth Management at Hixon Zuercher Capital Management. And today we have Jessica Hinks joining us. She's one of our financial advisors here. And she had written a blog talking about kids' money. Kids-

Austin Wilson:

Yeah.

Josh Robb:

All that stuff. And what do we do with it? So we thought we talked about that today.

Austin Wilson:

But first-

Jessica Hinks:

Yeah, I'm excited.

[0:56] - Life Updates: Christmas at Menards & Garage Sale Trees

Austin Wilson:

Yes. What's going on with your real kids?

Josh Robb:

Kids.

Austin Wilson:

I mean, yeah, there's money and we're going to talk about money, but what's going on?

Jessica Hinks:

I was actually really excited that we were doing a holiday related blog, because I'm just looking for reasons to get into the holidays.

Austin Wilson:

That's right.

Jessica Hinks:

We went to Menards a couple of weeks ago and went into the Christmas section and it was stunning.

Austin Wilson:

Oh yeah.

Jessica Hinks:

They had these little electronics, little elves, feet sticking out of trees. They had a sled that went around a tree, and the sled just went down, came around and went up a ladder and just goes on repeat. My kids watched it for 10 minutes. I cried in the Menards Christmas area-

Austin Wilson:

Wow.

Jessica Hinks:

... because it was just so beautiful.

Austin Wilson:

Did you get it?

Jessica Hinks:

We're going today.

Austin Wilson:

Okay, good. I think I was at Menards before Halloween, and they still they already had Christmas stuff up. And I was like my-

Josh Robb:

They already started.

Austin Wilson:

... goodness.

Josh Robb:

I always thought it was cool having a tree where you had a train go around it. And we haven't had that, but I always thought that is a cool idea. And the thing is for us is either a kid or an animal would destroy that. So if you guys have-

Austin Wilson:

Backstory of a...

Josh Robb:

... an opportunity to just ... They chase that train and kill it because it was a danger to our family.

Austin Wilson:

Well, we just put up our tree.

Josh Robb:

Oh boy.

Austin Wilson:

So this is a whole different thing.

Josh Robb:

This is pre-Thanksgiving for our reporting.

Austin Wilson:

Honey, if you're listening. Yeah. Honey, if you're listening, this is the story. I want to tell the story. But it was like, yeah, it's pre-Thanksgiving. It's the beginning of November. And my wife says, "Hey, honey, I'd like to get the tree out. I think it'd be fun to have it out a little longer now that our youngest one's one now and she might get to enjoy it this year." Obviously last year she was teeny teeny. So we did. We got the tree out.

And last year we had a pre-lit tree and the pre-lit tree had parts of it die, which happens with all pre-lit trees. So we pitched it. Got a new pre-lit tree from a garage sale, $20. At the garage sale, it was set up and working perfectly. So my wife gets it home and she's so excited, $20 Christmas tree. And I told her, "I don't think anyone sells a pre-lit tree that actually works." And the fact of the matter is this tree does not lit up all the way.

Josh Robb:

But it was lit.

Austin Wilson:

But it did.

Josh Robb:

Still look good?

Austin Wilson:

Apparently it did.

Jessica Hinks:

- if you hold the wire just right or something-

Austin Wilson:

Or maybe

Josh Robb:

Where you turn it just right if you're in a corner, you can hide this section.

Austin Wilson:

Yeah. Well, we both took attempts at taking it apart and reconnecting every single connection and both came to the same conclusion. So, we were supplemented with fake lights, but we have no bulbs this year at all because they'll fall off with our littlest one. And the only three, we have three. One ornament for each of them that's like six feet in the air so they can't get it.

Josh Robb:

They can't get it.

Austin Wilson:

So it's up, it's happening. Wilsons have started Christmas a little bit early.

Josh Robb:

There you go. That's all right.

Austin Wilson:

So speaking of Christmas-

Josh Robb:

Yes.

Austin Wilson:

Christmas money happens a lot.

Josh Robb:

Yes.

[3:39] - When Your Kids Receive Money As a Gift...

Austin Wilson:

You get gifted some money for your kids. This happens for birthdays too. It happens for every holiday. The question is, what happens when a kid gets cash as a gift? Because there's a couple ways we can approach this, but do you let them spend it? Do you let them make them save it? Do you put them towards something in the future? Again, Josh mentioned this is actually tying back to a blog that Jess wrote. We're going to link that in the show notes. But what do we do? How do we view that? So what are your thoughts?

Josh Robb:

Yeah. And my youngest son, he just turned 11 in October. And for his birthday party with some friends and stuff, he started getting more of that type of stuff. Because after a certain while, it's like they have a lot of things. And so I was talking to actually one of the moms and she's like, "I'm thinking of just getting him a little gift card or something so he can go to Amazon and buy what he wants." And then they also included his favorite snack, which I thought was a cool thing.

Austin Wilson:

Nice.

Josh Robb:

Good gift. So he's accumulated this bit. And then I'm at the first, for him, it's like, "What do we do with this?" And that's what you're talking about. What do you do?

[4:44] - Your Responsibility as The Parent

Jessica Hinks:

That's what I'm talking about today. First and foremost, I think if people give your kids money, and my kids are so small, two and five, that I really have to be the steward of this cash for them.

Josh Robb:

Yeah.

Jessica Hinks:

First things first, I like to ask the giver what they envisioned us doing with it. Like, "Hey, thank you so much for giving us this money. Did you have something in mind that you wanted Little Allie or Little Sam?" And sometimes they'd be like, "Oh, I was hoping they could just go pick out their own toy." Or maybe they'll just say, "You know what? You can use it for whatever you want." And if they don't have a need, that's when it's time for you to figure out what's best, right?

Josh Robb:

Yeah.

Austin Wilson:

Yeah. I think one thing to think about is why cash is given. There's a couple of reasons. So I think one reason is just practically, especially as people get a little older, they have less desire or less ability to go out and find the perfect gift for every little kid. So they may say it's easier to give cash. Another one might be, well, they don't really know exactly what exact toy that kid's going to want all the time. Or what clothes size they are or whatever. So it's easier to give cash and that's one thing that's totally popular. But yeah, that's definitely an interesting approach to ask that.

I think I've probably, our kids get cash as gifts all the time. And so the people who give it already know what my answer's going to be. They're like, "Austin, what are we going to do with the money?" And I'm like, "Oh, it's probably going to..." They're like, "Oh, it's probably going to be invested before they even know it." So that's what happens in our house. But it's super interesting that just the different phases of life. Because I think grandparents, like their direct grandparents or people who see them all the time, probably give them a gift because they know exactly what they like. They know what they're into. But the further you get out of the bubble is oftentimes a little bit where it's like, "Oh, i'll just give them $25 or whatever."

Josh Robb:

Yeah. And you mentioned too, when they're younger, sometimes you're the one making that decision on what to buy. And I remember that, especially when our kids got stuff cash, when they were real young, it was like, "Okay, here's the things we know they want, or need that we need to get and we'll use that money for. So here's the toys we know they're going to play with. Or here's this thing that we've been wanting or thinking they want, now we can get it for."

But as they can make their own decisions, and this is where I'm curious for you, because you're in that phase now. Is when you take them to the store, let's say someone says, "I'd love for them to pick out their own gift." How much leeway do you give them if they're going to pick out something that you know is just not ideal? Either it's going to be too loud, or it's going to break right away, or those type of things. Do you let them do it? Or do you kind of help encourage them towards something else?

Jessica Hinks:

I've only gone into a toy store and given them on just like, "Hey, go pick something," maybe like twice. And even for rewards and my kids are pretty predictable, I kind of know what they're going to go for. I can think of one time I guided Allie gently towards another item, but it's not something I've had to face. Now garage sales, I've set them loose like, "Hey, pick out whatever you want."

Josh Robb:

Yeah. Have something.

Austin Wilson:

It's probably $5 at worst.

Jessica Hinks:

Yeah. But no, I've not. So I think it's all about helping them either pick a gift for themselves, maybe give it to someone in need, which kids love giving. Something about their pure little hearts, like they love it. Or save it for the future. And you can involve them in the process of saving it for the future.

Austin Wilson:

I think teaching delayed gratification is hard because kids can't put their mind... They don't know what a $20 bill is anyway. So like what does this $20 represent? They know what a toy represents when they see it and when they open it. So having to teach that, well, if we hold onto this and we collect more of these, we'll be able to get something really cool, is something that's very useful.

Josh Robb:

And I know too, this has reminded me. A lot of Walmart or toy stores, the more expensive things are near the bottom. I don't know if you ever have-

Austin Wilson:

Ooh, that's marketing. Yeah.

Josh Robb:

Well, and so I remember there was a couple times where my kids-

Austin Wilson:

Kids going to-

Josh Robb:

... were in the store and they had a certain amount of money. Either it was because they had money to buy or they were helping pick out a gift, which is another fun thing to do. And they would say, "Can I get that?" And I remember, I think it was Malachi, my 11-year-old, and this is when he was younger. But he said, pretty much asked me the question, "How high do I need to look to know what things I can pick out?" Because he had figured out, these things at eye level, you keep saying no about, but you keep pointing to the things...

Austin Wilson:

Yeah.

Josh Robb:

So he kind of was like, "Okay, I got to look up there to get in the range of whatever we're talking about." But yeah, that's the thing it's helping them understand is like, okay, $20 gets you this, but not those things over there.

Jessica Hinks:

About four aisles that buddy.

Josh Robb:

Yeah, yeah. Let me pick you up to get you into there.

Austin Wilson:

Another thing that's tricky is just, of course, when we're opening gifts with our children, we're always like, "Okay, well, tell grandma thank you." Right? Again, that's easy with the toy. It's different when they just see a thing of cash or whatever. So understanding that that's as much of a gift as a regular toy is something that I think is unique.

Josh Robb:

There's no bigger anxiety than watching your kid open gifts around his friends, and hoping he doesn't say anything embarrassing. That's to me-

Jessica Hinks:

Or grandparent.

Josh Robb:

Or anybody in general.

Austin Wilson:

Yes.

Josh Robb:

Yes. It's like, just say thank you even if we haven't, that's-

Austin Wilson:

Yeah, right.

Josh Robb:

We actually have this talk beforehand. It's like going into Christmas or a birthday party. If you open something and we already have it, say, "Thank you." We'll take care of it later. But they don't need to know that because they did the gift giving.

Austin Wilson:

Right.

Josh Robb:

They don't know everything you have.

Jessica Hinks:

Thank you. I love it, is the only thing to say-

Austin Wilson:

That's exactly-

Josh Robb:

All you have to say- We'll take care of the rest. Yeah. And that happened recently where I watched, opened it, we had it and I was just waiting to see. Thankfully they go, "Thank you." And then went on and that's all. And we'll take care of it on the backend.

Austin Wilson:

Yeah. I would just want to go on record. If anyone's listening in my family, cash is the best gift.

Josh Robb:

Yes.

Austin Wilson:

It takes up the least space and has the most uses.

Josh Robb:

There you go.

Austin Wilson:

And my dad always said that green goes with everything so-

Josh Robb:

I like that. I could see your dad saying that, yes.

[10:42] - Option 1: Take Your Child to the Bank / Open Them an Account

Austin Wilson:

Yeah. So that's my standpoint there. I just feel like toys they kind of lose interest in at a day or two probably. But yeah, planning ahead can be a useful gift. So today we're going to talk about five ways to use your kids' gift money from whatever holiday, birthday, Christmas, whatever they're getting this from. And we're going to start with the most basic one, right? Go to a bank.

Josh Robb:

And this is outside of-

Austin Wilson:

Outside of buying-

Jessica Hinks:

This is all future.

Austin Wilson:

This is outside of buying gifts for your kid or whatever. This is like financial things you can do with cash, right? Number one, go to a local bank and open a savings account. So talk about that a little bit.

Josh Robb:

Yeah. So that's simple. It's terms in that you go to your bank wherever you bank and say, "I'd like to open up an account for my child." And most banks will do that. They have kid accounts set up for that, and it'll probably be housed under yours really easy. But the point is that you teach them the idea of safely putting your money somewhere, right? And it's the simplest in that they can drive by it when you're in town, "Oh, that's where my money is." Yeah, that's where your money is. And they can associate a bank with saving or holding onto their money.

Now, they don't pay a lot of interest. Banks are banks. And so this won't necessarily teach them on the growth and compounding-

Austin Wilson:

Correct.

Josh Robb:

But it teaches them access, and that what you're doing is being prudent and putting it in a spot for future.

Austin Wilson:

Yeah. So that actually brings a funny story up. So Easter, Easter eggs sometimes have money in them, right? That's a thing. We had an Easter at my parents. We did an Easter egg hunt with all the kids. And Whitley, she's almost three, two year old, she was just two at the time, running around picking up all these eggs. Now, Mimi, she's like a grandma to us. She stacked these eggs with like... She had a bucket of coins from years of collecting or whatever, and these were full. So we had like dollars and dollars and dollars of coins in a bag.

So we took this and I took Whitley to the bank on Saturday morning and I said, "Okay, I'm going to deposit your money." First of all, I didn't realize the Chase Bank here in Findlay, Ohio, the one that is next to our building does not have an automatic coin counter.

Jessica Hinks:

Oh my God, those are so fun for kids.

Austin Wilson:

Yeah. So they had to manually count all this. But now every time we go past a place even that looks like Chase Bank building, which all my daughter thinks of is the alley we walk through to get here. So every time we drive by an alley, she's like, "That's where my money is."

Jessica Hinks:

Well, that could-

Josh Robb:

You store your money in alleys, that's-

Austin Wilson:

I'm like, "That's not." I don't know if that's what I was going for, but it is what they remember.

Josh Robb:

Dark alley.

Austin Wilson:

They're like, "Oh, bank."

Josh Robb:

It's always a dark alley.

Austin Wilson:

Yeah, it's always a dark alley. So yeah, no, that's a great option. It's probably the safest option. It's more practical in the long term than storing it under your mattress, or as I used to do when I had... I had a bank account, but I still, when I had cash, I would put it in the cassette deck of my stereo in my bedroom.

Jessica Hinks:

Yeah. Well, I'm glad you're bringing that up because I want to put physical possession of cash under the same category.

Austin Wilson:

Yeah.

Josh Robb:

Bank or physical possessions.

Jessica Hinks:

Yeah. Let your kids have-

Austin Wilson:

Have some cash.

Jessica Hinks:

... little cash accounts. I had a little yellow safe. I've talked about this a lot. Who knew this little yellow safe was such a formative part of my life.

Austin Wilson:

There it is.

Jessica Hinks:

But I had immense pride in saving my cash and counting it and recounting it and planning how I was going to use it. And I want to give my kids the same opportunity.

Austin Wilson:

Yeah.

Josh Robb:

Yeah. A couple of my kids have a little safe that you put in a little code and then it unlocks and opens. They think that's fun. One of my kids, I won't name them, keeps changing it because he thinks his siblings know his code and then he forgets it. So we always have to reset that one to get into it. But that's a fun thing you're right, because they have it, but they're storing it. But they can access it when they need it. And where's times where like at our church where there's a giving or something our kids do a couple of times a year, they'll run to their room and open that up. Because they're like, "Oh, I get to participate with my money." Right? Instead of asking mom and dad for some, it's, oh, I have some to participate, which is fun to watch.

Jessica Hinks:

I love that.

Austin Wilson:

Hey there. We're going to take a quick pause in this episode. Before we get back to today's topic, I want to take a quick moment to share something that could really help you on your retirement journey. At Hixon Zuercher Capital Management, we are all about making sure your financial life aligns with what truly matters to you. That's why we created the assessment, are you retirement ready over at hzcapital.com/quiz.

It's a quick and easy quiz that helps you figure out how prepared you are for retirement. It only takes just a few minutes and you might discover some great insights into what you need to do before you retire, both in the financial and non-financial aspects. So if you're curious about how ready you are to embrace this new phase, head on over to the website and check it out. Again, that's hzcapital.com/quiz. Now let's jump back into our conversation.

[15:19] - Option 2: Put the Money in a 529 Plan

Austin Wilson:

So let's take a step further out in the time horizon curve potentially and talk about a 529 college savings plan. It's not just college by the way. That's more expanded now than it ever has been.

Josh Robb:

The 529 is just an account type that has the ability to grow without paying tax, as long as you use it for certain expenses down the road. Mainly for some sort of higher education or-

Austin Wilson:

Education.

Josh Robb:

... training, those type of things for heading into your career. And so the nice thing about this is it grows without incurring tax, and that's beautiful. And that you can compound and grow that money. And then when you withdraw it, as long as you use it for the right things and we have a whole podcast on that, you can then not pay tax on the withdrawal.

Jessica Hinks:

And let's talk practically.

Josh Robb:

Yes.

Jessica Hinks:

How do you get money in a 529? You can link your own bank account, and if Ant Sue gives you $500, you can just put it in your own bank account, and then transfer 500 bucks to the 529.

Josh Robb:

Yes.

Jessica Hinks:

Awesome. You get the state tax deduction. Good for you. Alternatively, you can go log into collegeadvantage.com if you're in Ohio, whatever plan you use. And there are directions on how other people can make checks payable. So that way they can get the state tax deduction. And you don't have to be the middleman. They can just send a check straight in. So if you know in advance, someone might want to do that, you can always provide those instructions to them.

[16:49] – Option 3: Opening Your Teenager a Roth IRA

Austin Wilson:

Yes. So another further step down the investing timeline might be investing for something like retirement. Huh. So you could consider opening a Roth IRA. Caveat being for people who are working, particularly teenagers, right? You got to have income.

Josh Robb:

Yes.

Austin Wilson:

So talk about that a little bit.

Josh Robb:

Yeah. So a Roth IRA or even a traditional IRA, the rule for them is you have to have earned income in order to put money into that type of account. And so IRA stands for individual retirement account. And so in order to do that, you have to have income. As long as you have income, it doesn't matter who's making that contribution. But the owner of that account, the kid in this instance, has to have their own earned income to qualify for that.

Austin Wilson:

And you can only invest up to that.

Josh Robb:

Yeah. There's limits. There's a max amount or how much you earn or just one's less-

Austin Wilson:

Yeah, exactly.

Josh Robb:

But it is a nice account because again, you get tax-free growth.

Austin Wilson:

Absolutely.

Josh Robb:

And this one goes beyond the 529, in that the uses are unlimited once you're in that retirement group.

Austin Wilson:

Correct.

Josh Robb:

59.5 or older, you can actually take withdrawals tax-free from these accounts.

Jessica Hinks:

So again, practically, you can go to fidelity.com, whatever custodian you like with your teen. Open up a minor IRA with them. It's all under their name. Then you can help them get the cash in it. And that is not hard.

Austin Wilson:

Absolutely. And the compounding benefits of starting as a teenager, if you have the ability or desire to, are amazing. And Josh and I have spent countless hours talking about starting earlier being more important. Well, imagine if I would've started as a teenager.

Josh Robb:

I know.

[18:20] - Option 4: Open a Simple Investment Account in Your Name 

Austin Wilson:

Oh my goodness. Yeah, the sky's the limit on that one. All right, another one with perhaps even more flexibility on the investment landscape is just a brokerage account. A simple investment account in your name as the parent or the guardian or whatever. But it's kind of earmarked for your child, right?

Josh Robb:

I'll go ahead and jump to the next one, which is a investment account in your kid's name.

Austin Wilson:

Can do that too. Yes.

Josh Robb:

So that's a minor account. So this is for anybody under 18 or whatever the age of majority is in your state. The difference between these two is who owns the account. So an account in the adult's name is yours. And then at some point in the future, you end up just gifting the money-

Austin Wilson:

Correct.

Josh Robb:

... to the kid. So you have full control over it the whole way through. You get to make the decision how much goes in, what you take out, how it's invested, all that stuff.

Austin Wilson:

Access.

Josh Robb:

All the access to it, yes. And then at any time you want to give it to that kid, you're in a sense gifting to the kid from your assets to them. And there's limitations to how much you can give per year, all that stuff. But there's no time limit. Whereas if the kid's the owner, while they're a minor, you still have a custodian or usually a parent guardian to oversee that account. But at a certain age, it reverts to the kid, and they become the full owner of it. So the only difference is how long the parent has control over that account.

Jessica Hinks:

And if you're going to open up an investment account in your own name, and just earmark it for your child, make sure you truly earmark it and keep it straight. Because it's so easy to be like, oh, we say this money was all given to little Joe. And then 20 years later you kind of forget that was for little Joe. Wouldn't that be horrible if you end up using it for yourself?

Josh Robb:

Yes.

[19:56] - Option 5: Open a Custodial Investment Account (UTMA/UGMA) 

Jessica Hinks:

That is not anybody's want or intent. So that's, I guess, a one pro of doing the UPMA account, because it's actually in the minor's name.

Josh Robb:

And you have to use it for their benefit.

Austin Wilson:

Correct.

Jessica Hinks:

Yeah. It might make the gift givers feel a little bit better if it's in the child.

Austin Wilson:

Yeah. And it is, if you do have a brokerage account for your child in your name, which I do currently for all three of my children, it is not difficult within your custodian panel or whatever to have a custom name or whatever. And you can say, "This is Juliana's account." Even though it's technically yours, at least you go in there and you're like, "Oh my goodness, I see that's Juliana's."

Josh Robb:

No, we're not going to get deep into this, but the bonus number six is there's a new account called a Trump Account.

Austin Wilson:

The Trump account.

Josh Robb:

Which the-

Austin Wilson:

We don't know much about-

Josh Robb:

... only caveat is that, the only caveat to that one is when you go back to those Roth IRAs and traditional IRAs, you have to have earned income. This new account, you don't need earned income for the minor-

Austin Wilson:

Correct.

Josh Robb:

... in order to contribute for them in this type of account. And it's designed to be growing for investment, for retirement long term. So there's a lot of new things we need to learn about that one because the IRS hasn't really said how it works. But the big key is earned income versus not earning.

Austin Wilson:

Correct.

Jessica Hinks:

Yeah. Watch the news though, because babies born this year or the next two, get that free $1,000.

Austin Wilson:

$1,000.

Josh Robb:

They're seeding... right there.

Austin Wilson:

Yeah. They're seeding the account.

Jessica Hinks:

If that's you. Keep an eye out.

Austin Wilson:

Well, think about the compounding effect of... So I always think $1,000 in 30 years is essentially multiplied 10X, right? That's how the long-term average of the market kind of works, right? So that $1,000 at birth by the time they're 30 is already $10,000 probably. Just assuming constant growth, right? Of course, it won't actually be that. But by the time you're 30, you didn't do anything, and that money that you were born, it turned into 10 grand. That's pretty awesome. So seeding early, compounding is great.

So that is definitely a couple options practically that you guys can use to put that money to work for your children. I guess the point is talk about money with your kids. Your kids are going to be given money. You may give them money. This is just a great opportunity to explain, first of all, what money's for and how it's used. Because your kid doesn't understand how expensive it is to feed them and put clothes on their back. They have no concept of money at this point, which is okay. But this is how you teach them that from a young age. So yeah, any thoughts on how and why this is important to talk about with your kids?

Josh Robb:

I mean, it gives you a reason to have those conversations, right? When they receive something, you say, "Hey, here's what I do when I have some money." You talk about whether you give to charity or set aside for saving. You can kind of start educating them with their money, and let them do some of those things with it. Yeah.

Jessica Hinks:

Yeah. We literally got a bunch of change in their Easter eggs just like you did. And we went to the bank to the change counter. We're like, "Okay, this is money Nana and Papa gave you, and you we're going to use this maybe when you need your first car or something like that." And Allie got it. I mean, she was four, almost five of the time, but she understood what was going on. So don't underestimate what your kids can comprehend on this topic.

Austin Wilson:

Absolutely. So money and kids, they can go hand in hand. It's good. So yeah, if you found any value in today's episode, hit that subscribe button on your podcast players so you don't miss the next episode. Be sure to follow us on social media. We're pretty active on there and we'd love to be in touch with you. And if you're ready to invest with us or curious what we do at Hixon Zuercher Capital Management, head to hzcapital.com. Check out all of our resources and everything on there. Otherwise, thanks for listening and we'll talk soon.

Josh Robb:

Yeah. Talk to you later.

Austin Wilson:

Thanks. Bye.

Thank you for joining us at The Wealth Mindset Show, where we tackle the complexities of finance and life planning to help you align your wealth with your values. We hope today's conversation provided value and clarity as you navigate your financial journey. Your hosts work for Hixon Zuercher Capital Management, and all opinions expressed by them or any podcast guest are solely their own and do not reflect the opinions of Hixon Zuercher Capital Management.

This podcast is for informational purposes only, and should not be relied upon for investment decisions. Clients of Hixon Zuercher Capital Management may maintain positions in the securities discussed in this podcast. There is no guarantee that statements, opinions, or forecasts provided herein will prove to be correct. Past performance may not be indicative of future results. Indices are not available for direct investment. And any investor attempting to mimic index performance would incur fees and expenses that could reduce returns. Securities investing involves risks, including the potential loss of principle. And there is no assurance that any investment plan or strategy will be successful.