The Legacy Journey Live
Last month, I had the pleasure of attending Dave Ramsey’s THE LEGACY JOURNEY LIVE with my wife and a couple of friends. It was a great one stop shop for the Ramsey brands’ thoughts on life, wealth, and legacy.
Dave Ramsey started off the evening by telling his journey of how he’d become a millionaire and gone bankrupt by the age of 30. This rise and fall led him to learn how to manage money wisely, God’s way. From there, his daughter, Rachel Cruz, took the stage and spoke on raising children who know how to handle their finances. After a brief intermission, Ramsey retook the stage and spoke on building wealth and leaving a legacy.
If I’m being honest, most of the material was already familiar to me. I’ve read The Total Money Makeover, Smart Money Smart Kids, and Entreleadership, gone through Financial Peace University, and I listen to his radio show (at least in part) daily. I’m probably a bit too familiar with his material. The one element I’m not familiar with is The Legacy Journey. So, when they announced THE LEGACY JOURNEY LIVE was coming to Austin, I bought tickets that day. However, THE LEGACY JOURNEY LIVE seemed more like a survey of Ramsey’s material with a few new twists than a new series altogether. Since I’m not familiar with the book or the course of The Legacy Journey, I can’t say if this is true of them as well. All that said, it was a great night with some great ideas presented.
Here are the four things which stuck with me the most:
#1 | Money Magnifies Who You Already Are
- If you are greedy, money makes you more greedy.
- If you’re generous, money makes you a philanthropist.
#2 | Teaching Kids About Money is an On-Going Process
Much like every area of parenting, it’s an on-going process. Sometimes we put money in a different category because being successful with money is a formula. However, the problem is that following the formula requires sharing certain values and behaviors. You can do a masterful job teaching your 15 year old child Dave Ramsey’s principles, but if you raised your 15 year old to be lazy and entitled, it won’t matter.
The way you handle your money, as they say, “Speaks louder than words.” Or, as Rachel Cruz puts it:
“More is caught than taught”
I can speak from experience; My parents worked hard, and were good with money. It was always clear that money comes from work, and you don’t spend money you don’t have. As far as I knew, they always purchased cars with cash. They never spoke about making payments EXCEPT to reference paying extra payments on the house to pay it off. I always had it in my head that I wanted to pay off my house early because my parents did. I’ve literally never applied for a credit card because my parents never taught me how or spoke about the importance of a credit score. I don’t think I actually even knew what a credit score was until after I got married, and I don’t think I’ve ever actually known my own credit score.
#3 | Parenting is a Series of Decisions to Give & Take Freedom
As a parent of a two year old and a ten month old, I have only a small amount of experience observing this principle. You also get better at understanding when to give and take freedom the second time around. Unfortunately, that means your oldest is your perpetual guinea pig.
It’s a terrifying series of questions:
- When do I let my kids play on the floor?
- When do I let my kids go up the stairs?
- When do I let my kids play in the backyard?
- When do I let my kids play in the neighborhood?
- When do I let my kids use a computer?
- When do I let my kids go over to a friend’s house without me?
- When do I let my kids have a sleepover at a friend’s house?
- When do I let my kids use the internet unattended?
- When do I let my kids go to a movie by themselves?
- When do I let my kids on to to social media?
- When do I let my kids drive a car? …alone? …with friends in the car?
The list could on and on and on.
While all parents intuitively know that they’re continually giving new freedom to their children, many don’t realize that, as the parent, they have a RESPONSIBILITY to, at times, TAKE AWAY freedom.
The amount of freedom you give your or take from your children is based on their level of responsibility!
When my oldest first learned to crawl, we initially gave him too much freedom. We allowed him to crawl at the foot of the bed while we were on the bed. Unfortunately, he was a fast crawler from the get go, and he crawled off right off the bed. We quickly realized we needed to removed any mobility freedom while he was on the bed.
Usually, it’s much easier to realize when to take away freedom with children. It gets more difficult as they become teenagers.
- When they start a social media account without permission…
- When they lie about spending the night at a friend’s house…
- When they repeatedly spend more money than they have…
- When they drive someone outside of the sphere you’ve approved…
- When they get multiple speeding tickets in a month…
Parenting requires continually giving and taking freedom!
#4 | If You Want to Win at Something, Find Someone Winning at it and Copy Them
In business, this is called “best practices.” Some people call this “common sense” for growing. I like to think of this as simply being teachable.
If you want to succeed, you have to listen to people. The wise thing to do is listen to people who know what they’re talking about. It’s amazing to me how often people take advice on a subject from someone not successful in that area.
- Why would you listen to someone who’s been divorced five times about relationships?
- Why would you follow the financial practices and advice of someone who’s currently filing for bankruptcy?
- Why would you follow the parenting techniques of someone with notoriously bad kids?
Find people who are winning and copy them!