The Birds & the Fees | Elizabeth Crawford | TEDxSanAntonio

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Nearly half of American parents would rather talk with kids about the birds and bees than about dollars and cents. And while sex talk can be shocking to adults and kids alike, talking about money is often just as shocking. Sharing the details of our own money situation can be a lot like getting naked. It’s embarrassing and awkward, and we don’t know if we’re doing it right, though we’re pretty sure we aren’t perfect. Still, no one is exempt from needing or using money, so let’s talk about it! Nearly 80% of Americans live paycheck-to-paycheck and 46% don’t have enough on-hand to cover a $400 emergency expense. We clearly need to change our approach. Imagine a world where money works for you, not against you. Imagine how that might change the idea of what a young person can accomplish in life. Imagine a world that allows a better life for all those millions of Americans now living paycheck-to-paycheck. Our children are watching, so let’s get naked. Start talking dollars and cents, not just birds and bees. As Sendero Wealth Management and Sendero Family Enterprise’s Chief Executive Officer, Liz is responsible for implementing the strategic vision and the day-to-day operations of the firms. Her work builds on the firms’ legacy of adapting services to support families and institutions as they move through their financial lifecycle. Liz founded, Women & Wealth, a program designed to support, empower and educate women about their financial lives. She also co-founded an industry peer group of women CEOs from across the nation who come together to share best practices. Liz is a partner at Sendero Partners. Prior to joining Sendero in 2012, she held leadership positions in a private bank and trust company and worked in marketing and consulting relationships. She holds a Bachelor of Arts in Psychology from Boston University and is Series 65 licensed. This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx <br> <h3>Auto Generated Captions</h3>

do you remember middle school that
awkward time you know the braces the
acne and everything is so embarrassing
and then there’s that one day that your
parents come to your room to talk and
it’s the talk Oh talking about sex is
shocking for parents and kids but it
turns out talking about money is just as
shocking nearly a third of parents would
rather talk birds and bees than dollars
and cents talking about our own money
situation it’s a lot like getting naked
we’re exposed and it’s embarrassing and
we don’t know if we’re doing it right
but no one abstains from money so let’s
talk about how to use it as the mother
of four children in the CEO of a wealth
management firm I have a lot of
conversations about sex and money
and as parents we have a really
difficult job we live in a world that
constantly bombard us and our kids with
all of the amazing wonderful must-have
things that will change your life but do
they really we judge success by the
amount and type of things you have even
my five-year-old knows you’re not really
a YouTube star until you have your first
Lambo
now where has that gotten us nearly 80%
of Americans are living paycheck to
paycheck 46% of Americans can’t afford a
$400 emergency expense we’ve got to
change what we are doing when my
teenagers were young I made three jars
for them when for saving when for
spending and one for charity when they
got allowance money or birthday money
they had to put something in the jar
making these concepts physical it forces
us to pause and to think about what
we’re doing and it creates great
conversation points because they will
ask you why do I have to give to charity
and you’ll talk about why it’s an
important value to your family then
model this behavior in your family
create buckets for your family needs the
emergency fund the vacation fund the
college fund and explain that you keep
these funds separate so you are tempted
to cheat on one by borrowing from
another you can’t take college money to
go on vacation we must build discipline
around finances you can’t just have
whatever you want we all have a
relationship with money good or bad and
we model this behavior by our actions so
if we’re living paycheck to paycheck our
money strategy is something like
guessing hoping and praying and while
that may be consistent it’s not the most
reliable strategy so how do we improve
things to be successful with money you
must live within your means this is no
secret it’s like a marriage or a
relationship you have to commit to that
lifestyle probably means saying no to
some things you want so you can say yes
to the things you need true confession
a few years ago I realized that behavior
pattern that I had created when I was
stressed or bored and I was off in one
or the other I would walk to a little
store near my office I would buy
something and I would tell myself what I
was buying wasn’t really expensive and
well frankly I deserved it when I
realized what I was doing I cringed at
the amount of money I had spent stress
shopping I was sabotaging my own money
situation I began to ask myself that day
in other situations was i buying out of
need or to relieve stress now if I could
just stop stressing eating but trying to
raise kids in an environment where
everything is that their fingertips is a
real struggle
mom just buy it but I need it and my
favorite Amazon will delivery you don’t
even have to do anything my counter
tactic for that is to have my kids write
down what they want with the price next
to it we create a list every ask every
time at the end of the month we’ll
review the list if they ask about it but
what I’ve often found is out of sight
out of mind there is no doubt we live in
a world of immediate gratification but
for money to work for you you must have
time interest compounds over time
investing works over long periods of
time it’s a coin flip but the stock
market is up or down in one year but
over 10 20 30 years the odds are
incredibly high the market will be up
significantly so we have to train our
brains to think long term when dealing
with money small sacrifice is now saying
no will yield major dividends later the
key to getting ahead is to start while
you’re young that’s why having ongoing
conversations with kids of
dollars and cents is so critical sex
education is taught as early as
elementary school but we don’t teach
personal finance at all a world where
money works for you not against you
changes the idea of what a young person
can accomplish in life and let’s face it
we’re not all going to be YouTube stars
with education around finances and a
plan for living within their means our
children can choose a Purpose Driven
Life that fulfills their passions and
what a beautiful world when you love
what you’re doing and it’s financially
working for you our children are
watching so let’s get naked start having
dollars and cents conversations not just
birds and bees
[Applause]

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