233 | Simple Money, Rich Life: Achieve Financial Freedom and Eternal Impact (Bob Lotich)

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Key Takeaways

• Acts of obedience can result in miracles, adventures, and boldness they've experienced as a family.
• Transparent money management can be the best instruction for kids. What children learn from their parents is more "caught than taught."
• The importance of being transparent with your children about finances far exceeds putting up a wall and believing it isn't beneficial.
• It's beneficial for both spouses to be involved in finances.

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Bob Lotich

Bob and his wife, Linda, live in Franklin, TN with their three children. Lotich is CEPF® (Certified Educator in Personal Finance), award-winning blogger, and named a top 20 social influencer in personal finance. Author of "Simple Money, Rich Life", Host of SeedTime Money podcast, and creator of the 'Real Money Method' - a quicker and easier alternative to traditional budgeting that has built-in accountability.

Key Quotes (Full Transcript of the Conversation Here)

THREE DAY MONEY CHALLENGE

• 3:22 - "...if I look back at our life and a lot of the miracles that have happened, a lot of the crazy things that God has brought us on, adventures that He's led us on, it has been through acts of obedience. When he's invited us to do something to step out into something... It'd be more comfortable to not do that... I want to be someone who is always running in that direction."
• 04:01 -" I want to raise kids who... just aren't bound up by fear, but have that boldness like David did in the face of whatever the obstacle of challenges."
• 4:48 - "every time he goes into kids church... they invite one of the kids to pray over the offering. And apparently our son goes up there every single week and asks to pray for the offering."
• 7:06 - "I talk to people all the time who come up to me and say, my dad said that we don't talk about money in our house... intentionally put a wall up and said, we're not going to talk about this. That seems like such a terrible idea to me, because the truth of the matter is... if we're not getting financial education from our homes, we're not learning it in school... our churches will teach us about giving in and I think a lot of them do a good job on that, but they're not teaching us how to actually manage our money so that we actually have more to give. And so what happens is we have this void of a lack of financial education. And so then what happens is our education and our beliefs about money come from places that... aren't even trying to teach us about it... We're looking at Instagram influencers or learning from credit card companies or all of these places where they may not be explicitly teaching us about money."
• 9:00- "...just talking through that in earshot of them, because, again, a lot of this is more caught than taught. And so we might as well just let them hear what's going on and let it start rubbing off on them. And I think that's one of the best things that we can do as dads."
• 15:17 - "... so it was two weeks later after I said yes to God and decided, okay, I'm going to take the rest as a year off. We got a call from the adoption agency... but we actually have a little girl who was born last night down in Alabama... Linda and I prayed for about 30 seconds... all right, let's go get our daughter."
• 19:59 - "it offends me that if you look at the Forbes 400... the vast majority of the people, that are top of the list, they're not serving the kingdom. It's like, that's why not."
• 21:40 - John Wesley quote "I earn as much as I can by writing and speaking... I save... And what he meant by that was, I reduce my expenses, I eliminate waste. I just cut out any wasteful, unnecessary spending... I save as much as I can so that I can give as much as I possibly can."
• 25:34 - "We call it our AUM, or Assets Under Management instead of net worth for two quick reasons. I don't like the term net worth when we're talking about our worth as believers... in light of what Jesus did, there's no number that defines that, whether it's high or low... But the other reason we call it Assets Under Management is that it's a reminder... that everything that we have our house, our cars, the money in our account, our kids... we're managers of all of it.
• 27:19 - "I felt God said, why don't you just track your giving? And so we created what we call our net given, which is basically just a sheet where we have tracked pretty much everything we've given since we got married."
• 30:47 - "... What I would say is we started moving forward faster when both of us were in it together, when both of us were aware of what was going on."

Conversation Links

• Bob's Organization: SeedTime
• Bob's Book - Simple Money, Rich Life
• Bob's Podcast - The SeedTime Money Podcast
• Bob's Courses -
  • Real Money Method 3.0
  • 10X Investing
  • The 5 Biggest Money Mistakes

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