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Living Your Success (24/7)
Living Your Success' Michael Kane is your coach and mentor helping you on the road to success. You will get golden nuggets, tips and insights to achieve your dreams and goals. You are not alone. Simply, we're about self-improvement; money, business and health. It's time to reach your goals and live the dream!
Also visit our website at https:// livingyoursuccess.com and sign up for our free newsletter at https://Katalyst.beehiiv.com
To your success!
Living Your Success (24/7)
Success Across Generations: A Parent's Guide
The generation gap between parents and adult children creates natural tension, especially when it comes to defining success in today's rapidly changing world. What happens when Baby Boomer wisdom meets Gen Z reality? How can parents offer valuable guidance without imposing outdated ideas?
This thought-provoking exploration of parenthood tackles the universal desire we have for our children's success while acknowledging the dramatically different landscape they navigate. While parents may still value the stability of a lifelong career with benefits and steady advancement, younger generations face a gig economy, remote work revolution, and constantly shifting job market that renders some traditional advice obsolete.
Yet beneath these differences lie timeless principles that transcend generations. Financial literacy remains crucial - living within your means, saving and investing wisely, and avoiding preventable financial disasters apply regardless of age or era. The airplane oxygen mask metaphor perfectly captures the essential truth: parents must secure their own financial stability before they can effectively help their children. This means preparing for retirement rather than becoming burdens, while still offering support when needed.
Beyond money, the true legacy parents leave includes wisdom, values, and the tools to make good decisions independently. Young adults benefit from remaining open to parental guidance while developing their own judgment in a world their parents couldn't have imagined. Both generations ultimately want the same thing: a successful, purposeful life filled with meaning and stability.
Ready to deepen your understanding of success across generations? Subscribe to the podcast on Apple, Spotify, or Amazon, and check out my book "Slaying Your Dragons: Living the Life You Always Wanted" available now.
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https://livingyoursuccess.com
Hello there, this is Michael Caine, with Living your Success 24-7, another hopefully exciting episode. Let's jump right on in. Let's just jump straight in from the fire, from the pot into the fire, as they say. Okay, they used to say that I'm dating myself. But today, as you know, all our topics is dealing with some manner or form of success how to get there, how to keep it, how to not lose it. But in this case it's not about us Success, technically it is. The topic is parenthood and we do have a vested interest in our children, young adults. Now, keep in mind when I say children, these aren't three, four-year-olds necessarily, but they're in their 20s, 30s or more. Not to date ourselves, but we have a vested interest in the success of our children. That's it, simple. This is today's episode Our interest in our children's success.
Speaker 1:Now, okay, I'm aware and I fully acknowledge there's different groups out there. You know, baby boomers Okay, I'm not saying which group I belong to millennials, gen z, gen x, all this. They have different viewpoints. They don't have total agreement, uh, with amongst each other's, let alone versus, it seems like everyone else versus baby boomers sometimes. But we do have an opinion on leadership and direction we give our kids and you know excuse me when I say kids, children you will always be mommy and daddy's precious one, okay? So please excuse my word of children and kids. Child, we know you're young adults, we know you're independent in mind and body and spirit.
Speaker 1:But I want to talk about parenthood. I want to talk about both perspectives. I'm going to start with the perspective of a parent first, and I can't say that I fully understand or I'm aware of every nuance of challenges our children face. Experience we can relate from our own experiences, but it may not be necessarily the same, because in our day we didn't have cell phones and the internet computers as we have now. So our children may think and may give us, downplay our opinions or reject our premises and solutions to their challenges because they're dating us, maybe rightfully so to some degree. But still there's some commonality and common ground and that's where I'm going to shoot for, because, just like I mentioned in other podcasts about, doesn't matter what country you come from, what race or culture, religion you are, we essentially want the same things at the end of the day we do Now. It's how we go about. It can be productive or hellish or demonic or angelic, but we essentially want the same things. So I'm going to go with the premise that everyone listening to this podcast wants their children, no matter how old they are or young they are, to do well. Okay, I know there's parents out there that don't give a damn, and I'm not talking about the ones that don't give a damn because you know they're hell bound. They are who they are and not part of my discussion. I'm talking about the parents that care, and so only the parents that care. Please listen to this If you don't move on.
Speaker 1:So parenthood not easy. Anyone says it's easy, eh, not telling the truth. Or definitely not a parent, or at least a good one. Sometimes, as parents this is a confession we push our own ideology, own concepts and experience on to our children and you know, sometimes it's not. You know, generally it's well intended that we want them to do well. For example, without any discussion of children, you can say well, yeah, you should get a good job, a job with benefits, you should have a eight to five job, stable and in one employer, forever. That may be the scope of the baby boomers or older generations viewpoint, which is summarily discounted, discredited, rejected by Zen Genin, ZM, ykapct, whatever alphabet you are, so you know it's rejected. It's a different world out there, true, but at the same time as loving, caring parents, we want our children to have stability, to have a good job as we define good job, to be fair but it may not be what our children want or need, and so what do we do? So let me still do my type rate.
Speaker 1:The last thing us parents want is for children to. I know some of you say come back home. I know some of you are thinking that that may be true too, but because of some challenges that's the context we want them to do well, meaning Some form of education. And that education isn't necessarily academic. It could be vocational, like being a nurse or engineer, like you know, auto repair, electrician stuff, like that Plumber vocational in nature. So when I say educated or education, I'm not saying for a year degree, two year degree, whatever it's. However you get there. So you need, you do need skills and knowledge, whatever they may be, and that's what us parents and knowledge, whatever they may be, and that's what us parents, talking to both sides.
Speaker 1:Now, that's what we want for our children, that we care for and we love, and we're not necessarily looking for little mini-me's. Maybe we are okay, maybe we are sometimes. Maybe we are Okay, maybe we are sometimes to be truthful, but we want you, our children, to be financially stable, meaning you could pay all your bills and not only just pay your bills. We want you to have a margin of safety where you can save and invest your money as well. Save for your future like a 401k, an IRA, a Roth IRA, in particular, other investment vehicles 457 plan, 403b, whatever. We want you to be able to invest in a qualified, non-qualified investment accounts.
Speaker 1:Pre-tax, post-tax, say. Invest in budget wisely. You know to live within your means. So if you make $500 a week, you're not spending $600 a week putting it on a credit card or something borrowing money. No, we don't want that. We don't want that for anyone. It's not sustainable. Those cards will collapse.
Speaker 1:One little win, boom, you're done. Bankruptcy foreclosure Can I get an amen? Hey, I've seen those. I've experienced. Each one of those Personally experienced that. Why Foolishness? A lot of people don't want to hear that, and sometimes it's no fault of your own too.
Speaker 1:But I believe I never met a person that says I saved and invested too much. I don't think I've ever met anyone that said that Even when I was in the money business, I don't think I ever hey, michael, I just save and invest in too much. I haven't heard, maybe that's out there, but when I hear it I couldn't do anything. Really, did you really need four cable channels? Did you really need that third or fourth, whatever that third or fourth thing is? Did you really need to do that? Not saying not to have fun, you want to be a wet blanket? Yeah, when I had meager resources, you know couldn't do, let me fly to spain. Well, I couldn't do. It certainly wasn't putting on a credit card. At least I had sense enough not to do that.
Speaker 1:But uh, you know you have to live within your means and and what you have to do, and some things are out of your control. So I'm not saying that. But sometimes we set things up to where it's past. The point of no return is all I'm saying Not to be judgmental here, but listen to these other podcasts and gurus financial. They have one thing in common for the most part Eliminate those oops and errors that were preventable. A lot of this stuff was preventable, but we did it anyway. Like being with the wrong person. I won't go there, but a lot of people are broke and don't have money because of whoever they're with, and you know you have to decide what's important.
Speaker 1:It's each stage of your life, when you're three, four years old, you just want the love of a mother, and a father too. Mother's in first position, by the way, father, so sorry about that. That's why Mother's Day is bigger than Father's Day. Okay, you can check it out. Check it out for yourself. It's a reason they did do most of the heavy lifting in the womb and all that. We won't get into that, won't we? But we're valuable too, though. Okay, I'm a father, but so. But we're valuable too, though. Okay, I'm a father, but so we love our children. We hopefully have a side chat and give them our wisdom, experience, share our opinions on the possibilities that they may have come to and encourage them to make good decisions, and we hope that doesn't have to be a sales job on staying away from foolish decisions.
Speaker 1:You know, and I know there's parents out there that are the frame of mind Well, I want my children to take care of me. No, you need to get off your butt and take care of yourself. I mean, you know and I'm not talking about Older generations where, yeah, that was part of the thing I'm talking moving forward, you need to do all you can do so where, yeah, that was part of the thing I'm talking moving forward, you need to do all you can do so you're financially solvent and not put everything on your children. That's just too much of a you know, and I understand there'd be some debate and argument on this. But what I mean is people restrict and limit themselves to the point where, yeah, you can't take care of yourself and then you know you're looking for other people to do that for you and it's just not fair on the next person, regardless of their children or spouse or whatever. You want to put your the top plan. You want to put yourself in a position to have the resources to take care of yourself. That's the goal.
Speaker 1:It doesn't always happen, of course it doesn't. Like I said, I blew up bank account boom, bankruptcy, foreclosure, debt and things happen. So I'm telling you things happen. I'm saying people that set that up intentionally. I have a problem with that Big problem. Yeah, and my parents? They're passed on now. Thank God for us.
Speaker 1:They had a mindset of independence, you know. They saved, invested. Yeah, they had problems. They had financial problems and all kinds of problems on this earth. They grew up in an era where racism was at one of its worst. They experienced a lot of hardship. They experienced a lot of hardship, but their intention, which seemed to prove out later in life, is to work hard, smart, in their best interest, in their family's interest, and not make too many bonehead errors.
Speaker 1:You know how you learn something. You still do the same stupid thing anyway. Okay, that's what I'm talking about. You want to avoid those things. You know a cat has nine lives. Well, how many lives do you have financially? Where you do the, you may not even get to number three or four or five, and if you get to number nine, that may be the last thing you do. So don't expect that and do things intentionally where that's an option. It's all my point.
Speaker 1:People that legitimately try and fail. It's understandable. You know how many times, yeah, I fail. Yeah, why did I make that decision? Ah, dang it, I wasn't thinking on that. And then you regroup. You hopefully talk to someone with wisdom, hear them read their book, watch them, or they share their testimony of the hardships they went through and what they did to get out of it. Hope you're listening to all of that. Help me personally. Not everyone can have a good friend, a good father, mother, figure or person that they trust, that can lead them to the promised land, and I understand that too. But I don't want to put in a position where you say, well, I have no choice. I couldn't have stopped this preventative. You know, to some extent that could be true, but with everything every single year, you know we don't.
Speaker 1:In our older age, the goal is not to be a burden to our children. No good parent wants to be a burden to their children. Now it doesn't mean the children may have to step in and help mommy and daddy. I'm not saying that. I'm not saying that at all, but I want to. As I grow older and age and things start hurting and just all over the place can't bend over to get a quarter off the ground without being a major issue sometimes. But the point is we want our children to do well over and above us, not to the extent how they can help us. That's just no Something wrong with that picture. By any measure, we want our children to be successful. We want ourselves to be successful.
Speaker 1:Anyone listening to my podcast know when you get on the airplane and they do the safety routines, what do they do? I've said this many times Put your own oxygen mask on first before helping anyone else. Same thing with your money, your job, your life. You put your crap together first before you start thinking about helping somebody else. That's what you do, that's the else. That's what you do, that's the goal, that's the intent.
Speaker 1:But it doesn't always happen that way and I understand that. But there's a but. We must do, as parents, all we can do to set up our children for success. And it's not always about the money, because rich folks give their children money and they do drugs, commit suicide and do other stuff, blow the money. So just giving people money is insufficient, and that's not what I'm saying. It's nurturing, sowing a seed in your child's life so they can weigh good decisions versus poor decisions. And if they make a poor one, they know why. Mommy, dad told me that. Uh, your granny joe told me that, but I did the opposite anyway, and that's fine. You learn, don't do it again.
Speaker 1:Certain things is just deal breakers when it comes to being successful in life. It just is. And you want to stay away from those things, it's all I'm saying, those who's really listening to me, not cursing me right now. Okay, what the hell is he now? He don't know my life. Whoa, whoa, whoa, yeah, yeah, you know it though, you and God. What's the truth? What's the truth? What's the truth? So I struggled, hell yeah, heavily, seriously, and you got to pick yourself back up. Surround yourself with positive-minded people, not having billionaires around you and millionaires, like everybody says, a lot of people say, but real people, genuine people that have your best interests at heart more than how much money they have in their pocket. Now, I'm not saying being around broke people either, that don't have any motivation to do well. I'm not saying that either.
Speaker 1:Don't take one extreme to the next, but it's important that we invest the time and energy, even before money, to our children's present and future and nurture them, give them a hug, give them some wisdom. This isn't the end here. You will overcome if you want to. These challenges in life will come. You will fall, like riding that bicycle. What did you do when you fell the first time? And the second time and third time you got back up and said dog, dog, gone it. I'm gonna ride this bicycle. These people aren't smarter than me. There are nothing more than me, capable than me. I can do this. Maybe they did the first time, second time, maybe you'll do the fifth and sixth time. Don't measure, don't compare, but you can emulate and borrow the good stuff from what you see good folks, talented folks.
Speaker 1:So it's important that you have a mindset of I want my children to do well, and then that leads often to leaving them a legacy. And if you can leave a legacy of and I'm not just talking about financial money, but a legacy, but including money and inheritance, god bless you. That's good. Leave them something wisdom, a good message, something and money. If you can Give them a head start, have no problem.
Speaker 1:Some people say, well, I'm not giving my children anything. Well, that's you, everyone's different. I would give them a leg up and opportunity to not start from ground zero. Definitely that's my mindset. Everyone's different can argue up and down on that and that's fine, I don't care. I know what Michael Caine's goal intentions are. Ok, your goal intention is is up to you.
Speaker 1:So I, on the other side of this coin, the children I hope you're open and listening and just don't write off us old folks. Us old folks what? After 30, we start to be old right? 35, 40, older, 50, you real old, 60,? Oh, you about to die? That's what they think. No, we still got a lot of life left in us. You hear about the great wealth transfer. Who do you think is coming from? It's coming from us. So I hope you're listening.
Speaker 1:A lot of people children squander their parents' inheritance or fortune or whatever they leave them. Squander it, blow it, blow it up. Don't do that. Save it for a rainy day. Save it for a rainy day, have fun, because the money isn't going with you in the next spiritual world after you die, not taking it with you. You could throw it in the grave with you, but somebody's going to dig it up later after that funeral and dig it up and take it. Promise you that you won't be using it. So this isn't a commercial for a living trust or a will, but do encourage that where you can go from the grave and see direct, send that money where it needs to be sent.
Speaker 1:So but children, young adults here talking to you, listen to wisdom. You don't have to follow every iota of advice, but pick the stuff that appeals to you. But you just don't want to do anything foolish. You really don't. I've been there, done that. It's not pretty, staying up sweating at night and having panic attacks. You really want to do that. Be on drugs, medical drugs, because you can't control your mind, because you lost your mind because of making too many bad decisions.
Speaker 1:Educate yourself Financially, health, wise. And, yeah, you should help your parents. If you can, you should. If they need your help, they may be extended themselves for you and everybody else and maybe they need help too. They need a little love, they need a lot of love. They don't have all the answers. We don't have all the answers. You're doing the best Parents do the best they can, and that's my point. But you have to invest in your knowledge, your education, so you have a direction that's good for you in life.
Speaker 1:Life goes quick. You don't want to have too many big titanic issues happen. Where you're trying to get out of there is a point of no return, unrecoverable, where the road you kick that can down the road. The road is, the road is gone. Do not I promise you want that to happen to you. Don't spend over your means. Save, invest, have a purpose in your life to what career, job you want, and in previous podcasts I made a distinction between job and a career. Job you want and in previous podcasts I made a distinction between job and a career Job is what you do. Career is your life. That's your purpose, that's your life, that's your intention intentionality we do jobs to get by, to get the money that we need. The job could turn into a career, okay.
Speaker 1:So it's important that you be open to feedback and definitely have self-control and high emotional intelligence, where you're listening more than you're talking. What did he say? That's why God gave you two ears and one mouth. One mile Doesn't mean your opinion isn't important or warranted, but educate yourself on the possibilities, the various options, and then look over those options and see which one is for you. Don't jump in immediately, jump from the pot into the fire. You could do that inadvertently. You say I didn't mean to the way you did because you didn't take time to weigh the costs and the benefits. Benefit-cost analysis I know some of you business majors heard that and business owners, entrepreneurs what's the benefits versus the costs and what's the sacrifices I need to make? So it's important that you be intentional, but intentional in a good way, where the outcome, the benefit, will grossly outweigh the negatives.
Speaker 1:So that's my message today and thank you for listening and thank you for those who bought my book. I appreciate it online and paperback on Amazon slaying your Dragons Living the Life you Always Wanted. Thank you for that. Please subscribe to the podcast. Thank you for being on Apple iHeartRadio and Spotify and Amazon, thank you so much, and other platforms. I appreciate you for sharing and hitting those notifications and waiting for the next episode, and thank you for supporting me. I appreciate it and I wish all of you well and your children and your parents well as well. So that's it. This is Michael Caine, for Living your Success 24-7. Until next time, my friends. Until next time.
