Mike on the Money: Giving the gift of financial education

BACK ALL THE WAY TO LIKE, MY PARENTS FIRST GOT TOGETHER. IT’S WEDNESDAY, WHICH MEANS IT’S TIME FOR MIKE ON THE MONEY. AND IF YOU NEED A LAST MINUTE GIFT IDEA, THIS ONE RIGHT HERE IS FREE. OUR RASHAD WILLIAMS SPOKE WITH FINANCIAL EXPERT MIKE GIORDANO TO SHARE HOW YOU CAN GIVE THE GIFT OF FINANCIAL EDUCATION. ALL RIGHT, IT IS WEDNESDAY. THIS IS A SPECIAL CHRISTMAS EVE EDITION OF MIKE ON THE MONEY, JOINED NOW BY MIKE GIORDANO, ALSO KNOWN AS MONEY, MIKE G AND COMPANY TODAY. MIKE, WHO DO YOU HAVE WITH YOU TODAY? OH, WHO ARE THESE PEOPLE? I’M NOT REALLY SURE. RASHAD. WELL, HERE’S MY HERE’S MY BEAUTIFUL WIFE, MELISSA. AND WE’VE GOT RUTHIE RAINBOW BURRITO, MANGO, MANGO AND OUR LITTLE GUY, NOAH. NICO. SO WE GOT THAT’S OUR NICKNAMES. OF COURSE. YOU KNOW, YOU GOT TO GIVE THE NICKNAMES, BUT YEAH, IT’S A IT’S A WONDERFUL CREW. SO CLEARLY YOU HAVE A FIRSTHAND PERSPECTIVE WHEN IT COMES TO BEING A PARENT. TALK ABOUT, FIRST OFF, HOW THAT IMPACTS FINANCIAL DECISIONS, ESPECIALLY AROUND HOLIDAYS OR BIRTHDAYS WHERE MORE MONEY TENDS TO GO OUT. OH, YEAH. I MEAN, YOU KNOW, BEING A PARENT IS AN AMAZING ADVENTURE, OBVIOUSLY, BUT IT DEFINITELY CHANGES HOW YOU THINK ABOUT THINGS, ESPECIALLY FINANCIAL THINGS. OBVIOUSLY, ONCE YOU BECOME A PARENT, YOU GOT TO START THINKING ABOUT LIFE INSURANCE, GETTING MORE LIFE INSURANCE. YOU GOT TO START THINKING ABOUT MAKING SURE THESE KIDS GET EDUCATED. SO, YOU KNOW, PLANNING FOR THEIR COLLEGE EDUCATION. 529 PLANS, THAT KIND OF STUFF. AND SO IT DEFINITELY IS DIFFERENT CHALLENGES. BUT IF YOU GET STARTED WHEN THEY’RE YOUNG, IT’S GOOD. AND HEY, WHO DOESN’T WANT A 529 GIFT FOR FOR CHRISTMAS? RIGHT, KIDS, ARE Y’ALL READY FOR SANTA? ARE YOU EXCITED? YEAH, THEY ARE. SO OF COURSE SANTA BRINGS TOYS AND OTHER GREAT GIFTS FOR KIDS. BUT YOU MENTIONED A 529 AND YOU KNOW, OTHER GIFTS THAT CAN HELP SITUATE YOUR KIDS FINANCIALLY WHEN IT COMES TO THEIR FUTURE. DO YOU START TO THINK ABOUT WAYS TO CALL SANTA AND ASK HIM TO IMPLEMENT OR INCORPORATE THOSE TYPES OF GIFTS, TOO? WELL, WE EITHER TRY TO GET SANTA TO DO IT, AND IF WE’RE NOT SURE GOING TO BE CAPABLE OF GIVING SOME FINANCIAL EDUCATION GIFTS, THEN MELISSA AND I TRY TO WORK IN SOME WAYS TO TEACH THE KIDS A LITTLE BIT ABOUT FINANCE AND A THING. AND MELISSA IS GREAT ABOUT, YOU KNOW, MAKING SURE THAT THE KIDS HAVE ALL KINDS OF DIFFERENT EDUCATIONAL TOYS. SO, I MEAN, I THINK ONE OF THE THINGS THAT WE TRY TO DO OFTEN IS SAY, OKAY, HOW CAN WE GET THEM TO JUST LEARN LIKE LITTLE CONCEPTS COUNTING. THEY LOVE MATH. AND SO IF YOU CAN JUST TEACH THEM, YOU KNOW, TWO PLUS TWO, FOUR PLUS FOUR, ALL THOSE KINDS OF THINGS, IT JUST GETS THE BALL ROLLING ON THOSE THINGS. SO YOU KNOW, WE TRY TO WE DON’T BUY SPECIFIC FINANCIAL EDUCATION GIFTS, BUT WE DEFINITELY TRY TO INCORPORATE THAT STUFF INTO THE GIFTS THAT WE’RE GIVING. AND A TWO PART QUESTION, WHY WOULD YOU SAY IT’S IMPORTANT TO START NOW? AND IS THERE ANYTHING THAT NEW PARENTS NEED TO DO A LITTLE BIT DIFFERENTLY? WELL, I THINK THE BEST PART OF BEING A PARENT IS THAT IT TAKES YOU BACK TO BEING A KID. AND SO CHRISTMAS IS JUST REALLY MAGICAL WHEN YOU SEE IT THROUGH THEIR EYES. AND SO ONE OF THE THINGS THAT I FOUND IN TERMS OF GIFT GIVING, AND I’M PROBABLY THE WORST GIFT GIVER, BUT I THINK ONE OF THE GREATEST THINGS ABOUT WATCHING KIDS WITH GIFTS IS THAT YOU REALIZE SOMETIMES THE GIFTS YOU SPENT THE LEAST AMOUNT OF TIME PICKING OUT, THE GIFTS YOU SPENT, THE LEAST AMOUNT OF MONEY BUYING ARE THE ONES THEY LOVE THE MOST. AND SO IT REALLY MATTERS. THE THOUGHT THAT YOU’RE PUTTING INTO THE GIFT AND RECOGNIZING LETTERS. YES. THANK YOU, I APPRECIATE THAT. SO THAT’S THAT’S WHERE I MAKE UP FOR IT. BUT REALLY THE KEY IS REALLY JUST UNDERSTANDING. LIKE YOU NEVER KNOW WHAT THESE KIDS ARE GOING TO LOVE. AND SO, YOU KNOW, JUST MAKE SURE YOU HAVE STUFF FOR THEM. BUT YOU KNOW, THEY’RE GOING TO ENJOY SOME OF THE STUFF THAT YOU DIDN’T THINK THAT THEY WOULD LIKE. THE BOXES. ALL RIGHT. MIKE G AND COMPANY. THANK YOU ALL. WE APPRECIATE YOU ALL COMING IN. CAN YOU ALL WAVE TO THE CAMERA.