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Home > The Simplicity Sessions > 3 Ways to Help Your Kids Build Wealth
Podcast: The Simplicity Sessions
Episode:

3 Ways to Help Your Kids Build Wealth
Category: Health
Duration: 00:45:43
Publish Date: 2026-01-08 11:00:00
Description:

In this episode, Jenn and Chris dive deep into practical strategies for helping your children (and grandchildren) build wealth from an early age. They share personal stories, case studies, and actionable tips on using RESPs, TFSAs, and even family business opportunities to set the next generation up for financial success. Whether you're a parent, grandparent, or young adult, this episode is packed with insights to help you foster financial literacy and long-term security.

Key Topics & Takeaways

  • Why starting early matters: The power of compounding and small, consistent investments

  • Understanding RESPs (Registered Education Savings Plans):

    • How government grants work

    • Case studies: Starting with small amounts, maximizing contributions, and the impact over 18 years

    • Tips for joint family RESPs and what to do if your child doesn't go to post-secondary right away

  • Transitioning to TFSAs (Tax-Free Savings Accounts):

    • When and how to open a TFSA for your child

    • The long-term impact of maxing out contributions from age 18

    • Realistic examples of how small monthly investments can grow to $1.8 million by retirement

  • Leveraging family businesses:

    • How hiring your kids can fund their investments

    • The importance of teaching work ethic and financial responsibility

  • Raising financially literate kids:

    • Having open conversations about money

    • Encouraging kids to read books like The Latte Factor, Rich Dad Poor Dad, and The Psychology of Money

  • Bonus: Other investment vehicles like informal in-trust accounts and insurance policies

Resources Mentioned:

  • The Latte Factor by David Bach

  • Rich Dad Poor Dad by Robert Kiyosaki

  • The Psychology of Money by Morgan Housel

  • You Are a Badass at Making Money by Jen Sincero

  • Money: A Love Story by Kate Northrup

  • Atomic Habits by James Clear

Let's dive in!

Thank you for joining us today. If you could rate, review & subscribe, it would mean the world to me! While you're at it, take a screenshot and tag me @jennpike to share on Instagram – I'll re-share that baby out to the community & once a month I'll be doing a draw from those re-shares and send the winner something special!

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Have a question? Send it over to hello@jennpike.com and I'll do my best to share helpful insights, thoughts and advice.
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