Dr. Whitney talks with Paige Cornetet, author of “My Dad’s Class,” about her upbringing and education around money and how it has shaped how she teaches it today. They also dive into really practical advice on how moms and families can pass on generational financial skills.

Main Points:

Dr. Whitney: Tell me how you came up with the idea for this book. What’s your story that brought you here?

Paige: I started my own business when I was 26 and I really felt prepared going in. I knew how to handle money, what questions to ask my accountant, etc. And I knew that because I was taught all of these amazing things from my parents about earning, saving, spending, and investing money. And I realized I wanted to be able to share this with my future kids and other families, so out came a book.

Dr. Whitney: Tell me more about your family and their expertise when it came to money.

Paige: My parents were very intentional when it came to finances with us kids. My dad was a third generation business owner, so there was so much that he had to offer. And he had a lot of life lessons from his grandparents and parents that he wanted to share with us. I say my dad’s class was every Saturday with a pen and notebook, but my mom’s class was every day because she stayed at home with us and taught us so much.

Dr. Whitney: There’s probably a lot of women who didn’t have that kind of education in their home. If there are some things you could pull from the book that were the core things your parents taught you, what would those be?

Paige: First, we intentionally spoke our values out loud every day. So we knew where our priorities were. Second, we had this thing called the Cornetet Family Bank. And my parents held the money, but we had ledgers and withdrawals and had to reconcile everything. So we were very familiar with how all of it worked. That way, by the time we were ready to get actual bank accounts, we knew about interest and savings and how everything should work.

And as far as what education you got from your parents, even if you didn’t get something like this, you still have your own story. This is an entire family situation and so you can tell your kids, these were the stories and beliefs we had around money growing up and we’re going to do things a little differently.

Dr. Whitney: Regardless of what the education or story was, you really need to get down to finding out what that experience taught you about money. Good or bad. Because you’ll operate out of that space.

Paige: The first few chapters of the book, I don’t really talk about finances. I talk about your priorities and values because if you aren’t clear on those, you won’t really know where to spend your money. I love shared experiences, but my husband loves fine dining. And we should both feel good about spending money on that. And that allows us to not have any shame around spending it when it comes time for that.

Dr. Whitney: I think the bottom line is deciding what’s important to you, so that you can say yes to those things and no to others. If shared experiences are important, you’ll say yes to brunch with a girlfriend, but that means you’ll probably say no to buying something at Target the next day.

Paige: Your budget shows what’s important to you. It’s not about limiting your spending, it’s about spending money on the things that are of value to you. So I won’t feel bad when I’m spending with intention.

Dr. Whitney: What advice would you give to those who are trying to climb out of debt and maybe model for their kids a different way of life?

Paige: First, you have to work through and take the emotions out of it so that you can really tackle it. So you can really do things differently and have a game plan that you can commit to. Then, you’ll want to pay off the most expensive (highest interest rate) debt first. You want to get out of that hole so you don’t owe anything to anyone. I even love the idea of talking about it with your kids. If they’re old enough, they’re picking up on things anyway. So let them in on the plan!

Dr. Whitney: When my husband and I were paying off our graduate and medical school debt, we moved in with my parents so that we could really pay it down quickly. And we had a running tally sheet of all our debts in the bathroom that we kept track of so our kids could see it. When I made that final payment, I was on speaker phone so that my kids could hear it and we all celebrated together. I wanted them to see all the hard work we had done and paid off.

Paige: And you were teaching them a lesson through that. They’ve already seen that through their parents' eyes so it’s really ingrained in their minds and maybe they’ll make different choices for their own future.

Dr. Whitney: What are some really practical things we can teach our kids on a daily basis? I get questions all the time about chores and should those be paid?

Paige: In my home, we had chores because we were a part of our family. It was a given and there was no reward for them. But my dad was great at making things a game, so for the allowance side, it was it’s own thing and went into our “banks.” And we were taught how to manage that. It was a hands on lesson every single week. And there were extra chore opportunities to earn money, like washing the car.

Dr. Whitney: There’s so many tools out there now for kids’ debit cards or bank accounts that really make it so much easier for kids to have more experience with their money. And it allows you to easily break it, ⅓ in your savings account, ⅓ in your checking account, and ⅓ to somewhere you want to donate.

Paige: They are great. I think the more tactile and hands on you can be with them, the better. They should know how much money they have and what is available. I’d rather them spend all their money on something stupid as a kid so you can have those conversations. “How did that $200 pair of jeans make you feel? Was it worth it?” Those trials are way better to have at 10 than when they’re 18. That way they know all those free credit card offers they’re getting aren’t really free and they want to steer clear.

Dr. Whitney: Talk to me about this idea that I really feel has been prevalent in the last 15 years. The hustle culture for moms tell us if you just work hard and buy this course or start this business, you can make 10k a month. What is a litmus test or how do you draw the line when it comes to that? There are things we can or should invest in for our businesses that could really help us, but how do we know if we should make that step rather than just keep the money in the bank?

Paige: I think you really have to look at the sacrifice and cost that comes with it. When you’re choosing to have a side hustle, is it taking away all of the time from your family?  Is it taking you from the things that really matter to you? Do you have to choose that path? Is it something really important to you or are you doing it just because culture tells you that you should? You only have a select amount of time and energy and you have to think about the give and take of that.

Dr. Whitney: I often get asked how I do it all and the truth is, I don’t. I delegate to other people and almost always, that costs me something. My nanny watches my kids and that costs money. My content writer who helps me out with social media and the blog costs me money. I had someone help me with the book and that cost me money. There are things I choose to give up time for so I can save money, but other times I’d actually be losing money if I did it because it would take so much of my time. So in the moment, I have to realize everything costs time, money, or energy and I have to decide what is the most important for me to keep right then.

Paige: Absolutely and pay for your time and energy. If you try to do it all yourself, you will burn out.

Dr. Whitney: Where can our listeners find your book and follow you so they can continue to get more tips for themselves and their family?

Paige: “My Dad’s Class: An Intentional Structure to Teach Your Kids About Money and Life” can be found on the website or amazon and you can find all my social info on the website as well.