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Oct. 29, 2021

Money Management for Teens featuring Holly Reid Toodle, CPA

Money Management for Teens featuring Holly Reid Toodle, CPA

Growing up, Holly Reid Toodle learned everything from her parents except money management. After losing her first job due to the recession, Holly realized just how unprepared and uneducated she was when it came to managing her money. With no job, no savi...


Growing up, Holly Reid Toodle learned everything from her parents except money management. After losing her first job due to the recession, Holly realized just how unprepared and uneducated she was when it came to managing her money. With no job, no savings, and a significant amount of debt, Holly had to dig her own way out of a financial hole. Today, Holly has used her personal experience to publish The Master Playbook, a guide that explains how to break the cycle of living paycheck to paycheck and achieve financial freedom.

Managing money is one of life’s most crucial skills, but many parents aren't teaching their children how to do it. According to Holly, this is because they weren’t taught how to do this either! In order to break cycles of poor financial habits, Holly says parents need to be talking to their children about money at an early age. Holly suggests being open to sharing your financial successes and failures with your kids and discussing ways in which they can avoid financial pitfalls. 

Tune into this week’s episode of Southern Soul Live Stream for a conversation with Holly Reid Toodle about wealth management. Learn more about Holly’s personal story, the basic principles of saving and investing, and how communicating with your children about finances can help them attain a debt-free future. 

 

Quotes

• “I was pretty much the epitome of young and successful. I was at the top of my game, I was living above my means, I was doing everything our America teaches us to do, which is to accumulate debt. I was accumulating debt, I was living high on the hog, I wasn't thinking about tomorrow, and then I got hit with a corporate layoff.” (06:49-07:20)

• “My wake up call was that I was so naive and so ill-prepared for the unexpected.” (08:34-08:39)

• “Here I am: an accounting major, graduated with honors, CPA, auditing million dollar fortune 500 companies, yet I couldn't manage my own personal finances.” (13:59-14:11) 

• “You call it passion, I call it purpose. There's purpose behind my work. I've worked with a number of families and taught enough kids to see the impact. I am literally planting seeds and the seeds can be planted from many different places, not just me. It could be planted from people they looked up to, whether they're celebrities, books they read (where they're getting information from different perspectives), or financial educators like myself. But the main point of this is that it has to come from home, too. It's got to come from the parents. I tell my parents, they are their kids’ first financial advisor, and I know that money management may be an intimidating topic, especially if the parents aren't good at it.” (19:47-20:51)

• “A lot of adults aren't good at managing money because no one ever taught them how to do it or how to go about it. But here's the thing, whether you're good at it or bad at it, we all have experience with it.” (20:54-21:08)

 

Links

Connect with Holly Reid Toodle:

https://themasterplaybook.com

https://www.facebook.com/TheMasterPlaybook/

https://www.instagram.com/themasterplaybook/

 

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