Only about 20 minutes long, this podcast episode discusses ways for business owners to prepare for the downturn caused by the pandemic. The tips outlined include having a Financial Plan in place, knowing what your business is worth, and being prepared for any unexpected changes.

Four-Year-Old Gives His Dad An Allowance

• Peter Lak is the Chief Investment Officer for an investment firm and he's also the host of the service business mastery podcast.
• He's talking about his experiences giving his four year old an allowance and how it worked
• He recommends starting when your child is asking questions about money, preferably when they're around age 10 or younger.

How to Teach Your Kids About Money

• The author's son had an allowance of $1 per week, which he saved and spent in a similar way to how he would have spent his regular income.
• When his birthday fell on a Saturday, the author allowed his son to wait until Sunday to ask for his allowance, which the son found hilarious.
• The author recommends not tying allowances to chores or spending, instead allowing children to learn money lessons in a more gradual way.

3 Different Buckets for Kids' Video Game Time

• The three buckets for parenting are savers, givers, and
• The saver bucket is the most important because bad financial decisions can be fixed with good savings
• When a business owner is entrepreneurial, they're driven to take a 30 year
• The primary investment for a business owner is their business.

Check out these resources we mentioned during the podcast:

• This episode is kindly sponsored by Sera (visit their website) and CompanyCam (visit www.companycam.com/SBM for 14 day trial and 50% off your first two months).

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