The Financial Playbook: What Jason Taylor Teaches his Kids about Money

4 MIN. READ

The Financial Playbook: What Jason Taylor Teaches his Kids about Money 

Jason Taylor’s journey from a humble upbringing to a Hall of Fame career in the NFL has given him unique insights into financial management. Now, as a parent, he tries to impart these lessons to his children, ensuring they grow up with a healthy understanding of money. Here are the key takeaways from Taylor's advice to his kids about financial responsibility.

Money Doesn't Grow on Trees

One of the first lessons Taylor emphasizes is the fundamental truth that money doesn't grow on trees. This age-old adage might seem simple, but it carries a profound message, especially in today's world where consumerism is rampant. Taylor's children have been fortunate to grow up in a comfortable environment, a stark contrast to his own upbringing. This comfort can sometimes obscure the reality of financial limitations, making it essential to instill an understanding that money is earned through hard work and not easily obtained.

The Importance of Saving

As his children transition into adulthood, attending college and earning their own money, Taylor's primary focus is on teaching them the importance of saving. He advises them to set aside a large portion of their earnings rather than spending it on unnecessary items. This practice not only helps build a financial cushion but also cultivates a mindset of prudence and foresight. Taylor highlights that his children are already ahead of the game, earning money at a younger age than he did. While Taylor didn't receive his first paycheck until he was 21, his children are already learning to manage their finances in college. This early start is advantageous, providing them with valuable experience in handling money responsibly.

Learning from Losses

One of the most powerful aspects of Taylor's financial teachings is his focus on learning from losses rather than celebrating wins. In his view, the most significant lessons come from understanding and analyzing financial setbacks. By sharing his own experiences with financial mistakes and challenges, Taylor provides his children with real-world examples of the consequences of poor financial decisions. This approach not only prepares them for potential pitfalls but also encourages a more thoughtful and cautious approach to money management.

Avoiding Frivolous Spending

Taylor's advice to avoid spending on "stupid, frivolous things" is a crucial component of financial discipline. In an age where instant gratification is often prioritized, it's easy to fall into the trap of spending money on items that offer temporary satisfaction but have little long-term value. By teaching his children to prioritize their spending by focusing on needs versus wants, Taylor helps them develop a more sustainable approach to their finances.

Financial Independence

A big part of Taylor's financial guidance is his encouragement of financial independence. By earning their own money and managing it wisely, his children learn the value of self-sufficiency. This independence fosters a sense of responsibility and confidence in their ability to navigate their financial futures. It also reduces their reliance on external support, making them more resilient in the face of economic challenges.

Building a Secure Future

Ultimately, the lessons Taylor imparts to his children are designed to help them build a secure and stable financial future. By emphasizing the importance of saving, learning from losses, avoiding frivolous spending, and achieving financial independence, he equips them with the tools they need to succeed financially. These lessons are not just about managing money; they are about creating a mindset that values long-term stability and responsible decision-making.

Practical Advice & Life Lessons

Jason Taylor's financial teachings to his children reflect a blend of practical advice and life lessons grounded in his personal experiences. By instilling a strong work ethic, emphasizing the importance of saving, and encouraging learning from financial setbacks, he prepares them for a prosperous future. These principles, rooted in responsibility, offer valuable insights for anyone looking to achieve financial stability and success. As Taylor's children continue to grow and navigate their own financial journeys, they carry with them the wisdom of their father's experiences and the promise of a secure financial future.
 

How to Teach Your Child Financial Responsibility with Power Financial Credit Union

It’s never too early to teach financial responsibility. At Power Financial Credit Union, we want to help reshape the way children think of savings and money management, while also offering parents an easier way to teach their kids about finances.

Our Youth Accounts are the perfect way to start your kids on the road to financial success. We have also partnered with Greenlight to offer the loved financial education app and debit card for kids and teens to our members for free. Get in touch with us to learn more about how we help families.