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"Simplify To Mitigate Your Risk" with Jay Gabrani founder of Prepared Fathers
Manage episode 312051146 series 3218780
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Jay Gabrani is the found of Prepared Fathers.
He's the father of three children, an entrepreneur, and a real estate investor. When his wife unexpectedly passed away in 2014 he was left as the executor to her will. Believing that his accounting education and entrepreneurial background had equipped him for this role he was shocked to find how challenging it was for him. On top of navigating the loss of his wife and becoming a single dad over night there were so many unknowns with her accounts, safety deposit keys, etc.
Jay began to ask himself what would have happened to his family if the situation had been reversed and his wife and kids were left to navigate the finances on their own. He reach out to other fathers to ask what might be. Were they prepare? Would their families have unnecessary hurdles that could be avoided?
We talk with Jay about the low hanging fruit that you can take action on today.
Jay gives advice on how to instill sound financial habits in your children. His policy is that half of every dollar they earn or receive goes into savings. Once it grows large enough they invest it and the kids are involved in where it gets invested. His kids all do lemonade stands. Not because they make a bunch of money but because they learn about buying and selling things. He encourages his kids to embrace technology and the opportunities there. His kids buy and sell things on Kijiji, a Canadian classifieds website. It's not about making money, it's about learning the skills of buying and selling.
We talk about investing. He shares timeless advice and encourages us to ignore the trends and choose the investment vehicles that make sense for your lifestyle and your family. Does it interest you? Do you have the time to nurture it? Are you able to educate yourself so as to minimize the risk?
Get your free Father's Guide To Financial Preparation
Check out Prepared Fathers for all their resources.
Email Jay directly with questions
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