The Cost of a Puppy-Financial Freedom-Financial Mindset


May 6 2024 • 8 mins

A one-time expense vs an ongoing cost. Do you know the difference? In this financial podcast episode with the Cash Kid, he'll explain why understanding this concept can help us achieve financial freedom and independence earlier in life. This is a way to help the next generation by building wealth instead of debt. Plus, a new segment on the show called "Stock Talk!" Listen in as the Cash Kid helps shape our financial mindset to think before we buy.

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So, you got some cash, maybe from an allowance? Or, that money your grandma gave you for your seventh birthday.

Here ya go, sweetie! Woo hoo! Thanks, Grandma! Whatever it is, what are you gonna do with it? Spend it? Hide it away? Or maybe invest it? Let's start learning how to make that money grow. Time to learn how to be a Cash Kid.

Welcome back to season two of the Cash Kid Podcast.

Last episode we celebrated our one year anniversary mark and now we are charging forward with more topics and skills to learn and teach.

If you aren’t already, please be sure to follow us today on Instagram and Facebook @cashkidpodcast. Also, head to our website and be added to our mailing list.

This is a great way to be a part of the Cash Kid movement to empowering the next generation to build super financial skills at a younger age.

This week, our episode is “The Cost of a Puppy.”

We’re not going to just talk about puppies…

even though, that would be cute and fun.

Our focus is discussing the difference between a one time purchase and an on-going purchase.

Do you know the difference?

Many times as kids, because we don’t pay the bills, we might not understand this concept and have to be enlightened by an adult of the difference. But, knowing what’s a one time purchase vs. an on-going purchase is a concept we need to understand, especially before we find ourselves in debt and having to sell back the thing we purchased.

Yep, it happens.

So, let’s talk about it.

What’s considered a one time purchase?

A car or a video game?

A bike or a cellphone?

A puppy or a remote control car?

Let’s start with a bike vs. a cellphone.

Before I knew better, I used to think you just purchased a phone and that was it. But then my parents talked to be about how a cellphone is not a one time purchase.

In fact, just this past week, my nine-year old brother saw this ad where you could purchase an iPhone 14 for just $5.99.

He was like, “See Mom, I can afford that?” My Mom then explained to him to look at the fine print.

Yeah, it’s that much smaller writing under the large discount price in bold that states it’s $5.99 a month for the next 36 months under a contract with that cellphone carrier .

Then Mom explained how you’ll also need a cell plan to go with that which can cost upwards of $30 dollars or more per month.

See a cellphone, while to a kid it just seems like an object you buy once and that’s it, is actually an on-going monthly expense… usually for your parents at this age.

My brother’s not getting a phone…

Now a bike on th other hand, it’s a one-time purchase.

Except for the time I wrecked mine and we had to spend a little extra to get it fixed.

But asking your parents for a bike is different. There may be some repair costs at times. Like a new tire or brake, but it doesn’t have an ongoing expense like a cellphone.

We’re going to talk about that puppy and the debate in our house over having one, coming up. More purchase comparisons on the way.

(Music interlude)

It’s time for a new segment on the show called “Stock Talk.” If you follow us on social media, you’ll see I like to talk about stocks.

Following different companies stock prices, what’s going on in the news about their company, and seeing the prices rise and fall excites me.

I’ve found more and more of my peers asking me about the stocks I’m interested in. Why I’m invested in them? And how do I invest?

Now, I’m not an advisor, but I’m trying to teach my friends and our audience how you can research companies and stock yourself.

So, each episode I’ll hit on a stock either I’m watching or researching and why.

This week, since we just finished talking about a cellphone, let’s look at Apple.

Apple became a publicly traded company on December 12th, 1980.

Their stock price started at $22.00 per share.

Apple’s stock has split five times since it went public. This increases the number of shares in a company and makes the price per share at a more affordable cost for investors.

To purchase a share today would cost you $173.

If you had purchased a share of Apple just three years ago at the price of $131 dollars, you’d be up $52 dollars at this point.

And here’s your disclaimer.

Keep in mind any of the stocks I talk about are not recommendations. This is for educational purposes only to see how easy it is to look at a company, analyze where it started, and where’s it’s going to learn how to invest wisely.

Hey, Warren Buffett researched companies first. That’s how he got started.

So, I’m following suit.

Do your research, and seek advice.

Let’s educate, research, and invest Cash Kids.

That’s your “stock talk” for this week.

(Music interlude)

Alright, let’s talk about that puppy.

So many kids want a pet of some sort, usually a dog or a cat. But when you see an ad for “free puppies” just know that’s not true.

Kids don’t realize it but a puppy is a huge on-going expense.

My parents got a dog right after that got married and let’s just say, this dog racked up some expenses for my parents.

As a lab mix puppy he chewed through my parents deck so bad they had to tear it down.

Then he torn the hose pipe off the back of the house and my parents came home to a flooded backyard.

He chewed through the lines on the air conditioner at a friends house.

He only lived 7 years and it took 7 more years before my Mom would even consider the chance of getting another pet.

It was a debate for sure as my Mom knew, a dog could be a big expense.

My mom said we had to have a calm pet the next time around and we found the perfect one in Emma.

Another little pound puppy mix female puppy that is such a chill dog, she rarely even barks.

But even a chill dog still requires ongoing expenses like vet bills to stay up to date on shots, food, heartwarm and tick flea preventative medicines, and having to pay to board her when we go out of town and can’t bring her.

My parents have told me stories of how friends of theirs in college would get a pet only to realize a few months later they didn’t think through the expense of having a pet and had to either give it away… or have their parents take the pet in.

We were prepared for the expense in our house and the love of our dog is worth the expense for sure.

But, kids, the next time you ask for a pet, be wise and informed of the expense involved that a puppy is an on-going expense.

Not a one-time purchase or free.

I wanted to last talk about a car.

I’m about three years away from being able to drive and owning my own car sounds so cool. But purchasing a car is kind of like a cellphone but on a larger scale.

If you don’t have the cash outright to purchase the car in full, then you’ll have a monthly payment with interest usually to pay it off.

Then there’s gas and maintenance like oil changes twice a year, plus car insurance, and license and tag fees.

A car is an on-going expense we kids need to think about and start saving for. Many kids start having to get a job in their teens for the sole purpose of having the cash for a car.

So set-up a budget and savings plan to work towards that.

Calculate the cost of the car you want and think about the month’s expenses related to the car. Then you can be a prepared buyer so you don’t end up with a car… but no gas to get you anywhere.

So Cash Kids, let’s start being smarter about what we ask for and understand the expenses behind it. If we understand what’s an on-going expense vs. a one-time expense we can plan better and be more realistic about what fits without our budget. Understanding this earlier in life, can help keep us from instead of building debt, to building wealth much faster.

Remember, anyone can be a Cash Kid, you just have a learn how to become one. Cash Kid, Out!

Disclaimer: The information presented represents the views and opinions of the guest. This podcast does not intend to provide personal investment advice. This content has been made for informational and educational purposes only. To make a full and informed investment decision, we advise you to speak with a financial advisor, and for kids, definitely your parents first before investing.