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#7: What Do I Do with My Holiday Cash?

As you rack your brain around what types of presents to give your kids during the holidays, what is your family’s philosophy around monetary gifts?  Join our hosts and guest expert Rudy DeFelice as they discuss how an influx of cash during holidays can create an excellent learning vignette for your child. In addition, once that gift has been received, DeFelice details some alternative uses for newfound currency (other than spending or saving), including a methodology he uses within his own family called “the price of asking.”

 

Rudy DeFelice had his first job at age 10, delivering the local newspaper, and by age 11 he was the delivery boy for all three regional newspapers. In his youth, he worked on a farm, painted houses, played sports, and was the first kid in his family to go to college, eventually graduating Harvard Business school and the University of Connecticut School of Law. After being a lawyer McDermott, Will & Emery and Kelley Drye for many years, he took a sabbatical and returned to found Practice Technologies, Inc. (PTI), a VC-backed software and internet information company based in Los Angeles. After nearly a decade, he decided to leave his CEO position at PTI to found Bizinate.com, a website that provides sophisticated account management for young people, allowing their parents to sign up, start companies on behalf of their children and hand over the wheel when their kids are ready.  He currently resides in Pacific Palisades, California, with his wife Wendy and 3 children.