Preview Mode Links will not work in preview mode

The Marketing Secrets Show


Aug 12, 2019

Kids, Business, Marriage – how do you do all the things? Get a glimpse during the last of this 3 part series on how to raise an entrepreneurial family!

On today’s super special episode, part three of three, Russell and his lovely wife, Collette are interviewed by Joshua and Ashley Latimer about being an entrepreneurial family. Here are the questions Russell and Collette answer in part three:

  • What ways do you teach your kids about entrepreneurship and finances?
  • What advice would you give a highly driven entrepreneurial family?
  • How important is it to have a like minded community?

So listen here to Russell and Collette as they answer these important questions.

---Transcript---

Hey everyone, this is Russell Brunson, welcome back to the Marketing Secrets podcast. Are you guys pumped for today? This is segment number 3 of 3 of my interview, of the interview with my wife, Collette. If you haven’t yet, make sure you go to Honorandfire.com, and opt into the Latimer’s and get their free family checklist system that they posted. It’s a free family checklist for entrepreneurial families. And it’s amazing.

What they’re doing is so cool, and I’m so grateful for this interview and that they created a really safe spot for my wife to be able to share her thoughts and her feelings. And I hope you guys are loving her even 1/10th as much as I love her, because she is such an amazing person, and I’m so grateful to have her being able to share some of our experiences with you.

Alright with that said, we’re going to jump in right now to segment number 3 of 3, and these are the last 3 questions they asked us.

Question number 8: What ways do you teach your kids about entrepreneurship and finances?

Question 9: What advice would you give a highly driven entrepreneurial family?

And question 10: How important is it to have a like minded community?

So those are the next questions. I hope you guys enjoyed the series. If you have enjoyed it, please, please, please go to, again take a screen shot on your phone or wherever you are, post it on Facebook, Instagram, social media wherever you post, and please tag me and tell me why you like this segment of this session. I’d love to hear some of the thoughts and the feelings about why you guys enjoyed this time with my wife. And maybe if you guys do, let us know, maybe we’ll do this more often, have her come on and share some more stuff.

So excited. With that said, let’s queue up the theme song and we’ll jump into the exciting conclusion of my interview with the Latimer family and my beautiful wife, Collette.

Ashley: How do you teach your children about entrepreneurship, and what ways will this give them an unfair advantage in life?

Russell: I think …

Collette: go ahead.

Russell: One of the cool things that we did was a little, about two years ago we had Caleb Maddox and Emily come out, two young entrepreneurs, and spend the day with our kids, which was really cool.  They kind of talked to them about it, got them excited about it. And then Caleb and his dad, Caleb’s dad told us that what he did is he gave Caleb these success books and said, ‘I’ll pay you $20 for every book you read.” And I thought that was the coolest thing, so we started doing that with the kids.

Some kids are more money motivated than others, but man, they’ve read tons of success books now on success. The Rich Dad Poor Dad for Teenagers, Success Dogs, Dallin’s read both of my books which is crazy. He’s like, ‘I don’t understand most of the things dad, but I read them.”

Collette: Well and actually Aiden, he’s out, he’ll be 9 in august, but he’s been putting little mp3 player plugs in his ears and walking around and listening. So I think that’s cool.

Russell: Yeah, so that’s been big. We brought them to one Funnel Hacking Live, but they were young and it was crazy and it was kind of hard. But this year, I think you know this, we’re doing a new event this summer specifically for kids so I can bring my kids to it. So it’s going to be really fun to kind of get them into that kind of thing. And then the other thing I really want to do, we haven’t discussed this, but I had a friend, her name is Rae Perry, used to run these home schooling programs, and she would do these events where she would have the home schooled parents and kids would come, they’d have speakers on each topic.

So one of them would talk stock market, one of them would real estate, one would be internet marketing, one would be eBay, all these different things. And everyone would sell their courses, and then they’d have the kids each go and buy a course each event, and that’d become their curriculum to learn. I’m going to learn about stocks, and they’d go deep the next year on stocks, or on real estate, or whatever their thing was.

So I kind of want to have our kids pick things like that in the summer, in fact, this is actually something, I forgot about this, we had this on our family night on Sunday. We’re trying to figure out, Summer is coming soon and we don’t want the kids all summer on their screens, right. So first we’re like, “We’re going to do a screen free summer, no screens all summer.” They were all just like, “Ahh.”

Collette: So was I.

Russell: Then Collette’s like, “Well what are we going to do with them all day? You’re going to be at work, this sounds horrible for everybody.” So okay, let’s rethink this. And then when we were in Puerto Rico hanging out with Brendon Burchard he said something really interesting. He said, because we were talking about social media and one guy there was like, “I don’t do social media, it’s a waste of time.” And Brendon’s like, “No, you don’t understand I’m not a consumer of social media, I’m not consuming it, I’m producing it. There’s a difference. As a producer I go and I produce something and I’m done, and it’s helping other people. But I’m not sitting there consuming other people’s things.”

And that was the aha with our kids. Right now they’re consumers, they sit there and watch some stupid guy with blue hair play video games for 4 hours, watching somebody else produce, they’re consuming. And I was like, “I don’t want you guys being consumers. You don’t value, the world is not better if you’re a consumer, you need to be producers.” So we talked about, with them we talked about starting a YouTube channel and then each of them gets their own playlist. And we say, “Every morning wake up and…” Ellie’s our daughter who’s obsessed with the craft channel. “Wake up, go watch the craft channel, figure out what craft you want to make, then drive to the store, buy the stuff, come back, have you and your brothers film it, make the craft, then edit it. And you’re allowed to use as much screen time as you want, as you’re producing. You’ve produced a video that you published live, and now you’ve produced something.”

So our whole thought is you can only use screen time during the summer to produce, not to consume. And then I thought it would be fun for them, there’s the email skill share, and all these different sites. I’m like pick out a skill that you want to learn, go learn it and then you can make videos of you teaching it back to people. So that’s kind of the goal, helping them be producers this summer instead of just consumers.

Ashley: I love that.

Joshua: That is gold. That is gold. Can I squeak in a mini follow up question to that though?

Russell: Yeah. Like if we’ll execute on it. I don’t know.

Joshua: I just want to make sure, respecting your time that we’re just moving along and everything, but this is so amazing. So what’s your philosophy just on finance with your kids and stuff? Okay because you’ve been broke and you’ve had lots of money, and you’re wealthy. Are your kids aware of it, is that something that you talk about? Is the business just your front stage, internet marketing stuff, or in the home are you talking about, “Here’s what we’re trying to do, we’re trying to go to a billion dollars. And we’ve got to restructure our org chart and our model.” Is any of that happening or is it just dad-Russell all the time. And there’s not a wrong answer, I just think people would be curious. And then when it comes to money, do you give them an allowance, do you teach them that they only get paid for value creation, do you buy them a car when they turn 16, do they have to buy it? How does that all work for you guys?

Russell: The first part of the question, I have not been good at that, bringing them into what I’m doing more. A lot of times we’ll show them funnel hacker tv episodes and we’ll talk about a couple people we’re meeting, so they see a little bit of that. But we haven’t talked about the finances or the goals. That’s actually really interesting, I’m glad you brought that up just to think about.

And on the other side, we don’t do allowances, they can work for money. We had them pull weeds for money, we had them read books for money.

Collette: That’s allowance, well, I guess for money. Yeah.

Russell: Allowance is like guaranteed, “Here’s money because you’re alive.”

Collette: Oh.

Joshua: Allowance, true allowance is like just pure socialism. You have a pulse, here’s some money.  {inaudible}

Russell: It’s funny because some of our kids are super money motivated, and some aren’t. Dallin and Ellie both like money. Ellie will do something, or like, if she scores a goal in soccer we give her a dollar. So she’ll do stuff. And she’s a consumer. She spends it. She’ll make money and then she drives to the juice place and buys juice 5 seconds later.

Collette: Drives her bike. She drives…she does not drive.

Russell: Rides, yeah.

Collette: She gets there.

Joshua: Well, you know what we started doing? Our kids love to play games, Fortnite and all that, watch YouTube and stuff but they can only do it now by spending points. So what they do, when they take out the trash and do stuff, we have a little app that we built for my company called automate motivate, it’s actually for businesses, but we use it with our kids.

Ashley: Or employees.

Joshua: They get points since they’re doing stuff, but they can only play game time when they cash in their points for an hour block of game time. And it’s been a complete ridiculous success. Every day when they come home they’re just like, “What can I do, I wanna…” and then they do it, and they can earn 30 minutes of game time. It’s kind of game-ified that, but it’s not money directly. But there’s different things, they get game time, or they can go to the movies with mom or something.

Ashley: It’s been interesting, some of our kids want to buy game time, and then the other one is like, “What can I buy on Amazon right now?” He wants, it burns a hole in his pocket, he would ride his bike to the store if a store was near us. We live in the middle of nowhere.

Joshua: Well, that was great. Thank you for all of that, so much awesomeness. Question 9 is kind of for other people. What advice would you give a highly driven entrepreneurial family, and what advice would you give their spouse? So sometimes the man is the entrepreneur, sometimes the woman is, sometimes they both are, oftentimes one is not entrepreneurial, and one is a maniac, what advice would you say to that young couple that’s about to go down this crazy up and down, they don’t even know if they’re going to have to fire 80 employees in one day, 5 years from where they’re starting.

Russell: {inaudible}

Joshua: What would you say to them?

Russell: I’d say on my side, I always think, I always tell people, you can only be as successful as your spouse will allow you to be. And I’m so, I look at everyone else I ever dated before, people I knew, if I didn’t marry Collette, there’s no way we could have got  here. It’s just not possible. And I think I’m so grateful for her, how much grace she’s given me during the times of like, the hard times, or the low times, or the times I didn’t produce, or times I didn’t show up right. It’s so easy to hold judgments and to hold grudges and to hold things like that, and she’s never been that way. There might be something we get in an argument about, but then it’s gone and she forgives, and it doesn’t keep lingering and lingering.

I think a lot of times you see that in a relationship, it lingers and lingers to the point where it just breaks. And she’s never been that way. It’s just kind of like, I don’t know, she gives me, I guess grace is the word in my head, just forgiveness of like, I understand that you’re doing stuff, that doesn’t make sense. It’s not normal, but I still love you so it’s okay.

Collette: Oh, it’s so hard because that question all the time, like at Funnel Hacking or when people do run into us like, ‘Give me some advice, tell me what to do.” I’ve had a couple of women just in tears, “how do I support my husband.” And it can go both ways. And it really made me think, because I’m like, “How did I allow Russell to live this dream? How did I allow him to move forward without me cracking?” But the truth is I did crack. You know, you go through all the things and I mean, we weren’t rich right out the gate. So we had a little family, worked hard for all that you had. You see and like, I want him to live his dream, I don’t want him to be miserable with this life, so it’s kind of, everybody is so different. Advice to me is hard because everybody is a different personality, but I would just say, communication. Because I just learned that I would tell my younger self that as well, communicate. And the other thing is do something for yourself.

So the advice to a highly driven, for instance, he’s the dreamer. He’s always like, “What’s your dream?” and I’m like, ‘I really don’t know. Keep everybody alive, keep up the house, to be this mom.” But to do something for yourself, go out with your girlfriends and breathe, and communicate that with your husband, or your significant other. Take some time for yourself because otherwise you’ll crack. And I did crack a lot. I learned the hard way. But also, podcasting, all these great, amazing tools that we have today, I would tell people that are out in this world to listen to all the positive things to get through these moments. How to deal with a dreamer. I don’t know.

Joshua: That was an amazing answer.

Ashley: That was like a mic drop.

Joshua: I’m pretty sure you know. That was perfect.

Ashley: I think so too, that was amazing.

Collette: There’s always tears, and there’s always a little something, that’s just human nature. But we’re not perfect.

Joshua: Have you ever felt pressure to act like that’s not the case? I mean, things are weird at home, you’re a public figure, because you made yourself internet famous. But you know what I mean? Is there, what’s that like?

Collette: What is that like? Why am I stumbling?

Russell: I think sometimes you feel, I mean for sure you feel the pressure. It’s funny too because people are like, “how are you always happy?” because I’m happy when I’m clicking, “Hey! How’s it going guys!” and then it’s back down and you’re like back to the fight. You want to see what’s actually happening here, we’re really upset right now or whatever. But it’s interesting because I think a lot of times you feel like you have to keep that posture. Because the fascinating thing is the times that I don’t, the times I break posture and I’m more vulnerable with frustration or things like that, that’s when I feel like, that’s when people actually connect with me more.

It’s funny, Natalie Hodson I was talking with her yesterday, she did an instagram or something like, “You guys think I’m a nice, cool, calm, collected mom, I just screamed at my kids for 30 minutes, I threatened to throw the TV over, I’m a horrible mom.” All these things, she’s like bawling her eyes out and everything. And she told me she had 351 DMs from that one thing, she said, “I’ve never had that before.” That’s what draws people in. And I think that, you know I feel like we tried you know, I don’t know, I think there’s always some of that, but I’ve tried to be more like, things are tough sometimes.

I remember at the very first wrestling practice with the kids out in the garage, I did a whole podcast about like, ‘Man, that sucked.’ I want to record this now so someday I can have my kids remember the first practice, how horrible it was, how mean they were, how they just let, just try to share more of the pain part, because people actually resonate with that way more than the posture.

Joshua: People crave authenticity. But now Russell’s going to choreograph fights so that he can make great content.

Collette: Ha, ha.

Joshua: I’m just kidding. Collette was going to say something, I’m sorry.

Collette: Oh no, I 100% agree. I don’t feel like, well sometimes maybe, I’m like we get dressed up a certain way, that’s when people come up I’m like, ‘ugh. I don’t have makeup on.” But who cares, whatever. Seriously, we’re all people.

Joshua: Totes.

Collette: Yeah, yeah.

Ashley: We never do that ever.

Russell: Sure you don’t.

Ashley: He did that last time.

Joshua: I did that, we just talked to Alison Prince and her husband and I don’t know where it came from it just came out.

Ashley: And he did it twice in that interview. He’s not allowed to do that. Don’t do that.

Joshua: It just felt right.

Collette: That’s hilarious, I love it.

Russell: {inaudible}

Ashley: It’s not right. It’s not. Okay, last question, how important is having a like minded community as an entrepreneurial family?

Joshua: Like, we want to assemble all these people that care about crushing two comma clubs and doing huge things of business, not about money, it’s just who you are, it’s what you are, but equally and more so care about crushing it at home and just connecting with your spouse and being a super parent. How important for those people is it to be in community with other weirdos like that?

Russell: I think it’s super important. Yesterday when we were preparing for the interview Collette asked Dallin, our oldest twin, 9 minutes oldest, about what he likes about this thing. And he’s like, “You know I don’t like being wealthy because I have friends at school that make fun of me for being the rich kid.” And for us, it’s like, “ugh” and it’s funny because the kid who said, I specifically know who it was, his dad told me, he’s like, “My kids ask me how come I don’t have my wrestling room at my house? Why can’t I get a job like Russell’s?”

So it’s funny because both kids, the opposite direction. But I think it’s important because it’s like, we live differently right. Most people, they wake up in the morning, they go to 9 to 5, they come home, they watch tv, or they drink beer, you know, that’s the majority of the world. And we’re out here trying to change the world and have fun and do other things, and thinking about other people besides just ourselves, and we’re trying to create. And the more they’re around other people trying to do that, the more they’re not embarrassed of it.

It’s like, it broke my heart hearing that yesterday because I’m like, if that’s how he feels because he’s embarrassed, we need to get them around more people who are creating. Because you know, when he hangs out with Caleb Maddox that night he’s writing a book because Caleb you know, the more you’re doing that, the more it inspires, the more they’re able to see kind of what’s possible. So I think that’s a big reason why we’re doing the kid event in the summer so they can plug into that. We’re having a couple kid speakers come as well, so they can see, I wan tthem to have their eyes opened to, “Oh my gosh, I can do this too, and this is cool.” And it’s not a bad thing, it’s a super positive thing.

Collette: Yeah, I agree. It’s a big deal. I’m like, ugh. I really appreciated getting these questions beforehand because I really did, I was asking my kids the same thing, so it was interesting to get each of their perspectives. But anyway…

Joshua: Well, thank you guys so much. We’re actually, part of what we’re working on is this thing that’s called the family war plan. It’s not a journal, we’re not going to call it a journal, because that’s not cool enough, we’re going to call it a war plan. But it’s for families and it has all this crazy stuff.

Ashley: it’s an experience.

Joshua: If we, I don’t know when they’ll be done or whatever, but if we get them done in time, I want to just give a bunch to Clickfunnels to give to the families that come to the thing with their kids.

Collette: Gosh.

Joshua: I don’t  know if they’ll be done or not. But it’s so epic and thank you, thank you. Triple thank you, thank you.

Ashley: Thank you, and you were fabulous, absolutely fabulous.

Russell: Really good, I’m super impressed. So proud of you.

Collette: Awe, thank you.

Russell: You’re a natural.

Collette: I’m not a natural.

Russell: We’re starting a podcast together.

Joshua: You did a great job.

Ashley: Yeah, you did a great job.

Joshua: Enjoy, I’m assuming you’re having a day off since you’ve been doing crazy, ridiculous things.

Collette: I’m making him go to zumba tonight.

Russell: That’s our date night. We’re having some zumba.

Collette: There may be some blackmail happening here in the future.

Russell: I just found out yesterday that zumba is dancing. I did not know that.

Joshua: You’ll just own it and do an instagram.

Ashley: It’s like really hard dancing, you don’t stop, you keep going.

Russell: I thought  it was like a cardio, like a workout.

Collette: I’ve never done it either.

Russell: Then Dave told me yesterday that it’s salsa dancing or something.

Collette: It’s going to be amazing. That’s our date tonight.

Joshua: Congrats too, on your wrestling thing.

Russell: Thanks, so much fun.

Joshua: {inaudible} thing to do that no one literally does, except for Russell.

Collette: Mid life crisis friends. Bring him back to glory days.

Joshua: you looked like you were in beast mode though, you were smashing people, dude.

Russell: I only showed you guys the highlights, when I was smashing. The two I got smashed in you didn’t see anything from that.

Joshua: Did you get wrecked by someone, or was it close.

Russell: yeah, I lost 2 matches, I won 5 matches. So when all is said and done it was…

Joshua: It’s amazing, and you just started training a few months ago for it, didn’t you?

Russell: We had three practices before we went, because I hurt my neck. So it was, it was fun though. We had a great time. Next year, and there’s a kid tournament at the same time, so next year I’m going to bring all the kids and Collette, and we’re going to do a family party.

Collette: Yay, a wrestling party.

Russell: She thought she outgrew the wrestling.

Collette: It’ll be fun.

Ashley: Oh my gosh, you might be my new favorite person on the entire planet. I’m a big fan.

Joshua: We’ll bring Collette honey too, from our honey bees. I don’t even know if you like honey.

Collette: I love honey.

Joshua: Okay, we’ll bring it. {Inaudible} the bee and put the honey right in the jar for you.

[back and forth inaudible}

Collette: Oh my gosh.

Russell: I assume that’s how it works. I don’t know.

Collette: I don’t know either.

Joshua: Alright, thank you Russell.

Ashley: Thank you.

Russell: Thanks you guys, it was super fun.

Collette: Thank you, thank you.

All: Bye.