David Ciccarelli founded a voice company with a multi-million dollar investment. He is also the father of four children, whose ages range from 12 to 20 years old. He says he treats his paycheck as pocket money and teaches his children to give generously.
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This essay is based on a conversation with David Ciccarelli, CEO of Lake. Edited for length and clarity.
When I was in my early 20s, I set up a recording studio. My current wife, Stephanie, who is a singer, came over to record an audition tape. Soon after, local companies started asking me to record commercials and needed voice actors. I recognized a business opportunity.
I called Stephanie and explained that I had some recording work to do. I was willing to split the profits if she could do the voice acting for gigs while I recorded. I didn’t realize it at the time, but that business proposal later led to a marriage proposal.
That was about 22 years ago. Over the next 18 years, Stephanie and I combined our work into Voices.com and raised $25 million in private equity. I left that company in 2023 and founded Lake, which facilitates waterfront rentals. While we were building our business, we were also building our family. My children are now 20, 19, 16, and 12 years old.
About 15 years ago, by the time I was 30, I was a millionaire. I grew up wealthy, middle-class, with a father who was a financial planner, so I already had a lot of financial knowledge. I have always aimed to pass that on to my children while fostering their tolerance and independence.
Allowances are not given
I hate the idea of giving pocket money instead of earning it, but I also hate the transactional nature of doing odd jobs to get money. I want my children to learn to contribute to the well-being of their families. In return, I will happily support them.
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I think of this as a salary approach to pocket money rather than paying kids for specific chores. I pay for things they need, like clothes that are bigger than their previous size, but they pay for things they want, like a trendy new pair of sneakers. I give away money every month. As long as the children are doing something around the house as needed, they receive $1 per week per age. Sometimes I don’t finish what I need to do around the house, so I hold back on my spending money.
Reward problem solving
Sometimes children need or want extra money. They have to earn it, and most often do it by completing additional chores around the house that get paid quickly. For example, one of my daughters noticed that the door in her house was squeaking, so she asked if she could pay to have it fixed. Once the job was done, I was happy to give them not only the money, but also the WD-40. Depending on the amount of work, an amount of $10 or $20 is often agreed upon before the job begins.
I want to teach children that just because you ask for something doesn’t mean you’ll get it. Instead, I reward them for their ingenuity in discovering problems, brainstorming solutions, and proposing services. It’s more reflective of how life actually works.
I taught you three ways to use money.
One of my most frequent papisms is about the three uses of money: giving, saving, and spending. I try to emphasize them in this order. Children have always been taught to do all three. I specify specific percentages because I want to emphasize principles and help them learn lessons, not just check a box on a to-do list to allocate a certain amount to a certain bucket. plug.
Once, in New York City, my then 11-year-old daughter found a $20 bill in a park. She was excited but flustered. I couldn’t figure out how to split one bill into three payments. I taught her how to get change, and then she handed $10 to a homeless person. I was so proud of the way she internalized our family’s value of giving.
I relate money to the real world
Money is such an abstract thing, so I’ve always tried to connect it to the child’s everyday actions. I opened bank accounts for my kids when they were 5 years old and gave them debit cards when they were preteens. When I take my daughter shopping for shoes, I let her use my card. Swiping your card, entering your PIN, and then confirming the transaction in your banking app reinforced the idea that money was actually being exchanged.
I did the same thing with investing. I encouraged them to look around their daily lives and notice what products they use and what entertainment they enjoy. I explained that there were companies behind all of this, and that as a shareholder you could own a piece of those companies. My kids have invested their pocket money and money from outside jobs in a variety of companies, from Tesla because of their interest in electric cars to Disney+ because of their affinity for Disney movies. Investing in what they know and use makes it more tangible.
Created room for individuality
I noticed that one of my daughters wasn’t really interested in researching companies in which to invest. So I showed her another way. It’s an index fund that allows you to own parts of many companies. That more hands-off approach suits her better and will serve her better throughout her life than pursuing an uninteresting aggressive investment approach.
I teach them not to waste money
Another one of my favorite sayings is “Waste not, want not.” It helps fight consumerism and also encourages generosity. We have a one-in-one-out rule. If you get new toys or clothing, you should donate them. We’re also frugal with our meal planning, often intentionally cooking extra so we can save time and money by having leftovers for lunch.
As a parent, I believe we should discuss our financial values with our children. Otherwise, society will fill the silence. It often ends up being something you don’t believe in. Two of my children have left home and are financially independent (though Stephanie and I pay for college tuition, room and board). I’m glad that they have a solid financial foundation and understand that they earn what they have.
