#7: How A Children's Personal Finance Teacher Raises His Own Money Savvy Son, with guest Rob Phelan
Rob Phelan is a high school math and personal finance teacher in Maryland. He also is the co-author of a financial education curriculum, as well as the founder of The Simple Startup, which is a program for 10 to 18-year-olds to start their own businesses based on the premise that entrepreneurship is a future-proof life skill. He started on this path about five years ago when his son was born.
Here are some of the key takeaways and opportunities discussed:
👉 Some states require a half-year or full year of financial literacy education in high school.
👉 That’s better than nothing but it’s much better to start financial education with our kids much earlier, and Rob started to do that with his son.
👉 A lot of our money habits are set between the ages of 7-9, Rob says, so it’s important to start teaching kids when they are most receptive to these lessons.
👉 It’s possible to start even earlier, as Rob did with his three-year-old son. They read the book Rob authored, M is for Money, and are starting an allowance program so his son can practice spending his own money. Rob breaks down how he’s doing allowance with his son.
👉 “We want to now start putting the money in his hands and let him start deciding what he wants to buy. So he can't have everything, but he can have something and he has to start making decisions about those things now,” Rob says.
👉 Some of the reasons parents don’t have a handle on how to talk with their kids about money is that they were never taught financial literacy and so they feel insecure about that. It was also a taboo topic in many families.
👉 Rob wants his child to have opportunities he missed, such as the power of compound interest over time: “I remember at one point in my childhood asking my dad about stocks. I heard about it somewhere. I was maybe eight or nine years old. And I asked him about it. I was like, ‘What is it? How does it work? Can I do this too?’ And he didn't know how to answer it. He didn't know at that time how to get a child involved in investing. And because that conversation dropped, I didn't start investing for probably another nearly 20 years, which is so sad when you think about compound interest and what could have been.”
👉 Time is your most valuable asset when it comes to building wealth and also protecting yourself from making those bad mistakes that are very costly.
👉 Rob recommends the book Raising Your Money-Savvy Family For Next Generation Financial Independence by Carol Pittner and Doug Nordman
👉 Rob is also the founder of The Simple Startup, which is a program for 10 to 18-year-olds to start their own businesses based on the premise that entrepreneurship is a future-proof life skill.
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In this episode:
- Alec Lindenauer, COR's Chief Allowance Officer and Financial Planner
- Julie Frans, COR's Chief Community Officer
- Rob Phelan, Personal Finance Teacher
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Guest Bio:
Rob Phelan is a high school math and personal finance teacher in Maryland. He also is the co-author of a financial education curriculum, as well as the founder of The Simple Startup, which is a program for 10 to 18-year-olds to start their own businesses based on the premise that entrepreneurship is a future-proof life skill. https://thesimplestartup.com/
He also wrote a kid's book called M is for Money. https://www.misformoneybook.com/
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