#18: Financial Wisdom from The College Investor: Robert Farrington on Student Loans & Kids' Money

Financial Wisdom from The College Investor: Robert Farrington on Student Loans & Kids' Money

Student loans have become a hot topic in recent years. As the cost of higher education continues to rise, more and more students are taking on debt to pursue their dreams. So, in order to ensure our children don't shoulder unnecessary financial burdens, it's crucial to explore alternative strategies.

In this episode of How to Teach Your Kids About Money, Alec and  Julie sit down with Robert Farrington, the founder and editor-in-chief of The College Investor, an online resource center focused on helping people manage student loan debt, increase their income, and start investing.

Listen as Robert recounts his early fascination with earning money and navigating the labyrinth of student loans post-college. Robert introduces the concept of Net Present Value (NPV), emphasizing its importance in making informed decisions about college expenses.

Robert shares his passion for educating young kids about finances, suggesting that conversations about money should begin as early as kindergarten. He describes his monthly meetings with his own children to discuss investments and financial habits, highlighting the importance of transparency.

Robert discusses various tools and resources for teaching kids about money, stressing the significance of budgeting and planning ahead. He discusses online tools like Greenlight for unbanked individuals, as Alec reviews components of the How to Teach Your Kids About Money K-7 Starter Kit, a video-based course available on centsofresponsibility.com, which helps parents teach their children about money management habits.

Robert shares insights on scholarships, grants, and the affordability of community college. He advises parents to have open discussions with their children about the cost of college and managing expectations.

Julie and Alec also talk about their experiences teaching their kids about money, including the challenges they've faced with digital tools like Apple Pay and Venmo. They stress the need to choose financial tools that suit each child's preferences.

Don't miss this episode as Robert Farrington shares invaluable insights on teaching kids about money and character, helping you raise financially responsible and ethically sound children.

KEY POINTS:

  • Robert's journey into personal finance and his mission to help people overcome student loan debt
  • The importance of starting college-related conversations early in a child's life
  • Scholarships and grants as a way to fund college education
  • Choosing the right financial tools and apps for teaching kids about money
  • The benefits of having a checking account for children
  • The challenges of using certain payment apps and their limitations
  • Encouraging responsible spending and budgeting habits in children
  • The significance of letting children experience financial consequences, such as declined transactions
  • Robert's preference for using traditional bank accounts for teaching kids about money
  • Troubleshooting issues with Apple Pay and the role of banks in such cases

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Relevant Links:

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In this episode:

- Alec Lindenauer, COR's Chief Allowance Officer, Financial Planner and Certified Financial Education Instructor℠

- Julie Frans, COR’s Chief Community Officer

- Robert Farrington, Millennial Money Expert & Founder of The College Investor

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Guest Bio:

Robert Farrington is America's Millennial Money Expert® and America's Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future.

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Want more resources to teach your child about money? Check ‘em out here:

💰How To Teach Your Kids About Money Podcast: 
https://www.centsofresponsibility.com/podcast?utm_source=podcast&utm_medium=shownotes&utm_campaign=ep18

💰Cents of Responsibility Blog: 
https://www.centsofresponsibility.com/blog?utm_source=podcast&utm_medium=shownotes&utm_campaign=ep18

💰Cents of Responsibility YouTube Channel:
https://www.youtube.com/@centsofresponsibility

If you’ve thought about taking a complete, comprehensive course to teach your kids all about money, check out our flagship course here:
https://www.centsofresponsibility.com/CORCourse1?utm_source=podcast&utm_medium=shownotes&utm_campaign=ep18

 

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The content in this episode is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein constitutes a solicitation, recommendation, endorsement, or offer by Cents of Responsibility, its representatives, or any third party service provider to buy or sell any securities or other financial instruments in this or in in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.