183: Mini Millionaires: How to Set Up Your Children for Financial Independence with Rob Phelan

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 29 March 2021

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

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Summary

Those who are part of the FI or FIRE movement know how important it is to set yourself up on the right path in your youth. For parents, how do you get your kids excited about pursuing financial freedom? How do you talk to your kids about taxes, retirement accounts, saving, investing, and real estate without them falling asleep? This was Rob Phelan’s question when he started working to build the Choose FI Foundation. The foundation’s goal is simple: help kids achieve financial literacy before they leave high school, let them break free from debt, build towards retirement, and live happier, more secure lives. Contrary to many parent’s beliefs, when children are presented with education regarding them becoming rich, they actually perk up. Rob stresses that a child’s relationship with money is more important than things like amortization schedules and interest rates. Different age groups learn about money in different ways. For example, elementary school children may learn through broad concepts and simple planning, middle school children are ready to learn about retirement and taxes, and high school children can ask the big questions like “what will make me a successful adult?” as well as developing saving and spending habits. Rob created different programs and projects such as his “meal planning” project where he asks kids to plan a week's worth of meals and compare their incomes against their expenses. He talks to high school students about house-hacking and creating cash flow so they aren’t stuck in a job they hate. He also runs The Simple Startup, where he teaches children how to start their own business for free! If you’re a parent or teacher, you can access the Choose Fi Foundation’s full curriculum for free, and get your kids onto a great start! In This Episode We Cover Why Rob chose to focus on financial literacy for children The importance of solidifying crucial financial concepts in children How to help your children develop good saving and spending habits Which topics work best for specific ages Using the “Bank of Dad” idea to teach kids about saving Motivating high school students to reach financial freedom early in life And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding ChooseFI Podcast Free resource for parents, 102 Business Ideas for Young Entrepreneurs Check the full show notes here: http://biggerpockets.com/moneyshow183 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Pockets Money Podcast, show number 183, where we interview Rob
0:04.9	Fielen from the Choose Five Foundation and talk about financial literacy for kids.
0:09.9	Who cares? They're putting money aside that's for future them. That's a great habit.
0:13.7	And then once they're ready to say, okay, you know what, now I get it.
0:16.3	That light bulb has gone off and I'm ready to start investing. They're either,
0:19.6	they have been doing this as a habit already. So they're in a much better financial position,
0:23.2	or they're in the habit of putting money aside. So it's not a big switch to go from saving to
0:28.1	investing and getting that train going. Hello, hello, hello. My name is Mindy Jensen,
0:33.3	and with me as always is my doesn't have any kids to teach five to yet. Coho Scott trench.
0:39.3	That doesn't mean I can't learn the theory. It'll be, I think it'll be really easy. I look forward to it.
0:43.8	Yes, Scott thinks that kids are just going to be a piece of cake.
0:47.1	Scott and I are here to make financial independence less scary, less just for somebody else,
0:51.7	to introduce you to every money story because we truly believe that financial freedom
0:55.7	is attainable for everyone, no matter when or where you're starting.
0:59.7	Whether you want to retire early and travel the world, going to make big time investments in assets
1:03.6	like real estate, start your own business or teach finance to your young kids. We'll help you,
1:07.9	reach your financial goals and get money out of the ways that you can launch yourself towards those
1:11.5	dreams. Scott, I am super excited to talk to Rob Fielin today. He is from the Choose Five Foundation,
1:24.1	and his, I would say passion is teaching kids about financial literacy and financial independence
1:31.0	in general. And you can tell that he's really passionate about it in the episode today.
1:36.3	Yeah, I thought it was a great show. I learned a tremendous amount, really respect his foundation
1:41.2	that he's building with ChooseFivefoundation.org. And I think you're going to learn a lot.
	...

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