Personal Finance 101: How to Teach Teens About Money - 465

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 23 January 2024

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

How and what should we teach teenagers about money, to make the next generation financially literate? That’s what CJ in Philadelphia and Teresa want to know, today on Your Money, Your Wealth® podcast 465 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Hap and Bee have a military pension and VA disability - Joe and Big Al spitball on when they’ll be able to retire, and what they need to do to get there. And they spitball on whether Grace in Seattle is on track to retire early at age 55. David and Victoria in Grand Rapids, Michigan are killing the game - in their early 30s with $400,000 income and over a million saved. When should they start funding the traditional retirement accounts instead of the Roth accounts? And, find out how the first annual Anderson Household Financial Summit went!

Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-465

Timestamps:

00:00 - Intro
00:53 - Financial Guidance for Teenagers (CJ, Philadelphia - voice)
07:43 - How to Start a Finance 101 High School Course? (Teresa)
13:12 - EASIretirement.com - free retirement calculator
14:18 - Military Spitball: When Will I Be Able to Retire (Hap & Bee, CA)
22:56 - Anderson Family Financial Summit
26:03 - Spitball If I Can Retire Early at Age 55 (Grace, Seattle)
33:02 - 10 Will & Trust Mistakes to Avoid | Estate Planning - YMYW TV
Estate Plan Organizer and Survivor’s Guide - free download
33:51 - Killing it at 34, When to Consider Contributing to Traditional IRA? (David & Victoria, Grand Rapids, MI)
44:43 - The Derails

Transcript

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0:00.0	How and what should we teach teenagers about money to make the next generation financially literate?
0:06.5	That's what CJ in Philadelphia and Teresa want to know today on Your Money, Your Wealth podcast number 465.
0:13.2	Plus, Hap and B have a military pension and VA disability.
0:17.1	Joe and Big Al spitball on when they'll be able to retire and what they need to do to get there.
0:21.5	And they spitball on whether Grace in Seattle is on track to retire early at age 55.
0:26.8	David and Victoria in Grand Rapids, Michigan, are killing the game in their early 30s with $400,000 in income and over a million saved.
0:36.1	When should they start funding their traditional retirement accounts instead of their Roth accounts?
0:40.7	Ooh, and find out how the first annual Anderson household financial summit went.
0:44.9	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Alclopine CPA.
0:52.3	All right, we're answering money questions here today.
0:55.1	If you've got a question, you know where to go.
0:56.7	Your Moneywap.com.
0:58.3	Click on Ask Joe and Al on the air like C.J. did in Philadelphia.
1:02.1	Hi, YM. YW team.
1:04.4	My name is C.J.
1:05.3	And I've been listening for almost a year now.
1:07.8	Really appreciate your insights in the weekly banter. I'm 39 years old and live in the greater Philadelphia area.
1:14.6	I drive a 20-24 Honda Civic and enjoy a Guinness or old-fashioned after a round of golf.
1:20.6	My wife is 37, drives a 2017 Mazda CX5 and celebrates with an IPA after beating me on the course.
1:29.5	Wow.
1:30.2	We're comfortable in our financial journey and fingers crossed tracking towards an early retirement.
1:36.3	Our question is on financial education.
	...

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