EP-289-70 Years of Wisdom: Multimillionaire Teacher Money Advice for Every Stage of Life Part I

I highly doubt, unless Ms.

Drain makes her kids listen to this podcast, I highly doubt that any teenager is probably listening to the Financially Independent Teachers podcast.

Kudos to them if they are.

But we do have a lot of teachers here that listen that maybe have children that are entering this first phase that we talked about, or maybe it's grandchildren or nieces and nephews, or maybe they don't have kids, but they teach high school students in this age.

So building your financial foundation, stage one is ages 15 to 18.

So I want you to think back, obviously you've taught 15 to 18 year olds, thousands of them.

You had 15 to 18 year olds in your home and they've gone on to become uber successful people in society.

So should a high school student really understand, in your opinion, about money before they graduate from their local high school?

Well, it's funny, actually, from the last the last time I think I spoke to your class, you know, we went through this whole hour long presentation about It's the slow and steady guy that wins the race.

It's the index fund.

It's like you can't pick a winner.

You can't do all these kinds of things.

You can't beat the market all the time kind of thing.

And the first question a kid asked me as we're walking out of the classroom is like, OK, so what stock should I buy? I'm like, dude, did you listen for the last hour? Don't buy an individual stock unless you absolutely know this thing is going to take off, which you don't know.

You know, you were you were just betting on a, you know, a shiny object.

You know, just you got to have a slow and steady race.

And, you know, one of the things we do with our oldest son.

Our oldest son is five years older than our two little ones.

We were in that messy middle there for a while.

You know, we didn't really want to pay babysitters.

So we thought we were doing a really good thing.

And we were paying our oldest, John Jr., to babysit the little kids.

But we never gave him money.

What we would do is we had actually a tally sheet next to the phone on the wall next to the answering machine.

But, you know, he had this tally of, okay, I worked this many hours today.