Business
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 CoverWhy Rob chose to focus on financial literacy for children The importance of solidifying crucial financial concepts in childrenHow 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 savingMotivating high school students to reach financial freedom early in lifeAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingChooseFI PodcastFree resource for parents, 102 Business Ideas for Young EntrepreneursCheck the full show notes here: http://biggerpockets.com/moneyshow183