Episode description

Welcome to episode 191 of Profit Boss® Radio! In this episode, we’re talking about how to teach your kids about the value of money and entrepreneurship. 

Schools rarely teach financial responsibility, encourage entrepreneurship, or equip kids with the skills they need to understand our money systems. It’s why so many of us learned these lessons the hard way–and it’s why it’s so important to make sure our own children get a better financial education than we did.

With that in mind, I’m thrilled to be talking to Rob Phelan. Rob’s a high school math and personal finance teacher by day, but by night, he’s the author of M is for Money, a book of financial lessons for kids, as well as the founder of Simple Startup, where he provides online coaching for 10-18 year old entrepreneurs. 

In today’s episode, we’re talking about how to teach your kids about money and finance in ways that they’ll care about. We’ll also hear about some incredible companies founded by amazing kids, and help find ways to make sure that children have a better understanding about the value of money that you wish you had when you were young.

Here’s what you’ll find out in this week’s episode of Profit Boss® Radio:

• The hard financial lessons that helped Rob learn about money in his 20s.
• Why kids don’t need good math skills anymore to have great money skills.
• The value of teaching kids financial independence over financial literacy.
• The importance of leaving a legacy for our children, and the value in teaching our children at an early age.
• The wonderful success story from a young girl who took Rob’s course and is still demonstrating a tremendous amount of entrepreneurial spirit.
• Why you don’t need to be all knowing–and how to encourage your kids to develop their own healthy relationship with money.

Show Notes

To get access to the full show notes, including all the resources mentioned, visit https://hilaryhendershott.com/rob-phelan-teaching-kids-about-money-entrepreneurship

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Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.