Nov 11, 2021
Today we are tackling the vitally important subject of financial
literacy from the standpoint of parents wanting to educate their
children. We have a true expert on the show today to help us with
this discussion, and we cannot wait to share this highly actionable
and impactful conversation with our audience. Robin Taub is a
former CPA turned author, and her book, The Wisest
Investment, approaches the need to educate children from an
early age, and the best strategies that parents can use for this
task. Robin previously worked at Citibank in derivatives marketing
and brings the high-level expertise of accounting to her book and
this episode of the podcast. We strongly support her perspective on
financial education and believe the framework she discusses here
and shares in her book is well worth any parent's time. In our
conversation, we cover all the important bases; financial values,
summer jobs, investment apps, human capital, and everything in
between, so make sure to listen with us to hear it all.
Key Points From This Episode:
- Unpacking Robin's beliefs about the importance of financial
education in the family. [0:02:55.2]
- Financial education in the Canadian schooling system; Robin
weighs in on its success. [0:04:08.6]
- The assessment that parents can make about being role models to
their children. [0:06:53.1]
- The communication of values through the process of teaching and
- Ideas for the appropriate time to start teaching kids about
- Using teachable moments to begin the conversation about money.
- Thoughts about allowances and best practices for parents.
- The evolution of money conversations as children grow older;
increasing sophistication over the years.
- Benefits and considerations when introducing the concept of
working for money. [0:27:30.3]
- How social media can impact young people's spending, and how to
mitigate these effects. [0:31:26.2]
- Robin weighs in on the question of cellphones and when children
should get one. [0:38:42.6]
- Increasing financial responsibilities as children grow older,
and beginning the conversation about investments.
- The impact of investment apps and how to minimize the damage
they can do. [0:45:21.1]
- Teaching children about philanthropy and the importance of
- Weighing up the idea of getting a financial advisor involved in
your child's life. [0:49:27.3]
- The concept of human capital and how to approach it in your
- Robin's thoughts on conversations about entrepreneurship.
- Breaking the cycle of financial problems in a household that is
- Minimizing entitlement in a family of greater financial means.
- Reasons for the shift that Robin made from her career as a CPA
to becoming an author. [1:03:30.1]
- Robin's personal definition of success; finding satisfaction in
the important areas of life. [1:05:20.5]