Next Gen Personal Finance

Nadia and Nicole, The Wealth Twins, share their inspiring journey of growing up in a tough neighborhood in Queens, New York, and how they overcame financial struggles to pursue successful careers on Wall Street. They discuss their mission to teach personal finance and wealth-building principles to empower others, especially those from underprivileged backgrounds. The conversation covers topics such as savings strategies, investing fundamentals, overcoming financial obstacles, the importance of financial education, and practical tips for teachers to engage students in learning about money management and retirement planning.

In this podcast episode, Val Chapman, a finance professional, discusses mentoring elementary school students in Oakland, California. Val and her students from Franklin Elementary showcase their entrepreneurial ventures, including a comic book business, soap-making enterprise, snack business, investment portfolio, and sewing business. Through their stories, they demonstrate creativity, determination, and teamwork, highlighting the potential of early financial education. As the podcast episode  progresses, Val shares her vision of expanding the program to more schools and stresses the significance of extending financial education to high schools to equip students with vital skills for the future.

Jamila Souffrant, founder of Journey To Launch, joins us on the NGPF Podcast to discuss achieving financial independence. In this episode, Jamila shares her journey from corporate life to financial literacy advocate, offering actionable advice for managing finances, tackling debt, and pursuing financial freedom. Perfect for educators, students, and anyone aiming to improve their financial well-being, this talk is packed with strategies for balancing financial goals with life's joys. Tune in for an inspiring blend of personal stories and practical tips to kickstart your journey to financial empowerment.

This week we are joined by Paul Merriman, a nationally recognized expert on mutual funds, index investing, and asset allocation. In this conversation, Paul talks about investing with a long-term focus on retirement, the vital role of diversification in a healthy portfolio, and the concept of glide paths. Don’t miss out on this valuable conversation that will help you be more confident about Investing. 

Zoe Saunders from Marketplace by American Public Media delves into her journey on "Financially Inclined," a podcast tailored for high school audiences that merges financial literacy with engaging storytelling. Zoe shares her experiences from producing "This Is Uncomfortable" and the discussing the importance of breaking financial taboos and empowering youth with practical financial knowledge. The episode offers a glimpse into the creative process behind podcasting, with a special focus on an episode featuring tax accountant Duke Moore, showcasing how even complex financial topics can be made accessible and entertaining. This discussion is a must-listen for anyone interested in the intersection of finance, education, and media, promising to inspire and empower both educators and students.

Ron Lieber, a renowned New York Times columnist and author of "The Price You Pay for College," joins us on the NGPF Podcast to explore the evolving landscape of college finance, particularly focusing on the significant changes to the FAFSA process. With personal stakes in the game as he prepares to send his own child off to college, Ron provides an insider’s look at the implications of these changes for families navigating college affordability. This episode delves into the complexities of financial aid, the impact of FAFSA simplification, and strategies for educators and families to effectively manage these challenges. Engage with us for a critical discussion on financial literacy, college planning, and Ron’s advocacy for making informed financial decisions in the context of higher education.

Gordon Stein, author of "The Cashflow Cookbook", shares his journey from encountering a financial crisis at a senior position in his 40s to developing smart money-saving strategies without compromising lifestyle. His book, inspired by a unique blend of personal experiences and extensive reading, offers unconventional yet practical advice on financial management. Stein's approach, which focuses on optimizing rather than cutting expenses, is particularly compelling. He discusses everything from minor everyday savings to major financial decisions, providing insights into smart consumerism and the psychology of money. Whether it's negotiating cell phone bills or understanding the impact of credit scores, Stein's hacks are geared towards achieving financial wellness without sacrificing the joys of life. This episode is a treasure trove of wisdom for anyone looking to enhance their financial literacy and cultivate long-term, sustainable money habits.

Jason Brown, author of "IT IS POSSIBLE!: How I Earned Two Debt-Free Degrees...and How You Can, Too," discusses the student loan debt crisis. The conversation delves into various topics, including the historical context of the crisis, its connection to the Space Race, the escalating costs of college, and the vital role of financial literacy education. Jason Brown shares his journey and insights on navigating college expenses without succumbing to student loan debt. He explores practical tips for managing student loans, such as seeking scholarships, working during college, and taking advantage of employer tuition reimbursement programs. Overall, there is an emphasis on the need for a holistic understanding of education and career paths beyond traditional college routes to empower the next generation in making informed financial decisions.

Sheila Bair, former chair of the FDIC,  discusses her career path, including her background as a civil rights attorney and her transition into financial services. Bair emphasizes the need for students to make informed choices about their education and careers, noting the potential income limitations associated with certain degrees. She advocates for a balanced approach, combining financial education with consumer protection regulations. The conversation delves into Bair's efforts to engage students through her children's book series, "Money Tales," offering tips for teachers to boost classroom engagement in financial topics. She underscores the importance of understanding banking systems, interest rates, and long-term financial choices. The discussion concludes with insights into Bair's passion for children's literature and her commitment to providing resources and opportunities for financial education, including free book readings for schools.

Jim Wasserman shares his journey from law to teaching economics and media literacy. Initially drawn to teaching to prevent problems rather than just solving them, Wasserman discusses his approach to making economics relatable to students, moving beyond traditional textbook examples. He delves into his experience in consumer economics, highlighting the importance of decision-making skills in both financial and digital realms. Jim, along with his wife, a retired banker, authored a three-book series aimed at different educational levels, focusing on the 'rules of the game' in consumer economics and media literacy. The discussion also explores the challenges of navigating the online world, especially for younger generations, emphasizing the need for educators to stay updated with internet trends. Jim stresses the importance of teaching self-reflection, awareness of online manipulation, and personal responsibility in the digital age, reflecting on the impact of curated online lives on self-image and choices. 

John Pelletier, Director of the Center for Financial Literacy at Champlain College, delves into the current state of financial education in the United States, centering on Pelletier's recent research report that evaluates states based on their personal finance education policies. The discussion underscores the positive strides made by several states, with seven now earning an A grade, while highlighting the potential underestimation of progress as more states are in the process of implementing favorable laws. The bipartisan support for financial education, reflected in overwhelming approval of related bills, is noted, with Pelletier attributing accelerated legislation post-COVID to lawmakers recognizing constituents' financial struggles.The conversation also covers the economic benefits of financial literacy, ongoing initiatives to improve education in various states, and the influence of Pelletier's annual report on shaping state policies.

In this podcast episode, Daniel Hiebert, Associate Professor of Financial Planning at Minnesota State University, and his student Aidan Ryan discuss core financial planning principles, effective teaching strategies, and Aidan's unique perspective. Both share personal money memories, emphasizing experiences with savings accounts and challenges tied to family finances. Daniel underscores the experiential education focus in their CFP Board-certified program, aiming to graduate well-rounded candidates. The dialogue delves into the evolving financial planning landscape, discussing collaborative client-planner relationships and concluding with insights into the fiduciary standard and the importance of trust in client-advisor relationships.

Priscilla Guerra of Impact Early College High School (Baytown, TX) and Yra Climaco of Castiac High School (Castiac, CA) joins us on the NGPF Podcast as the National Grand Prize Winners of the 2023 Payback Challenge. Both winners discuss their lessons from playing Payback, emphasizing the importance of education, work-life balance, and financial consciousness in college. Tune in for an inspiring conversation with these exceptional students!

Rachel Labi, a student at Purdue University, entrepreneur, and Co-Founder of Building Financial Freedom, shares her journey through personal finance education, internships, and social entrepreneurship.

Caleb Silver, the editor-in-chief of Investopedia, leads the platform's adoption of a user-centric pull strategy, catering to 18 to 22 million monthly users actively seeking financial information. The platform houses a vast collection of continually updated content, with a focus on serving students and individuals with specific financial queries. Silver highlights the uniqueness of each user's search, emphasizing the platform's role in delivering an educational narrative about the world of money. Investopedia maintains around 40,000 articles and definitions, prioritizing content updates and the creation of new material. Silver discusses the current popularity of search terms, including bank failures, bonds, and discussions around the American dream, reflecting user sentiments. The conversation concludes with insights into Investopedia's widely used stock market simulator, a valuable tool for investment education.

Professor Hal Hershfield from UCLA's Anderson School of Management discusses key concepts from his book, "Your Future Self: How to Make Tomorrow Better Today." First, he recommends a departure from traditional goal-setting and the use of proxies. Instead, his primary focus is on narrowing the gap between our present and future selves, emphasizing health choices, prudent financial decisions for retirement, and commitment to financial and fitness goals. Hershfield addresses the challenge of forming an emotional connection with one's future self, proposing practical exercises like writing letters and using technology to evoke a vivid future self. He also introduces practical tools like commitment devices for better financial decision-making. Overall, Professor Hal Hershfield recommends reframing the way financial education is taught.

Today on the show, Yanley is joined by Greg Ratliff, a Vice President at the Rockefeller Philanthropy Advisor's New York Office with a main role of advising investors on portfolios to generate both social and financial returns. Working in the field of philanthropy for the last 35 years, he joins us on the show to talk about his passion for developing and executing coordinated grant and investment strategies that improve livelihoods for low-income and disadvantaged populations. Listen to this podcast to hear invaluable insights on how to pursue a career in philanthropy.

James Redelsheimer and Derek D'Angelo from the Foundation for Economic Education discuss their passion for and background in financial literacy as well as AI's role in teaching. Both educators turned curriculum developers begin by sharing their experiences advocating for personal finance education legislation in their respective states. They then emphasize the power of AI tools, particularly ChatGPT, in enhancing teaching efficiency. The educators showcase creative uses, like role-playing scenarios with historical figures or economists and aiding students in analyzing data or creating arguments. Despite the benefits, they also acknowledge the importance of carefully crafting prompts and remaining vigilant about potential inaccuracies in AI-generated content.

Cara Macksoud, the CEO of Money Habitudes, transitioned from being an ETF trader on Wall Street to becoming a passionate advocate for financial education. Her journey began when she worked with unbanked youth and discovered their mistrust of financial institutions, sparking her interest in financial literacy. Teaching these individuals the importance of banking and overcoming their resistance served as a valuable foundation for her work. Cara later acquired the Money Habitudes tool, aimed at uncovering financial behavior patterns and beliefs. Her journey highlights the significance of accessible and relatable financial education for people of all backgrounds and financial situations.

In this podcast episode, Crystina Cardozo, an educator and real estate investor, shares her journey into real estate investing and offers valuable insights into the world of short-term rentals. She discusses her experiences buying properties in the Poconos and expanding into other areas, highlighting the importance of developing systems and networking with other investors. Crystina also emphasizes the need to create an open dialogue about money, both with students and her own children, to foster financial literacy.