The Beginners Guide to the Future – Episode 11

Summary (Full Transcript below the links)

In this episode of “It’s Not About Money,” Matt and Charla McKinley mark another first for the podcast with the appearance of their son Jack. Jack is on hand to discuss his collaboration with Charla on the new elementary-age curriculum recently launched by Beyond Personal Finance.

Segments

Introduction to the Book:

Charla introduces her latest project, “Before Personal Finance,” a book designed for 8—to 12-year-olds. The book aims to simplify personal finance concepts, allowing younger kids to design their lives from ages 13 to 22. Ten lessons cover basic financial topics, incorporating a shop element and plot twists to engage young readers.

The Inspiration:

Jack shares a memorable story from his childhood about a questionable purchase – a crystal dragon during a family vacation.  Despite its impracticality, the crystal dragon serves as a symbolic reminder of a specific season in Jack’s life.  Matt and Charla discuss the lessons learned from Jack’s spending habits and the importance of allowing kids to make choices.

Listen to the Full Episode:

Link to Full Episode

To learn more about the new curriculum specifically designed for 8-12 year olds:

https://beyondpersonalfinance.com/shop/ols/products/b4pf

For more, go to our podcast website:

https://itsnotaboutmoneypodcast.com

To subscribe to our weekly content email:

https://classes.beyondpersonalfinance.com/inam-subscribe

Thanks for tuning in! For more parenting insights and to stay connected, visit the Ultimate Homeschool Podcast Network.

Full Show Transcript

Matt: Hi, and welcome to It’s Not About Money, the Money podcast for intentional parents, a production of the Ultimate Home School Podcast network. My name is Matt, and I’m here with my adoring wife, Charla McKinley, the artisan of Adulting. Today is another first, another first. And it’s not about money podcast history.

Charla: That is correct. Jack is here in the flesh.

Matt: Not just. Jack the Jack. Jack. Our son. Jack McKinley. He’s here with us, Jack.

Jack: Yes, hi. I’m reporting live from the lovely and ever-so-spacious personal finance studio.

Charla: You know what, Jack? We’ll say you’re supposed to have a small space for the sound production quality.

Matt: Oh, this is gonna sound amazing. Jack, besides making fun of our studio here at the Beyond Personal Finance Head global headquarters. Tell us, like, why we invited you to this prestigious opportunity you’re here.

Charla: OK. Yeah, he’s our baby.

Matt: Talk about right. That’s not why.

Jack: Ohh, right. Well beyond that. I’ve had a bit of an extended winter break. College, and my mom gave me a choice. Option One was returned to the Water Damage Restoration Company to earn some money.

Charla: Yes, your gap, your your dapper gig.

Jack: Yeah, they know about that. Ohh gosh. Yeah. Well, there’s there’s some lessons.

Matt: They do. That was like episode three, bro. We’re selling all your cigarettes.

Jack: There are some lessons there.

Charla: Sure, sure. So return to your gap year gig or?

Jack: Option one. Option two was to help her. Watch her new product idea.

Charla: That’s right. You see, in our family, if you have an extended break, I will put you to work.

Matt: Guaranteed. We’re gonna put you to work. We’re gonna “Couch” has never been a long-term success in any family, and certainly not in the.

Charla: That’s right. We are not big, big, lingers on the couch. So I feel like it’s unrealistic to sponsor our kids while they camp out on the couch. I all.

Matt: Intended family.

Charla: Tab, our kids have time and energy to make a contribution, so that is what I require them to do. I feel like we, as parents, always complain about the amount of energy our kids have, but then we don’t seem to channel that energy appropriately. So Jack?

Jack: Yes. So, between those two options, I chose to stay warm and inside. Very. It is wet, cold, and knocking out tile flooring, yes, and I write the book for my mom’s.

Matt: Company. Maybe it’s a good idea. Too early to tell. Let’s tell us about the book. The project. What do you hope to accomplish?

Jack: Right. Yeah, yeah, of course. So, as you know, beyond personal finance, teens design their future from the age of 20. 3 to 42. It is so much with the plot twists, wheels, and choices that often younger siblings wanted the class to. But because this is a personal finance class for teenagers, it is a little bit over their heads, right? With topics like payroll taxes and compound interest.

Charla: Yeah, it’s just a bit much.

Matt: So compound interest is just powerful.

Jack: It is. It is powerful stuff, for sure.

Charla: This, but it’s a little bit. It’s a little deep waters for our tweens out there.

Jack: Yes, of course. So my mom and I wrote a book together that would be a companion, maybe, like a little sibling, a brother or sister to her.

Charla: That’s right. Oh, that’s cute.

Jack: Yes, to her main curriculum that was designed, or this was designed for 8—to 12-year-olds instead. It is called Before Personal. That’s correct. Ohh.

Matt: It’s tricky. Kind of. Before personal finance and then beyond kind of an alliteration thing on there still to be. Ohh.

Charla: That’s right. That’s right. So we took everything that our teenagers love beyond personal finance and instead went before personal finance. Now we have them design their lives from age 13 to 22. So it’s 10 lessons. With just introductory personal finance topics, we don’t go as deep naturally, but each lesson ends with them. Just like in Beyond Personal Finance, each lesson ends with them making a choice for their future self, their avatar. They’re going to earn some money like babysitting. Lawn mowing, and then, as they age, they have to go up in job choices that they can.

Jack: Lawn mowing, yeah.

Matt: Work in restoration.

Jack: Oh yeah, that’s the restoration. The other thing is that Restore Pro is just hiring.

Charla: So actually, there is a trade option because we take them from age 13 to 22. So, those who want to forego college can enter the trades right in this class here. Now, of course, you’re age 8 to 12-year-olds, and they’re just sort of making that choice, but they will get paid a trade salary. And we, but we, of course, have them put the majority of that away because, you know, it’s a little bit. We’re going to wait till they grow up a little bit more to give them the full range of adult choices because at age 13 to 22, they simply are going to write down. They’re going to have a watered-down budget with what they’ve earned. We give them a shop. Every single lesson has the shop designed to tempt them into buying and spending that money. Then, we give them the opportunity to give some of that money away and then the opportunity to save. So it’s. Kind of. It is a really watered-down but simple version that is powerful so they can see just exactly what they’re shopping for and how and what impact comes into their salary.

Jack: 100%. Yeah. Yeah. And there’s also a plot twist.

Charla: Wheel, everybody’s favorite.

Matt: Yes, very nice. So everyone loves the plot. Yes, so.

Charla: Friend, that’s correct. Correct. From beyond personal finance, of course, we can’t leave out our plot twist wheel.

Jack: Right. They spend each lesson to see what you know. Financial surprise. They had to deal with in that lesson.

Matt: Like what kind of like, give me an idea of the advance of the prize that one of.

Jack: Yes. Yeah, right, 100% I’ll give you. I’ll give you a good and a bad one. And just like in the main class, I kind of wanted to keep things true to real life, our lives. And so the good one is, hey, you capitalize on a snowstorm.

Matt: These students might learn from this life.

Jack: And shovel driveways in your neighborhood. That’s right. To have them get, like, $150.00 for that, which is about what? What I have made previously, you know, maybe like 5 driveways at $3 per doable. Super doable. And then the bad one.

Charla: That’s right.

Jack: And here’s a classic from my life. Yeah, incoming. So they give you a retainer, a little plastic retainer, to keep your top teeth in shape. Yeah, they’re already laughing. Naturally, though, it’s removable. And so every time you eat, you have to take it out. And so on.

Matt: Jack McKinley classic.

Jack: In preparation for that, I took it out, and because I was not carrying around the stupid case, I put it in my back pocket.

Matt: Yeah, it’s the perfect place. Nothing can.

Jack: Oh, so so perfect, right?

Charla: Go wrong here, Jack.

Jack: And then when it comes time to actually eat the. Meal. You know, I sit down as one customarily customarily does. And yeah, there was an audible crunch. Yes. You sit on your retainer and have to pay for a replacement one because it’s either so important I forget how much that cost.

Matt: It’s still like a crunch moment cause.

Charla: So the plot twist is. That’s right. That’s right.

Jack: But too much.

Matt: Too much for high schoolers? Doesn’t have a real job.

Charla: It looks good. So, for the 8- to 12-year-olds, they’re getting some cash, and they’re earning some cash. They’re spinning this wheel, they are shopping in the shop, and they’re really just. Seeing just exactly how life kind of flows in a simple and fun way to teach a very powerful lesson. So I also wanted to speak about the lesson, Jack, we’ve been working on your money. Habits for your. Your whole life, I wanted to just see what of all the stuff you have wasted your money on. What do you remember the most? Oh, no, no, no. This is Shaq. This is.

Matt: Let me answer.

Charla: Yeah.

Matt: If there’s only one answer.

Jack: Well, I’ll have my answer, and then we can verify if this is. We’re thinking the same thing, the Crystal Dragon.

Matt: They’re still dragons. Yes. I begged you not to buy them.

Charla: Ohh, Jack. You wanted that so bad.

Matt: I beg you not to find the crystal Dragons.

Jack: Gosh, OK. We need to hear the story.

Charla: I need to hear it briefly.

Jack: OK, yes. So essentially, for major vacations growing up, I would often get a vacation spending budget.

Matt: That’s a hack.

Jack: Right, it’s actually a great hack. Agreed. So we’re going to Disney, and in Disney, there’s a park called Epcot, which, you know, has a conglomerate of all these little mini-worlds. One of them is Mexico. And while we’re in Mexico, there is this glass blower making this really incredibly awesome stuff. And I saw.

Charla: It’s a great hack.

Jack: On this wall, this crystal Dragon is so. Right. And I was, I was like, 12 years old. It’s a crystal. It’s a dragon. These are my two favorite things. And it’s also expensive. Really. Just like my travel budget, maybe I even had to pitch in more. And as I was deciding to buy this thing, I was just, you know, I hit up and down hearing from both parental units that this is not the right purchase that I would.

Matt: But letting you do it.

Jack: Right, right, right that, that. I.

Charla: Letting you do it.

Jack: I would simply never use it, and I was. I was as strong-willed then as I am now. And yeah, I decided to buy this dragon. And it is it, actually. You know, we still have it.

Matt: Well, tell the rest of this.

Jack: Right. But it has spent the last, I don’t know, 12 years in our China cabinet, and at one point, it fell down and broke its wing. And I think it horn too, but.

Matt:  Broke.

Charla: Jack never messed with that dragon. It was. It was a complete waste, and I keep it to this day, and I will always have it. And I.

Matt: We cherish the crystal dragon.

Charla: And I love to give stuff away. My house is not filled with clutter, but that Crystal Dragon, while it may look cluttered because it is in pieces now, is just a really good reminder of that moment that season in Jack’s life. So anyway, it was a great story, and I just.

Matt: It feels like a classic story. We should go deeper into it at another time because this time, we are out of time. So, Jack, I’m gonna cut you guys off. Jack, thank you for coming. It’s been awesome singing for the holidays. We love you so much. We know you’re gonna have a big.

Charla: That’s true. That is true.

Matt: We hope that you will come back and join us in the future.

Jack: Yes, that’s true. Yeah, that’s that. I plan to be back in the summer after my internship.

Charla: Alright. Thanks, everybody, for joining us, and we will see you again soon.

Matt: Hold on. Wait a minute. Thanks for tuning in. If you want to check out a textbook, go to B4, not beyond. Before personalfinance.com, there will be a link to the show. Notes. Have a great weekend. Meet us right back here next Wednesday.

Jack: Good save, good save.

Charla: Alright, bye, everybody.