F is for Fun. And we have a ton of fun today talking to Rob Phelan about his new children’s book M is for Money. He was inspired by reading with his own son and realizing there weren’t any books on the market that teach basic personal finance to kids. Even if you don’t have kids yourself, this book might be a great gift for a kid in your family. We also dive into financial literacy in general and why so few programs are successful. If you have any interest in improving the money habits of the people around you, we’ve got you covered.
During our headline segment, IRA and tax expert Ed Slott joins us to talk about a five billion dollar Roth IRA! That’s right, Peter Thiel’s Roth IRA balance is over a cool five b’s at this point. Ed helps explain how it happened and what changes Congress might make to prevent this in the future. For many who dream about crypto riches, can you replicate Thiel’s feat (or score a measly 2-3 million) in YOUR Roth IRA? We’ll ask Ed about that as well.
We’ll also throw out the Haven Life line to Justin who wrote in to our basement Facebook group to ask about how much to gift his niece for graduation (we have some great ideas and alternatives to monetary gifts!). And of course we’ll leave time for Doug’s amazing trivia.
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Leaving a child in a hot vehicle can lead to their death very quickly. Set cellphone reminders or place something you’ll need in the back seat, so you don’t forget your child is in the car. Look for your baby before you lock. Paid for by NHTSA.
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Everyone likes to think they know about investing but how much do you really know? Put your financial knowledge to the test at Investor.gov. Before You Invest, Investor.gov.
Big thanks to Rob Phelan for joining us today. To learn more about his new book M Is For Money and preorder your copy, visit his Kickstarter campaign website.
- On this date in 1925, a teacher was sued for teaching evolution in schools. What was the teacher’s name?
Need life insurance? You could be insured in 20 minutes or less and build your family’s safety net for the future. Use StackingBenjamins.com/HavenLife to calculate how much you need and apply.
- Justin’s niece is graduating high school and he wants to know how much is customary to give as a graduation gift.
Want more than just the show notes? How about a guide with STACKS of related, deeper links?
- Check out The Stacker, our email that comes with every Monday and Wednesday episode, PLUS a list of more than 19 of the top money lessons Joe’s learned over his own life about money. From credit to cash reserves, and insurances to investing, we’ll tackle all of these. Head to StackingBenjamins.com/STACKER to sign up (it’s free and we will never give away your email to others).
- I Will Teach You To Be Rich by Ramit Sethi
- Broke Millennial by Erin Lowry
- Set For Life by Scott Trench
- Now What?: A Practical Guide to Figuring Out Your Financial Future by Brian Ursu
- ChooseFI Foundation
If you liked today’s show, check out similar interviews we’ve done:
- The 4 Cornerstones of a Successful Financial Strategy (with CFP Brian Ursu)
- 5 Fun Ways To Teach Kids About Money (Plus Advice From TIAA for Grandparents, Aunts, and Uncles)
- Turning Kids Into Money Geniuses (with Beth Kobliner)
Written by: Brooke Miller
Miss our last show? Listen here: Your 14 Best Minutes Today (with Chris Field), Inflation’s Back, and RIP Chuck
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