How To Help Your Child Learn Money With Firstroot

#029 Although Silicon Valley in California has a lot of tech companies, a study by Chamberlain University ranks California an "F" in teaching kids about financial literacy. Luke encourages his children to read books about financial literacy and also applies his business knowledge at home. 

 He also created a company, "Conteneo" that helped enterprises manage their investment portfolios which ultimately helped in participatory budgeting to create better budgeting decisions. This was used in schools involving a process where kids were given money on the condition that they had to manage it themselves. They were guided through a 5-step process including a "theme"; how to spend the money, "ideation"; creation of rough proposals for how to spend the money, "refinement"; creation of details behind the proposals, "Voting"; an opportunity to ensure most students are involved, and lastly "implementation" of the ideas from students. This process gives the opportunity to teach important concepts in financial literacy. The app is free for families.

For complete show notes please go to Raising Financial Freedom

In This Episode:

·         [03:05] Introduce today's guest, "Luke Hohmann". 

·         [03:21] How would you say financial Literacy is in Sunnydale California?

·         [05:16] With you being so close to financial literacy, how do you involve your children? 

·         [011:37] Which age group is adopting financial literacy at a better rate?

·         [14:22] What do your kids gravitate to, when it comes to financial literacy?

·         [17:50] When did you realize that you had a passion for financial literacy?

·         [19:43] How did FirstRoot get started?

·         [21:05] What is the biggest challenge you've had to overcome after starting FirstRoot?

·         [23:10] At its core, what does FirstRoot do?

·         [28:01] What states are you now in as FirstRoot?

·         [28:20] The best thing that has happened since doing the pilots. 

·         [29:30] How can parents get their kids involved in this FirstRoot program?

·         [31:46] If you had to give parents good advice, what would it be?

·         [33:00] What does FirstRoot have for the future?

·         [36:03] How to contact Luke. Website, LinkedIn, Twitter

 Links Mentioned: