#40: Developing teens’ financial literacy (Interview with best-selling author Sharon Lechter)
I’m excited about today’s episode for two reasons! Firstly, because this is the first time we’ve ever done a session on financial literacy. Secondly, because of the calibre of our guest! Sharon Lechter is the go-to person if you want your financial future to be better than your financial past. I first came across her in my late teens or early 20s, when I read the world-renowned Rich Dad Poor Dad (which she co-authored). I recently met her at an event in London, and I’m delighted she agreed to share her wealth insights on The Unstoppable Teen Podcast. Sharon left school and became an accountant, then set up a publishing business. Next, she started writing and co-writing books, and eventually became CEO of the Rich Dad Poor Dad organization. More recently, she has focused on empowering young people to take control of their money. She currently serves on the National Board of Directors at Childhelp in the United States. In this episode, Sharon shares some valuable skills for mastering your finances. While money isn’t everything, taking control of your finances gives you freedom of choice. So if you’d like to have more money in the future than you had in the past, this episode for you. “It’s important to understand the difference between you working hard for money, and your money working hard for you.” Sharon Lechter – Entrepreneur & Best-Selling Author You will learn: Where Sharon was born and raised, and how her parents impacted her decision to become an entrepreneur. (5:58) How Sharon played a big role was in modernizing children’s books. (7:55) Some of the key things that Sharon believes enable people to lead happy and successful lives. (9:55) Why Sharon passionately believes it’s important for financial literacy to be taught in schools, along with her formula for success. (11:40) Some of the most common misconceptions that young people believe when it comes to money. (16:23) Why Sharon created her financial literacy game, Thrive Time for Teens. She also talks about two books by Napoleon Hill: Think and Grow Rich, and Outwitting the Devil. (20:38) What “assets” are and why they are important if you want to be rich. Sharon also discusses entrepreneurship as a way to create and maintain wealth. (24:12) What “liabilities” are, and how they make you a slave to money. We also learn the difference between good debt and bad debt. (27:06) The important difference between money that comes from work and money that comes from assets. (30:49) What is financial freedom? (32:15) Why it’s hugely beneficial to start building your wealth earlier rather than later in life. (34:33) Sharon’s thoughts on student debt, and what changes she would make if she were in charge of the government. (35:37) Sharon’s advice on going to university. (38:08) Sharon’s recommendations for listeners who want to increase their financial literacy and success. (41:11) Some things parents can do to help teenagers succeed. (42:33) What suggestions Sharon has for teachers and educators who want to teach financial literacy in school. (44:28) What Sharon believes it takes to be truly unstoppable. (46:30) Click here to view this content on the Unstoppable Teen website >> “True success is how you feel about yourself when you look in the mirror.” Sharon Lechter – Entrepreneur & Best-Selling Author Here’s the success formula that Sharon discusses in this episode: P + T x A x A + F = S Passion + Talent x Associations x Action + Faith In Yourself = Success Learn more from Sharon Lechter Website: sharonlechter.comEmail: email@example.comSocial: Facebook, Twitter, Instagram and LinkedIn You may also like these episodes: #10: How to have a rich life #3: How to start a successful career? Insights from millionaire entrepreneur and best-selling author Daniel Priestly #1: 5 things teenagers need to be GREAT at (If you want a great life) Pay it forward! We’re on a mission to help 1,000,000 young people experience a better quality of life, and financial freedom is a big part of that. In the modern world, it’s important not only to get a good education, but also learn the skills to take control of your finances. If you know any teens that are struggling with cash, or a family that isn’t doing as well with money, or a teacher who’s passionate about financial literacy, please forward this episode to them! Let us know what problems you’re facing and what questions you’d like answering in future episodes. We are here to help you, so contact us anytime via our social media channels or email firstname.lastname@example.org. Please share your financial literacy advice in the comments section below. Thanks for listening!