On the first day of class, the students entered the room to the funky beat of the O’Jays “For the Love of Money” (the theme song from the Apprentice). We dove right into talking about spending with me asking them what they would do if they had 1 million dollars. Their answers were creative and incredibly insightful. They showed a great depth of thought in their responses.
The show-stopper of that first class was when we broached the subject of investing and passive income. I told the kids that they could make money AS THEY WERE SLEEPING. This BLEW their minds, with one little guy remarking to me at the end of class with a deadly serious look on his face, “You’ve got to tell me more about this investing thing.”
Kids are ripe to learn this stuff, even in 5th grade. They don’t have to be financial giants when they leave high school, but wouldn’t we all have appreciated some more in depth knowledge of 401k’s, compound interest, mutual funds, and certainly credit card and student loan debt when we exited high school?
I love what Matt is doing here (in Canada by the way) because I think we all know the whole concept of “financial education in school” goes sideways as soon as Wells Fargo, Chase, Visa, Fidelity, and even our beloved Vanguard become the ones looking to teach the children.