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Everything Your Child Should Know About Money

But Doesn't Know the Questions to Ask

A friend of mine had this conversation with her teenage son:

Mom: “School’s almost out. Have you started looking for a job?”

Son (playing a video game): “Mom, I have a car and dad’s credit card. Why would I need a job?”

After that, $#@! got real.

Let’s set aside the credit card and the car and all of your other thoughts. The real problem is: not understanding money. This problem isn’t exclusive to Westport, either. It’s an issue in almost every family in every town, regardless of their financial circumstances.

In America:

  • 1 in 6 students do not reach the baseline for financial literacy
  • 44% of adults are unable to cover a $400 emergency expense
  • 1/3 of credit card holders pay the minimum due
  • 56% of adults may not have enough money to retire

This, in a country clever enough to invent personal computers and create a market for Slankets.

Which is a thought wealth advisor Tom Henske had 17 years ago when a friend lamented his kids’ lack of monetary acuity. To which Tom responded, “Our country needs a better way to teach kids about money.” His friend chuckled, “You better get on that.”

And reader, he got on it. Fast forward to 2019.

Tom, whose professional signature is now appended with roughly 37 acronyms beginning with “C”, has been advising for 26 years. He’s seen plenty of financially unenlightened folk throw stress around his office. Had these palm-sweaters learned “good money habits” in their childhood, he reasons, they wouldn’t be panicking. “Small problems in their young adulthood got bigger later on.”

His kids are now teenagers and he’s been coaching varsity high school soccer for about 10 years. “I understand how kids think, learn, and what language to use as we try to educate them.”

At the same time, Westport Library unveils its shiny, new, state-of-the-art Verso Studio, and executive director Bill Harmer is prowling for local talent to create podcast content. Among the expertise on his wishlist: finance.

Then Tom lands on Bill’s radar. They meet, synapses blaze, ideas accrue. What started as an idea for a podcast about personal finance becomes an idea for a podcast to teach kids things like budgeting, investing, borrowing and credit. Money stuff. Make it okay to talk about money. Adults could do the teaching (and may learn a bit themselves) to encourage conversation and the podcast would explain exactly how to do it.

It’s super-easy because the lessons are short and witty:

Kids: “Mooooommm, what’s for dinner?”

Mom: “Chicken and I’m giving you money.”

Kids: “Why?”

Mom: “Because it shouldn’t be a taboo topic. I also want you to learn about money, and teaching you about finance without cash is like teaching you tennis without a racket. I’ll show you the TikTok later.”

Kids: “Cash… I’m listening.”

Mom: “How do you suppose adults get money?”

Kids: “Win the lottery.”

Mom: “Excellent. Keep going…”

Of course, this is only the beginning.

Then the guys realize: holy cow, no one else is doing anything like this. No one else is creating such a model to master money matters. While a podcast is a great start, it’s just the interest on the mortgage. We need an entire financial education system!

They conjure a plan for that - TikTok videos, website. It could include a class at Staples, local businesses, and more. Says Tom, “There really is no part of Westport that doesn’t have a financial component to it. We all need money to live. Therefore we all should have some basic understanding of the fundamentals”

Moreover, Westport has the best financial minds, a top-notch recording studio, excellent faculty, and creative people who can make the learning compelling and enjoyable. According to Tom, “We realized that Westport, CT could become the epicenter of financial literacy education in this country.” Woah!

So they coin it “It Makes Total Cents - 12 Conversations to Change Your Child's Financial Future.” It includes a book, podcasts, website, TikTok videos, social media sites, and (hopefully) a monthly spot on CNBC. But, Tom states, “You don’t have to use everything. You can just listen to the podcast.”

Though you may recognize some people in the TikToks…

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