AOA 056: Inflation Highlights Investing’s Importance – Featuring Jedidiah Collins

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“The beautiful thing about investors is they see money through a decade time horizon. So if we can circle it all back to that time, day to day, year to year, or decade to decade, they’ll [kids] start to think like an investor.”

— Jedidiah Collins

How can developing an investor mindset in your children prepare them for financial success?

Jedidiah Collins, my latest Art of Allowance Podcast guest, gives us a play-by-play description of how we can help our kids learn to act like investors. Jedidiah is a former NFL player who became a Certified Financial Planner®️ (CFP). He is also the author of Your Money Vehicle, the founder of a financial literacy program of the same name and an adjunct professor of personal finance.

Jedidiah holds an Accounting Degree from Carson College of Business, Washington State University. In addition to being featured on Scout.com and ESPN.com, Jedidiah is a seasoned speaker who has delivered keynotes to and facilitated workshops for Amazon, Microsoft, Sotheby’s, GlaxoSmithKline, the NFL, the MLB and numerous universities. It’s easy to see why he’s often referred to as “the hardest-working man in personal finance.”

Links (From the Show)

Show Notes (Find what’s most interesting to you!)

  • From NFL to CFP: How Jedidiah became known as “the hardest-working man in personal finance” [2:25]
  • Despite being an accounting major with a business degree, Jedidiah didn’t understand “the language of money.” [5:08]
  • Why Jedidiah created Your Money Vehicle and how the program works [6:32]
  • Teaching kids the difficult concept of compounding using Starburst candy [10:08]
  • Understanding how our spending choices in the moment affect our ability to enjoy the future [16:05]
  • Inflation as a teaching tool [19:42]
  • The Rule of 72 [21:42]
  • Inflation is an awakening. [22:26]
  • What does the Collins family’s Money Vehicle look like? [24:31]
  • Experiential learning in the aisles of Target [28:14]
  • Principles, behaviors and habits are paramount when it comes to money. [33:10]
  • Rather than budgeting, focus on small financial wins to build good financial habits. [36:04]
  • Who influenced Jedidiah the most in terms of money? [41:43]
  • Your Money Vehicle’s U.S.E. acronym [44:22]
  • The power of a free tent [45:03]
  • The importance of failure [46:11]
  • Acting like an investor [47:52]
  • Jedidiah’s money-smart book recommendations [49:21]
  • Getting digital with Jedidiah and Your Money Vehicle [51:49]

If you liked this episode …

Want to put the concept of future thinking into practice? Author and Chartered Financial Analyst Gene Natali discusses the importance of opening a Roth IRA and prioritizing saving during his episode of The Art of Allowance Podcast. Listen in at 25:49 for all the details.

Need another perspective on the great budgeting debate? I discuss the pain of budgeting and how we might think differently about it with Jessica Willis, the founder and CEO of Pocketnest. Tune in at 21:19 for our thoughts.

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If you like this podcast, then please give us a review and subscribe to the show. The Art of Allowance Podcast is available on iTunes, Spotify, Stitcher, Radio Public and now Amazon Music. Subscribing is free, and it will help me produce more enriching content for you to enjoy. Thanks!

You might also want to check out The Art of Allowance Project, our reimagined program to get your children excited about money smarts at any age. Until next time, I wish you and your family well as you journey forth.

Thanks for listening.

John