Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Financial Education Starts at Home 💸🏡

29 Jun 2023 · 1 min

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Excerpt from a June 29, 2023 YouTube discussion ("Financial Education Starts at Home 💸🏡") featuring Richard Canfield and another speaker. Speakers argue that financial literacy should begin at home: the "compound effect" comes from attitudes, knowledge, skills, and aptitudes rather than money itself; schools and teachers are often unprepared or unwilling to teach money skills; family-based approaches (e.g., "family banking") are presented as critical.

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At an early age. The compound effect is not the compound effect of money. It's the compound effect of attitude, knowledge, awareness, skill, aptitude. Those things are really work. That's what's going to create the most amount of money because it's through the creation of value that the money will follow.
And here's the irony, guys, no one's teaching this schools. Teachers don't know this. They're not trained, they're not confident in this. It's like teaching kids nutrition. They're like, I'm terrified to tell you what to eat because your parents might be Paleo, keto, macro, whatever. Like I'm terrified to tell you what to do. And so money's the same way. Teachers feel like it's a home thing. Parents have no idea what to teach them in what order, even if the kids will listen in the first place to their parents. Right. That's why this family banking thing you guys are doing is so critical to get out to family.