[Ep. 429] How to Build Wealth as a Teenager with Shannon Lee Simmons

I think this is a record! Shannon Lee Simmons, founder of the New School of Finance, is the first guest to come on my show 4 times! She’s back this time to discuss her fourth book, Making Bank: Money Skills for Real Life, which is very different than her previous three books because this one is written specifically for teenagers. And by that, I don’t mean for parents to read and then lecture their teenagers. It’s written for teenagers to read, it’s full of stories from other teenagers, and it’s from their point of view.

As Shannon knows, being a financial planner, the world they’ll soon be entering looks very different than the one many of us experienced. And because of that, more than ever, they need to learn the skills of managing their money, growing their money, and even building a business.

If you’ve got a teenager (or know someone who does), you’re gonna want to listen to this episode… then immediately buy a copy of Shannon’s book!

Takeaways

• There is a lack of financial literacy resources specifically for teens.
• Teens are asking more questions about money than ever before.
• The skills needed for financial management are similar for teens and adults.
• Saving habits can be developed even for small purchases.
• Teens have a high risk appetite for investing.
• Understanding affordability is a key concern for teens.
• The importance of relatable characters in financial education books.
• Digital money management is a challenge for today’s youth.
• Teaching budgeting is essential for financial literacy. Pretending it’s not there is the actual habit.
• Kids are talking about money more than ever.
• Having a part-time job is now a coveted spot.
• The idea of entrepreneurship is exciting for youth.
• Many young people want to be seen as self-employed.
• Social media influences financial aspirations significantly.
• Young people are more aware of the risks of investing.
• Teaching financial skills is crucial for future generations.
• The perception of work-life balance is changing among youth.
• Financial literacy is essential for navigating future economies. Gen Z is more aware of financial realities than previous generations.
• The pandemic has shaped the financial mindset of young people.
• Education is viewed differently by Gen Z compared to millennials.
• Student debt is a significant concern for today’s youth.
• Long-term thinking is crucial for financial success.
• Parents play a vital role in shaping their children’s financial literacy.
• Open conversations about money can bridge generational gaps.
• Experiential learning in education can be invaluable.
• It’s important to pursue passions while being realistic about career outcomes.
• Financial literacy tools can empower the next generation.

Things I Mentioned in the Episode

• Buy a copy of Shannon Lee Simmons’ new book Making Bank
• I’m giving away copies of all the books featured in this season of the podcast! To enter, visit jessicamoorhouse.com/contests
• My free resource library, where you can find budget spreadsheets & more!
• Apply to enroll in my investing course Wealth Building Blueprint for Canadians
• Check out my shop!

Follow Shannon Lee Simmons

• Website
• Financial Planning Firm Website
• Instagram

Looking for Financial Help?

Looking for some financial help? Check out my investing course, budget spreadsheets, and more on my shop page.