NGPF Podcast: Dr. John Lim on why he wrote a finance book for his kids
- 0:00~1:50 Introduction
- 1:50~4:03 Early money lessons
- 4:03~5:57 Motivation for learning about personal finance
- 5:57~8:43 Role of trustees
- 8:43~10:44 Burn-outs in medicine
- 10:44~13:08 Starting to write about finance
- 13:08~19:12 Writing the book
- 19:12~24:02 Inspiration from other personal finance writers
- 24:02~24:27 A word from NGPF
- 24:27~26:20 Feedback from John’s kids
- 26:20~28:48 Explaining compound interest through storytelling
- 28:48~30:20 The mini-Starbucks example
- 30:20~32:19 The math behind compound interest
- 32:19~36:30 Comparing savings to a marathon
- 36:30~39:45 The law of finance #5
- 39:45~40:44 John’s letter to his children
- 40:44~43:19 Conclusion
Resources:
- How to Raise Your Child’s Financial IQ (On HumbleDollar)
- How to Raise Your Child’s FInancial IQ (On Amazon)
- HumbleDollar
- 12 Investment Sins
- The Most Important Thing
- John Clements and Bill Bernstein Panel Podcast
Quotes:
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“[The issue of burn-out in the field of medicine] is obviously not as simple as just teaching personal finance but I think it plays a major part in potentially being a solution to burn-out because once you reach a point where you can reach financial independence you have a lot more freedom and options to choose the career and job that will give you satisfaction.”
About the Author
Tim Ranzetta
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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