Bogleheads® Conference 2023 - Tim Ranzetta: How Bogleheads Can Spread Financial Wellness
00:00:00.000 | (audience applauding)
00:00:03.160 | So, one of the things about our community
00:00:10.920 | is once you get it, once you're enlightened,
00:00:16.640 | you have your aha moment, however you like to put it,
00:00:21.720 | your epiphany about what this is all about.
00:00:26.700 | The way we grow this community is by helping each other.
00:00:31.700 | It's a grassroots community.
00:00:33.240 | So, we go out and we tell other people about it,
00:00:37.200 | maybe family members, maybe friends.
00:00:40.500 | However, wherever you see a need,
00:00:44.100 | you sort of step up and say,
00:00:46.060 | "Hey, I've got an idea for you here.
00:00:47.960 | "Go to bogleheads.org, go to bogelcenter.net,
00:00:52.000 | "get one of Jack Bogle's books."
00:00:54.880 | And we become ambassadors for this philosophy
00:00:59.880 | of investing and saving and financial well-being
00:01:04.240 | that we have.
00:01:05.800 | And with that, we need to have an understanding
00:01:10.800 | when we do that of what works
00:01:16.360 | and maybe what doesn't work, right?
00:01:18.880 | We all have approached people and sometimes it works,
00:01:22.920 | sometimes it doesn't work.
00:01:24.120 | So, we thought that today we would have a little bit
00:01:27.560 | of insight into training the trainers.
00:01:31.840 | So, you are, if you consider yourself teachers,
00:01:34.880 | you are all, once you get enlightened
00:01:36.960 | to become bogelheads and call yourself bogelheads,
00:01:40.240 | you are actually crossed over
00:01:42.080 | to become ambassadors and teachers.
00:01:46.160 | And so, how do we do that?
00:01:51.440 | So today, we have Tim Ranzetta with us,
00:01:56.440 | who's a bogelhead, bonafide bogelhead.
00:01:58.760 | He graduated from the University of Virginia in 1989
00:02:03.140 | with a bachelor degree in commerce
00:02:04.720 | and received his MBA in 1996
00:02:08.840 | from the Stanford Graduate School of Business.
00:02:11.760 | He then became a consultant for Bain & Company
00:02:15.800 | and later became a successful entrepreneur.
00:02:20.400 | He co-founded several companies
00:02:22.640 | and decided to begin giving back.
00:02:25.800 | So, he started teaching a class in 2014
00:02:29.840 | in Palo Alto, California,
00:02:34.440 | and eventually now has morphed into a program,
00:02:39.440 | a nonprofit organization that teaches teachers
00:02:44.200 | how to teach this.
00:02:47.240 | And so, I'll let Tim talk about the program,
00:02:52.080 | and, but here he is, Tim Ranzetta.
00:02:56.000 | (audience applauding)
00:02:59.160 | - See how this mic works.
00:03:05.960 | I'm Italian, so I like to use my hands.
00:03:08.440 | Mics don't work.
00:03:09.560 | What an amazing community.
00:03:11.800 | So, I fit in the category of long-time lurker
00:03:16.520 | on the bogelheads forum.
00:03:18.720 | Long-time Vanguard investor, but first-time attendee.
00:03:23.680 | And I think I've been on the ground about 24 hours now
00:03:25.680 | coming in from California,
00:03:26.960 | and I feel like I found my tribe.
00:03:29.560 | Just what an amazing, amazing conversations at lunch.
00:03:33.080 | Just an amazing group.
00:03:34.480 | So, I wanna ask you a question before we get started,
00:03:36.680 | 'cause we're talking about financial education here.
00:03:39.280 | I want you to move a little bit, too.
00:03:42.680 | Stand up if you think personal finance should be taught
00:03:44.920 | in every high school in America.
00:03:46.580 | Please stay standing.
00:03:50.640 | (audience laughing)
00:03:54.520 | Okay, you just made the headline.
00:03:56.160 | Bogelheads stand for financial education.
00:04:01.900 | So, I wanna introduce some folks here,
00:04:04.520 | some really special folks here
00:04:06.200 | who are delivering financial education
00:04:08.880 | in local high schools in Virginia and Maryland.
00:04:11.640 | So, I'm gonna ask them to stand.
00:04:12.840 | Don't get embarrassed now.
00:04:14.360 | So, we have Angela, we have Starlene,
00:04:16.200 | Julius, Alice, Loretta, Nicole,
00:04:19.760 | and Lori is somewhere, I believe.
00:04:23.280 | Hey, these are the folks who are--
00:04:25.800 | (audience applauding)
00:04:28.960 | Please stay standing, I gotta finish.
00:04:36.120 | This is just an amazing community of educators
00:04:41.640 | that make a difference in their communities.
00:04:44.320 | In their schools.
00:04:45.800 | During the pandemic,
00:04:47.240 | we did a lot of Zoom professional development.
00:04:52.360 | And I gotta tell you, I smiled every time I saw them
00:04:55.160 | on Zoom because the energy enthusiasm
00:04:58.120 | that they bring to this.
00:04:59.960 | There's a movement happening across the US, folks,
00:05:02.160 | and it's happening in classrooms
00:05:03.280 | because of educators like yours.
00:05:04.800 | So, thank you.
00:05:05.640 | (audience applauding)
00:05:09.760 | But I also know there's other teachers in the room.
00:05:12.760 | If you have ever taught anybody personal finance,
00:05:16.520 | family member, maybe in the school community,
00:05:18.840 | maybe a non-profit.
00:05:19.680 | I ran into somebody earlier from Kansas
00:05:21.280 | who teaches med school students.
00:05:22.840 | Stand up.
00:05:24.520 | Educators.
00:05:25.720 | (audience applauding)
00:05:28.840 | Thank you.
00:05:29.680 | So, I really shouldn't be teaching this.
00:05:33.760 | You all should be.
00:05:35.280 | So, I talked about the teachers.
00:05:41.840 | Next thing I wanna do is have you hear from the students.
00:05:44.360 | So, there's a two and a half minute video
00:05:46.520 | that we're gonna cue up here
00:05:48.200 | to hear what is the impact of this course to them.
00:05:50.960 | - With personal finance,
00:05:52.720 | you take everything that happens in the real world
00:05:55.720 | and you bring it into the classroom.
00:05:57.200 | - It's important to learn about it
00:05:58.600 | while you're in high school,
00:06:00.080 | instead of graduating out of college and having no idea.
00:06:03.560 | - You don't wanna leave college and then be in debt.
00:06:05.640 | And sometimes that debt can follow you
00:06:06.920 | for the rest of your adult life.
00:06:08.560 | - When my mom was in high school,
00:06:09.920 | she didn't have a class like this.
00:06:11.560 | - I couldn't just ask my parents questions
00:06:14.200 | about like banking or finances
00:06:15.800 | because my parents hadn't gone through any of that.
00:06:17.800 | - Since my family didn't talk much about money,
00:06:21.120 | I actually didn't know anything at all.
00:06:23.120 | I didn't even know investing was a thing.
00:06:24.640 | I didn't even know financial literacy
00:06:27.000 | was a thing at all either.
00:06:28.680 | - This is really the only class that we're given
00:06:31.640 | that's this applicable to real life.
00:06:34.120 | - I've learned how to calculate a mortgage.
00:06:36.440 | I've learned what ways credit card companies
00:06:39.680 | try to trap you.
00:06:40.680 | - These little skills right now
00:06:41.960 | that don't seem like they're so fundamental
00:06:43.880 | in the long run will really help you out
00:06:45.520 | and allow you to live your life
00:06:47.760 | the way that you wanna live it.
00:06:49.600 | - I 100% think that all high school students
00:06:52.160 | should take this course.
00:06:53.200 | I don't know how someone could be successful
00:06:55.080 | without knowing how to manage their money.
00:06:56.840 | - If you want kids who know how to not be in debt,
00:07:00.680 | what a credit score is,
00:07:02.160 | what kind of credit card options there are out there,
00:07:04.480 | if you want them to be more knowledgeable,
00:07:06.240 | safer with their money, as well as be better spenders,
00:07:08.560 | then personal finance is a must.
00:07:10.360 | (soft music)
00:07:12.760 | (audience applauding)
00:07:24.320 | - So I travel a lot around the country
00:07:25.960 | when people find out what I do,
00:07:28.080 | they usually say one or sometimes,
00:07:30.400 | always say one thing, sometimes two.
00:07:32.400 | First thing they say, it's the class I wish I had.
00:07:35.360 | The second question, the second thing they say is,
00:07:38.240 | can you teach my kids?
00:07:40.680 | So that's kind of what is my passion now.
00:07:43.160 | How do we ensure that every high school student,
00:07:45.120 | so gets a personal finance course.
00:07:47.360 | I just want you to blurt out a guess.
00:07:49.520 | What percent of kids today
00:07:51.080 | do you think take a personal finance, are required?
00:07:53.640 | It's part of the graduation requirements.
00:07:55.560 | What percent of kids in America currently are required
00:07:57.600 | to take a personal finance course?
00:08:00.040 | 5%, 20, 60?
00:08:04.440 | Zero, okay, so here's what we're gonna do.
00:08:09.360 | I'm gonna give you a number.
00:08:11.920 | You're gonna stand up if you think it's over this number.
00:08:16.280 | 15%.
00:08:18.280 | Stand up if you think more than 15%
00:08:20.160 | of high schoolers.
00:08:23.000 | Okay, I'm not gonna tell you the answer till later.
00:08:27.760 | Thank you.
00:08:28.600 | Most of you think it's less than 15%.
00:08:30.680 | I'm gonna keep that in mind.
00:08:32.400 | So here's what we're gonna go over today.
00:08:33.440 | I'm gonna give you a quick background on me,
00:08:36.840 | who I am, what motivates me.
00:08:38.680 | Gonna give you a high-level view
00:08:40.440 | of what's happening in America
00:08:41.760 | when it comes to financial education.
00:08:43.720 | And then I wanna spend a lot of time
00:08:46.240 | thinking about this group.
00:08:47.440 | How do we mobilize Bogleheads
00:08:48.960 | who are so passionate and wanna give back?
00:08:51.320 | So I'm gonna give you a broad range of options
00:08:53.560 | in terms of how you can help.
00:08:55.320 | And then, obviously, there'll be resources
00:08:57.480 | available for you.
00:08:58.480 | This slide looks different than it was originally.
00:09:04.160 | Oh, here we go.
00:09:05.520 | Starts lower left-hand corner.
00:09:07.440 | I'm seven years old.
00:09:08.360 | I'm the fifth child of six.
00:09:11.040 | Our neighbor, Mrs. Madison, breaks her hip.
00:09:12.920 | She needs somebody to walk her dog.
00:09:14.680 | I'm the second youngest,
00:09:16.880 | but my younger brother can't walk
00:09:19.360 | 'cause he's only two, or he's only one.
00:09:21.960 | So I get to walk Mrs. Madison's dog.
00:09:23.960 | I walk three times a day.
00:09:26.720 | I'm in New Jersey, so we get the change of seasons.
00:09:28.760 | Took a year for her hip to recover.
00:09:31.800 | But every Friday, after I dropped her
00:09:35.960 | Jack Russell Terrier off,
00:09:38.280 | she would hand me a crisp $5 bill.
00:09:40.760 | And I would walk a third of a mile
00:09:43.520 | to the United Jersey Bank on Hardinburg Avenue.
00:09:45.720 | I would deposit that $5.
00:09:47.040 | They'd stamp my passbook.
00:09:49.480 | And at the dinner table,
00:09:51.680 | my dad would ask to see my passbook.
00:09:53.840 | We talked about money a lot,
00:09:56.760 | and you'll find out why very shortly.
00:09:58.600 | But that's a savings habit.
00:10:01.840 | And thank God I got it at the age of seven
00:10:04.480 | because I had four older brothers and sisters.
00:10:06.120 | And I saw very early on, if I wanted to go to college,
00:10:09.480 | I was gonna have to basically pay my way
00:10:12.000 | 'cause we were middle class.
00:10:13.640 | Six kids, too many to pay for us to go to school,
00:10:16.840 | but not enough to get financial aid.
00:10:18.200 | So it was very early on.
00:10:19.280 | So when I hear people say, "Save 10%, save 20%,"
00:10:22.640 | I'm convinced my savings rate was about 98%.
00:10:27.800 | The reason being, my friends really started to wonder,
00:10:32.800 | how come Tim always forgets his wallet?
00:10:35.240 | (audience laughs)
00:10:37.320 | I'm paying them back now, so don't worry.
00:10:39.560 | So that was the dog walking job.
00:10:42.600 | There's a picture of my parents up there.
00:10:44.200 | It couldn't have been better role models.
00:10:46.400 | My father gave me work ethic.
00:10:49.320 | No college degree, grew up in London during the Blitz.
00:10:52.760 | Got sent to the countryside.
00:10:54.280 | Very self-sufficient, Depression-era kid.
00:10:57.120 | Rose up from bank teller to senior vice president
00:11:00.440 | of Barclays Bank in New York.
00:11:03.480 | He also taught me how to ladder CDs
00:11:05.680 | 'cause I had newspaper routes.
00:11:08.520 | I was a golf caddy.
00:11:09.880 | Five-year CDs, I still remember, thinking it was illegal.
00:11:14.600 | (audience laughs)
00:11:15.440 | 15% interest, double your money in five years.
00:11:20.040 | It was like crazy.
00:11:21.160 | But again, all the adults are dealing with inflation.
00:11:23.960 | I'm dealing with great interest rates.
00:11:26.280 | So that really helped me get through college, too.
00:11:29.420 | My mom, she taught me to give back.
00:11:32.400 | Six kids weren't enough for her.
00:11:35.480 | She was a Girl Scout troop leader.
00:11:36.800 | She wrote the newsletter for the parish.
00:11:39.240 | She visited soup kitchens, and she taught.
00:11:43.400 | She must have had a 30- to 40-year career doing Story Hour.
00:11:47.280 | When she passed, we went through her desk
00:11:52.520 | and we saw stacks of those.
00:11:55.460 | You know those marble composition?
00:11:58.860 | My mom did lesson plans for Story Hour.
00:12:02.500 | And she put, and it was kind of funny to read
00:12:06.420 | because it would be like, little Johnny's acting up.
00:12:08.460 | I don't know how to exactly get Johnny's attention.
00:12:11.460 | But this emphasis on what went well, what didn't go well.
00:12:14.940 | And so I think she gave me the teaching gene
00:12:18.920 | because that was something that really mattered to her,
00:12:21.860 | the idea of giving back.
00:12:22.780 | So I had an opportunity to give back.
00:12:24.760 | East Side College Prep is in East Palo Alto,
00:12:28.480 | and it's a school serving first in their family,
00:12:31.900 | kids who want to be first in their family to go to college,
00:12:33.780 | first-gen kids.
00:12:34.720 | So I visit the campus, totally inspired by the founder
00:12:38.540 | because they send 100% of their kids to college.
00:12:41.260 | These are kids first in their family to go,
00:12:43.120 | primarily lower income, primarily black and brown students.
00:12:46.500 | And I was so inspired.
00:12:47.340 | How can I help?
00:12:48.160 | He said, "Well, you know something about finance, right?"
00:12:50.820 | I was like, "Yeah, sure, I'll do it."
00:12:51.700 | But I didn't know I was signing up for 25 hours
00:12:54.780 | of lessons with three sections of students,
00:12:57.000 | and I didn't have a curriculum.
00:12:58.560 | A lot of passion, but no curriculum.
00:13:01.780 | Well, that experience, I saw two things.
00:13:04.700 | I saw the eagerness that kids wanted to learn this.
00:13:09.860 | Just incredible.
00:13:10.700 | And then I think the secondary effect,
00:13:12.300 | and anybody who's taught young people know this.
00:13:14.700 | They went home and told their parents.
00:13:18.360 | So I went to a Schwab office to help open an IRA
00:13:22.400 | for one of the parents.
00:13:23.960 | I got calls from, they wanted to discuss their budget.
00:13:27.120 | I had a parent who called me like five years
00:13:29.680 | after I taught her son to say how proud she was
00:13:32.600 | that she knew what a target date fund was on a 401(k) list.
00:13:37.200 | So I'm hooked.
00:13:38.040 | I'm like, I did that for eight summers,
00:13:40.320 | about halfway through teaching that,
00:13:41.640 | I said, "I gotta do something about this."
00:13:43.920 | And that's when I started NextGen Personal Finance.
00:13:47.760 | (audience member speaking faintly)
00:13:50.920 | So every startup has to have a BHAG,
00:13:53.920 | a big, hairy, audacious goal.
00:13:56.140 | So in 2021, we got together as a team.
00:14:00.120 | And frankly, the teachers were the ones,
00:14:03.240 | we were just at lunch earlier today talking about
00:14:05.900 | how are we gonna get Maryland
00:14:06.920 | to require a personal finance.
00:14:08.800 | When we hear enough teachers say,
00:14:11.040 | we love this course, the students are benefiting,
00:14:12.800 | but not enough of them are.
00:14:14.360 | So we set mission 2030.
00:14:16.360 | And my thinking behind this is every high school student,
00:14:19.160 | by the time they cross that graduation stage in 2030,
00:14:22.480 | will have a one-semester personal finance course.
00:14:24.640 | We did it in 2021.
00:14:27.240 | So I did a little bit of research.
00:14:28.340 | From the time Kennedy said, "Let's go to the moon,"
00:14:30.000 | to the time we did was about eight years.
00:14:32.040 | We did it in 2021.
00:14:34.680 | I'm thinking nine years.
00:14:36.460 | Folks, this isn't rocket science.
00:14:40.020 | This isn't rocket science, right?
00:14:41.360 | We know the curriculum.
00:14:42.200 | We know teachers are eager to teach it.
00:14:43.700 | Let's kind of make it happen.
00:14:45.400 | Quickly, what we do.
00:14:48.360 | Three legs of the stool.
00:14:52.080 | I want it to be the one-stop shop for teachers.
00:14:54.520 | So if you need a lesson, it's there.
00:14:55.760 | If you want activities, it's there.
00:14:57.040 | If you want games, it's there.
00:14:58.640 | I wanted it to be kind of that one stop
00:15:01.880 | where teachers would go.
00:15:03.640 | We have an arcade.
00:15:05.640 | Games really matter, but games have to teach also.
00:15:08.760 | So every one of those games has a reflection sheet.
00:15:10.600 | They were played 10 million times last year.
00:15:13.700 | The thing I'm most proud of
00:15:14.660 | is the teacher professional development.
00:15:17.680 | So on the curriculum side,
00:15:18.780 | 90,000 teachers have signed up on our website.
00:15:22.020 | I would say 2/3 of them come from word of mouth.
00:15:25.140 | When something works in the classroom, teachers tell others.
00:15:27.300 | The teacher professional development,
00:15:28.500 | in the last three, four years,
00:15:30.380 | 17,000 teachers have spent on average 24 hours with us.
00:15:35.220 | And so we have certification courses.
00:15:36.820 | If you want to go deep and talk about investing
00:15:39.260 | or you want to go banking and budgeting
00:15:41.360 | or I teach a course in psychology of money,
00:15:43.960 | we offer 12 of those courses.
00:15:46.820 | And then we also have on-demands
00:15:48.340 | for people who want to be able to do things
00:15:50.980 | on their own time, their own pace.
00:15:52.740 | And I'm gonna spend more time talking about advocacy.
00:15:55.480 | So you see the bottom there, free and always will be.
00:15:58.940 | So I created an endowment to fund our operation
00:16:02.540 | 'cause frankly, I can't imagine a better investment to make
00:16:06.740 | than in the next generation
00:16:08.220 | and giving them the financial skills that they need.
00:16:11.420 | So you all are welcome to go to the website
00:16:13.660 | to the extent that you're looking for resources
00:16:16.040 | to go out and teach, it's there.
00:16:17.860 | So funny story, I'm in Salt Lake City,
00:16:23.780 | probably the second year of our company.
00:16:25.340 | So we're still trying to figure things out.
00:16:27.300 | How should we teach investing?
00:16:29.100 | Should we go and the whole, I think teachers will tell you
00:16:32.220 | investing is the most challenging subject for them to teach.
00:16:35.140 | So gosh, if you could mentor teachers in your community
00:16:38.740 | to help them understand investing better,
00:16:40.460 | that would be awesome.
00:16:41.300 | So anyway, I'm in a room full of teachers.
00:16:43.000 | I'm doing a presentation about investing 100 teachers.
00:16:46.020 | And I start by asking,
00:16:47.280 | how many of you teach your students about index funds?
00:16:53.820 | If you look closely, there's one hand raised.
00:16:57.540 | I think there were two others in the room.
00:16:59.680 | There were about three out of 100.
00:17:01.560 | And I said, okay, this is my mission.
00:17:04.860 | Is every student, because guess what the most popular game
00:17:07.620 | in high schools is when it comes to investing?
00:17:10.900 | The stock market game.
00:17:12.700 | Go ahead and Google how to win the stock market game
00:17:15.020 | and tell me that has anything to do
00:17:16.500 | with sound investing principles, right?
00:17:19.140 | High beta stocks, right around earnings, biotech's better.
00:17:22.420 | And it's a short timeframe, right?
00:17:24.540 | And so if you go to our curriculum,
00:17:27.340 | you'll see we spend a lot of time talking about index funds.
00:17:30.740 | We talk about target date funds and really,
00:17:33.660 | because even if they're playing the stock market game,
00:17:36.420 | I want educators to feel like,
00:17:37.620 | okay, I can also teach a different approach
00:17:39.580 | because kids are naturally interested in stocks.
00:17:43.060 | So you do have to spend a little bit of time
00:17:44.620 | talking about it, but clearly,
00:17:48.020 | 'cause they'll often, that will be the first thing.
00:17:49.980 | They know a company, right?
00:17:51.620 | Know what you're investing in,
00:17:53.540 | which probably can be a dangerous strategy.
00:17:56.820 | My son loved Roblox.
00:17:59.340 | So okay, how much do you love it?
00:18:01.340 | Why don't we put $50 in and buy some Roblox?
00:18:04.220 | Yeah, he now understands volatility.
00:18:06.940 | Which kind of gets to the point here.
00:18:11.180 | Those of you who have children or grandchildren,
00:18:14.700 | like how do I talk about investing with young people?
00:18:17.660 | And so the strategy I've used with my son
00:18:19.500 | is basically the 50/50 method.
00:18:22.100 | You know what?
00:18:23.140 | Pick companies you're interested in.
00:18:25.500 | So let him, 'cause he's gonna be naturally,
00:18:28.780 | he's gonna care about that, right?
00:18:30.100 | And then I'm gonna take the other half
00:18:31.940 | and we're gonna put it in an index fund.
00:18:33.700 | And we're gonna look at it every quarter
00:18:35.740 | to get him understand.
00:18:37.260 | And the good news is I got him hooked on stocks in 2021.
00:18:42.260 | Wasn't that great timing?
00:18:44.700 | He learned a great lesson about how those high-flying,
00:18:48.740 | pandemic-driven stocks that did really well
00:18:52.340 | didn't perform so well.
00:18:53.220 | So I think he's an index fund now guy too.
00:18:55.580 | So here's the progress that's been happening.
00:18:59.580 | This is what you're seeing here is the number of states
00:19:02.700 | that either through their legislature
00:19:04.180 | or through their State Department of Education
00:19:06.060 | require every high school student in the state
00:19:09.660 | to take a personal finance course.
00:19:10.700 | So the shorthand here is in a little over
00:19:13.220 | two and a half, three years,
00:19:14.220 | we've gone from eight to 23 states.
00:19:16.980 | So tripling.
00:19:18.860 | The next state, which is just waiting
00:19:23.740 | for the Wisconsin governor's signature,
00:19:26.100 | will put us over 50% mark.
00:19:30.380 | So more than one out of every two students
00:19:32.420 | will take a personal finance course
00:19:33.980 | just with the states on the board.
00:19:35.540 | Now it takes time for them to implement,
00:19:37.540 | usually three, four year implementation period.
00:19:39.380 | We're working with them on curriculum
00:19:40.700 | and professional development.
00:19:42.420 | But yeah, the world has changed pretty rapidly.
00:19:45.620 | How many people, not many people thought it was 15% or higher
00:19:50.260 | now you're hearing it's 50%.
00:19:51.540 | I think there's, it's happened so quickly.
00:19:55.500 | So you're probably interested
00:19:56.340 | in what's happening in my state,
00:19:58.420 | what's happening in your state.
00:20:00.020 | So the dark blue are states,
00:20:02.540 | those are like the original eight,
00:20:04.220 | they've had it in place the longest.
00:20:05.620 | The lighter shade are states
00:20:08.140 | where they're in the process of implementing.
00:20:10.340 | And so again, if you're in any of those states
00:20:12.700 | that are in the process of implementing,
00:20:15.140 | they're probably very interested in talking to people
00:20:17.140 | who might be able to assist kind of at the school level.
00:20:20.700 | And then I'll talk about ways to get engaged
00:20:22.460 | for the states that don't have any boxes around them.
00:20:27.220 | So maybe you're curious, not about your state,
00:20:30.820 | but you're curious about your school community.
00:20:34.780 | Every year we hire Montana State University,
00:20:36.860 | they go through 12,000 high school course catalogs
00:20:40.060 | to identify what is happening in the school
00:20:42.700 | around personal finance.
00:20:43.900 | If it's gold, 'cause this happens at the grassroots level.
00:20:48.740 | Great story out of Massachusetts,
00:20:50.140 | Sue Camperotto who teaches at Swampscott High School,
00:20:54.220 | 16 year odyssey,
00:20:56.460 | got personal finance to be a graduation requirement.
00:20:58.820 | That's the passion that educators have to make this happen.
00:21:02.340 | So if you wanna go figure out
00:21:03.860 | what's happening in your school,
00:21:06.340 | if you Google got finance,
00:21:08.420 | how many of you remember the Got Milk campaign?
00:21:12.500 | I gotta tell you, I'm the oldest person at our company
00:21:14.340 | and I said got finance and nobody really got it.
00:21:20.100 | So that's just Google got finance question mark
00:21:22.940 | and it'll take you to that map.
00:21:25.260 | So let's talk about the role that you can play.
00:21:29.780 | And I've kind of given you a continuum of options here
00:21:33.460 | from on the left hand side, go in and teach a lesson.
00:21:36.820 | And I'll tell you the best network
00:21:39.860 | is the school your child goes to,
00:21:42.540 | 'cause that's gonna,
00:21:43.740 | a school where you know who the economics teacher is
00:21:45.860 | or even the personal finance,
00:21:46.940 | you're gonna know what's being taught in your school.
00:21:49.140 | Obviously, if you have a student there,
00:21:51.220 | but if you're going into a school cold,
00:21:53.820 | you'll have the information from the website.
00:21:55.740 | On the far end, I'd say the most dramatic role
00:22:00.000 | I've seen an individual play,
00:22:01.180 | this was a financial planner out of Minnesota,
00:22:04.420 | Steve Lear.
00:22:07.300 | He said, I really want this to happen in Minnesota,
00:22:09.180 | so I'm gonna go out and pay for a lobbyist
00:22:11.140 | to make it happen.
00:22:12.100 | And you know what?
00:22:14.300 | It happened in Minnesota this year.
00:22:16.580 | So that's on the far end on the advocacy front.
00:22:18.860 | So really important point
00:22:21.140 | for those of you who haven't been into a classroom,
00:22:23.640 | attention spans are short.
00:22:27.080 | So 10 years ago, I'm in front of,
00:22:31.740 | it was probably 12 years ago,
00:22:32.660 | I'm in front of these ninth graders
00:22:34.100 | and I'm like, I cannot wait to tell them
00:22:36.700 | everything in my brain and just distill it to them
00:22:39.860 | and share all my wisdom with them.
00:22:42.400 | And about five minutes in, I'm like, I lost them.
00:22:46.940 | It's over.
00:22:47.780 | You gotta come with an activity.
00:22:49.260 | You gotta come with something to do.
00:22:50.260 | And I'm happy to share these resources with you.
00:22:53.820 | And I've given you both no tech options
00:22:55.980 | as well as tech options.
00:22:58.180 | So just real quickly, the bean game,
00:23:00.580 | really simple game.
00:23:01.900 | You have 20 beans, or they can be pennies
00:23:04.300 | or any manipulative.
00:23:05.540 | And you got two sheets of paper with things
00:23:08.980 | that you would expect to see in a budget.
00:23:10.980 | And you gotta allocate the 20 beans,
00:23:12.620 | needs versus wants, resource constraints.
00:23:15.140 | And then you throw the wild card in that,
00:23:17.040 | oh, guess what, your pay got cut from 20 to 13.
00:23:22.040 | Go pull seven beans off the,
00:23:25.420 | then you really understand wants versus needs.
00:23:28.460 | The bean game, extremely popular.
00:23:30.700 | Another one, let's make a mutual fund.
00:23:34.260 | Kids do not understand what a mutual fund is.
00:23:37.460 | It's not kind of this natural thing
00:23:40.460 | that they've ever experienced.
00:23:41.380 | So we have a get out of the seat game.
00:23:42.860 | Every student is given a ticker symbol.
00:23:46.140 | And then we ask them to form special groups.
00:23:49.540 | Go find somebody else with a similar ticket.
00:23:51.660 | And we have the returns on the flip side.
00:23:55.100 | Pair up, there's two of them.
00:23:56.540 | Go find two other pairs.
00:23:58.360 | Now there's six of them.
00:23:59.660 | And then it ends up, it works well with a group of 30,
00:24:03.300 | because guess what happens when they all get together?
00:24:05.900 | What index are they?
00:24:07.120 | The Dow Jones.
00:24:09.580 | Now we obviously make the point that very few people
00:24:11.540 | invest in the Dow Jones index,
00:24:13.580 | but it gives them idea of what diversification looks like.
00:24:16.820 | So that's, let's make a mutual fund.
00:24:19.580 | On the tech side, one of my favorite interactives,
00:24:23.500 | because index funds, I think mutual funds are hard.
00:24:26.680 | Index funds are pretty difficult too.
00:24:28.980 | There's a website called finviz.com, F-I-N-V-I-Z.com.
00:24:33.980 | It's a market map of the S&P 500.
00:24:38.400 | So I think a lot of teachers will put it up on the board
00:24:40.840 | when they're teaching investing.
00:24:42.720 | And you see, how did those 500 stocks perform?
00:24:45.940 | The size of the box is the market cap of the company.
00:24:48.940 | Gives you red versus green, what's up, what's down.
00:24:53.340 | And then it has a toggle on the left-hand side.
00:24:55.660 | So this was a terrible day in the market,
00:24:58.180 | but when we look three, six, 12 months out,
00:25:01.700 | it's a very different picture.
00:25:03.120 | Very easy to talk about short versus long-term.
00:25:05.620 | So that's finviz.com.
00:25:07.060 | We also have a game called Stacks.
00:25:10.220 | We needed to do the impossible.
00:25:11.480 | We needed to create an exciting game about index funds.
00:25:15.220 | It's like watching paint dry, right?
00:25:18.440 | So what we do is we give them seven different asset classes
00:25:21.500 | and they're trading like crazy.
00:25:24.480 | And in the background,
00:25:25.340 | they're competing against the computer.
00:25:27.760 | Guess what the computer's doing?
00:25:29.400 | Dollar cost averaging in the index funds.
00:25:32.360 | They lose about 90% of the time.
00:25:34.720 | It's a perfect lead-in to say,
00:25:36.600 | how stressed do you feel
00:25:37.900 | after 20 years of investing in 20 minutes?
00:25:40.400 | So that's our game, Stacks.
00:25:41.380 | Our most popular game in the arcade.
00:25:43.180 | The next thing you do
00:25:45.560 | is you could start an investment club.
00:25:49.820 | So I'm gonna ask, actually,
00:25:52.160 | one of our educators, Julius Przewski,
00:25:54.400 | and he's gonna talk about an investment club
00:25:56.040 | he runs at his high school in Baltimore.
00:25:58.680 | (audience applauding)
00:26:01.840 | (audience member speaking indistinctly)
00:26:06.520 | - Here, let me give you this.
00:26:25.180 | - Okay.
00:26:26.020 | - Okay.
00:26:28.220 | - Kind of attached here.
00:26:29.880 | So I teach personal finance
00:26:31.760 | in a private high school in Baltimore.
00:26:33.560 | It started about eight years ago.
00:26:36.100 | We started with an elective.
00:26:38.040 | Within two years, we had seven sections,
00:26:40.440 | and then at that point, they were like,
00:26:41.540 | well, we just should make it mandatory
00:26:42.920 | 'cause almost everybody takes it.
00:26:44.400 | So we are mandatory.
00:26:45.440 | It's a one-semester course.
00:26:47.240 | As Tid said, we teach investing,
00:26:48.880 | but in a one-semester course,
00:26:50.840 | you don't have a lot of time to teach about stocks.
00:26:54.440 | So I decided that I would do an investment club.
00:26:58.180 | So we have an activity period,
00:26:59.880 | and once a week, we meet,
00:27:01.400 | and we have about 65 boys in the group,
00:27:04.200 | and we come in, and I've used MarketWatch
00:27:06.600 | for the investment game,
00:27:08.040 | and I just set the criteria at about $100,000
00:27:10.920 | that each kid could invest,
00:27:12.560 | and then we just make 'em go long.
00:27:15.040 | I don't let 'em do shorts or anything like that.
00:27:17.200 | We don't let 'em buy on margin or anything like that,
00:27:19.840 | and then I try to just teach 'em
00:27:21.200 | with just different short PowerPoints
00:27:23.840 | on why do you invest in certain stocks,
00:27:27.120 | when would you sell those stocks,
00:27:28.680 | because what we find is that, like as Tim said,
00:27:31.360 | mutual funds can be very boring, obviously,
00:27:33.360 | and an index fund is not exciting,
00:27:36.840 | but Tim, you gave me a good idea.
00:27:38.920 | I let the boys go for three months,
00:27:40.860 | and then we have the winners get some free lunches,
00:27:44.440 | but now I'm gonna make 'em pick an index fund
00:27:46.420 | on the other side of it,
00:27:47.800 | and then kinda go, well, can we beat the index fund
00:27:50.540 | in a set period of time?
00:27:52.720 | But the kids, I think, need to learn
00:27:54.880 | that investing short-term is a little bit like gambling,
00:27:59.880 | 'cause a lot of our kids today
00:28:02.080 | have the gambling accounts with sports,
00:28:05.360 | and I see that on their phone all the time,
00:28:07.040 | and I'm like, okay, well,
00:28:08.200 | we need to learn the good and the bad,
00:28:09.600 | and I think sometimes losing
00:28:11.960 | is a great way to learn about investing,
00:28:13.520 | and I tell 'em, hey, guys, I've lost money in investing,
00:28:16.380 | I've made money in investing,
00:28:17.680 | but now I don't pick Singleton stocks anymore.
00:28:20.280 | I'm a Boglehead, I'm in Vanguard,
00:28:22.520 | so I kinda think that's the best way to go about it,
00:28:25.200 | is to get them involved and do it with fictitious money,
00:28:28.600 | but show 'em that most of these kids don't make money
00:28:31.080 | at the end of the three- to four-month period,
00:28:32.840 | and they're like, yeah, this is a lot harder than I thought.
00:28:35.400 | Awesome, thanks.
00:28:36.780 | (audience applauds)
00:28:39.780 | - Thanks, Julius.
00:28:47.180 | All right, if you wanna go a little bit further,
00:28:51.240 | you teach a course, and I would recommend,
00:28:54.840 | and we have free, I told you everything we do is free.
00:28:57.000 | Come to our professional development
00:28:58.960 | and collaborate with other educators
00:29:00.580 | and figure out what's working in the class,
00:29:03.220 | but we have scope and sequence,
00:29:05.780 | which means we lay out our lessons and how to teach them,
00:29:08.440 | and they're very interactive.
00:29:09.820 | I think a lot of people get intimidated
00:29:11.200 | because like, oh, I gotta be the sage on stage.
00:29:13.200 | What if they start asking me all these questions?
00:29:15.780 | And the thing I learned very early on as an educator,
00:29:19.600 | which I think was the most powerful thing I learned,
00:29:23.240 | was when they asked a question I didn't know,
00:29:26.340 | I'd say, let's figure this out together, right?
00:29:31.000 | 'Cause we've never had better tools
00:29:33.440 | to go out and find information,
00:29:36.680 | because they need to understand also that,
00:29:39.920 | I guess the other thing I would say,
00:29:41.400 | which I should have mentioned earlier,
00:29:42.700 | is there's a heavy emphasis.
00:29:43.840 | Our first unit in our course
00:29:49.640 | is behavioral economics.
00:29:51.960 | Let's let students grapple with their relationship
00:29:54.680 | with money before we dive into all of the details.
00:29:57.680 | Let's talk about all the cognitive biases we have,
00:29:59.720 | which make it difficult for us to do the thing we should do.
00:30:02.640 | Let's also develop a level of empathy,
00:30:04.540 | because you might decide you wanna buy lottery tickets,
00:30:10.000 | and if I come in as the educator and say, that's dumb,
00:30:13.440 | let's, why don't you invest that in an index fund?
00:30:16.680 | I think it's Morgan Housel's book,
00:30:18.220 | which I can't recommend enough, "Psychology of Money."
00:30:21.300 | I think it's his first or second chapter.
00:30:23.920 | He says, put yourself in somebody else's shoes.
00:30:26.240 | I'm working three jobs, minimum wage.
00:30:29.720 | That $2 ticket I buy is called hope.
00:30:33.100 | So be careful about judging.
00:30:34.640 | Not a lot of shoulds.
00:30:37.540 | I don't think a lot of shoulds
00:30:39.160 | should be part of personal finance,
00:30:41.040 | because you're gonna turn,
00:30:41.880 | I think this was mentioned earlier,
00:30:43.760 | if you're too sanctimonious,
00:30:45.000 | you're gonna turn people off, right?
00:30:46.880 | So understand, somebody said this, I forget who,
00:30:50.840 | but I think it rings really true.
00:30:53.520 | Every decision, every decision makes sense, right?
00:30:56.200 | When you look at somebody else's decision,
00:30:57.440 | say, how could you make that?
00:30:58.760 | Every decision makes sense with enough information.
00:31:02.480 | I had a conversation with a teacher.
00:31:04.440 | She said, I always lease cars, what do you do?
00:31:06.600 | I told her, I buy cars,
00:31:07.620 | and I run 'em into the ground 20 years later.
00:31:10.400 | You dig a little bit deeper into somebody who leases cars,
00:31:12.360 | she says, oh, I was traveling five, six years ago,
00:31:15.860 | and car broke down, we had to get a tow truck
00:31:19.320 | to bring us back to where we need.
00:31:20.800 | I mean, she had a traumatic experience with an older car.
00:31:24.840 | So she vowed in her head, three to four years
00:31:27.680 | is all I wanna run a car for.
00:31:29.800 | And I could say, well, but the economics say this.
00:31:33.000 | And so I think this empathy is incredibly important
00:31:36.440 | when you're teaching this class.
00:31:38.240 | Don't reinvent the wheel.
00:31:39.300 | There's a lot of high-quality curricula out there.
00:31:42.140 | Ours is customizable, too.
00:31:44.640 | So we do it in Google Docs.
00:31:46.180 | You file, make a copy, you can change it as you like.
00:31:49.220 | Expect the unexpected.
00:31:50.940 | And I think any long-term educator will tell you,
00:31:54.580 | embrace continuous improvement.
00:31:56.300 | It doesn't always go well.
00:31:57.600 | But I always thought, I was teaching three sections in a row,
00:32:01.620 | and I was a lot better with the third section
00:32:03.020 | than I was with the first.
00:32:04.460 | Those reps, just thinking, okay,
00:32:06.940 | how do I make this a little bit better, a little bit better?
00:32:08.740 | You do that over a career,
00:32:10.380 | and you're a rockstar teacher, right?
00:32:12.020 | Continuous improvement.
00:32:12.980 | Just like my mom taking notes
00:32:14.760 | in about 100 different Marble notebooks.
00:32:17.480 | Men are a teacher.
00:32:20.220 | They tell us investing is the most challenging subject
00:32:24.100 | for them to teach, right?
00:32:26.340 | And maybe we can help facilitate that.
00:32:30.840 | Again, this is the problem with an entrepreneur.
00:32:32.420 | They just immediately like, what if we created a list
00:32:35.660 | of bogleheads who want a men are a teacher?
00:32:37.320 | We match with our 90,000 teacher account base,
00:32:43.120 | and try and make some of those matches.
00:32:44.760 | 'Cause it can be difficult if you're not,
00:32:47.320 | you know, if your kids aren't in the school system,
00:32:48.960 | or you're further away.
00:32:49.800 | So maybe that's an idea we'll explore.
00:32:52.600 | But I know they would, I'll turn to my teachers.
00:32:55.000 | What do you think?
00:32:56.680 | All right, you know where they're sitting.
00:32:58.760 | And the last is advocacy.
00:33:02.140 | So I remember in 2021 thinking this was the craziest thing.
00:33:07.800 | I just got tired of people saying,
00:33:09.800 | everybody should be taught personal finance,
00:33:11.480 | but nobody was really, had figured out a strategy
00:33:14.840 | as to how to go ahead and do it.
00:33:17.240 | And I love this Margaret Mead quote,
00:33:19.400 | because it really is a small group of committed people
00:33:22.180 | that are in this community,
00:33:23.720 | this personal finance education community.
00:33:25.680 | And there's a small group of people on a relative basis
00:33:28.440 | that are bogleheads.
00:33:29.280 | But together, the power is just intense.
00:33:33.480 | So I'll give you two choices here.
00:33:39.160 | Anybody ever attend, anybody school board members here?
00:33:41.960 | All right, thank you for your service.
00:33:46.040 | So it often starts at the school board level.
00:33:51.780 | You wanna, you gotta build a coalition though, folks.
00:33:54.600 | You can't just show up and will something to happen.
00:33:58.400 | Find the teacher in the school
00:33:59.840 | who's really passionate about it.
00:34:01.280 | Find students, do a student survey.
00:34:04.120 | One of the reasons this thing is happening
00:34:05.920 | at such a rapid pace is when you survey, it's 80% approval.
00:34:10.320 | 80% approval.
00:34:12.400 | Tell me another subject in this polarized world we live in
00:34:15.280 | that 80% of people agree on.
00:34:17.100 | It's not bipartisan, it's nonpartisan and it's common sense.
00:34:23.240 | So we've got resources available
00:34:26.080 | in terms of the research that says it works,
00:34:28.320 | the PowerPoints that make the convincing points.
00:34:31.300 | And also how do you overcome objections?
00:34:34.120 | 'Cause there are a lot of them.
00:34:36.080 | And then on the state legislature front,
00:34:39.920 | again, you're kind of upping your game even more.
00:34:42.540 | We track every year legislation.
00:34:45.400 | I think in the past year, there were about 30 states
00:34:47.360 | that had 70 or 80 bills around financial literacy.
00:34:52.360 | Some of them are window dressing
00:34:54.760 | because the politicians know this is popular.
00:34:56.580 | They'll get a press release out
00:34:57.640 | that they introduced this bill.
00:34:59.200 | But some of them are serious.
00:35:00.560 | And if the legislators, you've got state senators
00:35:04.440 | and you've got state representatives,
00:35:05.540 | the action here is at the state, not at the federal level.
00:35:08.980 | But smaller states,
00:35:10.480 | you probably know your representative really well.
00:35:14.000 | We've got model legislation.
00:35:15.760 | We have kind of best practices
00:35:17.320 | in terms of how you think about.
00:35:19.160 | And I think the power of us,
00:35:22.320 | next gen personal finance advocating
00:35:23.920 | is not only are we looking for legislative solutions,
00:35:27.160 | but we're there to support them for implementation.
00:35:30.280 | 'Cause that's always the hangup.
00:35:32.240 | New graduation requirements don't come along very often.
00:35:35.200 | So they're looking for a partner
00:35:36.360 | who can do it at no cost, which we offer.
00:35:39.520 | So get to know your legislator,
00:35:42.760 | let them know this is important.
00:35:45.320 | And then you have opportunities.
00:35:46.480 | Usually the first stop in the legislature
00:35:48.040 | is the education committee.
00:35:49.160 | They'll hold a hearing.
00:35:51.020 | And that's when parents, teachers, and students
00:35:54.160 | steal the show.
00:35:57.040 | Because these students have so much gravitas
00:36:00.920 | and they're so passionate about making this happen.
00:36:03.060 | I can point to Wisconsin,
00:36:05.360 | Florida, no, it wasn't Florida.
00:36:08.800 | Three or four states where kids just lined up,
00:36:12.680 | two hours of kids talking about why this is so important.
00:36:15.840 | It leaves an impression on politicians.
00:36:17.920 | And then the last is you can be like Steve
00:36:22.180 | and hire a lobbyist.
00:36:23.080 | So to get from eight to 23,
00:36:26.000 | what we realized, we had a grassroots effort.
00:36:29.000 | We gave Sue Camperotto a grant
00:36:30.960 | because she made it a requirement in her school.
00:36:33.760 | And we probably gave 150 of those grants.
00:36:36.600 | But we discovered two and a half years ago,
00:36:38.240 | when companies want to affect policy, what do they do?
00:36:42.240 | They hire lobbyists.
00:36:45.160 | So in the last two years, we hired 25 lobbyists
00:36:49.180 | and about half have gotten over the finish line.
00:36:51.960 | 'Cause we realized this is how you create change.
00:36:55.160 | And it's the lobbyists and the combination
00:36:57.600 | of the educators and the students who make a difference.
00:37:00.680 | - So we have some questions for you.
00:37:08.560 | - Sure. - You ready?
00:37:09.460 | - Yep. - Okay.
00:37:10.300 | Okay.
00:37:13.600 | So a lot of the material, it seems,
00:37:18.600 | that is used in financial education in schools
00:37:23.020 | is sponsored product-driven propaganda.
00:37:28.020 | - Yeah, no, that's--
00:37:30.880 | - Can you tell me, first of all, is that true?
00:37:33.880 | And if so, how do you stop that?
00:37:38.040 | - Yeah, I would just say we're winning that battle.
00:37:40.240 | So we hired an independent third party
00:37:42.120 | to go out and ask teachers what curriculum they use.
00:37:47.120 | And the good news is I think our share was over 80, 85%.
00:37:51.160 | So our best, I guess our best weapon against that
00:37:56.160 | is providing great curriculum that's not sponsored.
00:37:59.940 | Again, we're fully endowed,
00:38:01.260 | so we're not raising money
00:38:02.300 | from financial institutions either.
00:38:03.740 | Because frankly, that's one of the challenges in the space.
00:38:06.940 | And I think if you give teachers a non-commercial option
00:38:10.440 | that doesn't have Big Bank emblazoned on it,
00:38:15.220 | I think they'll choose ours.
00:38:17.020 | - Another question about investing.
00:38:20.900 | So you're talking about investing today generally,
00:38:23.460 | but how about budgeting, emergency fund,
00:38:28.460 | is all that part of the curriculum also?
00:38:30.860 | - So we have 10 units in our semester course.
00:38:34.360 | So it's all the managing credit,
00:38:37.180 | types of credit, budgeting, psychology of money,
00:38:41.760 | consumer skills, like there's this thing
00:38:44.000 | called dark patterns, right?
00:38:45.320 | Like websites that get you to do things
00:38:47.740 | that you really shouldn't do.
00:38:48.960 | But so there's the full gamut.
00:38:52.460 | The other thing is we supplement with current events.
00:38:55.460 | So when GameStop took off,
00:38:57.180 | we've got a phenomenal teammate
00:39:00.860 | who you saw in the video very briefly, Yaneli Espinel,
00:39:03.980 | she creates a weekly current events video with a quiz.
00:39:07.560 | So we can also fill in the gaps when the world changes,
00:39:10.700 | whether it's Silicon Valley Bank imploding
00:39:12.460 | or all banks at risk to GameStop, to crypto.
00:39:17.460 | So the other thing we're really attuned to,
00:39:19.100 | you gotta be current.
00:39:20.940 | And again, we have this great feedback loop here
00:39:23.060 | of these educators coming in and telling us,
00:39:25.620 | here's what kids are talking about.
00:39:27.100 | And it would blow your mind.
00:39:29.780 | For X trading, are you kidding me?
00:39:31.940 | Well, guess what?
00:39:32.760 | 76% of kids are getting financial advice from social media.
00:39:37.040 | So that's the other reason I think
00:39:39.940 | we have a lot of momentum behind this,
00:39:41.640 | is if we don't provide a foundational course,
00:39:43.900 | they're being fed to the wolves, right?
00:39:45.740 | Get rich quick.
00:39:47.260 | - So there's something called just-in-time education.
00:39:50.900 | And there are studies that show just-in-time education
00:39:54.060 | works better than teaching them in a class.
00:39:57.500 | Can you comment on that?
00:39:58.420 | - Yeah, I think when you stop and think about high school,
00:40:02.940 | and actually it's on my last slide.
00:40:04.700 | When you think about the decisions young persons making
00:40:09.420 | in high school, there is a lot of just-in-time.
00:40:11.880 | Your parents hand you the keys to the car,
00:40:13.620 | better understand auto insurance.
00:40:15.140 | You may have gotten your first part-time job.
00:40:17.660 | Gotta learn how to read a pay stub.
00:40:18.960 | Why didn't I get 3.25 per hour?
00:40:20.900 | That was my first job.
00:40:21.740 | I remember the sense of revulsion I had.
00:40:24.800 | Like, what do you mean I'm not getting 3.25 an hour?
00:40:27.800 | So that's part of it.
00:40:28.640 | Paying taxes is another.
00:40:30.020 | And probably the most important decision
00:40:31.260 | kids are gonna make is staring them right in the face.
00:40:33.100 | What am I gonna do after high school?
00:40:35.460 | And so we've got an entire unit on paying for college,
00:40:37.680 | but also alternatives to college to provide the full view.
00:40:40.540 | So I would argue, I agree with just-in-time.
00:40:43.300 | And I think you gotta create a curriculum.
00:40:45.080 | Our high school curriculum is just-in-time
00:40:48.460 | in terms of all these decisions.
00:40:49.740 | - Okay, last question we have time for,
00:40:51.380 | and this is a good one.
00:40:53.180 | What if you're not in one of those 23 states
00:40:56.940 | and you have a student or know someone
00:41:00.420 | who would like to take this class?
00:41:02.900 | Can you do it online even though
00:41:04.180 | you're not in one of the states?
00:41:06.140 | - Yeah, so I think it's, we really focus on teacher-led.
00:41:10.180 | And so find a teacher in the high school.
00:41:12.740 | And again, when you come to them and say,
00:41:13.940 | hey, there's a curriculum and there's folks
00:41:15.500 | who will help train you around professional development,
00:41:18.700 | that's available, 'cause that's kind of our focus.
00:41:21.100 | So this isn't student-facing per se.
00:41:23.660 | Our distribution channel is really educators
00:41:26.420 | 'cause the scale that you get,
00:41:28.420 | every educator teaches on average 100 kids.
00:41:31.380 | And so that was kind of the path we chose.
00:41:33.300 | How many Californians in the room?
00:41:35.000 | Okay, you're gonna have a chance in November of 2024,
00:41:39.100 | we're working to get a personal finance education
00:41:42.980 | requirement on the ballot
00:41:44.260 | because the California legislature
00:41:46.060 | has spent two decades dithering
00:41:49.100 | and there's a 450,000 kids who graduate every year
00:41:52.380 | from California high schools that deserve this.
00:41:54.860 | So the states that aren't up there,
00:41:56.740 | there's about 10 of them we're lobbying in
00:41:58.860 | for the next year.
00:42:00.020 | And so you can expect, look for the bill tracker.
00:42:03.780 | That'll tell you when the bill gets introduced
00:42:06.020 | and then reach out to me, tim@ngpf.org
00:42:09.020 | and we'll get you involved.
00:42:10.820 | - Tim, we're grateful for you to come in today
00:42:12.860 | and tell us what you're doing.
00:42:13.700 | I think you're a fantastic job.
00:42:15.100 | I'm so glad we, the Vogelhead community,
00:42:16.860 | can be part of this.
00:42:18.780 | Thank you very much.
00:42:19.780 | - Thank you.
00:42:20.780 | [BLANK_AUDIO]