19. Teaching Financial Literacy through “The Bank of Mom and Dad” with Bill Dwight of FamZoo.com

Show Notes

Bill Dwight is the CEO and Founder of FamZoo.com, where the mission is to bring financial literacy to 40 million American kids through thoughtful parent-moderated payment technology. On this episode of CFO at Home, Bill and Vince discuss creating “The Bank of Mom and Dad” to teach kids money management skills, the virtues and downsides of trading apps, the Family 401K, and more.

Key Takeaways
- FamZoo is an App that helps to execute operating a “Bank of Mom and Dad”
- - Teaches kids that you can put your money to work and it will gain return in an accelerated time frame.
  - Creates a “virtual bank” which allows you to simulate real world financial transactions for kids, and takes the emotion out of the process
  - Facilitates the process creating an allowance/budget for kids that helps to teach money management skills and ownership of financial decisions.
  - Creates a safe but realistic environment for the “law of natural consequences” to teach the lessons
  - Teaches kids the money skills they need; whether that’s saving, spending, or giving

Family 401K
- Concept - Open a ROTH IRA for your child when they get a W2 paying job, (custodial account if they’re under 18). The child, parents, relatives can all contribute. Helps to encourage a long-term perspective about investing. Teaches investment principals like dollar-cost averaging

Resources:

Ways to contact/follow:
- FamZoo.com
- FamilyFinanceFavs.com

19. Teaching Financial Literacy through “The Bank of Mom and Dad” with Bill Dwight of FamZoo.com

Listen On

Featured Episodes

kids and money Episodes

Recent Episodes

college Episodes

debt Episodes

investing Episodes

relationship Episodes

retirement Episodes

relationships Episodes

education Episodes

budgeting Episodes

money mindset Episodes

economics Episodes

entrepreneurism Episodes

kids and money Episodes

financial literacy Episodes

insurance Episodes

saving money Episodes

real estate Episodes

wealth building Episodes

financial independence Episodes

social security, medicare Episodes

estate planning Episodes

Browse episodes by category