Teaching Kids Financial Literacy with Daymond John

This week, we're diving into the Shark Tank with Daymond John to explore how to teach financial literacy to kids and discuss his latest children's book, Little Daymond Learns to Earn. Daymond is a well-known entrepreneur, investor, author, and TV personality who founded FUBU, a hip-hop apparel company, and has appeared as an investor and mentor on the popular TV show "Shark Tank."

Aside from his successful business career, Daymond is also a motivational speaker and author of several books, including "The Power of Broke," "Rise and Grind," "Powershift," and his latest children's book.

During our chat, we delve into topics such as who the first teacher in a child's life truly is, how educators can increase their earnings, and the financial lessons that schools should teach children.

This informative and star-studded episode is not one to miss, so be sure to tune in and subscribe for more!

Listen to the podcast anywhere you stream your favorite shows:

[jillhughes]

I am a high school intervention teacher in a rule part of Ohio. For the past six to eight years we have required our 11th graders to take a class called Career and College Readiness. This is a requirement for graduation. They learn how to write a resume, interviewing skills for getting a job, how to apply for college, how to enlist in the military, etc. They also learn financial literacy. They learn how mortgages work, how student loans work, how to do your taxes, how to balance your bank accounts, etc
We also focus on everyone's "E" after they graduate: will they Enlist (military), Enroll (college or trade school) or be Employed (full time job). And we celebrate all three "Es" equally. For example, on signing day, all of our seniors either sign their intent to commit to a college/trade school, sign their intent to join the military or sign a contract for a job. And this is not brand-new we've been doing this for at least 5 years.

[Geekabibble]

I had a system where my students earned points for good behavior. After so many weeks they could spend those points on things I had bought. I'd look for inexpensive or discounted stuff at Walmart or Office Depot. I was able to get Beanie Babies that had been in a collection and were like new. Elementary school kids loved pens, cool pencils, erasers, little notebooks, sticky pads, stuffies, etc. Some would save their points to buy a bigger item later and some would spend every point. Many did begin to understand you have to save and have delayed gratification if you wanted the beanie babies or other more expensive items. I had one boy who was so sweet, he used his points to buy items for his family for Christmas. He especially loved buying Beanie Babies for his little sister. It's harder to find things for teachers nowadays with things being more expensive and places not having as much in their discount sections. Office Depot used to be a great place to find fun stuff, but they stopped having a really good clearance area. Anyway, it was one way to help students learn about saving up for things they want and budgeting. While also rewarding good behavior.

[earthmother]

Great guest and podcast!

I used to teach 8th-grade Algebra. During the last two weeks of the year, we had an "employment/life after school" project that was done independently in class. It was a great success for many reasons, and different for each student. The assignment was to find a job, a place to live, transportation, eat, pay bills, etc. I had worksheets for each step and the first step was to find a job. Kids worked at their own pace within limits. At the time, we used the Washington Post which put out an employment section that was hefty. I'm sure there are online resources now.

The caveat was that the type of job you could apply for was dependent on your Algebra grade average. "A" students could have jobs that required an advanced degree or extensive experience. "B" students could have any job that required a college degree or advanced certificate, depending on the major/specialty they chose. "C" students could only look for jobs that required a high school diploma. If your grade was lower than a C, then you could only apply for jobs for people who didn't have a high school diploma. At first, there was a lot of flack about how unfair it was which sparked a discussion of the reality of how what you choose to do in school affects your life. I had job applications for them to fill out. I did the interviews. Some got the job and some didn't but we talked about what went well or wrong and they could try again.

Next, they had to find transportation and a place to live. If they had to live far away from their job, they had to take into consideration the cost of gas and a car, bus/train fare or carpooling, etc. This is where we set up a budget sheet and kids found out that students with As and Bs were having an easier time but even the B, college grads were limited, depending on what their major was. I used grocery circulars for them to buy food, and car ads to buy a car. They had to pay for rent, internet, utilities, insurance and gas if they had a car, etc. (Some had to live with family or find roommates in our class.) I'm sure you can put the rest together. There were a lot of good life lessons for the kids, I got to talk to them individually much more than usual, and, because we were on a block schedule, there was time every day for sharing as a group.

Sorry that this was so long but maybe someone can use this at the end of the year when you're going crazy.

[Tarynbreann]

My took Personal Finance as an elective in high school and the teacher basically spent the whole semester disagreeing with the textbook. I truly don’t remember learning anything else. I took the class, in an effort to earn college credit at the same time. I love Damond’s idea and I’m glad he wrote a book. I hope someday soon our education system will incorporate preparation for the wrap world.

[HopeGardneramed]

I remember a teacher in middle school telling us we would need to use math even if we were famous athletes/performers (a common dream at that time for that age group) because we would have to know how to calculate what percentage of our income goes to our agent or manager. I didn't even realize that was a part of the job description of those careers (they probably have accountants, but it got the point across).

[melindanaranjo]

Just pre-ordered the book for myself, my nephew & nieces, & lil learners! Im so excited to get it!

[alinawazmomin]

Just pre-ordered the book for myself, my nephew & nieces, & lil learners! Im so excited to get it!Just pre-ordered the book for myself, my nephew & nieces, & lil learners! Im so excited to get it!

[christinelempin]

Loved this episode . Yes more financial lessons needed from preschool through College . A whole curriculum! I was always steared away from basic nuances of money and finance in my preschool lessons - being told children have no need for money therefore why waste your time . What

[KatieMH]

If I remember correctly there did use to be an Adulting 101 class in High school I think it was called Home economics. According to my Mom you’d learn how to cook, clean, basic sewing and how to budget, things most adults now don’t know.

I shocked younger co-workers once but telling them I was roasting a chicken with sides for dinner and they couldn’t believe people knew how to do that.

[Stoudy]

I swear back in the 2000's we did not have any financial schooling that was truly useful. I'm 32 now and learned so much in the last two years since joining a financial advisor team.

[aaliyahpope]

Financial Literacy is very important at all ages. Money is important to learn because like it or not we need money to live

[laurashaw]

When I taught in a self contained classroom both middle and highschool a few years ago, I came up with a mini lesson on budgeting which included the basic working of a paycheck. I realized that the students didn't understand the concept of working to earn income to live on their own.

[JulieEggett]

Learning life skills or "adulting 101" in school does exist! It is called Family and Consumer Sciences Education. I am graduating with my degree in Family and Consumer Sciences Education. We teach financial literacy, food and nutrition, interpersonal relationships, sewing, fashion, interior design, and career exploration to middle schoolers and high schoolers! I love being able to help kids learn skills I know they will use their whole life!

[DorothyOzmaLover]

Oooh, iconic guest so this episode was a thrill!

[jayj]

Doing an essay on Dave Ramseys finanical principles should definitely be added to this curriculum.

[mohsinayub]

has very attractive personality and she never fail to entertain 👍

[CharleneWoelk]

In grade 9 math (2004) we had a buying a vehicle assignment. We had to pick the vehicle we wanted look at how much the loan was how much interest and how long it would take to pay it off. Then using the mpg rating we had to estimate how much fuel was going to cost to drive it into the city for work (we're small town and farm kids so everyone would be driving) or university if we choose that after graduation. Also had to include insurance, what if we got a ticket for something, if you had an accident how would that be paid for between deductible and insurance, maintains, winter tyres and summer tyres (I use what is now called 3 season they used to call them all season but they suck in the winter, so in Canada you really do need 2 sets) etc. Then we had to determine how many hours we had to work to just pay for the vehicle. But we also had to factor in taxes and deductions.

This was an end of the school year (June) project and all of us would be doing drivers Ed the following fall (September - December). So the timing was lined up nicely and I think a lot of students walked away with more respect for having the privilege to use their parents vehicle or to just have access to one of their parents old vehicles.

[AletsMark]

I buy a lot of the things I want. I earn all my money, And I don’t mean doing chores, I work, and I started doing this when I was 10.

[mykhiddos]

I had a record keeping class that helped with writing checks and stuff like that....they need to have more of that