Dan Sheeks, author of First to a Million, gives us a run-down of what early financial independence could look like for your teen and how they can get started on their journey. It’s not about making enough money to laze around all day—it’s about having more options.If you've enjoyed Talking to Teens, we'd love if you could leave us a five-star rating, and if you have time, a review! Full show notesDo you ever wish you learned smart financial planning earlier in life? Maybe if you’d just had some more information, you could have that sports car you’ve always fantasized about...or maybe you would’ve just avoided making some rough mistakes! In order to set our teens on a better path, it might be wise to get them started on a financial education while they’re still under our roofs–so that when they step into adult life, they’ll pay bills and crunch numbers like a boss.The only problem is….kids don’t want to talk about money. They’d love to talk to you about the things they want to buy. But when it comes to investing, saving or planning, you might as well be talking to a wall. How can we get kids excited to learn more about their personal finances? Dan Sheeks is here to answer that question and many more! He’s a high school business teacher and author of the new book, First to a Million: a Teenagers Guide to Early Financial Independence. Dan’s been teaching business to teens for nearly two decades, making him pretty qualified to give financial advice to you and your kids. He knows just how to make finance palatable to teens, and all the juicy secrets for making money while you’re young!In our interview, we’re talking about what we can say to teens to get them interested in financial planning. Plus, Dan is explaining the difference between real and false assets, outlining different kinds of debt, revealing how teens can get a “next level” job, and much, much more. This episode is bursting with great financial advice for both teens and parents!Getting Teens To Care About Their FinancesAlthough kids may seem bored by discussions of dollars and cents, they probably aren’t tired of telling you their dreams. And it’s pretty likely that their dreams include travelling, making art or accomplishing things outside a 9-5 job. Even if teens do aspire to be lawyers or doctors, it might be because they’ve been conditioned to think this way their entire life, says Dan. He encourages parents to sit down with kids and ask them what they’d like to do with their lives, especially if money wasn’t a factor.When prompted with questions like these, Dan finds that many of his students express frustration with what’s expected of them. They don’t want to be on a preset path for forty or fifty years; they want the freedom to explore, try new things and pursue their passions. Although it may seem impossible for them to have all this and still have a stable income, Dan believes the contrary. With Dan’s advice, teens might just be able to have it all.Dan’s methods for saving money can help kids follow the path they dream of–making finance seem much more fascinating to them! If you can frame smart money-planning in a way that helps teens realize they can have their cake and eat it too, they’re much more likely to lend an ear when it’s time to chat about equity, savings accounts, index funds and tax breaks. But how is this possible? How can we make our money work in our favor? Well, Dan is giving us some expert advice this week to help both you and your teen make smart decisions and unlock the life you deserve.Assets, Debt, and Jobs (Oh My!)You may know a thing or two about assets, but did you know there are two different kinds? Dan explains in the episode the difference between false assets and real assets. No, false assets are not a scam...although they may cause you to lose money over time! False assets are assets that depreciate in value, meaning that by the time you sell them, they might not be worth as much as you bought them for. A car is a good example. Dan tells us in the interview about the incredible value of real assets over fake ones.When it comes to losing money, Dan believes that not all debt is bad. Although debt like student loans and credit card debt are definitely not good, there are also ways a person can accumulate debt that will actually benefit them in the end! Dan recommends that teens look into the possibility of debt if it comes with purchasing a piece of property. Although they may find themselves paying off the purchase over time, they can also rent it out and not only make payments, but turn a profit! In this case, Dan believes it’s wise for teens to consider taking on some debt.For teens getting a head start thinking about money, jobs are definitely on the table...but Dan thinks teens shouldn’t just go for any old job. In the episode, he explains the concept of a “next level job”, or a job kids can get now to help set them up for success later. This depends on what kids hope to do with their future, but it could be anything from  a secretary in an office to an unpaid internship. As long as it’s getting kids prepared for their future, it’s better than a simple part time employment that doesn’t round out their life, says Dan.All this talk of assets and debt makes it seem like the only thing there is to do is spend…but what about saving? In our interview, Dan drops some expert tips for teens to save money the right way.Secrets to Successful SavingDan doesn’t believe in budgeting. Well, ok, he’s not against it...but in the interview, he explains that it’s wiser to track expenses then create a fixed limit for doling out funds. When we create spending limits, we too often tend to start thinking of them as spending goals...and then we find ourselves going out to dinner one last time before the end of the month just to fulfill our $100 restaurant budget! Instead, he suggests we look at how much we naturally spend and see where we can cut down.In order to make the most of saving accounts, Dan recommends teens open up three different ones. That’s right, three accounts! One for emergencies, in case they fall out of a tree or crash their car. Another for future investments like a house can be helpful. And finally, Dan recommends having a third savings account for fun stuff! It’s not wrong to want to vacation in Costa Rica for a week or two, says Dan, and we should be able to save accordingly. He suggests teens create an automatic income transfer system, so that their money goes into those accounts on it’s own.But what about investing? Should teens be risking their money in the stock market with the possibility of multiplying their cash? Maybe not, says Dan. Although the stock market can be lucrative, Dan suggests most people, including teens, simply stick some money in an index fund and leave it to collect compound interest, instead of throwing money around into different companies. Unless you’ve got the next Warren Buffet under your roof, Dan recommends teens play it safe when it comes to stocks.In the Episode…If you’re looking for some seriously sound financial advice for your family, this is the episode for you! On top of the topics discussed above, we talk about:Why early financial independence is so valuableWhat “house hacking” is and why you should know about itHow to talk to kids about the cost of collegeWhy we should always pay ourselves before our bills.If you want to find so...

Julie Lythcott-Haims, author of Your Turn and How to Raise an Adult, brings to the show her vast knowledge of the psychology of emerging adults. How can we help our teens and 20somethings turn out well?If you've enjoyed Talking to Teens, we'd love if you could leave us a five-star rating, and if you have time, a review! Full show notesWhen kids leave the nest, it can be terrifying to see them go. As a parent, you may feel that your whole life has led up to this moment, and you might worry that you haven’t done enough. You want your kid to take on the world and succeed, but you worry they might come home crying and asking for their old bedroom back.As scared as you might be, the terror of leaving home is even worse for young adults themselves. Life is full of trials and tribulations, and it’s scary without someone there to hold their hand. You probably remember the fear you felt when you first left home, how unpredictable and challenging every minute was.Even though adulting is hard, we as parents can start preparing our kids now, in their teen years. If we build a solid foundation of self sufficiency, kids will be able to adapt to the curveballs that life throws their way. Our guest this week is Julie Lythcott-Haims, author of Your Turn: How to Be an Adult. The book is full of personal stories and candid advice for how to be a functional young adult.In our interview today, Julie and I talk about how it can actually be bad if your teen plans too much for their future. We also discuss why you shouldn’t be afraid to show your kid your imperfections, and how you can raise kids who know how to form healthy relationships.Why Planning Can Be ProblematicSome kids think they know exactly what college they’ll go to. They assume they’ll get into grad school from there, meet the love of their life at 25, get the job of their dreams. They know where they want to live, what dog they want to have and what they’re going to name their kids. But what if they don’t get into that college? What if they’re halfway through their degree and realize...they don’t want to be there? Then their plan falls apart, and they find themselves wandering in the fog.We want teens to have goals and ambitions, but we need to make sure they remain adaptable, says Julie. Adulthood is full of unexpected changes, identity crisis and relationship troubles. If teens plan too much for their future, they’ll only find themselves disappointed when things don’t work out how they expected.Sometimes kids are so focused on their plan that they miss out on something that could be so much better than what they’ve imagined for themselves. In the episode, Julie tells a fascinating story about a young man who worked for years to get into dental school. One day, right in the middle of an operation, he decided he just wasn’t happy with his choices. This realization sent him on a new journey of self exploration that changed his life. Even though he had it all planned to a T, he found those plans did not satisfy him, and he had to start all over again.If we really want to help teens survive in the world, we have to guide them towards the realization that things will never be perfect. In doing so, it can be extremely impactful to tell kids about our own mistakes, so they can learn from us.The Value of VulnerabilityYou probably know how hard it is to be a young person just starting out in the world–because you’ve done it. You likely went through plenty of mishaps and tough times before you eventually landed on the right path. Believe it or not, Julie says, teens don’t imagine that we went through any of that. They tend to think we were able to handle everything like a pro with no mistakes. Then, when they find themselves struggling, they feel like they’re the only ones.Julie suggests sharing all your failures with your teen, to help them see that messing up is not only normal, but educational. Julie and I talk about how much data we gather from making mistakes. It’s at our lowest points, Julie says, that we figure out what makes us truly unhappy. This realization is just as important as realizing what does make us happy, she notes.We sometimes want their kids to follow a certain path or live their life in a very specific way because it suits our narrative. We want to be able to brag to our friends that they got into Harvard or got hired at Apple, but Julie stresses that their journey is not about us. They have to find themselves, even if it can be hard to watch them diverge from the path we’ve set.One of the hardest things about being a happy and stable adult is creating healthy relationships with others. In the episode, Julie and I get into how we can look out for ourselves, while also compromising when needed..Fostering Functional RelationshipsOne of the lessons parents tend to teach kids is the value of protecting themselves before anyone else. Although Julie stands by the importance of prioritizing oneself, she also wants young people to understand the value of compromising with other people.In our interview, Julie talks about how young people often find happiness with a friend or significant other, but drop them at the first disagreement. They feel that if someone isn’t treating them exactly how they expect, then that person needs to go. However, Julie finds this logic problematic. Relationships aren’t perfect and they never will be. If young adults expect constant harmony, they’ll never find someone who makes them happy.Julie stresses the value of teaching kids to be happy with themselves, but also navigate the often complicated path of relating to others. Although it’s hard to find that balance, it’s essential to living a stable life. Equipping kids with the ability to set boundaries and resolve conflict with others will do wonders for them as they make their way through adulthood, Julie says.One way parents can do this is through modeling, Julie says. If we’re raising kids with a partner, make it explicit to growing teens that your relationship isn’t perfect. There are pushes and pulls that create friction and tension, but with honest communication and time, there is always a way back to peace with one another. If we can teach teens this lesson, they’ll have more success with romantic and platonic relationships in adult life.In the Episode…It was a pleasure to sit down with Julie today and discuss how we can help young adults live their best lives. On top of the topics mentioned above, we talk about:How parents can leave kids with a “tool kit” for adult lifeWhat we can do to give kids more autonomy in their teen yearsHow money management is complicated by emotional thinkingWhy we need to teach kids to have boundariesWhat we should tell teens in place of “find your passions”Entering adulthood will always be a challenging process, but Julie has some great tips for us to help prepare our teens for finding their passion, being financially independent, and whatever else comes their way! Grateful to have Julie on the show--thanks for listening, and we’ll see you next week! Follow us on Social Media! We're @talkingtoteens on Instagram and TikTok