Bill Dwight – FamZoo

Episode Description

How old were you when you finally learned how to manage money? This week’s guest is the founder and CEO of FamZoo, Bill Dwight. He stopped by to discuss teaching your kids about money, the tools that worked for his kids, how to prepare your kids for future financial success, and life in general.

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Timestamps

00:56 – Inspiration behind FamZoo

05:01 – How does FamZoo work?

6:42 – The dangers of overdraft protection

10:04 – Using IOU accounts to teach kids about loans

13:40 – Best age to start teaching kids about money

16:13 – Money education regardless of family budget

17:55 – Using allowance to teach kids about electronic payment

19:45 – Using FamZoo to teach kids about compound interest

21:30 – Introducing kids to the stock market

23:01 – The family 401k getting kids accustomed to saving/investing instead of spending

29:53 – What can you do if your kids are already in college and need to learn about money

34:30 – The importance of using a financial system to teach your kids about money

35:55 – Kids can learn about charitable giving through FamZoo

38:04 – Final advice for parents trying to teach their kids financial literacy

39:34 – Learn more about FamZoo

Connect With the Guest