Episode 25: Are People Really Financially Educated?

1. Marlon is in his last year of high-school, about to start college in a few months. He’s has no bills in his name and has never had a job before, so if he needs to buy things, he comes to you, one of his parents. Marlon is going away for college soon and will need a way to buy “incidentals.” Is there any way you can prepare him for this new financial freedom? Or are you doomed to lose money if he goes on a spending spree?
2. Stella is a Middle-Aged Woman who earns a comfortable income as the CEO for commercial packaging company. Unfortunately, she never participated in her company 401k or pension plans, because she prefers the fancy things in life like a Bentley Bentayga. Unfortunately, her company lost a big client and her salary got cut into a quarter of what it was because shes out of a job. Should Stella take some financial literacy class or should she just get a financial advisor to figure out how she can bolster her finances?
3. William loves to Skydive. So much in fact that he dropped out of college to start vlogging about his jumps and showcasing his acrobatic prowess. He’s earned a hefty following across a couple of social media platforms and even has sponsors now. He recently thought what should he do with all this money he’s earning. He’s always got birds on the brain, so isn’t really interested it spending it all, but rather doing something smart with it. What should be the first thing he does?