Beejel Parmar: How to help our children learn financial Literacy
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Steve Werner: Welcome back to grow your impact income and influence the number one show helping you reach millions.
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Steve Werner: Today we are talking about the income part of that, but it is a completely different take on it, I am so excited if you guys have been listening to this show for a while, you know.
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Steve Werner: That I started my financial journey, when I was really young my parents got me started with a bank account, I was out mowing yards, when I was eight.
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Steve Werner: Today we are talking to the founder of financial, it is a platform that helps kids.
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Steve Werner: become financially free become financially minded we were talking before the show, and some of the stuff that is going on is going to blow your mind, please help me welcome to the show be jaw jaw how are you doing.
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Beejel Parmar: Thank you so much for having me i’m looking forward to discussing this topic with you.
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Steve Werner: awesome so tell us where this started, because I think there are so many people out there who say you know financial literacy should be taught in our schools and it’s just not anymore.
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Steve Werner: And you’ve kind of taken it upon yourself to provide a platform that helps kids so talk to us where where this all started for you and we’ll kind of unpack it a little bit and talk about the things that you’re doing.
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Beejel Parmar: Let me answer the question this way imagine for a second, we could get get into a time machine and go back in time all right.
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Beejel Parmar: What whether what this in your in your teens or late teens or youth, or at the early stage of entrepreneurship, would you have liked to have known about money.
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Beejel Parmar: Right or money success, entrepreneurship, that we as entrepreneurs have to often learn the hard way.
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Beejel Parmar: So now, let me go back into my time machine and go back to my childhood for a second, so my dad was a banker, so I kind of grew up around conversation around money.
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Beejel Parmar: But that also meant I didn’t really want to learn anything about it so now kind of fast forward through time a little bit a graduated.
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Beejel Parmar: found entrepreneurship fairly early but also took on the belief that my next big thing was gonna be my next big thing right so whatever I was making us kind of put him back in the business.
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Beejel Parmar: I never learned the fundamentals about wealth building and I often thought are smarter than the fundamentals.
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Beejel Parmar: i’ve talked to many entrepreneur, the last decade, I mean literally thousands of one on one conversations.
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Beejel Parmar: And a lot of them they’ve met some some have struggled to make money, many have made money but very few have managed money well.
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Beejel Parmar: So that’s really my the reason behind this is that we’re trying to figure out.
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Beejel Parmar: If we can teach our kids the next generation of kids and teens the fundamentals of money, how might their future if they could get into their time machine and go forward in time look with those fundamentals in place.
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Steve Werner: I mean that is an awesome awesome mission, the first thing that I want to say is, although I made money when I was young, I didn’t manage money well.
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Steve Werner: I think i’m better at it now, but i’m still not great, and I think that so many people.
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Steve Werner: aren’t good at managing money probably less than a percent maybe 2% of the population are good at managing.
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Steve Werner: Money like putting the right amount in the bank looking at where their money is going having their money work for them.
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Steve Werner: And even with entrepreneurs, I feel like it’s almost worse because we’re raised like you got to take risks, you got to put your money to work.
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Steve Werner: The like do we have money in the Bank is it feast or famine, all this stuff going on, and I feel like if I would have learned more of that when I was younger.
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Steve Werner: Maybe I wouldn’t have struggled so much now i’m pretty good.
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Steve Werner: I read a book called profit first about two years ago that changed a lot of things for me change the way that I manage things if I would have been taught that a younger age.
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Steve Werner: would have completely blown my mind and had me set up for a lot more success so talk to me a little bit about the fundamentals like what are the fundamentals that you’re teaching and why are they so powerful.
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Beejel Parmar: So you know fundamentals, I mean that the what am I about to say is going to seem like well that’s obvious.
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Beejel Parmar: Well that’s fundamental but saving savings right, so how much of all that money is coming in, do we put do we have the discipline to save how much of that do we then invest in proven methodologies right whether that’s real estate, or you know index funds or whatever.
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Beejel Parmar: Conscious spending right so so much about overspending comes from not really having a good relationship with money and the belief, you know that.
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Beejel Parmar: You know, we can out spend our way to becoming wealthy well that’s proven not to be the case even earning our way to wealth right.
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Beejel Parmar: Now the movie earned the wealthy wouldn’t get that’s not try, though, a lot of people who make a lot of money still don’t have a lot of money.
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Beejel Parmar: So the fundamentals are literally that that there’s there’s nothing mysterious about it is it’s the building blocks of wealth, building but here’s the fundamentals, we don’t think about something like compound interest right so.
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Beejel Parmar: The the principles of the discipline and the consistency so really these are, these are the the even before we talk about wealth that when we have the discipline of saving the consistency of saving.
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Beejel Parmar: These are the fundamentals, that we want the kids to start to think about before they even start to think about the subject of money that if we can teach these fundamentals first.
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Beejel Parmar: Then layer on their ability to make money and today kids kids and teens are are making a lot of money, there are kids out there who have literally made millions of dollars and they have no idea how to manage the money right.
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Beejel Parmar: So So these are the fundamentals, that we want to know his thing, nobody really wants to learn the fundamentals that and what the one of the example users so shane’s my daughter that.
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Beejel Parmar: Every personal development type event entrepreneur event I have gone to some point or other, the question is asked how many of you in the audience want to make more money.
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Beejel Parmar: And the hand goes up every every single hand goes up and the ones that put the hands up that all Come on, then why are you here, if you know come on everybody tell you.
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Beejel Parmar: However.
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Beejel Parmar: i’ve never heard anybody asked how many how many of you are willing to put in the time, effort and energy to learn how to make managed money.
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Beejel Parmar: Right and the managed part is a very critical piece of this right, and no one’s asked the question, because actually we don’t want to.
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Beejel Parmar: write goes it that that requires that that discipline and consistency that a lot of entrepreneurs struggle with.
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Beejel Parmar: And, but yet it’s essential that children can learn this as a white white children it’s a lot to do with their beliefs around money that is why we believe, if we can get to them early.
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Beejel Parmar: They can start having a healthier relationship with money so even before the principles of wealth, building it’s it’s these habits these beliefs, the consistency, the discipline which other forbearers of the wealth building.
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Steve Werner: that’s I mean if I could go back in time I I was raised, like we always went to the bank on Friday, and we would deposit my dad would deposit money, and I would posit a piece of my allowance into savings account.
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Steve Werner: One of the things that was really cool was I got to see that build so as I got older, I was in college, I was one of the only kids I knew that had a savings account.
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Steve Werner: And even though I didn’t make that much money, I was waiting tables, I will go down, and I will put that money in an account and then.
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Steve Werner: I was taught that way and just having that so many people are like well I didn’t have money to save when I was in my 20s.
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Steve Werner: really think about your 20s how much money, did we blow on stupid stuff just going out and having some beers with friends if we would have put $20 a week.
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Steve Werner: away compound interest and everybody seen the graph that everyone’s like Oh, but it takes 10 or 15 or 20 years to to you know, to really start to see that climb.
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Steve Werner: But that’s the thing if you start when you’re 12 years old or eight years old, imagine if you were to started if you’re listening to this you’re like I don’t know imagine if you would have started saving.
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Steve Werner: $20 a week or $10 a week or $5 a week, all the way back then you would now have a million dollars in the bank.
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Steve Werner: And that money.
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Steve Werner: would be compounding and continue to working for you and you’re like oh I don’t know if I have that money well.
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Steve Werner: I bet you can think about things that you spent really dumb things that you spent money on in your teens.
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Steve Werner: In your 20s maybe early 30s I mean I can think of stuff that dumb stuff though spend money on all the time we go to Amazon we type something in we order, it shows up, but the so fundamentally very sound.
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Beejel Parmar: And that’s what that’s what kind of you know, sitting down with the kids and even if they’re owning a little bit of pocket money right, even if it if it’s just 100 bucks a month, you know.
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Beejel Parmar: And just saying hey look, you know I know it’s gonna be very easy to spend this hundred.
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Beejel Parmar: But let me show you what happens if we if he manages money just a little bit differently right if you put this portion over here.
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Beejel Parmar: This portion over here this little 10% portion let’s give that to some cause that you believe it right.
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Beejel Parmar: So, so now we’re starting to introduce them to the discipline that they’re going to need through adulthood, whether it’s $20 where there’s 200 whether it’s 2000 $20,000 you know.
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Beejel Parmar: If we if we stick to the fundamentals and we do it long enough, and you said you know if, by the time they’re 35 you know you know they’re going to be in the top 5% of the wealthiest people on the planet right on the planet.
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Beejel Parmar: And and it’s not magic is not some not so much traveling crypto that’s going to go up 5,000% it’s just the fundamentals and i’m not saying that that’s that you know you don’t do that too.
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Beejel Parmar: But if you get the fundamentals right, no matter what happens with crypto whether it’s the whole thing collapses you’ve got the fundamentals, the challenge entrepreneurs is they go all in right entrepreneurs have the mentality of they go all in they put all their money into their business.
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Beejel Parmar: there’s only one, in that, as long as you do it on top of the fundamentals and that’s my biggest learning is like man I wish I could just go back.
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Beejel Parmar: and actually listened to my banker dad very conservative very disciplined you know did exactly the right thing and I thought I was smarter.
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Beejel Parmar: I thought, as an entrepreneur I could outsmart my dad and and retire in three years by building my my multimillion dollar business.
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Beejel Parmar: I didn’t do the fundamentals that’s one reason why i’m so passionate about this because I wish I could go back in that time machine and teach myself will give myself these books or even have them introduce them to the course that we produce for kids and teens today.
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Steve Werner: Well, I mean you’re you’re preaching to the choir I think everybody had that I think that’s kind of part of you know, being like the like on fire person in your 20s.
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Steve Werner: The question that I would have or I guess the thing that I would point out, is it’s the disciplined habit forming when you’re young.
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Steve Werner: That we’re talking about, even if it’s just $1 if it’s $1 a week and they get in the habit of that your habits are built when you’re 567 10 and if that habit is built, then it’s much easier to carry that into adulthood, which will lead to exactly what you said.
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Steve Werner: These kids growing up to be in the top 5% of the wealth so tell me a little bit about what’s in the course because there, there were some really cool things that.
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Steve Werner: That you and I were talking about on like I mean the shark tank idea it’s not really shark tank but the kids idea for that there was there were so many things in there, I was like man that is such a cool thing tell me a little bit more about what’s in there.
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Beejel Parmar: Yes, let me kind of share in this way, so you know the original.
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Beejel Parmar: founders were paloma honey and Chris Powell jr to entrepreneurs that that just wanted to give back you know they just came to a point in their careers or they’ve had a lot of success.
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Beejel Parmar: And they wanted to do something for for kids and teens they spent you know, a couple of years.
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Beejel Parmar: You know kind of creating this content up into the point to realize that you know, to really do justice to this content, the had to make it into really a business, so that more kids and teens could get access to it.
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Beejel Parmar: And now pulls kids are very young, so, even though he they knew what to teach and Chris doesn’t have kids they kind of asked around the hey who in the Community, that you know.
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Beejel Parmar: That would be a kind of model parent but also could drive the business and that’s kind of how they came across me and it kind of brought me in as a co founder for this.
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Beejel Parmar: But what we when we when we stepped into the to realize that content alone wasn’t going to do it, it had to be more than just Khan academy and experience, so we look at how do we simulate.
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Beejel Parmar: Real world experiences right so let’s just say, putting the content and once I read the content, by the way, is phenomenal it teaches the fundamentals are said.
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Beejel Parmar: And the context is no different from an adult financial financial literacy course we talk about debt credit cards compound interest you know all all those topics that adults might learn in an adult financial literacy Program.
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Beejel Parmar: But then we said, well, what are the experience, so we went from a very standard, you know platform that taught the courses and said, we need to invest.
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Beejel Parmar: In how the kids are learning today and into the future, so basically invested a ton of money in a brand new platform that’s game if i’d say kids can actually start earning rewards and tokens we know, one of our.
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Beejel Parmar: Development team is somebody who designed the same reward system as a candy crush right so, even though we are an education platform we’ve incorporated elements of gaming into this.
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Beejel Parmar: And it’s Okay, we want to, we need to go further what’s happening to the money industry, so now we know kids can turn these tokens into rewards and when they when they graduate they kind of get these.
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Beejel Parmar: Not they’re not actual crypto tokens or nfc terms, but their.
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Beejel Parmar: tokens in name so they’re starting to get the experience of what this future might look like when it comes to money they get to store they’re gonna get the store these tokens in you know the wallet.
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Beejel Parmar: Again we’re using the language in an experience that’s very akin to the the world out there.
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Beejel Parmar: And top of that was over what How else can we reward the kids because we have to remember.
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Beejel Parmar: kids will will do these courses in a similar way the adults of courses physically resistance, but we have to get the buy in from the kids one way to get buy in is that hey.
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Beejel Parmar: You can start buying your own stuff you know in fact we’re going to not give you.
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Beejel Parmar: payment for doing chores, and again I don’t believe in giving kids money for doing chores that are what we call the household family duty like taking the trash out right.
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Beejel Parmar: These are things are things we have to learn to do without that monetary award.
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Beejel Parmar: However, there’s many things we can actually pay our kids for that can assist, especially if you’re an entrepreneurial parent listening, you know.
00:15:11.940 –> 00:15:18.960
Beejel Parmar: Help them, you know with follow up on putting business cards into your database has so many different things that they can do designing graphics on canvas.
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Beejel Parmar: Lots of ways, you can actually pay them for actual business related work once they learned that they can be an asset to the Community.
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Beejel Parmar: How many entrepreneur friends who have come in the neighborhood that could that could use that kind of help us on social media graphics being created and stuff so now we’re sort of that.
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Beejel Parmar: adage of interview you give a man a fish versus teach a man to fish let’s teach our kids how to generate money let’s teach our kids how to this that’s the course does now that you talk about the fundamentals, the fundamentals zone.
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Beejel Parmar: So what did we find that when kids graduate and gone through the course they can actually present their business idea.
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Beejel Parmar: To an actual group of investors, we call them fund investors, they really are entrepreneurial friends who you know who are behind the mission and agree to like.
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Beejel Parmar: invest in slash donate some money to these kids really asked to inspire them to you know continue thinking along along these lines.
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Beejel Parmar: So we have a lot of stuffy but you know, in the future the idea around an exchange where people can actually buy services and graphic design services from the platform itself so we’re trying to we’re doing our best to simulate real world experiences through the platform.
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Steve Werner: I mean, I absolutely I love everything about that I love, how much thought has gone into it, I mean gamification is a huge thing.
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Steve Werner: But, especially for kids right, I mean they’re that’s what they’re looking for, but it’s such a fun way to get them to move forward and to see this as more of a game.
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Steve Werner: and take it seriously, because once they start to see the rewards then they’ll get locked into it, I also love the idea of being able to invest.
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Steve Werner: In their ideas, because if I was a kid that would get me right, I had all the ideas as kids I had like ideas everywhere.
00:17:07.920 –> 00:17:17.400
Steve Werner: If I could have pitched that to somebody and maybe got a little bit of mentorship or some ideas like I can’t imagine how much shorter my growth curve would have been and.
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Steve Werner: Where I would be today if I if that would have existed like that is awesome if there’s an entrepreneur listening to this.
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Steve Werner: Who would like to sit on that panel, how do you go about picking those people because i’m sure there’s somebody listening it’s like I would love to do that.
00:17:32.160 –> 00:17:39.720
Beejel Parmar: yeah you know just just doesn’t send them an email to support at financial freedom calm, let them know that you know you’ve heard this podcast.
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Beejel Parmar: And you know i’d love to learn more about being a fund investor as part of our fundable zone and will reach back out to you, we can’t let you know when the next live event, and we do these.
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Beejel Parmar: Live events, and we will let you know that if you are if it’s convenient for you to going to jump on and just you know, listen to some of these kids pitch their ideas.
00:17:58.710 –> 00:17:59.970
Steve Werner: awesome I mean there.
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Steve Werner: It would be a great time, make sure that will be in the show notes, so if you’re listening to this chicken the show notes if you’re watching this on YouTube it’s in the description, make sure to send an email if you’re interested in that.
00:18:15.570 –> 00:18:23.520
Steve Werner: Be jaw I just want to say thank you so much for coming on and talking about this with us, if people wanted to check out the platform if they have.
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Steve Werner: kids where should they go.
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Beejel Parmar: yeah so you know there’ll be a link in the description that they can they can click on they’ll take them straight to the right.
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Beejel Parmar: Page to to to view kind of all the webinars so we can kind of give you the what the bigger picture of what they’re doing the way we do it examples of the content and if it speaks to you, then you know you can get involved.
00:18:48.750 –> 00:18:52.380
Steve Werner: awesome there was one last thing that I wanted to bring up when you and I were talking.
00:18:52.650 –> 00:19:02.730
Steve Werner: you’ve had some kids that have gone through this course and are outperforming their parents in several different ways, like either through saving or just making some money in the market.
00:19:02.940 –> 00:19:07.140
Steve Werner: Do you have any fun stories that you would like to share, about that because I just think that’s really cool.
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Beejel Parmar: yeah you know.
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Beejel Parmar: Now, and then i’m so behind the scenes in terms of running the business, but now that I do get speak to some of our parents and their kids.
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Beejel Parmar: So not too long ago I kind of interviewed this it wasn’t meant to be an interview I they reached out to me, and they can have shared a story of their for kids.
00:19:24.300 –> 00:19:35.250
Beejel Parmar: Is that there were 776 than a three and a ones we have two older kids and today we started for businesses, after Washington going through your program you know, and this is the father right an email, you know every.
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Beejel Parmar: The way they they went through the program with the kids they’ll spend every Sunday an hour every Sunday going through the videos that talk about the different topics.
00:19:44.460 –> 00:19:51.510
Beejel Parmar: And I believe their first business was was a car wash business they got it going they’re excited and then they live in Ireland and then there’s a.
00:19:52.050 –> 00:20:01.620
Beejel Parmar: hosepipe ban so then had to pivot so then he got to talk to these kids about pivoting and not to take set back as failure and then appear to the next business.
00:20:01.980 –> 00:20:14.010
Beejel Parmar: And, and now they have they’ve had their own the fourth business now they’re into multiple recurring income because the kids bake bread for some of some of the neighbors there, so they get exposed to different types of business models.
00:20:14.760 –> 00:20:28.410
Beejel Parmar: they’ve donated I think over 500 euro to charity they saved up enough money to go to Disney world as a family, but by doing all this work so that’s a pretty impressive in my books.
00:20:29.160 –> 00:20:42.780
Steve Werner: I mean that’s awesome I can’t like every kid wants to go to Disney world, I mean I definitely wanted to go to Disney world when I was growing up, if my parents would have my parents were great I was lucky if they taught me about saving, but if they would have set it up where.
00:20:42.780 –> 00:20:43.140
Beejel Parmar: Like.
00:20:43.350 –> 00:20:55.350
Steve Werner: we’re going to do a business for one or two hours every week we’re going to work towards it and you’re going to pay for it, I can’t imagine how that would have wired my brain, I mean I I kind of have the entrepreneur brain going on, back then, but I can’t even imagine.
00:20:55.500 –> 00:20:56.400
Steve Werner: What it was and those.
00:20:56.490 –> 00:21:03.900
Beejel Parmar: We have a you know we have a model is called sleep, so they see you learn about money, learn how to earn money you don’t have to accelerate money.
00:21:04.200 –> 00:21:10.350
Beejel Parmar: And then the play the plays we talked about giving back and how, how do we use consciously use the money we make.
00:21:10.770 –> 00:21:18.090
Beejel Parmar: And, and having you know the right goal, so that set a goal as a family to go to Disney world and the kids can have worked with that was their incentive.
00:21:18.390 –> 00:21:25.680
Beejel Parmar: And you know when they said that hey we know we set up enough money to go, I was like that’s that’s the kind of stories i’d love to just sitting here all day long.
00:21:26.580 –> 00:21:39.900
Steve Werner: awesome that I mean that that lights me up to, I mean they’re not only that, but then the giving as well i’m a big I believe in giving at least 10% back if not more on always always spreading.
00:21:39.930 –> 00:21:46.290
Beejel Parmar: The love it, it makes them feel so good right it’s like they feel a sense of personal achievement, you know.
00:21:46.650 –> 00:21:55.590
Beejel Parmar: and also through that process, the parents got to see the characteristics of the kid and realize that they’re the older kid just kind of behind the scenes kind of more of an operator.
00:21:56.010 –> 00:22:07.410
Beejel Parmar: They relate to their six year olds more the CEO the visionary the talker you know you know she was she was a getting out there and talking to people so by having these.
00:22:08.100 –> 00:22:18.900
Beejel Parmar: aws real life experiences they got to see as parents, how they could better educate their kids and guide their kids into what they might be better at versus just going through the system.
00:22:19.920 –> 00:22:24.300
Steve Werner: I mean that’s I can’t imagine having a six year old CEO but that’s awesome I love it.
00:22:24.960 –> 00:22:39.540
Steve Werner: um if you guys are listening to this and you want to check it out click the link that is in the description, I just want to say thank you so much for sharing your time with us and sharing this vision and putting it together, because it is something I think the world really, really needs.
00:22:40.470 –> 00:22:43.380
Beejel Parmar: that’s the Thank you so much for having me on land kind of share what we’re up to.
00:22:44.250 –> 00:22:52.560
Steve Werner: No problem to everyone else out there until next time take action change lives make money help your kids make money and we’ll see you soon.