In this episode, we’re talking with Whitney Webb. She is co-founder of Launch Generation, which produces unique summer programs for teenagers focused on financial literacy, leadership and entrepreneurship. She’s also the founder of Launch Education which provides private financial, philanthropic and entrepreneurial education for the next generation and their families. Whitney shares her path to this work and why teaching financial literacy is so important.
If you’re a parent wondering what you can do today to begin teaching your kids financial literacy, here are Whitney’s top recommendations:
- Help them open a checking account
- Guide them in creating and managing a budget
- Start building their credit
- Expose them to resources and talk about what they’re learning
You can find Whitney at launch-generation.com.
If you like this topic, you might also find value in:
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- Episode 025: 10 Ways to Set Your NextGen Up for Success in the Family Enterprise
- Episode 015: Beyond the Piggy Bank with Father, Author, and Entrepreneur Clint Greenleaf
- Episode 013: Raising Children to Be Amazing Business Owners with Paige Cornetet
- Episode 012 Raising Kids with Generous Genes with Susan Crites Price
- Episode 010: 10 Things My Family Did to Engage Us in Philanthropy
Guest Bio:
Whitney Webb has been working with teens and young adults since 2012 in the areas of financial, philanthropic, and entrepreneurial education. Prior to starting Launch Generation, she was the Director of Operations at Independent Means, a private company educating and preparing families for the responsibilities and challenges of wealth transfer.
Before her work in financial education, Whitney was a Kiva Fellow in Kigali, Rwanda where she worked to strengthen partnerships and increase the reach of microfinance through employee training and industry research.
Whitney has led several volunteer educational programs including financial literacy training in Cambodia and Rwanda, and led and developed a parallel conference track for teens and kids of delegates at Opportunity Collaboration, an international convening of leaders in social change and innovation. She is currently a board member and volunteer business mentor at Youth Interactive, a non-profit teen center in Santa Barbara working to promote leadership and entrepreneurial skills. She has been a speaker and panelist at the FOX Wealth Advisor Forum, Youth Philanthropy Connect Conference, and the Hawaii Tax Institute.
In this episode:
- Meet Whitney (1:50)
- About Launch Generation (14:22)
- Why is financial literacy important to your audience? (20:14)
- How did you learn financial literacy? (25:18)
- What changes do you see working with youth? (26:32)
- Learning the language of finance (30:20)
- What should parents be doing to prepare their kids? (32:21)
- Lessons learned (39:21)
- What’s next for you? (41:20)
- Favorite resources (42:38)
- Bonus questions (46:39)
Resources mentioned in this episode:
- Launch Generation
- Launch Education
- Raising Financially Fit Kids by Joline Godfrey
- Kiva.org
- Mint.com
- Ynab.com
- Podcast: How I Built This with Guy Raz
- Nerd Wallet
- Opportunity Collaboration
Notable & Quotable:
Whatever side of the economic spectrum you’re on, it doesn’t really matter. I think at the end of the day we’re all trying to use our resources to make the best lives for ourselves and our families. —Whitney Webb
Our main focus is on preparing teens for an independent future through our three tenants of financial literacy, leadership and entrepreneurship. —Whitney Webb
I love the idea of dreaming big and coming up with great business ideas, but what if they’re not sustainable? What of the numbers just don’t add up? —Whitney Webb
We teach how to budget and why budgeting is important, understanding credit and how to properly use debt. —Whitney Webb
When it comes to financial literacy, we’re not exposing the next generation to the right things. They don’t feel comfortable asking questions and don’t know what questions to ask. —Whitney Webb
When it comes to teaching financial literacy, don’t treat your child like a child. —Whitney Webb
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If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.
