In this NGPF podcast, we open with a conversation with Yanely about the current GameStop situation. It provides an amazing teaching moment regarding the differences between speculation and long-term investing. As for long-term investing, Jeff York, the millionaire custodian, is a case study in the power of patience, of compounding and having a long-term orientation. He shares with us how a personal finance course changed his life, how he invests and why he's passionate about advocating for financial education in schools. Enjoy!

Details:

• 0:00~0:21 Introduction
• 0:21~15:45 Current Events with MissBeHelpful: Until the Game Stops! [GameStop situation]
• 15:45~16:23 A word from NGPF: Certification Course Registrations are Currently Open!
• 16:23~31:16 This Week’s Guest: Jeff York, the millionaire custodian
• 17:37~20:42 Where Jeff works and his background
• 20:42~23:30 Learning about personal finance and investing in junior college
• 23:30~26:38 Starting to understand the 403b, his interest in investing, and advocating for low-cost options
• 26:38~29:12 On becoming a millionaire
• 29:12~29:58 How Jeff would engage students
• 29:58~31:16 The story of Ronald Reed (blog post with the Ronald Reed story)
• 31:16~32:38 Conclusion 

Resources:

• FinCap Friday: Until the Game Stops 
• VPD: What’s Up With Gamestop?
• Teach and Retire Rich Podcast: Talking Teacher Retirement Saving Plans

Quotes:

• “I took a personal finance class (in junior college) and a lightbulb just came on. For me that would be my social mobility, whether it is for marriage or college or a business, learning about personal finance was my pathway to social mobility.”

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Learn more about the GameStop situation by joining Yanely and Tim this Monday (2/1) at 2pm PT for an NGPF virtual PD. Register here.  

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

More posts by Tim