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Feb 07, 2020

NGPF Podcast: Dr. John Lim on why he wrote a finance book for his kids

I know you'll enjoy this conversation with Dr. John Lim, a radiologist so passionate about financial education that he got up at 5:30am to write a book to teach his kids about money. Find out about John's laws of finance and how he took this complex topic and made it digestible. 
 
Details:
  • 0:00~1:50 Introduction
  • 1:50~4:03 Early money lessons
  • 4:03~5:57 Motivation for learning about personal finance
  • 5:57~8:43 Role of trustees
  • 8:43~10:44 Burn-outs in medicine
  • 10:44~13:08 Starting to write about finance
  • 13:08~19:12 Writing the book
  • 19:12~24:02 Inspiration from other personal finance writers
  • 24:02~24:27 A word from NGPF
  • 24:27~26:20 Feedback from John’s kids 
  • 26:20~28:48 Explaining compound interest through storytelling
  • 28:48~30:20 The mini-Starbucks example
  • 30:20~32:19 The math behind compound interest
  • 32:19~36:30 Comparing savings to a marathon
  • 36:30~39:45 The law of finance #5
  • 39:45~40:44 John’s letter to his children
  • 40:44~43:19 Conclusion

Resources:

Quotes:

  • “[The issue of burn-out in the field of medicine] is obviously not as simple as just teaching personal finance but I think it plays a major part in potentially being a solution to burn-out because once you reach a point where you can reach financial independence you have a lot more freedom and options to choose the career and job that will give you satisfaction.”

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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.

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