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In this episode, I speak with Liz Frazier Peck, a Fee-only Certified Financial Planner and a passionate advocate for financial literacy. Liz shares her journey from growing up in a financially savvy household to becoming a leading voice in personal finance education.
We discuss the importance of introducing financial concepts early in life, drawing parallels between learning to swim and learning to manage money. Liz’s approachable insights remind us that comfort with financial topics begins in the formative years, shaping our ability to navigate the financial pools of adulthood with confidence.
Liz also opens up about her personal experiences, from her initial career moves to the pivotal moments that steered her back to her roots in financial planning. Her story is a testament to the power of education and the impact of having financially literate role models.
This conversation is not just about numbers; it’s about preparing the next generation to face financial realities with knowledge and confidence. Whether you’re a parent looking to guide your children or an adult seeking to truly understand finance for yourself, this episode offers valuable perspectives on making financial education accessible and engaging.
Join us as we explore how to create a foundation of financial understanding that can support a lifetime of informed decisions.
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Key Takeaways
00:03:16 – Importance of Financial Education from a Young Age
00:13:19 – The State of Financial Literacy and Education
00:25:02 – Teaching Financial Concepts at Different Ages
00:30:56 – The Concept and Benefits of Giving Children an Allowance
00:33:39 – Avoiding Misinformation in Financial Education
Tweetable Quotes
“I love seeing more and more people talking about finance now because it’s just, we talked about it with our families when we were younger, and I think it did the opposite of stress us out as adults. It made us comfortable with money. It’s kind of like if you take an 18-year-old to a pool and you’ve never introduced them to water or never taught them to swim, and you just throw them in there, they’re going to be like, what are you doing? This is crazy. So it’s the same thing with money.”
“I think that adults need to realize that they don’t have to understand what a hedge fund manager does to be successful in their own financial management. There are some basic ideas that really are in my book for kids. If adults understand, it makes a big difference and they don’t need to know anything more complicated.”
“I believe allowance should be more about giving them the opportunity to practice and learn on their own. Make it relevant, then they’re interested in it because it’s theirs.”
Guest Resources
Website – https://www.lizfrazier.com
Facebook – https://www.facebook.com/lizmfrazier
Instagram – https://www.instagram.com/lizfrazierpeck/
LinkedIn – https://www.linkedin.com/in/lfpprofile/
Book Mentioned:
Beyond Piggy Banks and Lemonade Stands: How to Teach Young Kids About Finance – https://www.amazon.com/Beyond-Piggy-Banks-Lemonade-Stands/dp/1475847610
Mindful Money Resources
For all the free stuff at Mindful Money: https://mindful.money/resources
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For more complex, one on one financial planning and investing support with Jonathan or a member of Jonathan’s team: https://www.epwealth.com/our-team/berkeley/jonathan-deyoe/
Website: https://mindful.money
Jonathan on LinkedIn: https://www.linkedin.com/in/jonathandeyoe
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Liz Frazier Peck [0:00 – 0:31]: I think that I love seeing more and more people talking about finance now because it’s just, we talked about it with our families when we were younger, and I think it did the opposite of stress us out as adult. It made us comfortable with money. It’s kind of like if you take 18 year old to a pool and you’ve never introduced them to water or never taught them to swim, and you just throw them in there, they’re going to be like, what are you doing? This is crazy. So it’s the same thing with money and you, it sounds like also we just grew up kind of being comfortable with the concepts.
Ad [0:34 – 0:56]: Do you think money takes up more life space than it should? On this show, we discuss with and share stories from artists, authors, entrepreneurs, and advisors about how they mindfully minimize the time and energy spent thinking about money. Join your host, Jonathan Dio, and learn how to put money in its place and get more out of life.
Jonathan DeYoe [0:59 – 1:34]: Hey, welcome back. On this episode of the Mindful Money Podcast, I’m chatting with Liz Fraser peck. Liz is a fee only certified financial planner. She is a Forbes contributor and executive director of financial literacy at Copper. Her mission is to create simple and relatable content, tools and resources so anyone can learn the basics of money management to feel protected and secure, have peace of mind, and most importantly, discover and reach their real dreams. She’s also the author of, and this is why we wanted to have her on the podcast, Beyond Piggy Banks and Lemonade stands, how to teach young kids about finance. Liz, welcome to the Mindful Money podcast.
Liz Frazier Peck [1:34 – 1:36]: Thank you so much for having me.
Jonathan DeYoe [1:37 – 1:47]: First, I’m excited for this conversation. I think we both have some similar thoughts about the importance of education just for family outcomes. But first, before we dig into it, where do you call home and where are you connecting from?
Liz Frazier Peck [1:47 – 1:55]: So I live in Katona, New York, and that’s in Westchester county, which is about an hour north of New York City.
Jonathan DeYoe [1:55 – 1:57]: Okay. Did you grow up there? Where’d you grow up?
Liz Frazier Peck [1:57 – 2:25]: No, I didn’t. I grew up in the south. I grew up in Chapel Hill, North Carolina. And actually my mother and father and brother, both brothers, are all still in North Carolina. So I get down there quite a bit. But I moved up here. I did the opposite of what most people do. I moved up here when I was like 30. Most people start in New York and then they move south for the weather. And I still haven’t totally acclimated to the weather up here, but it’s great. We have our family raise our kids up here, and it’s a great place to live.
Jonathan DeYoe [2:25 – 2:28]: So when did you make that move? You said you were 30. That’s when you made the move?
Liz Frazier Peck [2:28 – 3:14]: I think I was about 30, yeah, I just, I lived in different North Carolina areas my whole life, so I went to undergrad and grad school there and then worked in Charlotte, North Carolina, and I got a job opportunity with my company for a promotion that was in New York City. And I just was single and I didn’t have kids. And I kind of had always thought about moving, but I needed something to push me because I was very comfortable and happy in my life. And it was one of those moments that I was like, I’m going to do something I’m scared of that’s totally out of my comfort zone, which, New York City was totally out of my comfort zone. But so I just decided I was going to do it, and I was like, you know what? A year. I can do anything for a year. I’ll do it for a year, and then I’ll come back if it’s terrible. And then I met my husband up here and had kids. And then you’re just up here.
Jonathan DeYoe [3:14 – 3:15]: The rest is history.
Liz Frazier Peck [3:16 – 3:17]: History.
Jonathan DeYoe [3:17 – 3:25]: Growing up in North Carolina, what did you learn about money and entrepreneurship? What were the lessons you think your parents were trying to teach you? And then what are some of the things you just kind of picked up?
inancial planning business in:
Jonathan DeYoe [4:32 – 4:39]: So first thing that popped into my head. It was you in 9th grade, or was it 9th grade? Did you have a sign? Fee only. Fee only. Fee only.
Liz Frazier Peck [4:39 – 4:43]: It was really a popular move back then. That was the big thing.
Jonathan DeYoe [4:44 – 4:46]: No one else had any clue what you were talking about.
Liz Frazier Peck [4:46 – 4:50]: Was all the rage in my high school. The only financial planning.
Jonathan DeYoe [4:50 – 4:51]: That is so funny.
Liz Frazier Peck [4:51 – 5:26]: It’s funny because I remember very clearly my mom, she was a nurse, and then she left when she had kids, and she wanted to do something, and she got a small inheritance from her father when her father passed. So she went to different financial professionals in the area, and she just. They all were kind of trying to sell her something, and she. She wanted just somebody to say, you know, I think this would just be a really good investment for you. And so. And she couldn’t find that, so she decided she’d start her own. And she was pretty early on in the fee only financial planning, so it was the thing in our household.
r taxes. Let’s go through the:
Liz Frazier Peck [5:54 – 6:35]: Yeah, I agree. And I think that I love seeing more and more people talking about finance now, because it’s just, we talked about it with our families when we were younger, and I think it did the opposite of stress us out as adults. You know, I mean, it. It made us comfortable with money. You know, I mean, it’s kind of like if you take a 18 year old to a pool and you’ve never introduced them to water or never taught them to swim, and you just throw them in there, they’re going to be like, what are you doing? This is crazy. So it’s the same thing with money. You know, it just, we’re I and you, it sounds like also we just grew up kind of being comfortable with the concepts. It’s not a scary, taboo thing to us, and, you know, it’s something that’s just a part of our daily lives.
Jonathan DeYoe [6:35 – 7:16]: I want to peel it back a little bit because I’m curious about. So were you raised in sort of a middle class, average family means, or did you have more money growing up? And I asked the question because I was raised with nothing. Like, we were. Like, we had government food, government cheese and peanut butter and stuff that we ate as a kid. So it’s like, yeah, it was rough growing up, but I always had the belief that I could be better, and I always was learning about money, and I knew how the system worked. And my dad was like, you can become. And I think that really helped. But I’m wondering if the lesson is different if you come from a family of means and get the education. I’m just curious if you can tease that out right now, or is that too much too fast?
Liz Frazier Peck [7:16 – 8:24]: That’s. No, that’s an interesting question. I actually haven’t gotten that before. So I think that what sticks out for me growing up, we had means, but by no means did I ever feel that I was wealthy or upper class, but we always had everything that we needed. My dad was a doctor. My mom was a financial planner. But what sticks out to me is they both had their own businesses. So my mom had her own business, and she went the fee only route. My dad had his own practice. He was a psychiatrist. So they both could have, and they both did very well with their practices, but they both could have done something a little different with their experience and talents and maybe made more money if they went and worked for a big company or big hospital or something like that. But what was so important when it comes to that kind of stuff growing up is to do something that you love and to be your own boss. And that was really what stood out to me. Growing up is the money will come, and the money is important, but you have to do something that you love. And I can’t tell you this was another thing. 9th grade, be your own boss. Never work for somebody else. Always be your own boss. So I think that that’s kind of where what I think of when I think about how we grew up in.
Jonathan DeYoe [8:24 – 8:41]: That sense, I got the same message, be your own boss. And I’ve carried that the whole way, which is interesting, because you said you moved to New York with a promotion, so you had a boss. Right? So explain your career arc. Just before we get to the book. Talk about the professional arc.
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