"As Dr. Martin Luther King Jr. said, “The arc of the moral universe is long but it bends toward justice.” Financial education is a tool for bending the arc, equipping our youth with the knowledge they need to be economically self-sufficient and resilient.”

Kaytie Brissendeen-Smith Professional Development Operations Manager NGPF.org

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My trip to Western Washington University to teach students, guide mentors working with the Merriman Financial Literacy Program and address the Council of Deans was a great success. I must confess that your response to my request for help was amazing. They helped me overcome some anxiety I had about my Council of Deans presentation and put me in a spirit of celebration for the cause many of us evidently feel very strong about.

When I asked for your help in expanding my understanding of the range of impact financial literacy could have on our young people, I expected a small response, mostly from people who I know are devoted to the cause.

My husband died and now I need to take over the family finances. Should I hire the adviser who brings cookies and wants me to buy an annuity?

When I opened my computer the morning following the ask my email was filled with dozens of immediate responses from people who sounded like this topic is as important to them as it is to me. And they kept coming through the end of the week. I have never had this kind of response to a request for your feedback. Thank you.

Here are just a few of the many comments that came from my request for what you think the impact of financial literacy could be on young adults:

"Increased financial independence. People who understand how to manage their finances are less likely to rely on loans from family members and high-interest predatory lenders; women are less likely to rely on male breadwinners. Financial education makes people less susceptible to scams and risky investments, and it offers more resources in difficult times. Being financially stable and independent reduces stress, and it sets a good example for everyone around an economically stable individual.”

"More likely to have a long, happy marriage with your spouse. One of the leading causes of divorce is disagreement over money, which should be mitigated if both spouses start out with a solid understanding of personal finance.”

"I believe that a financial literacy course like the one you are offering the WWU will help students change their lives for the better. We have no control over our birth, heritage, and much of the environment in which we live, but we can have control over our money, and our life goals. The financial literacy course can give the students the necessary tools to gain the skills to realize their dreams and hopes, to set life goals, to develop a positive outlook on life and self, and to be purposeful in their daily living."

One of our readers suggested everyone should check out www.investor.gov. as a great source of financial information. Great suggestion.

"Hi Paul,
I just saw your email on the benefits of your financial education program at Western. This curriculum is so important – and we could even be teaching at least some of this type of thing even in high school. Kudos to you for pulling this together, you are making a lasting impact at arguably the most financially important time in people’s lives – when they have the most time to apply the benefits! Your list looks great, and I’d like offer an additional way to think about the benefits –
akin to a Maslow Hierarchy of Needs:

Provides essential “modern survival skills” – our country is becoming increasingly socioeconomically divided. Those that learn and apply the knowledge and skills you offer will be able to rise to prosperity; and those who are not fortunate to know how or don’t apply themselves will face a lifetime of struggling with money and providing for themselves - perpetually eroded by inflation, taxes, disadvantageous interest rates, and the like. These financial topics are bewildering to people at first – just think of all the acronyms out there – 401k, Roth IRA, Contributory IRA, Return on Investment, Education IRA, 529 plan, HSA, Qualified and Unqualified Dividends, Ordinary Income, Capital Gains… Its no wonder this industry seems so unapproachable. You are literally teaching people how to survive and thrive in our “modern jungle”.
Enables students to enjoy more healthy, happy, and fulfilling lives – while money can’t bring happiness in itself, it can pay for things that improve one’s safety, health, and life experiences. Live in a safe place, afford health care, purchase healthy food, travel, etc. All of these things are getting relatively more expensive than they were for prior generations. Also, if they aren’t on the financial edge, perhaps they’d be in a better position to start a company or pursue other dreams they have while their partnership with the market is working for them 24x7.
Puts students in a better position to be able to help others and pay it forward – after there is enough financial capacity to cover survival and personal needs, then there is an increased ability to help others in so many ways – financially, with time, knowledge, whatever students would uniquely bring to the world in their later years.

In summary, the first benefit – survival – is the motivation/benefit to avoid an impoverished future. Number two is the motivation/carrot-type benefit of enabling a better life for themselves and families. The third is of course aspirational – where your path has taken you. 😊

Thanks for the opportunity to contribute Paul – was a good prep for the talk with my own children."

"Financial education is a tool to help improve all aspects of your life.
Having better control of your money will give you more options to choose the type of work you enjoy, have more work flexibility, have more children, more time to help others, not just monetarily but with more time. More travel options, more places you can afford to live, take better care of yourself with better healthcare. Most importantly, it can provide peace of mind. It will be easier to reach many goals and the path to the goal will be clearer if you understand how to make money work for you.”

I am sorry I have not had the time to respond to all of those who took the time to share their thoughts and experiences. There are at least 100 (do I love my lists?) meaningful comments that I will share in the future.

Some of them motivated me to rethink my attitude around money.

Again, a sincere thank you for sharing your thoughts. I love you all for taking the time to do it.

Latest Podcast- Interview with Brian Barnes- Founder and CEO of M1 Finance

Paul and Chris interview M1 Finance's CEO, Brian Barnes, and ask several listener questions.

This is the follow-up to their previous M1 Finance 2024 update podcast and YouTube video.

They start by asking Brian how and why he created the company. That's followed by a wide-ranging conversation that includes some interesting surprises, like Chris's realization that using M1's target-date pies instead of traditional target-date funds can result in some real tax efficiency.

Here's the topic list with time codes.

00:00:00 Intro

00:08:12 M1 Genesis

00:12:51 Partial-Share ETF Trading

00:15:59 Who is M1 for?

00:19:42 What's next?

00:22:44 Is M1 a robo-advisor?

00:25:36 M1 Pies

00:29:38 Pies vs. TDFs

00:34:32 Tax Efficiency

00:35:46 How safe is M1?

00:41:13 Fixed trade windows

00:48:07 Crossing orders

00:49:22 Competitive rates

00:51:29 Which ETFs?

00:53:19 Fees?

00:57:07 Multi-account rebalancing?

00:58:31 Entrepreneur's experience

Disclaimers:

Content is not intended to provide personal tax or financial advice.

This information is intended to be used and must be used for information purposes only.

M1 is a technology company offering a range of financial products and services. “M1” refers to M1 Holdings Inc., and its wholly-owned, separate affiliates M1 Finance LLC, M1 Spend LLC, and M1 Digital LLC.

If you create an account at M-1 Finance via our affiliate link — which offers direct access to our recommended portfolios — The Merriman Financial Education Foundation may receive a small fee (for accounts over $1,000.) This fee will cost you nothing extra and helps support our financial education work. Thank you

MarketWatch Article - My husband died and now I need to take over the family finances. Should I hire the adviser who brings cookies and wants me to buy an annuity?

Dear Paul,

My husband died a few months ago, plunging me into a role for which, at 78, I have no training: overseeing our investment accounts. He always made the decisions, and I let him do so without argument.

A good friend who knows a lot about investing and has known my husband and me since high school, recommends that I talk to his own adviser, who works for a highly reputable firm downtown.

However, several ladies I have met recently are recommending an adviser who makes house calls and even brings cookies. Read Article.

Giving Tuesday- December 3, 2024

Join us in this global day of generosity on December 3, 2024! Giving Tuesday is not just a day; it’s a movement that inspires us all to give back in impactful ways.

Here are some facts about this incredible event:

1. Global Impact: Launched in 2012, Giving Tuesday brings together millions of people worldwide to support their favorite causes.
2. Diverse Contributions: From donations and volunteering time, to spreading the word on social media, every action counts!
3. Boost Community Support: Studies show that donations made on Giving Tuesday support local communities and create lasting change.
4. Engagement Day: Over 30% of adults in the U.S. participate in Giving Tuesday, making it one of the most significant charitable events of the year.

Get involved with the Merriman Financial Education Foundation this Giving Tuesday! Your contribution can lead to better financial education for all. Let’s work together to create a brighter financial future.

https://donate.paulmerriman.com

Latest Podcast- Interview with Brian Barnes- Founder and CEO of M1 Finance

Can we count on AVUV high performance in the future?

In This EditionThank you for your awe-inspiring helpLatest PodcastLatest MarketWatch ArticleGiving Tuesday

In This Edition
Thank you for your awe-inspiring help
Latest Podcast
Latest MarketWatch Article
Giving Tuesday