Financial coach looks to create money smart teens
Thursday, Feb 01, 2018 06:00 am
A financially savvy Cochranite is taking her coaching skills to the next level – and generation – by beginning a podcast and blog for teens to help them learn basic saving and budgeting skills.
“Teens want money. They’re going to want to learn ways they can make money as teenagers. And those are things they’re going to want to expand on throughout their life,” said Lyndsie Barrie, a single mom. “I wanted to create something that’s interesting and engaging to teens that they will tune into.”
Barrie parted from her career as a hairdresser to become a financial adviser in 2010, and after realizing a large investment firm didn’t suit her, she branched off on her own business venture as a financial coach.
Last year, she published a book titled The 39 Forever Mom, a how-to book appealing to women looking learn how to manage their own finances.
“If moms trust and believe in me, they’ll trust in me teaching their kids,” Barrie said.
However, starting out, Barrie never imagined herself teaching children. It wasn’t until after delivering several financial education talks at middle schools while working at an investment firm that it occurred to her financial literacy was the missing piece from her childhood.
“I know the curriculums have gotten better in schools and that there’s definitely a lot more attention being drawn to the fact that so many generations of kids came out of high school not knowing anything about money,” Barrie said. “There’s still a gap there that needs to be filled. It’s clear there’s a need for it. It’s just one of those things that always slips through the cracks.”
One of Barrie’s clients is looking forward to setting up her children with Barrie’s teen program after she was rescued from her own financial disaster.
Lynn Cathcart invested in a life insurance policy over 20 years ago, and with five years to go before cashing it in, she expected to have at least enough saved to retire on – not for the account to have “imploded.”
Cathcart said it was Barrie who examined her account and noticed that a large portion of money Cathcart was investing into the account was being eaten up by fees.
“She took a look at it and was like ‘uh, Lynn. There’s nothing left in your kids’ account and all that money you put into your life insurance, it’s only worth 3,000,” said Cathcart. “Nothing is worse, I’m devastated. All that money for my kids and my retirement is gone.”
As a single mother of two, Cathcart said she wants her children to be educated on finances instead of going through a similar ordeal.
“More and more you have to plan for your future. You never know what the economy is going to be like. With the government, you don’t really know what the pension plan process is going to be,” Cathcart said. “With how she’s been working with me, I’d feel 100 per cent confident in her sitting down and educating my kids.”
Barrie said her podcast will be up and running in the months to come, and hinted at a young adult style financial book for teens. For the podcast, she has already selected and paid for theme music created by a local teen.