I had a great time talking with social entrepreneur, Ted Gonder, who co-founded Moneythink. Moneythink is a non-profit organization helping firstgen high school students navigate “to and through” college. Ted shares what he has learned since starting Moneythink out of his college dorm room at the University of Chicago and his personal odyssey to pursue the “road less traveled.” He discusses the thinking behind the new service delivery model for Moneythink and why the “college decision” is the most pivotal one for the students he serves. As a passionate advocate and keen observer of the financial education field, Ted has some great insights on how the industry can improve too. Enjoy!

Details:

• 0:00~1:16 – Introduction
• 1:16~4:47 – Ted’s background
• 4:47~8:13 – Magic of the mentor
• 8:13~17:30 – Personal finance in Ted’s high school; the lesson he remembers
• 17:30~20:29 – Where entrepreneurship came from
• 20:29~29:20 – Origins of Moneythink
• 29:20~29:40 – A word from our sponsor, Next Gen Personal Finance
• 29:40~36:08 – Influences and mentors
• 36:08~39:37 – How he raised money to make Moneythink a reality
• 39:37~41:47 – Raising that first dollar; a memorable meeting
• 41:47~46:23 – Service delivery model and organizational evolution
• 46:23~48:30 – Bringing Moneythink to your school
• 48:30~50:51 – Methods to reach students
• 50:51~54:20 – Why college coaching makes a difference
• 54:20~58:52 – Key concepts that teachers should include in their “paying for college” lesson
• 58:52~60:00 – Biggest misconceptions about financial aid
• 60:00~65:00 – What is necessary for financial education to improve?
• 65:00~66:46 – Best thing bought for under $10
• 66:46~68:00 – Biggest financial mistake
• 68:00~70:10 – Text to students
• 70:10~71:12 – Best online resources
• 71:12~73:13 – Favorite books
• 73:13~74:14 – Conclusion

Resources:

• Moneythink website
• Books
  • I Will Teach You to be Rich
  • The Millionaire Next Door
  • Biography of Ben Franklin

Notable Quote:

• “Every tech start up started with something very small and concentrated on one thing and when they became popular, they added more features. Financial literacy could do the same thing and organizations can concentrate on one topic first and then add more content for people to understand more about their finances.”

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.