Money School is a family business, founded by a mother (Fran) and her daughter (Lacey).
The way Lacey tells it, she won the ‘ovarian lottery’. Not in the sense of being born into luxury – in fact, it was quite the opposite. During much of Lacey’s childhood, Fran struggled to support her two daughters. Like many single parent households with the main carer also taking the role of breadwinner, time was scarce and cash often more so.
‘There has to be a better way.’
Fran has learned about money from her parents, typical of the Veteran generation born in the 1910’s. Their philosophy was simple: work hard, save hard, own your own home and retire on a company pension.
After years of stretching her dollars as far as humanly possible, Fran suspected there must be a better alternative to this approach. She began learning about investing in her late 40’s, and during that time made a decision which was the birthplace of Money School: she decided to teach Lacey, then a teenager, as she herself learned.
A 15-year experiment begins.
Lacey took to her lessons like a duck to water. She was 19 years old and in the second year of a four-year engineering degree when she bought her first property. She rented out the second room, thus becoming both property owner and landlord before her 20th birthday. It was the start of a love affair with investing for Lacey. As she moved from property to shares and beyond, she broadened her experience and understanding of the world of investment.
The result: financial independence.
Fifteen years have passed. In that time, mother and daughter have invested together and separately across a range of investments. Lacey is now financially independent, meaning she uses her passive income – earnings from her investments – to support her lifestyle. It’s an extraordinary achievement for someone in their mid 30’s. Fran is semi-retired and similarly enjoys a wonderful lifestyle funded by her investments.
As is so often the case, we don’t appreciate the importance of our life lessons until we’re teaching the next generation. When Lacey and husband Adam first decided they wanted to have children, Lacey thought about the incredible gift her mother had given her: a financial education that led to independence early in life. Lacey knew she wouldn’t have to go back to work after children unless she wanted to. What an extraordinary opportunity, and what a shame that so few are able to have it.
‘How will I teach my children?’
Lacey began thinking about the skills Fran had taught her, which she had practiced and refined over a decade and a half of application. As a beloved family member is often heard saying, ‘She’s a bit of a thinker is our Lacey.’ Notepads were filled. Diagrams were drawn, crossed out and drawn again. It’s no exaggeration to say hundreds of hours of thought went into this question. Eventually, Lacey got it down to one page, elegant in its simplicity and impressive in its comprehensiveness.
‘If I couldn’t leave my children money…’
The Money School curriculum is the framework that Lacey will use to teach her children about money. If she couldn’t leave them any money, she would still feel she’d given them the best chance of financial independence possible if she managed to train her children using it. It’s concise yet still so complete that now Lacey wonders how she ever learned without it. When it’s time for her children to start learning about money in earnest, this is the framework they will master.
From our family to yours.
Fran and Lacey are united in their desire to see financial knowledge being passed from parent to child in the same way morals and manners get passed down. They want parents to feel confident that they can pass on these skills and decision-making frameworks because they understand and have applied it themselves. If this helps you and your family work towards financial independence, they will consider Money School a roaring success.