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Chapter 1: What is the main topic discussed in this episode?
Oh
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Why is financial planning...
almost impervious to ai and what the hell is going on in crypto we we are going to cover a lot of ground today uh my friend rick edelman is back rick is one of my favorite repeat guests here on the show he is the founder of edelman financial engines managing roughly 300 billion dollars for over 1.3 million clients rick stepped back from day-to-day leadership at the firm and is now serving as a strategic advisor and board member rick has written 13
personal finance books and is an outspoken advocate of crypto and investing in exponential technologies. Rick, thank you so much for coming by.
Great to be with you as always, Josh. You like New York? I love New York. I have an apartment here in the city.
I come here as often as possible. How often do you come in a given year?
Oh, at least once a month and for anywhere from several days to a couple of weeks.
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Chapter 2: What is the future of college education according to Ric Edelman?
If I were to take your stats and, and then redo them for the types of schools that I want my kids to be at, would the outcomes change?
No. That's the crazy thing is that even if you send your kids to the elites, to the Ivy Leagues, et cetera.
Big 10 schools or SEC schools.
You're going to still find those statistics.
Chapter 3: Why is financial planning considered AI-resistant?
In other words, I'll give you two answers to this, Josh, because you're raising a really valid point. Number one is this, and you'll resonate with this a whole lot. An average kid who goes to a great school will have an average life. A great kid who goes to an average school will have a great life. In other words, it's more about the kid than the school.
The second element is— Do you create above-average kids by putting that goal in front of them when they're in ninth grade?
No, not necessarily. You don't think so? No, we know it from the statistics. 85% of incoming freshmen are undeclared, undecided. And this is why over 80% change their majors and 60% change schools. Because what the parents and they thought was the right place to go, the kid discovers in their second or third year, this place isn't right for me. It doesn't meet who I am or what I am.
Not at a cost that— Isn't that a kid finding themselves? It's perfectly fine— Part of the point? For you, Josh, your family, the wealth you have, sure, it doesn't matter in that sense. But for the average student who is amassing massive amounts of debt and recognize that whenever you change majors, you end up having to take extra credits because the old credits don't qualify.
Or if you change schools, the new school rejects 43% of the credits from the old school, which means you have to go to years five and six at more expense, more time. So for most Americans who are challenged financially, This is a path toward a problem. And therefore, here's the conclusion. While I painted a statistical picture of really bad issues, the real message is this.
For most kids, you're right, college remains the best path. I'm not trying to say no to college and my book is not anti-college. My premise is this. If you do it correctly, College is the greatest choice. The problem is too many parents are allowing too many children to go about it incorrectly. They're going to the wrong school. They're choosing the wrong major.
They're going about it in the wrong way, amassing too much debt, and emerging unprepared for today's workforce. So the book has a simple premise. To teach the kid how to graduate in four years, debt-free, on the dean's list, with a degree ready for them to enter a field they love.
So somebody buying this book will get that roadmap from you.
Yes.
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Chapter 4: What are the statistics on college dropout and graduate employment rates?
Taxpayers will decide they want to fund this or—
The taxpayers are already saying this. I'll change the word. The voters are already saying this. Mom and dad know how incredibly expensive college is. They can't afford it. And they're demanding that their state legislatures make college more affordable, translation free. And partly because schools have Many of them have abundant endowments.
Others have resources from other methodologies that they are playing the game, again, attracting students by offering free or low-cost or subsidized expenses.
Okay. Tell us about Rowan University and what you're doing there.
We announced a couple of months ago the creation of the School of Financial Planning. Where is Rowan?
Tell people what the school is.
Rowan University is a state university in New Jersey. It's about 30 minutes outside of Philly, two hours from here in New York. They're an R2 university. They'll be R1 next year, a leading research institution. They're one of the only schools in the country to have three medical schools. It's an astonishing institution. I went to Rowan, and that's where I met my wife, Jean.
She's on the board of trustees. We've been heavily involved there for a very long time. And we just created the School of Financial Planning. As founding head, I'll be involved in creating the curriculum and hiring the faculty. Our goal is to produce 500 CFPs a year once we get fully up and running. We're going to offer a minor, a major, and a master's degree, also an online program.
And the fundamental reason that I chose to do this is because we have a big problem in our country. Last year, business schools around the U.S., 1,500 of them, graduated over a quarter million business, finance, marketing, and accounting majors. Less than 200 schools offer a financial planning degree, and they produce less than 4,000 financial planners. Let's face it.
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