America is the wealthiest country in the world. Yet somehow, our collective financial situation is a disaster.

Consider this.

One in three Americans have less than $5,000 saved for retirement…

Well over 70% of US households are in debt – at a whopping $13 trillion total, as of last year…

And on top of that, 55 million Americans have no emergency savings of any kind. Zero!

Of course, these are extreme examples, and they don’t necessarily apply to you. But simply having a business doesn’t magically make your life financially stable!

Not in a world where a single emergency expense can wreck your budget, or your revenues might plummet, or you have to take on business debt to keep your company afloat – or any of the dozens of potential scenarios that might throw a wrench in the gears of your long-term planning.

So let’s help you wrench-proof those suckers through the power of… financial literacy!

You know, that one thing they should have taught everyone at school but somehow didn’t, still don’t, and probably never will. Luckily, it’s not too late to do your own learning, and the Get Genius podcast is happy to lend a hand.

Our guest this week is Eric D. Brotman – Certified Financial Planner, Accredited Estate Planner, and Chartered Private Wealth Advisor.

Eric is passionate about providing investment, retirement, estate, insurance, and comprehensive financial planning services to families, professionals, executives, and business owners.

He began his financial planning practice in Baltimore in 1994, and founded Brotman Financial Group in 2003. Eric is a champion for financial literacy education and volunteers for Junior Achievement of Central Maryland and the Eastern Shore.

Eric’s most recent book, “Retire Wealthy: The Tools You Need to Help Build Lasting Wealth – On Your Own or With Your Financial Advisor,” (you’ll find a link in the show notes) was published in 2014 by AuthorHouse.

He appears regularly on television on 11 News Sunday Morning on WBAL in Baltimore, and was interviewed by WMAR Baltimore / ABC2 News on a segment regarding the effects of Brexit for investors. Eric was named as one of the “Maryland Power Players” by The Gazette of Politics and Business in 2010, and one of the “Very Important Professionals” by The Daily Record in 2011.

In today’s show Eric and Summer will cover a lot of topics. You will learn how to talk to your children about money (and what to teach them), what is the true cost of aging, how to manage and reduce debt, advice for building a financially healthy business and planning for retirement, and more.

Enjoy, and don’t forget to visit the show notes for Eric’s website, his latest book, and the easy-to-use accounting software he recommends!

Get the Full Transcript Here

Here’s what you will learn:

[00:15] Introducing Eric

[04:26] Eric’s start in financial planning

[06:10] Why financial literacy education matters now more than ever

[07:18] How to talk to your children about money

[09:07] “Graduating into retirement”

[11:02] The shift in education and job markets, and what it means for you

[12:00] How millennials are changing the workforce

[13:16] What can we teach our children about being financially literate?

[17:02] What you can do to manage and reduce debt

[19:06] The real cost of aging

[20:56] Investing in homeownership

[23:38] How to have a financially healthy business

[28:43] Eric’s book, “Retire Wealthy: The Tools You Need to Help Build Lasting Wealth”

[30:25] Planning for retirement (the time to start is now)

[32:32] Where to find Eric online

Resources from Eric:

Eric’s Website

Eric’s Books

Quicken Finance Software