NGPF Podcast: Doug Lynam Describes His Transition from Monk to Money Manager
Monk, personal finance educator, Marine and financial advisor. That's just part of Doug Lynam's CV which makes for a fascinating podcast. Doug shares how each of these experiences has shaped him and ultimately led to his current role as money manager. You will also learn about the motivation and key insights from his current book, From Monk to Money Manager. Enjoy!
- 0:00~1:12 Introduction
- 1:12~6:46 Early experiences with money
- 6:46~9:27 First job and lessons learned
- 9:27~15:14 Joining a monastery
- 15:14~22:22 Life as a financial advisor
- 22:22~22:47 A word from NGPF
- 22:47~25:35 What Doug did right as a personal finance teacher
- 25:35~26:48 Lessons from the Marine Corps
- 26:48~29:53 Bringing values into class
- 29:53~33:40 How can money bring good?
- 33:40~37:02 Motivating others to use money for good
- 37:02~38:36 Billionaires that give back
- 38:36~40:18 Managing money more effectively
- 40:18~43:03 The Holy Trinity of Finance
- 43:03~44:34 Sustainability and investing
- 44:34~52:07 Lightning round
- 52:07~53:28 Conclusion
- Doug Lynam Website
- From Monk to Money Manager: A Former Monk’s Financial Guide to Becoming a Little Bit Wealthy --- and why That’s Okay by Doug Lynam
- LongView Asset Management
- Dimensional Fund Advisors
- Naked Economics by Charles Wheelan
- How to Be Richer, Smarter, and Better-Looking Than Your Parents by Zac Bissonnette
“Money absorbs the intentions of the user and it’s not morally neutral. You can use it and shape it to achieve whatever outcome you want in the world with the confines of reality, of course. But you can use it to shape your reality and the lives of those around you.”
About the Authors
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.
Ren is currently a Freshman at Lafayette College in Easton, PA. He plays rugby for his college and enjoys living on the East Coast. Thanks to going through the NGPF curriculum a couple of times, he budgets in college better than his peers. He edits the NGPF podcast and makes sure it is accessible to teachers. You will probably see his name time to time on the NGPF forum where he actively replies to forum posts.
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