Mike Milligan has a long interest in money and how it works, starting in his childhood. Today, he helps other people learn about money and financial planning and literacy through 1.oak Financial. He also is an author, writing about how financial plans and learning need to be tailored to the client and their generational characteristics. We talk about the challenge of financial literacy given how complex it is and how much competing advice exists. He describes how the microphone is the most powerful tool in financial literacy, spreading learning but also bad advice. He explores this topic in his new book project "Amplify", as well as his podcast "Ideas by Mike." Finally, we talk about Norfolk, Virginia (where he lives, works, and teaches at Old Dominion University), mermaids, and US history with the 250th anniversary of the United States.
If you are a long-time listener to Experience by Design, you know that I work at a business university that has its foundations as a school for training in accounting and finance. Since its founding in 1917, not much has changed in terms of that focus. We are still primarily known for our education in accounting and finance. When I first started there (almost 27 years ago now), I really had no idea what finance was or what was involved in it. I’m sorry to say that I’m only slightly more informed today. I still find finance a bit of a black box despite my years of service and conversations with my Finance department colleagues.
I’m definitely not alone in this. As we have discussed in other episodes of Experience by Design, financial literacy is pretty low overall. Repeated surveys have shown that around half of US adults are financially literate. That number drops further when the topic focuses on financial risk. When comparing different generations, not surprisingly younger generations suffer from a lack of financial literacy. We all could use some extra help in terms of financial literacy, financial planning, and fiscal responsibility.
Today on Experience by Design, I welcome Mike Milligan to the show. Mike grew up being fascinated by money. Today, he runs 1 Oak Financial, which stands for “one of a kind”. Along with his work with clients, he also has created a financial planning online course which is offered through Old Dominion University (where he also teaches). He also wrote the book “The One of a Kind Financial Plan.” What is really great about Mike’s approach is that he tailors his planning and strategy to his client, creating a client-centric experience that helps them break free from the traditional approaches that can take advantage of clients.
We talk about generational divides in financial literacy and planning, looking at spending and saving trends among Gen Z and even Gen Alpha. Mike emphasizes the need for a holistic approach to understanding markets, trends, and financial risk with changing job markets and emerging technology. He shares how he tailors client education to generational characteristics, trying to meet clients where they are in order to have the maximum learning impact. Toward this end, we also talk about his new book project “Amplify”, which explores how podcasting and social media have become resources for financial literacy. As he emphasizes, the microphone is the most powerful tool in the financial industry.
Finally, we also talk about his favorite mermaid in Norfolk, Virginia where he lives. He discusses the upcoming 250th anniversary of the United States, especially in locations of colonial heritage and extensive US history like Boston, Philadelphia, and Norfolk. Plus we share how great sociology is.
Mike Milligan Website: https://www.mikemilligan.com/
Mike Milligan on LinkedIn: https://www.linkedin.com/in/mikemilligancfp/
1.oak Financial: https://1oakfinancial.com/
Ideas by Mike Podcast: https://ideas-by-mike.blubrry.net/
The One of a Kind Financial Plan: https://www.amazon.com/One-Kind-Financial-Plan-Actually/dp/1967587027/