Welcome again to Financial Literacy Fridays! This week, we wanted to highlight a book that covers a widely discussed topic—children and money. Many parents worry and wonder about whether they should give their kids an allowance, how they will pay for college, and what their kids should know and learn about their financial situation. Beth Kobliner covers all of these issues and more in her book, Make Your Kid a Money Genius (Even If You’re Not).
“Make Your Kid a Money Genius (Even If You’re Not) is a jargon-free, step-by-step guide to help parents of all income levels teach their kids—from ages three to twenty-three—about money. It turns out the key to raising a money genius isn’t to teach that four quarters equal a dollar or how to pick a stock. Instead, it’s about instilling values that have been proven to make people successful—not just financially, but in life: delaying gratification, working hard, living within your means, getting a good education, and acting generously toward others. You don’t need to be a money genius to make your kid a money genius. Regardless of your comfort level with finance—or your family’s income—this charming and fun book is an essential guide for passing along enduring financial principles, making your kids wise beyond their years—and peers—when it comes to money.” (Amazon)
Some questions that are addressed in the book include
- Should I pay for chores?
- Should I let my daughter get an after-school job?
- How can we start talking about how much we can—or can’t—afford for college tuition?
- Sometimes I pay for an A as a bribe—is that bad?
- Are my kids old enough to have credit cards?
- How honest should we be with the kids about our debt or getting laid off?
We hope that this book answers some of the questions that you may have, and it inspires you to give your kids the best financial knowledge you can. Make sure you check back for next week’s Financial Literacy Fridays book!