Comments on: Review: Raising Financially Fit Kids

By: DDFD at DivorcedDadFrugalDad

DDFD at DivorcedDadFrugalDad — Wed, 16 Sep 2009 12:05:40 +0000

Great post.

We spend quite a bit of time teaching the kids the difference between needs and wants . . . a real challenge!

By: Rosa

Rosa — Mon, 14 Sep 2009 17:46:12 +0000

Thank you for the review. I’m going to track down a copy of this book.

One thing we do is, we let our son help as we give charitable gifts for holidays, and as I choose my “extra” charity target each month (my Christmas present from my partner this year was $600 more charity in the budget, or $50/mo – at first it all went to Kiva loans but now they’re paying back so I’ve been charity shopping on charity navigator).

So along with going to Target and picking a toy for his cousins, my 4 year old gets to look online at kiva loans, floresta sponsorships, and help make the “should we get grandma a cow or a chicken from Heifer this year?” decision.

We’ll have to wait a while to see what kind of affect this has, but I know that in our family, my parents let us in on giving decisions and my partner’s parents never talked about money with their kids, and every year I’m the one wrangling for more charity in our budget.

By: Todd @ The Personal Finance Playbook

Todd @ The Personal Finance Playbook — Mon, 14 Sep 2009 14:01:15 +0000

I’m passionate about teaching my kids about money as I raise them as well. On gift giving occasions, for example, my wife and I intend on giving them one gift that is something they want (like a doll or basketball), then giving stock, or Roth IRA contributions. Their 529 will be all we fund outside of gift giving.

We intend to go through the statements with our children and explain compounded interest as early as they can understand it. Sounds like a good book. Nice review.

By: Jill

Jill — Mon, 14 Sep 2009 11:58:06 +0000

when I was growing up (late elementary school, early high school) I had jobs that were considered “being part of the family” (cleaning my room, dishes, garbage, tidying my things in the house).

I then could do weekly cleaning jobs for my mother for my allowance (bathrooms, vacuuming, ironing shirts.)

Worked for my family!

By: David/Yourfinances101

David/Yourfinances101 — Mon, 14 Sep 2009 10:07:25 +0000

This sounds like a really good book. But if the learning the process he provides doesn’t start until age four, I say, why not start earlier?

My little one is 2 1/2 and although I certainly don’t try to ram any kind of money issues down his throat, he is already beginning to learn the basics of money and what it is, and how it is earned, and how it is spent.

I think if you tread lightly, you can set the seeds early for a financially fit kid.

By: kristine

kristine — Mon, 14 Sep 2009 03:05:54 +0000

I will read this book.

But I want to add my 2 cents about marketing. The best way to keep a kid under 10 form the “gimmies” is to not get cable or satellite TV, where all the commercials live.

Instead, get kids’ programing on DVD from the library, and never see commercials! We not get cable till my kids were 10, and they asked us for a thing they saw n TV! But they saw the same shows as their peers.

Besides, commercial interruptions do not allow for developing a really great attention span.

By: Little House

Little House — Sun, 13 Sep 2009 23:21:24 +0000

Thanks for these tips Trent! I can use the first two tip in those age ranges for teaching the kids in my classroom. Many times, students can begin to count money and change, but they don’t get a lot of instruction at home on managing the money they receive. I try to thrown in the environment as well to help explain purchasing too much stuff leads to too much trash!

Also, points 8 and 10, I have two younger siblings (both in their late 20′s) still living at home! I think I need to share this book with my parents, who are all in their 60′s and still supporting their adult “children”. (I have two sets of parents, and they each have an adult child at home to clarify.)

#6-Karen, when your child is in their late 20′s, I’m sure you’ll feel like it’s time for them to leave and be independent. Somehow, we all figure it out. But, if parents coddle their children too much, or make excuses for them not getting a job, it hinders their independence.

thanks-
Little House

By: karyn

karyn — Sun, 13 Sep 2009 22:52:01 +0000

I don’t know if I agree with number 10 (my oldest is only 6 so maybe my views will change). I think that if my child is working through college and/or just plain working hard and he or she seems normal enough socially, I would let him or her live with me. I think the modern American expectation of moving out right away is foolish. We talk about overwhelming college debts and mortgages – well, staying home would allow the child to pay more towards tuition or towards a downpayment. It was the way previous generations saved up enough to buy their own land. It’s also a better choice for “green living” to combine resources. Thanks for the book suggestion though; I know I’ll be checking it out.

By: princewally

princewally — Sun, 13 Sep 2009 21:23:43 +0000

I disagree with an unconditional allowance. I tried it and it was the wrong incentive. We tied it to chores and suddenly my son handles his money responsibly. He’s got a savings account and he plans his spending.

It’s also the way the real world works, which can’t be a bad principle to grasp.

By: Mneiae

Mneiae — Sun, 13 Sep 2009 20:35:08 +0000

Sounds like a good book. The only objection I have is that kids honestly cannot do the FAFSA on their own. They need their parents financial information to do it and it should probably be done together.