This week, The Simple Dollar is conducting a detailed review of Kevin McKinley’s Make Your Kid A Millionaire. This title focuses on the role parents play in building a net worth for their child, both financially and psychologically. Does this book provide some interesting insights, or is it merely a repeat of the power of compound interest? This week, we aim to find out.
If you’re thinking of buying this book, the first question you need to ask yourself is whether you (or the person you’re buying this for) has any children or is planning on having any children. If there are no children around, you’re better off buying another personal finance book. Of course, this should be obvious from the title and the cover, but we’re better off being clear on it anyway.
This book is strong in terms of the actual investments you should consider for a child’s future. If you’re to the point where you’re looking to put money somewhere for a child’s future, this book is definitely worth the time it takes to read it. It’s not overly long, but it’s packed with specific investment advice for people investing for their children.
On the other hand, this book is weaker on the psychology of the matter. It won’t give you advice on how to teach your children how to be responsible with money; if you’re looking for that, go elsewhere. This book focuses strictly on investing for a child’s future, not teaching them how to deal with the fruits of that investment.
In short, buy this book if you’re a new or expecting parent or are looking to gift it to a new or expecting parent – with one little caveat. This book is very mechanically strong in terms of methods for saving and investing money for a child’s future, which is a component that many other “children and money” books are weak on. Since many parents will eventually read a “children and money” book, Make Your Kid A Millionaire is a wonderful and valuable complement to this.
As a fairly new parent, I thoroughly enjoyed this book, but I plan on supplementing it in a few years with a book or two on teaching my son how to manage his own money.
You can jump quickly to the other parts of this review of Make Your Kid A Millionaire using these links:
Prebirth Through 6 Years
Ages Seven to Twelve
Age Thirteen to Adulthood
Buy or Don’t Buy?
Make Your Kid A Millionaire is the fourth of fifty-two books in The Simple Dollar’s series 52 Personal Finance Books in 52 Weeks.