Ok so when is the last time you actually sat down and talked to your kids about money? It’s amazing how soon they learn about money and buying “stuff”. But at a young age like 5 all they really know is Mommy and Daddy have the Money and they buy stuff with it. My little five year old Grand Daughter Alyssa showed me the other day the APP she “BUYED” on her IPAD. Yeah that’s right she has her own Ipad (Don’t judge.) The point here is that she knows money buys things but she really has no Idea where it comes from.No body says raising kids is easy.
The whole premise of this book is to inform,educate and generally teach your kids to make smart financial decisions.Not necessarily about how not to spoil your kids,but to raise them to be like the title says Grounded, Generous, and Smart About Money .If you can do this they will grow up understanding why they can’t have everything they want. It starts with being honest with them about money where it comes from and what to do with it. Should your kids know how much you make? Should they know where your money goes. The author feels they should.It actually make sense.It could open their eyes a bit.Show them the mortgage,utility bills,,the PHONE bill.Let it all sink in. The book is probably geared towards middle to upper income families,only because I guess that’s where the money is but no matter the income it;s a great resource for teaching kids respect for money. It’s filled with all sorts of ideas like not attaching and allowance to the “chores” your child might do. Do the chores because they need doing. That’s it. Allowance is a separate issue. He a three-jar approach to allowance Spend, Save, Give.He feels this teaches money management and generosity.
Money & values are not the usual topic of conversation in families. It might come up when they ask WHY can’t I have this or that. Maybe instead of because I said so try explaining why it does not fit into the family budget. I’m sure every parent has their own idea’s about how to approach the subject of money but this book has some very good idea’s. It may not have all the answers but it’s a start…
Ron Lieber is the “Your Money” columnist for The New York Times. Before joining The Times in 2008, he wrote The Wall Street Journal’s “Green Thumb” personal finance column, was part of the start-up team at the paper’s “Personal Journal” section, and worked at Fortune and Fast Company magazines. He is the author or coauthor of three books, including The New York Times bestseller Taking Time Off. He lives in Brooklyn with his wife, fellow New York Times reporter Jodi Kantor, and their daughter. or
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