Publisher's Synopsis
Equip Kids for Financial Success
Teaching Kids About Money is the ultimate guide for parents seeking to raise financially literate and responsible children in the 21st century. Packed with over 200 practical, age-specific strategies, this indispensable book provides the complete roadmap for developing real-world financial skills in kids from allowances to adulthood.
Teach Money Skills for Life
In the introduction, the book emphasizes that financial literacy is an essential life skill in our consumption-driven world. Yet only 17 states require high school students to take money management. Without guidance, kids often repeat the same financial mistakes as previous generations. This book fills that gap by providing parents the complete toolkit to develop financial capability in children from allowances to adulthood.
Ages 5-7:
- Introducing money concepts
- Linking allowances to simple chores
- Opening custodial savings accounts
- Setting expectations around saving/sharing
Ages 8-10:
- Paying for household chores
- Tracking chore income
- Budgeting allowances
- Starting entrepreneurial ventures
Ages 11-13:
- Paying for services like tutoring
- Opening checking/debit card accounts
- Saving/investing portions of allowance
- Using investment simulators
Ages 14-15:
- Teaching tax filing
- Getting secured credit cards
- Expanding businesses
- Monitoring credit reports
Ages 16-18:
- Opening retirement accounts
- Applying for financial aid
- Handling job applications/interviews
- Building independent credit history
Each chapter shares age-specific strategies, activities, illustrative stories and impactful lessons. Topics covered include:
- Budgeting from allowances to salaries
- Saving and setting financial goals
- Earning money through jobs, chores and ventures
- Investing, compound interest and retirement accounts
- Avoiding debt, using credit cards responsibly
- Entrepreneurship and building business acumen
- Tax filing, credit reports and credit scores
Instill Values and Mindsets
Additionally, the book provides guidance on fostering essential intangible money skills like delayed gratification, goal setting, critical thinking, research, patience, self control, and mindset. Teaching kids not just financial knowledge but also shaping their underlying money values and attitudes pays enormous dividends over a lifetime.
While individual chapters focus on skills tailored to specific age ranges, the book also stresses that learning happens gradually over time. Lessons should steadily build on each other in a coordinated way from elementary school through high school. By dividing guidance across staged milestones, parents can develop financial capability comprehensively.
Sprinkled throughout are engaging activities like games, contests and challenges to make lessons interactive. Worksheets and other resources provide tools to put guidance into action. Real-life stories demonstrate tangible examples of various concepts at work. Key takeaways summarize main points at the end of each chapter.
Empower Parents and Kids
With Teaching Kids About Money, parents finally have a indispensable guide to equip the next generation with money smarts to thrive financially. The essential wisdom and lessons in this book will empower both parents and children for years to come.