From Beth Kobliner, the author of the bestselling personal finance bible Get a Financial Life—a new, must-have guide showing parents how to teach their children (from toddlers to young adults) to manage money in a smart way.
Many of us think we can have the “money talk” when our kids are old enough to get it…which won’t be for years, right? But get this: Research shows that even preschoolers can understand basic money concepts, and a study from Cambridge University confirmed that basic money habits are formed by the age of seven. Oh, and research shows the number one influence on kids’ financial behaviors is mom and dad. Clearly, we can’t afford to wait.
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. More specifically, you’ll learn why allowance isn’t the Holy Grail when teaching your kid to handle money, and why after-school jobs aren’t always the answer either. You’ll discover the right age to give your kid a credit card, and learn why doling out a wad of cash can actually be a good parenting move.
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.
Kobliner (Get a Financial Life), a personal finance expert, believes it is almost never too early to talk to kids about money. She cites research showing that by age three, children can understand that money has value, and by age seven they can focus on setting and reaching goals. Here is age-appropriate guidance on a range of money-related topics so parents can teach their children of all ages the basics of money management, including how to save, avoid debt, begin investing, give charitably, and make financial decisions about college and living independently. There is even some proven but counterintuitive advice for example, she feels allowances aren't the best way to teach kids to be money-smart. Kobliner persuasively explains how parents can instill, from a child's early years, essential character traits and abilities for understanding how money works, and how to earn it and use it wisely. More than just a conversation starter or primer, the book gathers together an abundance of bulleted lists of rules and tips, explanations of complex issues, and sidebars and boxes with illustrations of financial documents. With practical prescriptions, simple but effective action steps, and instructive anecdotes, Kobliner has written a book that belongs on every parent's shelf.