Is it possible to raise financially responsible kids of any age in a society filled with consumerism and entitlement?
New York Times best-selling authors Steve and Annette Economides raised their five kids while spending 77 percent less than the USDA predicted. And the money they did spend was also used to train their children to become financially independent. The MoneySmart Family System will show you how to teach your children to manage money and have a good attitude while they’re learning to earn, budget, and spend wisely.
Learn how to:
Get the kids out the door for school with less stress. End the battle over clothing—forever Teach your children to be grateful and generous. Inspire your kids to help with chores as a member of a winning team. Prepare your kids for their first paying job. Help your kids pay for their own auto insurance, and even pay cash for their own cars. Employ strategies for debt-free college educations. Truly help your adult children when they want to move back home. Be prepared to deal with your adult children when they ask for bailouts.
With clear steps for children of every age, The MoneySmart Family System proves that it’s never too early, too late, or too hard to start learning financial responsibility.
“Every parent or parent-to-be should read this book!” —Dr. Laura Schlessinger
The MoneySmart system is how the proudly penny-pinching authors of America s Cheapest Family and Cut Your Grocery Bill in Half raised their five children and many foster kids to be money-savvy, self-supporting young adults. Key to the success of the plan is the 5/50/500 Rule, based on the idea that every age and stage of a child s growth comes with expectations, and if parents do not train their children to stand financially responsible at the $5 stage of life, they will end up funding an unending stream of demands until the price escalates to $50, $500, and upwards as the children become older. To counter this, the authors advise parents to give their children chores and responsibilities, award points for the completion of those tasks, and pay the kids on a sliding, age-appropriate scale for points garnered. All monies earned fall equally into three categories: give, save, and spend, thus emphasizing the importance of helping those in need, preparing for the future, and living within one s means. By age 11, children start buying their own clothes; by age 13 they have part-time jobs; and by the time they are in their mid-to-late teens, they buy their own cars (and pay the insurance) and fund much of their college education without loans. In theory, and apparently, in practice, the system works, but not every family is as dedicated to this kind of frugality. Much of the book is concerned with getting kids to be clean, neat, responsible, generous, and exhibit good character by paying them for it, and while the book does offer logical, personal, and practical advice, it doesn t quite strike the right balance between teaching kids to earn and helping them learn. This is a volume homeschoolers and large families will appreciate.