This sponsored post talks about How to Teach Kids About Money. All opinions are 100% my own.
As a kid, I got an allowance and would save it to buy special things that I wanted. This was the extent of my money education as a child. My parents did their best, but this was not an area where I was specifically taught any principles. When I got to college I signed up for a credit card from someone on campus and proceeded to run up many charges on that card which I expected my parents to pay for. This whole scenario did not end well, but I did learn a valuable and tough lesson, that could have been avoided if my parents had understood how to teach kids about money. I want my kids to be better prepared financially than I was, so I was thrilled to read Make Your Kid a Money Genius (Even If You’re Not) by Beth Kobliner and start implementing some of her advice.
One of the things I love about the book is that it is something that you can use throughout the years as your child grows. It is a jargon-free step by step guide offering practical tips and advice for parents, teachers and grandparents of kids ages 3-23. That’s right, I said age 3! I learned from Make Your Kid a Money Genius (Even If You’re Not), that you can start basic money lessons with kids much earlier than I thought. Even preschool aged kids can benefit from learning some basic financial facts. As your child gets older, these lessons become even more important.
This book has changed the way I parent and teach about money. My husband and I have re-evaluated how we have been doing things – namely paying kids for chores and our stance on allowance. I was surprised to discover that many of our ideas about how to develop good financial habits were just plain wrong. Beth Kobliner has based the book on the latest research from the fields of psychology, child development, and behavioral economics. This makes me feel especially confident about implementing her ideas.
So what can you expect to find in Make Your Kid a Money Genius (Even If You’re Not)? Among the topics addressed are:
- How giving in to your preschooler’s demands at the checkout line could make him more likely to misuse credit cards as an adult.
- Why giving your kids an allowance could be a step in the wrong direction.
- Bribing your kid for A’s is a waste of time (and money).
- Letting your adult kid move back home is not a bad idea as long as you both have a plan.
- Why it is not crazy to encourage your 16-year-old to open an IRA.
- Paying for household chores may turn your kid into a slacker. (This one shocked me!)
- Talking about paying for college with your 14-year-old may seem premature, but it’s not.
The book is an easy read and features various financial chapters with each chapter divided into the many stages of a child’s development (i.e. toddler, elementary school, college, etc). You can read it from start to finish or simply read the sections that apply to you. The book is full of “teachable moments” that help parents to teach their kids character traits that are important in all aspects of life such as a strong work ethic, the ability to exert self-control and to weigh our choices carefully, the perseverance to work toward distant goals, and a giving spirit. These are lessons we all want our kids to learn.
Beth Kobliner knows her stuff. She is one of the nation’s leading authorities on personal finance for young people. She has also authored New York Times bestseller Get a Financial Life: Personal Finance in Your Twenties and Thirties. Beth Kobliner has been a columnist for multiple highly regarded and trusted publications. She has appeared on TV, including Oprah, Sesame Street, Good Morning America, as well as MSNBC.
In 2010 Beth was selected by President Barack Obama to be a member of the President’s Advisory Council on Financial Capability, where she created MoneyAsYouGrow.org. The site, offering 20 essential, age-appropriate money lessons for kids, attracted more than 1.4 million visitors before being adopted by the Consumer Financial Protection Bureau in 2016.
If you are wondering how to teach kids about money, you can get your copy of Make Your Kid a Money Genius (Even If You’re Not) at Amazon and Barnes & Noble as well as most local bookstores or large retailers such as IndieBound and Books-A-Million.