Tuesday, July 31, 2012

Book Review: Money Smart Family System

The Money Smart Family System
By Steve and Annette Economides
Thomas Nelson, 2012
English, 272 pgs

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.

This is something we're just starting to teach or 5 year old. We're working with him to understand saving, tithing and budgeting. To be honest, it's something we're learning ourselves as well.

This book has the goal of teaching children "to be independent, self-sufficient, and mature adults who can stand on their own two feet financially." I wish I'd had this training before college. Really... although it's never too late to start and learn.

This book describes how the authors taught their children to earn and manage their money. It also teaches how to set up a similar point system for earning. I think I really like this idea and am trying to set up a similar system for our children.

They teach what each child should do to earn their points and how to figure out what each point is worth at the end of the week. It's really a simple system. I'm just not sure about paying my kid to be good at school or to complete homework. Maybe that will work, maybe that will cause problems...I have to test it out to see.

They have a helpful chore chapter with appropriate chores broken down by age. Again, I'm not sure about paying for this. I think that learning through a consequence for not doing something is more effective. I'm willing to try though.

I like that the book deals with learning past the school ages. Really, as parents, we don't expect our children to stop asking for guidance or help or advise once they walk the graduation stage. I know I still look to my parents for ways to do things.

There are several chapters dealing with teaching kids how to manage the money they own. These are open to customizing for your particular family.

I received a copy of the book in exchange for a review. No additional compensation has been received and I was not required to write a positive review.

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