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Great Beginner System October 10, 2012
Steve and Annette Economides of America’s Cheapest Family have written a new book to help parents teach their children about the value of money and "financial independence." In The Money Smart family system they teach you the money system that they have been using in their family.
Teaching children about money, in today’s society, can be extremely hard. All children see are ads for the next new, big, thing. When they are in school all they are seeing are other children with the newest tech object or greatest toy. Children are not being taught that it takes money to get something and to get that money it takes work. Most parents are just handing their children whatever they want because they can.
Well, the Economides feel like children should earn what they get by being giving wages (just like adults) and have to work for their wages. So, they set up a points system instead of a time card. Their children are expected to work towards earning 4 point each day under the categories of: Morning Point, School Point, Chore Point, and Round-up point. At the end of the week their children’s points were added up and they were paid a certain amount for each one. Obviously, the older the child, the more the point was worth.
After being paid their children were then expected to divide their wages into different folders which taught them to save money, donate money and have some to spend. All basic concepts that we as adults know but, if we don’t teach our children then they will have no idea.
As the children get older they are taught more monetary responsibility by getting part time jobs. At that time they are responsible for their own clothes, car insurance, any extra “luxury” items they want, and more. There are some things that they felt that parents should be responsible for buy at this age but, only necessities. Items such as haircuts, medical expenses, and school portraits should be paid for by the parents. Items such as cosmetics, class rings, and cosmetic surgery are the child’s responsibility.
Overall this was a good book and got me thinking about a few things that I might want to implement when it comes to teaching my children about money but, most of it is common sense. There are tons of diagrams and forms throughout the book which helps to illustrate their points. They have a great system and I feel that it will benefit parents to take a look at their system. The only problems I had with the book is since they wrote it as a team the narration is a little confusing sometimes. I would be reading and think that it was Steve talking but, instead it was actually Annette. I would have loved to have a little more clarification as to who was talking.
The other problem or con I had was that they kept referring the reader back to their website and directing you there so that you could buy something from them. I felt like they were trying to sell you something the whole time I was reading. It felt kind of like an infomercial.
I recommend this book as a basic starter book for teaching children about money. Like I said before, it’s full of common sense information. The book can help you work towards teaching your children to be financially independent.
I received this book free from the publisher through the BookSneeze® book review bloggers program. I was not required to write a positive review. The opinions I have expressed are my own.
Review by Bethany
A great system for any budget! September 11, 2012
I received a complimentary review copy of this book, but these opinions are my own !
So I was excited to read MoneySmart family because we are always looking for more ways to teach financial responsibility! And I really learned some great things from it!
The system is super-well organized, and gives children a lot to thin about! It starts at 3 years old with simple things, and even goes all the way into adulthood, dealing with kids who might be returning home, or adult children always asking for money.
What I loved most about this system is that it encourages kids to save some money for more than just things they want, but also giving some money, and beginning with older kids clothes, money for camps or classes, gifts for friends and family, saving for college, and more.
This not only inspires kids to look at money in a different way, but prepares them for their first job, and more difficult financial planning later on in life since they'll learn all the tricks of balancing a budget now. This can help them in college, coming out of it debt-free, as well as managing a mortgage, cars, and everything that gets tacked on in those years after!
This book also encourages something I love - doing chores because you love your family, and are a proud member of it! This is so important to teach children so that they become a family-centered adult.
The book also comes with all the charts, and other things you'll need to help your kids stay on track.
It breaks down each step into chapters, making it easy to apply one step at a time into your already, or non- existent system, and gives your family time to adjust.
My husband and I will definitely be employing these strategies into our household system and I am excited to see the results!
Review by Debbie
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
|Publication Date||August 21, 2012|