Books to read: Make Your Kid a Money Genius (Even If You’re Not) by Beth Kobliner. I received this book in exchange for my honest review, all opinions are my own.
Chances are your typical family dinner table topics of conversation do not include financial planning. But they should! There are so many financial challenges in life, for example moving house can be expensive. Talking about money with your children might seem like a daunting task but it’s an important one that can profoundly impact their lives. So where (and how) do you start? Thankfully these are just the questions Beth Kobliner answers in her new book, Make Your Kid a Money Genius (Even If You’re Not), along with sharing many more valuable pieces of advice and information parents need to know.
I’ll admit I have not always been the most financially responsible person. I’m a bit impulsive, and I like to shop, so my spending habits were a little out of control when I was younger. Becoming a parent made me realize I needed to change my ways pretty swiftly. I wanted to spend the first few years at home with my son. When my husband and I decided to make that work we had to sit down and make some serious decisions about how to manage our money better.
Oh how I wish I had grown up with the guidance that Kobliner gives in this book! Growing up, we didn’t talk about money in my family. Maybe it was because we didn’t have very much, or maybe just because my parents were raised with the notion that it’s not polite or appropriate to discuss money. Maybe they thought the concept wasn’t something children should be concerned with.
Make Your Kid a Money Genius (Even If You’re Not) addresses all the reasons why it’s so important for parents to teach their kids about money, and early on. Parents are the number one influence on a child’s financial behavior. More importantly, this book breaks down how to teach your child these valuable lessons at any age.
I was impressed with the simple, practical ideas Kobliner suggests for engaging my preschooler in conversations about money. Talking to a three-year-old about saving and spending wasn’t something I had previously considered to be an important lesson on our list. After reading this book I realized that it’s just as important for setting him up for success in life as learning his ABC’s.
One of the things I loved most about this book is how Kobliner makes it easy to understand and apply her methods to real life situations. Her advice is sensible and simple so it doesn’t feel like you’re in over your head, and her voice is one of reassurance. You feel positive and empowered as a parent after reading this book, no judgment or shame for mistakes of the past. I’ve dreaded other books in the past that make finance seem like a difficult life course.
A few of the book’s prime points for teaching young children about money:
Define “wants” versus “needs.” Kobliner advises having clear conversations with your child when shopping by labeling the things he wants (candy, a cupcake) as different from the things he needs (milk, apples).
Explain how advertising works to your child. Make sure when a commercial comes on featuring your kid’s favorite character that you explain how and why it’s made that way.
Don’t avoid the “dreaded no.” It’s an important opportunity for children to learn to handle disappointment. Use your “no” wisely and with authority.
You can pick up a copy of Kobliner’s new book at Amazon or Barnes & Noble or at your local bookstore.
Have you started teaching your child about money? I’d love to hear your stories and tips.
All of my kids are really good with money except my middle son. He is horrible with keeping track and keeping it in general. I am going to look into this for him. Anything that might help him. 🙂
What a great idea to pass on to my friends with kids. Thanks!
I too grew up in a family where money was not discussed and was not taught how to handle money other than told to “save”. Unfortunately, I carried that on and didn’t really teach my kids money skills when they were young either. They are young adults now and I have been trying to help them as I can, but I still don’t know as much as I should and I firmly believe parents should begin teaching their children about money as soon as they can.
I am glad to know that there are guide books available nowadays to help develop a child’s financial management skills. I will get this book for my daughter. Although her kids are still too young to understand, it would be best to train them early on.
What an amazing book every kid should read. I didn’t even have an idea that as early as 3 years old, kids should know more about money. The knowledge that they can get from this book can contribute a lot of good things not only academically but also on their traits and character.
I’ve herd a lot about this book lately, will definitely be checking it out. Sounds very interesting!
I’m so glad that I found this article my kids really needs to learn saving their money. This is really helpful.
This is really impressive, this book is great all parents should know about this.
I love this. It’s so important for them to learn this skill.
It is important to teach children the value of money. I do beleive in their early teens is the time to really make them understand.
I really want to read this! I am okay with my money but my partner is very impulsive- something that both his parents were as well. It is so important to teach them these skills from a young age.
IT is such a good idea to teach kids about money! It helps with math and is also a very important life skill!
Great post, I think it’s an extremely important skill. Love the want and need point.
I teach my girls about saving money all the time. This is so important for them to know about money. I think this book would be a great one to have.
Ooooo never too early to start teaching your kids about money!!!! This would be perfect for my daughter