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The MoneySmart Family System: Teaching Financial Independence to Children of Every Age

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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 MoneySma 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


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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 MoneySma 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

30 review for The MoneySmart Family System: Teaching Financial Independence to Children of Every Age

  1. 5 out of 5

    Regina Hyman

    Recommended to me from someone a budgeting board to explain the process they used to teach their young children about money. I highlighted and skipped some chapters that were not yet relevant to our family. Overall, there are a lot of helpful tips that I plan to utilize with our family.

  2. 5 out of 5

    Liz Busby

    Good money tips, but a bunch of other patronizing advice as well.

  3. 5 out of 5

    Sarah

    While it provided some interesting information about getting your kids in the habit of earning their own money early and understanding accountability, the rest of it was a testament to how you should raise your kids, without having much to do with family economics. For instance, TV's in the household: bad. Videogames: the worst. What does that have to do with finances? Especially if a child manages to save up their funds and by them for their own use? I also thought that holding off on a child g While it provided some interesting information about getting your kids in the habit of earning their own money early and understanding accountability, the rest of it was a testament to how you should raise your kids, without having much to do with family economics. For instance, TV's in the household: bad. Videogames: the worst. What does that have to do with finances? Especially if a child manages to save up their funds and by them for their own use? I also thought that holding off on a child getting their Driver's License is not a realistic expectation for all areas. Where I live (a rural area with a half hour drive to any civilization), it would not have been feasible to say "OK, go get a job, but you will have to walk to it, or a parent who works full-time will somehow have to rearrange their schedule in order to take you to and from work..." Yeah, that wouldn't fly. In this area, a license is a pre-req to getting and keeping a job. Also, when mentioning part-time work schedules, they said it was unacceptable for their child to have to work during the supper hour. They had their kids talk to the managers about how they absolutely could not work when they should have been at home, having supper with their family... And that manager didn't fire them because...? Oh well, all that aside, I would recommend looking elsewhere for a helpful book on family economics.

  4. 5 out of 5

    Elle

    I thought this book was amazing and I will definitely purchase it for my own bookshelf, rather than just leave it at the one read from the library. I have two children, 8 and 11, and the practicality and understanding from experts who "get it". Additionally, despite mentioning their faith, they made no attempts to push it on someone, preferring to keep to the important part of the book: raising children to be financially independent and strong. I thought this book was amazing and I will definitely purchase it for my own bookshelf, rather than just leave it at the one read from the library. I have two children, 8 and 11, and the practicality and understanding from experts who "get it". Additionally, despite mentioning their faith, they made no attempts to push it on someone, preferring to keep to the important part of the book: raising children to be financially independent and strong.

  5. 4 out of 5

    Suzanne

    This book provided an interesting approach to allowance, and I wish I could give it 4 stars for that, but it also has a lot of stuff about topics that are only tangentially related to money management. This made it a lot longer than it needed to be. It is more like a parenting book from a money perspective.

  6. 4 out of 5

    Joi Grady

    Seemed like I'd read most of this information before, but I liked the idea of the point system and payday. Seemed like I'd read most of this information before, but I liked the idea of the point system and payday.

  7. 4 out of 5

    Jennifer Wilson

    In The MoneySmart Family System, Steve and Annette Economides set forth a plan on how to no only curb the "wants" of children but teach them about finances, budgeting, and saving from an early age. They discuss through this book how the system works. Everyone is expected to do chores, and points can be earned for various activities in the day. The number of points earned each day translates into allowance that will be given and then the children are expected to give some, save some, and are allo In The MoneySmart Family System, Steve and Annette Economides set forth a plan on how to no only curb the "wants" of children but teach them about finances, budgeting, and saving from an early age. They discuss through this book how the system works. Everyone is expected to do chores, and points can be earned for various activities in the day. The number of points earned each day translates into allowance that will be given and then the children are expected to give some, save some, and are allowed to spend some. One of the biggest problems I have with this book is starting at age nine children are expected to be buying their own clothing. Based on the numbers set forth in the points system, it feels to me the points need to be valued at a bit more. Unlike some people who have read this book I don't find the problem in making the children buy their own clothes, but I do think they should be given a bit more funds to do so. This is an excellent book and even if you wouldn't want to use all the ideas in it, it has a lot of suggestions for all ages, from pre-school through adult. Additionally, if you already have children, you would have to ease into this system. They speak of shopping garage sales and thrift shops, and if your teens are used to buying jeans at the mall, to make that switch suddenly would likely create lots of arguments. The premise of this book, though, is the younger you can instill good financial habits in children the less costly their mistakes will be. The other thing I feel this book is missing is teaching children about starting their own business. I understand they want to teach them to have a job and be responsible, but what about if that job is babysitting or shoveling snow when they are younger or another idea. At age sixteen they expect their children to get a part time job, which I think is fine, however what if their child would have a great idea to go to work for themselves? This isn't discussed at all. America needs small business owners, and my concern without thinking this through might limit a child's future if he isn't encouraged to think about what he could do for himself and his ideas of work are limited to just working for another. I think this is an excellent book and one I would recommend to all parents. FTC disclosure: I received a free copy of the book from the publisher. I was in no way required to post a positive review. All opinions are my own.

  8. 5 out of 5

    Lynnea

    The MoneySmart Family System by Steve and Annette Economides was provided to me on my nook by Thomas Nelson Publishing in exchange for an honest review. The subtitle is "Teaching Financial Independence to Children of Every Age." It does teach financial independence but it also teaches basic independence and character as well. Because of that, I think this book is more of a parenting book than a money book. For example, some of the later chapters are much more parenting advice involved with some f The MoneySmart Family System by Steve and Annette Economides was provided to me on my nook by Thomas Nelson Publishing in exchange for an honest review. The subtitle is "Teaching Financial Independence to Children of Every Age." It does teach financial independence but it also teaches basic independence and character as well. Because of that, I think this book is more of a parenting book than a money book. For example, some of the later chapters are much more parenting advice involved with some finance thrown in: "Activities for Character, Strength, and Scholarships," "Playing and Paying: Toys, Recreation, and Technology" (gives helpful websites for movie/gaming reviews) "Gifts and Gratefulness," and "Friends, Love, and Marriage." They are well written chapters and I agree with them almost 100%; Ex: "Parental involvement is critical, and so is honesty. We know one family who allowed their eleven-year-old daughter to lie about her age so she could have a Facebook page. She learned an "important" lesson from her parents - she doesn't need to follow the rules." they just seem out of place in a "money" book. The book starts by explaining the 5/50/500 rule. Steve was a graphic designer and learned that if a mistake was caught early in the printing process it may only cost $5; if the mistake is caught a little later, that mistake may cost $50. But if the mistake is caught near the end of the process it could cost $500. And so it is with raising our children. If we train them well when they are little, their mistakes will cost less ($5). As they get a bit older, the mistake could cost more ($50, $500, $5,000, etc.). Throughout the book this analogy is used in a helpful way. This book goes into detail about chore charts, points, and 'pay days,' including chart examples and pages to copy. (However, on the nook that doesn't work.) Many ideas the Economides' family uses are very similar to ideas we currently use. There are a few things I think we may implement after reading this book: raising the 'pay day' amount to include clothing money and/or extracurricular activities. The best part of this book, I think, is the number of references provided. Books and websites are mentioned if you want more information on certain areas, lists are made for you as to how to buy a used car, how to file for college scholarships, etc. They also tell you about two more chapters they have online, which I have not yet read.

  9. 4 out of 5

    Sarah

    Maybe I should give it more stars. It's a perfectly acceptable system to use to teach kids about money, and much better than not thinking about how to approach it at all or completely failing to discuss money with your kids, which is a pretty common default. I also like that the kids are provided enough money to be put in charge of real expenses; this teaches financial responsibility much more effectively than if they're only getting bubble gum money. But I disagree with the authors on a number o Maybe I should give it more stars. It's a perfectly acceptable system to use to teach kids about money, and much better than not thinking about how to approach it at all or completely failing to discuss money with your kids, which is a pretty common default. I also like that the kids are provided enough money to be put in charge of real expenses; this teaches financial responsibility much more effectively than if they're only getting bubble gum money. But I disagree with the authors on a number of things. 1) They have a point system and essentially pay their kids for doing chores. That's fine, but they include very basic expectations in the system. There are a lot of things my kids do around the house that I don't consider to be optional, but if I were using a system like this then the kid could basically decide not to do them with the only consequence being they wouldn't get paid. Well, that's not explicitly stated in the book, but if the kids are required to do chores no matter what, it doesn't make sense to pay them for the work. Basically I feel that there are some things kids should be expected to do as members of a household without being rewarded for them, and this system provides a loophole that depending on kids' personalities could lead to greater conflict and less intrinsic motivation to be helpful. 2) They divide kids' money into spending, savings, and charity. This is pretty common for parents to do but I think it's too controlling. If it's really their money, let them make their own choices about it. My son donates money (and earns more for the express purpose of donating it) because he wants to, not because he's being told to, and most kids have that desire to help others. (And I, at least, would resent being forced to do it, which would probably make me LESS likely to as an adult.) My daughter saves money because she wants specific things, and if she'd rather blow it on cheap things rather than get something she REALLY wants, that's her choice (and a lesson learned in the long run). 3) The system requires a LOT of direct parental monitoring of chores to work well. Frankly, I don't want to spend my time checking up on all the things my kids do several times a day. The authors have a large family and maybe that degree of monitoring is generally necessary to keep life flowing smoothly. But with just two kids, I don't want to have to police them so carefully.

  10. 5 out of 5

    Jamie

    Steven and Annette Economides have made a name for themselves as America’s Cheapest Family. As with any family, they’ve tried to pass on their financial strategies onto their children. In The MoneySmart Family System the Economides’ share their methods for helping children of any age develop financial independence. The book promises to teach the reader how to deal with many situations including teaching children to be grateful and generous, prepare kids for their first paying job, and helping th Steven and Annette Economides have made a name for themselves as America’s Cheapest Family. As with any family, they’ve tried to pass on their financial strategies onto their children. In The MoneySmart Family System the Economides’ share their methods for helping children of any age develop financial independence. The book promises to teach the reader how to deal with many situations including teaching children to be grateful and generous, prepare kids for their first paying job, and helping them develop strategies to get through college debt-free. They provide tips and techniques for all different stages of life from children under 5 to adult children. First of all, am I the only one who finds it ironic that a couple with the last name Economides has written multiple books related to finances? Economy….Economides….haha! Ok, now that I’ve got that out of my system, I’ll get on with the review. This book is chock-full of information, not all of it was relevant to me at this stage of life but I read through them anyway to get tips for the future. While there are some really good ideas, there are some concepts that I just can’t see my family adopting. For example, I don’t think a 9 year old needs to be budgeting to buy their own clothes. As a parent, I feel that it’s my job to buy my kids’ clothes. I also think that it’s a sad testament to today’s society that they needed to include sections on how to deal with adult children that should be out their parent’s house and on their own. That’s not fault to the authors, I’m sure some parents are in desperate need of such information. Overall this book was okay. It is well-written and easy to understand, but some of their techniques seemed a little harsh to me. I am trying to instill good financial sense in my children, but I’m not sure that requires adopting a time card method in our home or forcing them to put 40% of their earnings into a clothing fund. It’s worth a read to pick up some useful techniques and tips, but I would be willing to bet that following this system 100% wouldn’t really work with most families. Just like any of the other books I’ve read on finances, there are certain things that I apply to my own situation and other things I don’t. I’d encourage anyone to do the same.

  11. 4 out of 5

    Rebecca

    I have loved the Economides' books since they first came out. I have their two previous books, also family financed based. And I admit that i was fascinated by a couple who's name was "Economides" who wrote about money! Too much for my little brain i guess :) Anyway, I loved this book as much as I loved their previous books. I think The MoneySmart family system is a GREAT addition to anyone's family library. The author's write in an engaging way about why its important to raise money smart kids- I have loved the Economides' books since they first came out. I have their two previous books, also family financed based. And I admit that i was fascinated by a couple who's name was "Economides" who wrote about money! Too much for my little brain i guess :) Anyway, I loved this book as much as I loved their previous books. I think The MoneySmart family system is a GREAT addition to anyone's family library. The author's write in an engaging way about why its important to raise money smart kids- they talk about the implications of children who are crippled by this lack of skill. But they take it a step further and not only talk about WHY your kids need this skill, but give practical examples of how to practically implement this skill in your home! I found many great ideas that I will use in my family, as we definitely have "issues" in this area. I love how the authors come from a background of a large family without a lot of money. This I can relate to, and it not only makes them more credible, but means that they are providing the valuable information that us family people NEED. I don't want to know about investments right now or building or maximizing our portfolio! i just want to raise children who love the Lord and who use their money effectively for HIS purpose. Their system is one that shows me how to do that! Additionally, It also teaches responsibility all around. And its doable being quite broke, as we are constantly! I give the MoneySmart family system a 5 star review! Disclosure of Material Connection: I received this book free from the publisher through the BookSneeze®.com <[...]> book review bloggers program. I was not required to write a positive review. The opinions I have expressed are my own. I am disclosing this in accordance with the Federal Trade Commission's 16 CFR, Part 255 <[...]> : "Guides Concerning the Use of Endorsements and Testimonials in Advertising."

  12. 4 out of 5

    Sara

    After starting Dave Ramsey's "Financial Peace" class back in August, my husband and I kind of got on a huge saving money kick. Of course, that is not a bad thing at all, and over the last two months, we have been doing very well budgeting, saving more money, and getting rid of our debt. Since we were on that saving kick, I started requesting books to review that were about finances - which led me to The MoneySmart Family System. Overall, this book gave some good suggestions when it comes to teac After starting Dave Ramsey's "Financial Peace" class back in August, my husband and I kind of got on a huge saving money kick. Of course, that is not a bad thing at all, and over the last two months, we have been doing very well budgeting, saving more money, and getting rid of our debt. Since we were on that saving kick, I started requesting books to review that were about finances - which led me to The MoneySmart Family System. Overall, this book gave some good suggestions when it comes to teaching your kids how to handle money. This is the third book I have read on the subject, and I don't think it really had too much more to say on the subject than the other books did. However, the point system that this family uses is unique and may be just the thing for your family. Although it sometimes read like a commercial (Buy our stuff! Buy our stuff! (at our website)), there are still tons of tips in this book on how to save our money and how to teach kids to be responsible with their money. I liked the examples of the age-appropriate chores and the suggested amount of money for each. Handling money well takes discipline, and this message comes through loud and clear in The MoneySmart Family System. In this book, Steve and Annette Economides (is that really their last name?!) present some interesting views and ideas on teaching your kids about how to become financially independent, starting at any age. We probably won't put this entire system into place for our family, but there are still many things that we will be taking from the book. See my complete review here:http://shoopettesbookreviews.blogspot...

  13. 4 out of 5

    Malin Friess

    This books seeks to help parents raise financially responsible kids: A few good parts... 1) The authors frown on allowance. It is too much like an entitlement (I agree). 2) They talk alot about the 5/50/500 rule. It goes like this..solving a child's wants gets more expensive as they age: 0-5 ($5 for a toy), 5-10 ($50..maybe a video game, DVD), age 10-15 ($500 for skis, phone, etc), 15-20 ($5000..maybe a car), 20-24 ($50,000 grad school, down payment on mortgage). So teach your kids quickly to be fi This books seeks to help parents raise financially responsible kids: A few good parts... 1) The authors frown on allowance. It is too much like an entitlement (I agree). 2) They talk alot about the 5/50/500 rule. It goes like this..solving a child's wants gets more expensive as they age: 0-5 ($5 for a toy), 5-10 ($50..maybe a video game, DVD), age 10-15 ($500 for skis, phone, etc), 15-20 ($5000..maybe a car), 20-24 ($50,000 grad school, down payment on mortgage). So teach your kids quickly to be financially responsible or it gets more expensive. 3) Research shows it costs 261K to raise a child. The Economides say they can do much better. 4) Encourages separating piggy bank into 3 pots: give, save, spend. The book goes into elaborate detail of what and what not kids should help pay for (car insurances, gas, clothes, boy scout fees?) Some of the complicated schemes are rather time consuming for busy parents (remember the episode of Cosby Show when Theo had to pay rent?) What about first jobs, etc. Some of those issues we are not facing yet. I feel like we as parents have no problem saying no, no, no over and over again to requests from our daughters. But we could improve on giving the kids specific chores and rewards for when they are accomplished. Amelia now want's an I-Pad Mini (wow)..she is slowly working towards this goal 50-cent chore by 50-cent chore. 3 stars..check this book out if you find it at the library. I don't think it is worth purchasing.

  14. 5 out of 5

    Andy Mitchell

    I’d never heard of the MoneySmart system before reading this book. In fact, other than teaching our kids to save some money and donate a bit to charity, I hadn’t considered how to prepare them for the adult world of money. This book provides an excellent foundation for considering these things deeply and practically. My family is not going to follow this system precisely. It’s far too rigid and prescriptive. But it has given me plenty of ideas for how to help my children prepare for a lifetime of f I’d never heard of the MoneySmart system before reading this book. In fact, other than teaching our kids to save some money and donate a bit to charity, I hadn’t considered how to prepare them for the adult world of money. This book provides an excellent foundation for considering these things deeply and practically. My family is not going to follow this system precisely. It’s far too rigid and prescriptive. But it has given me plenty of ideas for how to help my children prepare for a lifetime of financial health without breaking the bank. If you don’t mind picking and choosing elements from a very strict program, then I recommend giving this book a try! Disclaimer: I received a free copy of this book from the publisher in exchange for my unbiased review.

  15. 4 out of 5

    Dale Offret

    I picked up this book on a whim. One day I saw it in the library's featured book 7 day express check out. I read it and found I liked it. The couple who wrote the book give a well layed-out system that most families can use or modify as needed. It provides a starting point for those parents interested in building financial education, stability, and wisdom for their children. While the book is meant to be holistic, it revolves around the core of financial education for the family. Instead of allo I picked up this book on a whim. One day I saw it in the library's featured book 7 day express check out. I read it and found I liked it. The couple who wrote the book give a well layed-out system that most families can use or modify as needed. It provides a starting point for those parents interested in building financial education, stability, and wisdom for their children. While the book is meant to be holistic, it revolves around the core of financial education for the family. Instead of allowances, children receive money for daily points they receive for effort given at home or school. The money multiplier for each point received within a given week is billed to age appropriateness.

  16. 5 out of 5

    Athena Nagel

    In this new book – The MoneySmart Family System, a few strategies are really expanded upon and detailed in more of a step by step process. They detail how the cost of teaching something to a young child may be small but as that child gets older the cost of teaching that same lesson (if they weren’t taught early on) becomes incrementally burdensome. The step by step process provides detailed “maps” to teach your child(ren) financial lessons to help them eventually obtain financial independence. I In this new book – The MoneySmart Family System, a few strategies are really expanded upon and detailed in more of a step by step process. They detail how the cost of teaching something to a young child may be small but as that child gets older the cost of teaching that same lesson (if they weren’t taught early on) becomes incrementally burdensome. The step by step process provides detailed “maps” to teach your child(ren) financial lessons to help them eventually obtain financial independence. I received a complimentary copy of The MoneySmart Family System – Teaching Financial Independence to Children of Every Age by Steven Economides by BookSneeze.

  17. 5 out of 5

    Karyn Tripp

    I really like the ideas in this book. The reason I am giving it only three stars is because I felt like only the first couple of chapters were necessary. I felt like the rest of the book was more of a parenting manual than a book on teaching finances. After I read the first few chapters that outline their chore and allowance system, I wondered what else would even be in the book. After a few more chapters, I started skimming to get the main idea... Finished the whole second half this way. I will I really like the ideas in this book. The reason I am giving it only three stars is because I felt like only the first couple of chapters were necessary. I felt like the rest of the book was more of a parenting manual than a book on teaching finances. After I read the first few chapters that outline their chore and allowance system, I wondered what else would even be in the book. After a few more chapters, I started skimming to get the main idea... Finished the whole second half this way. I will, however, try out their MoneySmart system with my kids.

  18. 5 out of 5

    Catherine

    I agree with the reviewer that the first two chapters pretty much cover the "system" they recommend of chores and distributing allowances. The rest seems more like their world view on teaching children finances, which I generally agree with but take issue with some of it (having the kids pay for their clothes? Nope.). I've used a system similar to theirs with a lot of success, although it takes immense discipline on the parents' part. Given the credit and housing bust the last decade, I think I agree with the reviewer that the first two chapters pretty much cover the "system" they recommend of chores and distributing allowances. The rest seems more like their world view on teaching children finances, which I generally agree with but take issue with some of it (having the kids pay for their clothes? Nope.). I've used a system similar to theirs with a lot of success, although it takes immense discipline on the parents' part. Given the credit and housing bust the last decade, I think it's a necessity to raise financially well-adjusted kids.

  19. 4 out of 5

    Kayla

    Each book by the Economides duo has impacted my thinking and challenged me to look for more ways to spend less & save more, even on a very small budget. This book gave me a lot to ponder about instilling good financial habits in our children. The chapter on college hit home with me, since I have written an eBook on going to college without taking debt AND my husband is still in college. I borrowed this book from the library, but it's now on my "need-to-buy" resource list. Definitely worth the tim Each book by the Economides duo has impacted my thinking and challenged me to look for more ways to spend less & save more, even on a very small budget. This book gave me a lot to ponder about instilling good financial habits in our children. The chapter on college hit home with me, since I have written an eBook on going to college without taking debt AND my husband is still in college. I borrowed this book from the library, but it's now on my "need-to-buy" resource list. Definitely worth the time to read!

  20. 5 out of 5

    Tim

    Had a couple of good takeaways, especially for parents with dependent children over 22. It should really be titled the "Uber-organized and systematized family, which includes a system to reward children financially for chores and teach them to save, be smart, and be frugal with their money." The parts about money could have been shortened to a single book that would probably be less than 100 pages. The range of topics the rest of the book covers is comprehensive and probably a decent read for an Had a couple of good takeaways, especially for parents with dependent children over 22. It should really be titled the "Uber-organized and systematized family, which includes a system to reward children financially for chores and teach them to save, be smart, and be frugal with their money." The parts about money could have been shortened to a single book that would probably be less than 100 pages. The range of topics the rest of the book covers is comprehensive and probably a decent read for any parent, but having kids under 10, I didn't identify with.

  21. 4 out of 5

    Brent Rosendal

    The authors of this book try to help parents teach financial responsibility to their children. I enjoyed the first couple of chapters and have even implemented their system (although I've made some adjustments to better suit us). After that, the authors go into overkill talking about every conceivable expense that a family could incur and give advice in those areas. This made for rather tedious reading although I think it would be a good guide in the future. The authors of this book try to help parents teach financial responsibility to their children. I enjoyed the first couple of chapters and have even implemented their system (although I've made some adjustments to better suit us). After that, the authors go into overkill talking about every conceivable expense that a family could incur and give advice in those areas. This made for rather tedious reading although I think it would be a good guide in the future.

  22. 5 out of 5

    Emily

    It has many useful and good points. I especially love the charts and find it useful. My grandparents are the ones who taught me about money management (at a rather young age), therefore it is easy for me to take many lessons for granted - thinking that everyone should know this... However, teaching and passing the lesson onto others is rather different. Therefore this book comes in handy for me to take a step by step approach in teaching my kids (in a more organized way).

  23. 4 out of 5

    Rachel Jacobs

    The Economides do a wonderful job of laying out a money system that can be implemented at any stage of life for your children (so don't think they are too old to start). There are some very valid points to think through and all areas of a child's life are touched upon (from sports, to clubs, dating, and to driving). I enjoyed it and have started formulating a point system for our children so that they can work around the house and learn to be responsible later in life. The Economides do a wonderful job of laying out a money system that can be implemented at any stage of life for your children (so don't think they are too old to start). There are some very valid points to think through and all areas of a child's life are touched upon (from sports, to clubs, dating, and to driving). I enjoyed it and have started formulating a point system for our children so that they can work around the house and learn to be responsible later in life.

  24. 4 out of 5

    Carrie Elizabeth Rundhaug

    I really enjoyed this book even though Alexander is a little young for some of this it still gave me lots to think about. I really enjoyed not only the skill and behaviors to implement but also the many examples provided. I think if you want money savvy children that this is a very good book to pick up.

  25. 4 out of 5

    Carolyn Munroe

    A good book with a lot of factual information so it reads a little like a textbook. They are very healthy in their attitude about raising children into productive adults. I could see where I could have done some things better. This book might be too dry for the new mom and dad but I would recommend they buckle down and read it---say, once the kid hits one year old. #finance

  26. 5 out of 5

    Chris Csergei

    They had some good ideas, but this book read more like a parenting book than a money book. Also, they were too detailed in how they carry out their system, giving suggestions down to how to dress children and other things.

  27. 5 out of 5

    Alicia Carlson

    Very easy read with practical application. I appreciate their honesty and tried and true tips. It may seem very counter cultural to instill some of these practices, but, honestly, they are so common sense it would be ridiculous not to.

  28. 5 out of 5

    Matthew Kimber

    Nice approach to teaching your children about money. Two weeks into actually implementing most of the ideas here and it seems to be working pretty well. My kids were uninterested in money up until we started this system. Now they are doing their best every day towards reaching their potential.

  29. 5 out of 5

    Mindy

    I love this book so much that I ended up buying it to have for reference. We are going to revamp our system with the kids and this had tons of good ideas.

  30. 5 out of 5

    Kristin- Shabby Chic Reader

    A great resource for learning how to teach kids about money management.

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