Even if they don't agree on anything else, most parents will concede that financial responsibility is a vital part of every child's education. Former stockbroker Willard Stawski II, father of five and president of a company that produces fiscal-literacy tools for youngsters, believes such behavior ultimately stems from the way a family sets priorities and communicates lessons regarding them. He also contends financial literacy is a key component in everything from enhanced self-esteem to successful interpersonal relationships. In Kids, Parents & Money, Stawski outlines a step-by-step program that can be used to teach proper earning, saving, and spending habits and tie them all together. Starting with development of a team mission statement and financial plan, he addresses age-appropriate goals and conduct--"From about age four, children start to comprehend material value," he writes, and that's when they "also must be shown the offsetting financial principles that govern the material world"--along with allowances, suitable remuneration for work around the home, budgeting, record keeping, and even investing. Clearly defined chapters focus on a specific topic and conclude with simple exercises that reinforce its principles. A related Web site contains interactive materials that also can be used to aid the process. --Howard Rothman
Kids, Parents & Money: Teaching Personal Finance from Piggy Bank to Prom FROM THE PUBLISHER
OVERVIEW
OUR CHILDREN
How Do You Want Your Kids to Turn Out?
Do not teach your children, for they will not understand.
Rather, show them how you live and they will follow you. . . .
JACQUELINE WATTS
ALL OF US HAVE GONE THROUGH THE SAME EXPERIENCES IN OUR
lives, relatively speaking. We've been born, come home from the
hospital, pooped in our pants, gotten cleaned up by a parent who
cared about us, learned to walk and talk, learned to be nice,
learned to beg, learned to (go ahead and fill in the
blank for a behavior of your choice). The fact is, virtually everything
we've ever done has been a result of a learned behavior. The
way we react to others, the way we decide things, the way we
spend and save money, the way we choose to earn a living: All of
these thoughts and actions are a result, to some degree, of behavior
that we have learned.
With this in mind, it is clear that our parents had a great deal
to do with how we turned out. Some of us had great parents who
spent a lot of time with us and showed us how to be effective in
our lives and with others. Some of us-- the larger percentage,
unfortunately-- had parents who may not have spent enough
time and energy on our behalf. Consequently, we may lack some
of the life and parenting skills necessary to live and parent effectively.
Some of us had two parents, some of us had one parent,
and some of us had no parents. Whatever the case may be, whoever
was there for us when we grew up was the one responsible
for our early development. How we decide to do things today is a
reflection on the values and habits promoted by those parental
influences.
Now, let's spin things forward a few years and look at ourselves
and our own children. Let's look at how much time we spend
teaching our kids how to do cool things. Let's look at the example
we set and at the level of communication present in our family
relationships. Let's look at the financial example we are setting
through our own spending and saving habits. Whatever we do
and say is what our children will be learning to apply to their own
lives. What they learn today is what they'll implement tomorrow.
When our kids go out and buy this book in a few years and
reflect back on their family experiences, what kinds of memories
do you think they'll have? What kinds of family and financial
habits will they have adopted? What family and financial principles
will they be implementing in their own lives and families at
the time? I hope that after implementing some of the ideas in this
book and spending some quality time with your kids, they'll look
back happily on a positive, fulfilling childhood experience and see
what role that experience played in the development of their
financially and emotionally rewarding adult life experience.
The purpose of this book is to help you work with your family
to establish some basic communication skills and to create an
environment in your home that is peaceful, challenging, happy,
positive, and rewarding. You and your children will also gain substantial
financial intelligence through the contents and processes
of this work.
Chapter Challenge
Purchase a one-inch three-ring binder that has a clear plastic
cover to insert a cover page. From now on, this will
become your family journal. Also pick up a three-hole
punch, lined paper, and copy paper. If you have access to
the Internet, visit www. kidsparentsandmoney. com and
bookmark it. From this point forward, we'll refer to
www. kidsparentsandmoney. com as "KPM. com." Once on
the site, print out a Cover Sheet and Form CC-1, complete
the Cover Sheet, and insert it into the front of your new
binder. Complete Form CC-1, punch holes in the form, and
place it at the beginning of your journal. If you don't have
the Internet, on the first page, write down the date and document
three things you have done recently to positively
affect the lives of your children. Also, write down your reasons
for purchasing this book and any thoughts you may
have on your family relationships as they now stand.
FROM THE CRITICS Children's Literature - Childrens Literature When I first encountered this book I thought "What parent is going to have the time to read 268 pages just to teach their kids about handling money." But, there's 46 chapters in this book, so each one is short enough to get the message across without spending a lot of time. In this high tech, credit card using, stock market watching world, it behooves parents to prepare their children in a more organized manner to deal financially with the world around them. As the book says, if you don't do it, who will? The way the book is organized is really more than steps to financial success, it's steps to personal and family success. The seven steps are--know the rules, set your objectives, look for opportunity, be aware of your emotions, saving and personal record keeping, goal attainment and attain again. There's really nothing new here. They're tried and true ways of family functioning that will foster skills in children that will serve them well throughout life. More importantly, it treats the family as a democracy so that children see that everyone must do their part for success. It is written in language that most six-year-olds will understand, and it is a result of the author's work as founder of Cash University, a company that creates educational products designed to teach children about money. There's a glossary, index and resources for further study included. I don't know any family that wouldn't benefit from this book. 2000, John Wiley & Sons, Ages 8 to Adult, $14.95. Reviewer: Meredith Kiger—Children's Literature
Parent Council Reviews Here are some practical fun strategies for parents and teachers to use as they teach kids to be financially smart. The book starts by looking at a family's financial habits, then develops a mission statement as a beginning point. The author offers other personal finance advice, such as setting objectives through goal attainment, looking for money earning opportunities, and being aware of how emotions effect spending. 2000, John Wiley & Sons, Inc., $14.95. Ages Adult. Reviewer: N. Robertson SOURCE: Parent Council Volume 8
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