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The MoneySmart Family System: Teaching Financial Independence To Children Of Every Age (2012)

by Steve Economides(Favorite Author)

3.62 of 5 Votes: 2

ISBN

1400202841 (ISBN13: 9781400202843)

languge

English

genre

Nonfiction

publisher

Thomas Nelson Publishers

review 1: 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 th... moreis 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.
review 2: 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. less

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