Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your email address or mobile phone number.
The First National Bank of Dad: The Best Way to Teach Kids About Money Hardcover – January 14, 2003
Top 20 lists in Books
View the top 20 best sellers of all time, the most reviewed books of all time and some of our editors' favorite picks. Learn more
Frequently Bought Together
Customers Who Viewed This Item Also Viewed
From Publishers Weekly
Copyright 2002 Reed Business Information, Inc.
"This is a terrific little book that could completely change the way many parents think about children and money." -- "Publishers Weekly"
"Saving money . . . should be the child's choice. For an idea that might get your kids to a nest egg voluntarily, take a look at David Owen's book "The First National Bank of Dad"." -- Jane Bryant Quin, "Newsweek"
"Lively and entertaining, filled with self-deprecating humor, anecdotes, insights, and clear explanations." -- "USA Today"
If you’re the author, publisher, or rights holder of this book, let ACX help you produce the audiobook.Learn more.
Top Customer Reviews
Also, the simple language used to describe stocks and bonds could be very useful for young, inquiring minds. Almost surprisingly at the end he segues into the benefits of reading aloud for impressionable minds, and again makes good solid sense. In sum a great book for parents to own and read and even for grandparents to buy for them.
The first half of this book was great and talked about the author's experience teaching his kids and how he was able to motivate them to save because they wanted to (not because he thought it was the "right thing to do"). He also talks about giving them a safe environment where they can have good and bad experiences with money while they are young and the consequences are still limited. I like his philosophy and his explanations. The first half did a great job offering a new perspective on teaching kids.
The second half was simply too basic for what I wanted. Very basic explanations on "what is a stock" and "what is a mutual fund". This would be helpful if you didn't know anything about these and had to explain it to kids but the explanations were extremely basic.
I couldn't put the book down during the first half but then I couldn't stay awake during the second half.
What the author did was create savings accounts for his children that conformed to their perceptions of time. Instead of offering 2-3% a year in interest, he offered 5% PER MONTH interest. This made saving more attractive and taught spending restraint. Additionally, the author and his wife gradually gave more and more financial responsibility to their children as they grew older. One example stands out: While on vacation, the author watched another child beg and plead and throw a fit until his father agreed to buy a $5 tomahawk at a souvenir shop -- the cheap tomahawk was broken before the pair even made it to their car. The author's child, by contrast, since he was spending his own money, and since he had an incentive to save rather than consume, bought a $0.30 item (after negotiating with the shopkeeper). People, including children, make much wiser decisions when they're spending their OWN money.
Additionally, the author talks about how he established a virtual stock exchange (using real money) when his children were interested in stocks.Read more ›
[...] to the rescue:
When my daughter got old enough to actually start a virtual bank for her allowance, I was dreading setting up a spreadsheet and conscientiously keeping up with deposits, withdrawals and interest. Luckily I discovered First Kid Bank ([...]) which is a virtual online allowance bank and does everything needed to follow David's approach. You can set up multiple accounts (Allowance, Savings, Charity, etc.), pay interest on a daily, weekly or monthly basis (with different rates for each account) and even cap the interest paid. You can transfer money between account and do most other transactions you'd expect. And it even has a nice mobile interface so that you can easily withdraw money using your smart phone. And it's free (at least for now)!
Most Recent Customer Reviews
I was told about this book over 10 years ago in its original printing and have been doing it with my children since that time. Read morePublished 7 months ago by RS
Lots of good suggestions that can be easily adapted to your situation.Published 11 months ago by CGunther
David Owen has a great summary of his book on EconTalk. http://www.econtalk.org/archives/2012/05/owen_on_parenti.html
The ideas he presents are novel and powerful. Read more
David Owen does a good job keeping his material fun and playful while talking about what could be a very dry subject. Read morePublished 23 months ago by Adrian Harris Crowne
The first few chapters were helpful in setting up my bank of mom. I would have liked more direction on how to set up Excel or another program to do the interest calculations. Read morePublished on February 2, 2014 by Tall Mom
Practical, quick read for parents. We started implementing the Bank of Dad idea immediately and our kids ages 6 and 9 are so excited to save money and earn interest. Read morePublished on January 8, 2014 by Lynette Larkins
My son is now 12 years old. I bought this book about 5 years ago to help my son learn the value of money. Read morePublished on August 9, 2013 by KRS
I have had a bank of dad for my children since they were born over ten years ago. I even introduced home made cheque books and they get 10% interest on their savings. Read morePublished on February 28, 2013 by S Ony