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First National Bank Of Dad: The Best Way To Teach Kids About Money Hardcover – March 3, 2004

ISBN-13: 978-0756776251 ISBN-10: 0756776252

 
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Hardcover, March 3, 2004
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Product Details

  • Hardcover: 190 pages
  • Publisher: Diane Pub Co (March 3, 2004)
  • Language: English
  • ISBN-10: 0756776252
  • ISBN-13: 978-0756776251
  • Product Dimensions: 1 x 5.8 x 8.5 inches
  • Shipping Weight: 8.8 ounces
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (12 customer reviews)
  • Amazon Best Sellers Rank: #12,176,989 in Books (See Top 100 in Books)

Editorial Reviews

From Publishers Weekly

This is a terrific little book that could completely change the way many parents think about children and money. Owen, a staff writer for the New Yorker, entertainingly details ways to "raise children who aren't overwhelmed by the financial side of life." He convincingly argues that the purpose of most parental savings plans for children "is not to promote saving but to prevent consumption." His book sets forth a very clever idea: by setting up a checking account for his children using a Quicken program with a high interest rate-5% per month-Owen shows how he was able to teach them that "the more you save, and the longer you hold it, the more you will be able to spend." In each case, he deftly proves his main idea: that "they became savers because I created a system that rewarded them for spending less than they earned." Most important for parents beleaguered by kids demands to "buy them something," Owen shows how a savings program such as his can help take the emotion out of buying, so that the question kids have to answer "is not `How can I talk Dad into paying for this?' but `Is this something I really want?'" His savings plan (along with his equally interesting "Dad Stock Exchange" idea) is rooted in a clear-headed view of economics as well as a good-faith desire to help parents help kids to become responsible, not greedy, adults.
Copyright 2002 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

About the Author

David Owen plays in a weekly foursome, takes mulligans off the first tee, practices intermittently at best, wore a copper wristband because Steve Ballesteros said so, and struggles for consistency even though his swing is consistent -- just mediocre. He is a staff writer for The New Yorker, a contributing editor to Golf Digest, and a frequent contributor to The Atlantic Monthly. His other books include The First National Bank of Dad, The Chosen One, The Making of the Masters, and My Usual Game. He lives in Washington, Connecticut. --This text refers to an out of print or unavailable edition of this title.

Customer Reviews

Must-read for every parent.
C. A. Smith
It's a terrific idea, one I've already adopted, and my kids are unexpectedly as thrilled as his.
S. A. Cartwright
The book is well-written, funny, and has some great principles.
Ryan Swapp

Most Helpful Customer Reviews

14 of 14 people found the following review helpful By S. A. Cartwright on May 3, 2004
Format: Hardcover
In tackling a home improvement project involving joint compound and plaster buttons, I kept two books near at hand. One was "HomeOwner's Manual" by the This Old House crew, and the second was "The Walls Around Us" by David Owen. Owen's calming, sensible, everyman approach to shouldering new handyman projects helped steer me through an unfamiliar, mundane project. At some point during the countless hours of smoothing, sanding, and painting, my inattentive mind began to wonder what else Owen had written besides the occasional New Yorker story that subscribers see.
"The First National Bank of Dad" was the answer, and upon reading its subtitle 'The Best Way to Teach Kids about Money' I scooped up a copy. Having two little spenders of my own, I knew I needed this new advice manual from a man who has been there before me. FNBD did not let me down. David Owen writes with a straightforward, humorous, easy-going style that spews common sense and good ideas. His Bank of Dad idea is genius, but only because it flips upside-down the usual parenting mantras of command and control. Put your kids in charge of their money urges Owen, and watch them learn how to spend and save. Stop running Aunt Millie's birthday presents down to the local bank, which to your kids is a "black hole that swallows birthday checks." Instead, Owen puts his kids entirely (almost) in charge of their money, and with his home-based Bank of Dad gives them the opportunity to learn about the power of compound interest. Using a home computer and a slightly more influential rate of interest, he quickly captures his kids' attention.
It's a terrific idea, one I've already adopted, and my kids are unexpectedly as thrilled as his. Owen has more.
Read more ›
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13 of 13 people found the following review helpful By Geofrey J Greenleaf,author of My Dog Ate My Retirement Plan on March 5, 2003
Format: Hardcover
David Owen's book should be must reading for all parents with children under age 12. In the first part of the book he describes the success he has had with his own children in establishing a "bank" for them that is both understandable and lucrative. Later he gives excellent advice on providing allowances for youngsters and what they might do with some of the cash including the risks of getting caught up in bubbles nearly as scary as the great internet dot.bomb or dot.con fiasco of 2000: namely, beanie babies. Valuable lessons for children.
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.
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4 of 4 people found the following review helpful By Ryan Swapp on June 21, 2011
Format: Hardcover
Agree. David Owen is money in the bank. The book is well-written, funny, and has some great principles. Some main points he makes:

* Kids will make good (financial) decisions with the proper incentives.
* Kids need the ability to make mistakes which means you have to let them buy whatever they want (within the house rules), even if it seems like a waste of money.
* Giving them control improves your parent/child relationship.
* Parents shouldn't use money to control their kids. It's bad for everyone.

I've been doing this for a few months now and it has produced great results. My kids are entirely responsible for the money they spend and it's that ownership produces thoughtful spending generally. Sure, I have to bite my tongue at the dollar store sometimes, but when the toy breaks, it's their decision, and they learn. My kids are 6 and 8 and they already understand the concept of compound interest.

Thanks David!
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4 of 4 people found the following review helpful By A Customer on March 5, 2003
Format: Hardcover
I read this book in one afternoon. It is a relatively quick and easy read. David Owen does a good job of supplying advice and a lesson in money management with a little humor. My son is 6 years old and I just started giving him an allowance so he can buy things and stop pestering me. It turns out that this is exactly what Mr. Owen recommends in his book.
This book was enjoyable and informative; I recommend it to anyone with young children.
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3 of 3 people found the following review helpful By Jeremy Z on February 17, 2012
Format: Hardcover
My wife and I read this book and really enjoyed it. It is a combination of Owen's thoughts and wisdom on parenting and teaching children about money and also the practical steps taken to accomplish his goals as a parent and educator. Owen and I differ on some of the philosophies and perspectives toward raising children. What I did love are his practical examples of how to set up the "Bank of Dad". We have not set up our own and our children are loving it. They are much more interested in money, watching it, caring for it. and the monthly cycles involved with it. This book can be a very helpful tool for parents looking to implement practical steps to help teach their children about money.
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6 of 9 people found the following review helpful By A Customer on September 23, 2003
Format: Hardcover
I got a few books on how to teach kids money from the local library and settled on David Owen's book. Owen used his real life experience with his own children to get his messages acrossed. Some of the approached Owen used are really "out-of-the-box". He also offerred the lessons he learned from his experiments.
Owen's philosophy is sound, his approaches are sensible, and this book is easy to read and often funny. Highly recommmended.
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More About the Author

David Owen is a staff writer for The New Yorker and a contributing editor of Golf Digest, and he is the author of a dozen books. He lives in northwest Connecticut with his wife, the writer Ann Hodgman. Learn more at www.davidowen.net or (if you're a golfer) at www.myusualgame.com.

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