Top critical review
32 people found this helpful
Not for anyone who still works for a living
on November 15, 2005
You do not *need* to give your children an allowance to teach them how to handle money. Really. The author's position is that you simply have to--and it makes you wonder if she also thinks it is okay to experiment with drugs in order to learn how to use them the "right" way. Just as you can educate children about the dangers of drugs without giving them any, you can also educate children about how to spend money wisely. One way is to take them grocery shopping with you, for example, and let them help you with calculating the best values for the money you have.
Others have said this book is good for those with middle class incomes. I disagree. If there will be any possible future scenario where your child will have to work for a living in any capacity, they need to know that money is NOT just handed to them, and that money belongs to the person who earned it (and the spouse, in community property states), NOT the children. This means that children need to learn that some things you do without compensation as being part of the family (chores), and other things you do in exchange for money (outside jobs or special jobs around the house) or something else (bartering). In real life, money is not just handed to you, unless you're on welfare. Someone has/had to earn that money at some point in time, and just handing money to someone will never educate them as to how to actually earn it.
This book might be okay for someone looking to leave their child a huge trust fund, where he or she just lives off the interest, but not for people trying to help their children truly make their own way in life.