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.
About the Author
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.