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Financial Intelligence for Parents and Children (FIFPAC) Paperback – August 27, 2015
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About the Author
Xinyi Cindy Yu, CPA, CFP, MBA, MS, has more than twenty years’ experience in both corporate and personal finances, and a passion for parenting and financial education for families.
With a career path that includes high-level management positions at American Express and Citigroup, she is a certified public accountant and financial service industry veteran who has served thousands of individual and business clients worldwide. She was a certified college consultant of Hartland Institute of Financial Education, and the cofounder of the Parents & Children Education Club in New Jersey and Institute of Financial Intelligence.
Hong Zhang, PhD, is an associate professor at Rowan University in New Jersey with fifteen years of experience teaching and guiding younger generations. He is also committed to promoting STEM and cultural education to children in his community. He is the cofounder and president of Institute of Financial Intelligence, a non-profit organization promoting systematic education for financial literacy and good judgement.
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The statistics are staggering. I was taken by the average debt that students have when they graduate, the average cost of public and private college tuition, and I know of so many people my age whose college educated children end up living at home for too many years because of debt and poor money management skills. These are very scary and realistic things a parent needs to have in the forefront of his/her mind, regardless of how young the children are presently.
In this book, the authors emphasize that all discussions and activities need to be relevant to children, and they include multiple ways to explore financial topics that are age appropriate, starting with preschool and up until college entry. The exercises are authentic, real-world and fun! Practical applications are mixed with the appropriate amount of theory to make learning meaningful and lasting. The book included a lot of concrete exercises. For example, something as simple as having elementary age children set up a bakery store or simulate a school book fair to discuss budgeting for items or learning to separate wants from needs creates a realistic and interactive experience from which discussion can emerge. Additionally, the book is organized with specific skill sets and activities for upper elementary, middle school, and high school. So if you feel you are late in starting these conversations with older children, you can easily adapt exercises from an earlier chapter to build a strong financial literacy skills foundation.
As I mentioned in the beginning, if you ask parents what their FIQ (financial intelligence quotient) is, they're going to tell you, it is very high. This comes as no surprise because they're functioning well, successful in life and planning for retirement. However, when you actually sit down, reflect, and look at all of the components that contribute to one’s financial intelligence, it’s complex. And since parents are a child’s first and most trusted teacher, lessons in financial literacy start with you. They will serve your children for life and are in many ways, more important to their future and well-being than lessons in math or language arts.
This book blew me away! So comprehensive and well researched, the authors clearly carried out their mission to educate with joy and enthusiasm. It is a thorough book, and it covered all aspects of Financial Intelligence for Parents and Children. It's exciting to see an often neglected topic covered with such passion and conviction. I highly recommend this book to any parent or relative who wants to raise a financially healthy child. It’s never too late or too early to start the process, and this book will give you the guidance and support to do this now and to do it extremely well.