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Piggy Banks to Paychecks: Helping Kids Understand the Value of a Dollar Paperback – February 15, 2012
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About the Author
Angie Mohr is a Chartered Accountant, Certified Management Accountant, and financial consultant. She has worked with thousands of clients over the years from mom-and-pop startups to rock bands and celebrity chefs. She is the author of the best-selling Numbers 101 for Small Business series of books and writes for Forbes, MSNBC, the Globe and Mail, Yahoo! Finance, Investopedia, and Motley Fool, among other financial publications. She splits her time between Canada and the United States and currently lives by the ocean with her husband and two children, who have finally learned that money doesn't grow on trees.
Excerpt. © Reprinted by permission. All rights reserved.
What Money Myths Are You Still Carrying Around?
In the same way that our kids learn money habits by what they see us doing, we likely learned them the same way—from watching our parents. It's time to examine what we think we know about money and put our financial beliefs to the test. Do we really know as much as we think we do? How many of these common money myths are you still carrying around?
1. My banker knows best how to invest my money.
2. If I spend less than I make, I don't need a budget.
3. It's too late to start saving for my kids' college or university tuition now.
4. My house is my best investment.
5. I don't need an emergency fund as long as I have room on my credit card.
6. I don't claim some deductions on my taxes because I don't want to get audited.
7. My job is solid. I get a raise every year.
Top customer reviews
If you have kids, you should get this book.
Each chapter focuses on a different aspect of being financially savvy with your children. Learn how to effectively teach about earning, spending, saving and the differences between using cash and credit. Each concept is demonstrated through clear definitions and anecdotes from Angie and other parents. She even relates money situations to others that seem to be unrelated. For example, a child wants to buy two different luxury items, but can only afford one. How he makes his decision in that situation is related to making the decision between getting tutored to avoid failing math and fulfilling his dream of being a musician with his current garage band. Analogies such as these speak to those who do not necessarily think of themselves as "money-minded."
Parents should not worry about burdening their children with money matters. Angie explains how much information is developmentally appropriate and how to share it. She also provides many activities that can be done in the home or in the classroom to help teach children about money. As a Montessorian, I appreciate the concreteness of her activities, such as using Monopoly money and cookies to demonstrate the problems with simply printing more money. I also appreciate how the lessons are implemented right in daily life, such as starting at the grocery store.
Common questions from children about banking practices has answers for both American and Canadian banking systems. Parents can bring their children to this book to look up the answers and read them together as a part of a joint learning process. You can also go through the section on creating your own small business for kids together.
The end of the book also has links to more resources in both the United States and in Canada, as well as a glossary of terms. Find more information and more activities on Angie's website for Piggy Banks to Paychecks. Share your feedback with her, as well!
While I did receive a free uncorrected proof of Piggy Banks to Paychecks for the purpose of reviewing, all opinions in this review are my own and unbiased. This truly is a book that I would recommend all parents and educators to read. It provides beneficial lessons to both adults and children.
A wonderful read, and one you won't be able to put down... and then, you'll want to share it.
Mohr makes it a point to explain financial terms in clear "layperson" language avoiding the dry, boring read you may expect from an accountant! Personable, informative, helpful and most of all very thorough this book is a must have! I've even recommended it to a few friends without children who are struggling with budgets and saving.