Growing up in my community, we didn’t talk about finances. The husband went to work and brought home the paycheck. The wife took care of the household and was given an allowance for household necessities. Talking about money and saving for the future weren’t spoken about and bringing them up resulted in an argument. Times have changed and speaking about finances is encouraged in families, even with young children. High schools teach Economics (or Student Finances) to help students understand the basics of running a business as well as accounting (e.g. budgeting). There are numerous books on finances, especially those to help families be smart with their money. The books below offer great tips and plans to get families started (or continue) on a bright financial path.
- Rich Kid Smart Kid: Giving Your Child a Financial Head Start — This book is from the author who wrote Rich Dad Poor Dad, Robert Kiyosaki. He continues to educate people about finances (e.g. financial literacy) and now focuses on teaching parents how to give their children a financial head start. It provides the practical guidance needed to teach children to be financially responsible. The foundation of the book is education – learning about personal and financial success in today’s world. Kiyosaki points out that we are now in the Information Age, which is drastically different from the Industrial Age. Children have different obstacles than their parents and must learn to navigate them, and it starts with smart money management.
- Family Budget Book: Gaining Control of Your Personal Finances — This is geared for families to help them gain control of their finances. This book offers “real world” advice and worksheets to help you apply what you have learned and to make it a habit. You’ll learn to address unexpected costs and to plan for future goals (e.g. a vacation). Also, you’ll uncover where your money goes when creating a budget — one that’s easy to manage and stick to!
- The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money — I choose this book not only for its title but also for the great advice it gives parents on talking to their children about money. The author shares his experiences with finances and those of families of various backgrounds to illustrate the importance of money management. Parents should talk to their kids about money, even answering the difficult questions about its nuances. This book will help parents to raise grounded kids who are financially smart.