You want to teach your children about money but you have so many questions!
- who should teach them?
- what should they learn?
- how much should they be taught?
- when should they start to learn about money?
- what should you do with pocket money?
- should children be paid to do household chores?
Reading, writing, arithmetic ... these are basic life skills that all school-age children must learn. Children learn to read by learning the alphabet. They learn to write by tracing dotted lines. Arithmetic is taught by teaching 1, 2, 3. These are building blocks of reading, writing and arithmetic.
In today's society, financial literacy is another of life's basic skills that all children should be taught. But how should this be taught? What are the building blocks to children financial literacy?
This book explains it all!
I'm in [Australia/US/UK/Canada/Singapore/Hong Kong/any other developed country]. Is the book relevant?
YES! The book is not country specific. So whether you're in the US, Australia, Canada, UK, New Zealand, Singapore, Hong Kong, anywhere in the developed world, this book will be relevant.
I don't really understand finance - is the book difficult to read?
Not at all. This is a financial parenting book, not a financial planning book. So the book doesn't explain rules and regulations about taxes and investments which are country-specific.
Instead, the book uses parenting skills we all have to teach our young children about money.
How is this book different from the other books on teaching children about money?
In 248 pages, this book sets out the building blocks of financial literacy for young children. It contains many personal experiences of how I have improved my own children's financial literacy over the years.
This book is different in two aspects:
(a) It is one family's story about every aspect of money.
Many of the other books describe the systems that different families have adopted for different money lessons. The problem with this approach is that it doesn't give a complete picture of how the family's principles in the area of say pocket money are then applied to the area of say using that pocket money.
I wanted to write a book that gives a complete picture of how one family's system operates across the entire spectrum of money lessons.
This book is one family's holistic system. It covers the family's (unconventional) methods from earning money through taking coffee orders for a canteen to saving money through the children paying for the family holiday to spending money
(b) It is based on principles
Parenting is very personal to every family. The methods that work for one family may not work for another family. Yet, the principles of good money habits are common across all families.
So rather than focus on the 'how to' this book focuses on the principles to teach the children. The idea is that every family will have its own methods to teach these basic principles.
There are also three chapters of personal examples of how the family have implemented each of the three basic principles. These are examples that work for one family. Every family is encouraged to develop their own systems so that it works for that family, with guidance from principles in the book.
What age group is this book for?
The book is written for parents of young children. These are children in the age group of 6-12 years old. Even though it's written for parents, many of the older children in the age group have picked up the book and read it themselves and have then implemented the principles themselves.
This book is an easy read.
Why did you write this book?
I initially wrote it as a legacy for my children. It was never intended to be published or made available publicly. I wanted this book to be a record of the things I did with my children during this time in their lives. It was intended to be my gift for them. Some people make photo books, I wrote a financial parenting book.
It's my book, but it's their stories.
What is the theme of this book?
I firmly believe in cultivating good money habits and having frequent intentional money conversations with our children. This book gives you the building blocks of financial literacy so that you know exactly what type of conversation you're having and the purpose of each conversation.