03.15.07
Review: Raising Financially Fit Kids by Joline Godfrey
I saw this book mentioned somewhere online – a blog I think, and not an article. I really must start keeping track of where I collect book recommendations, because I would like to be able to link back to the one who inspired me. I think I saw this at one of the HomeschoolJournal.net blogs.
Raising Financially Fit Kids is an amazing book! Joline Godfrey organizes her presentation into four age groups of childhood where the different developmental milestones make different financial lessons and experiences appropriate. These groups start at age 5 or so, basically at the time when the mathematical and other developmental areas have progressed to a point where the most basic understanding of finance can be accomplished. 5-8 is “I’m Just a Kid”; 9-12 is “Encouraging Passions”; 13-15 is “Breaking Away”; and 16-18 is “Standing Tall”.
Across these four groups, Godfrey both challenges and encourages parents to work on developmentally-targeted aspects of the Ten Basic Money Skills:
How to save
How to keep track of money
How to get paid what you are worth
How to spend wisely
How to talk about money
How to live a budget [sic]
How to invest
How to exercise the entrepreneurial spirit
How to handle credit
How to use money to change the world
All of the money skills are addressed in each phase, with mentoring, lessons, and especially with fun activities: the traditional lemonade stand, for example, but also a “Financial Film Festival”; a money book club; a scavenger hunt where each team is given play money with the goal of spending the least to “collect” the items on the list (at a mall); an investment club; and so forth. Details are provided for all of the activities.
I especially liked how the author addressed the issue of allowance. In essence, she argues that allowance is a tool for learning financial skills. It’s not a payment for services, a boon from the family coffers, or a bribe for good behavior. Like all tools, there are rules for safe operation, and varying levels of supervision as well. The guidance she offers for providing an allowance is quite helpful.
Further information provided includes: discussions of different types of money personalities (hoarder, spender, etc.); a chapter on money and gender (both genders!); a chapter with additional guidance for extremely affluent families; and though hopefully I won’t need it, a chapter on what to do if you have an adult child who isn’t yet financially responsible. (Actually, the author offers advice throughout the book on adapting the material when you are starting with an older child, who is already past one or more of the developmental stages.)
All in all, an excellent book, with straightforward dealing on the many complications of personal finance. I’ve added this one to my list of “books to acquire” during Borders’ Educator Days at the end of the month.