The BEST Money Advice for Kids
A question I enjoy asking guests on So Money is, “What is one thing you wish you had learned about money growing up?”
Some admit they learned nothing about investing. Others wish their parents had promoted entrepreneurship and becoming your own boss.
The fact is most kids will NOT learn about money in the classroom, so it’s up to mom, dad and loved ones to take the reins.
To help, there are many fine books and resources for kids of all ages. Here’s a round-up of some of my favorite money tools, with back-to-school season approaching:
- The Startup Club. My good friend and MSNBC host JJ Ramberg has recently published this ingenious book for kids (aged 1st through 5th grade). Kids will learn money lessons and how to start a business.
- The Money Savvy Pig. So Money guest Susan Beacham invented the award-winning multi-slotted piggy bank to teach children the many uses for money: save, spend, donate and invest.
- FamZoo. Need an online system to let the family track allowances and view your kid’s budget? Enter: FamZoo. Founder Bill Dwight stopped by So Money to talk about the inspiration for starting the site (hint: he has four children). A cool FamZoo feature: When interest accrues on savings, your child receives an alert!
- Make Your Kid A Money Genius. The New York Times bestselling author of Geta Financial Life is out with a money manual for parents. Is bribing our kids todo household chores ok? You’ll have to read the book to find out! Beth also tells all in a candid So Money interview.