"Smart Money Smart Kids"

disclaimer:  I received this book for free from BookLook Bloggers in exchange for my honest opinions.  All opinions remain my own.

 

"Smart Money Smart Kids:  Raising the Next Generation to Win with Money"

by Dave Ramsey and his daughter Rachel Cruze

 

 

 

  As most of us know very well it is difficult to always know how to manage your money correctly, and we are adults.  Many of us have been dealing with money for years and still have our struggles.  So how do we teach our children how to handle the responsibility?  Well that's exactly what "Smart Money Smart Kids" is all about.

 

  As most of you are aware of, Dave Ramsey was once a big roller in real estate and then his whole life came crashing down and he had to file for bankruptcy.  That didn't stop him though and what he learned during that time he has made into various resources to help others get a grip on their money reality.   

 

  Dave Ramsey and his daughter Rachel Cruze give us a glimpse of both sides (the parent and the child) in a variety of different financial situations that arose in the Ramsey household when Rachel was growing up.  Dave basically shows us that it is not enough for us to just learn how to handle money wisely but that we should be teaching our children along the way. 

 

They even throw in Student Budget worksheets in the back of the book to get your kids headed in the right direction.

 

  Mommy in PA:  I didn't want to put it down!  I am a huge fan of Dave Ramsey and even used one of his free online courses for awhile a few years back.  What always amazes me about Dave is that he makes the obvious so much easier to see.  Example:  Did you know that your FICO score is based solely on your debt alone?  I did, but I didn't even realize what that actually implied.  So many people believe that their financial success is determined by that number but all it really is... a determiner of how well people handle their debt (disturbing, isn't it?). 

 

  I have a daughter who is 16 and a son who is 9 and I've already started using some of Dave's advice for my kiddos.  They now have certain jobs around the house that will help them earn money to buy the things that they want (no allowances here).  Like Dave says, allowances sound like something that you are entitled to and just because the kids exist doesn't mean we should be handing them over a set amount of money every week just because they are alive.  Oh, and they still have their regular chores to do too, just because they are a part of this household.

 

  Another thing that really stuck with me is how these credit card companies go after our children at a very early age.  A good example is some of the board games they made a few years back.  The board games actually use fake plastic credit cards as how you kept track of your money.  We really have to watch for these sneaky advertising techniques and teach our children the real dangers of using credit cards. 

 

  This book is chocked full of tons of useful information for parents of kids of all ages.  The sooner you start teaching your kids how to handle their money wisely the better.  And don't just teach them by telling but also teach them by showing.  Kids will learn so much more if they watch you manage your money wisely than they will if you are constantly blowing your budget.