I want my kids to learn good financial skills, but I know I’m not great at it myself. I’m so worried about teaching them the wrong skills! I’ve taken some financial planning courses, but there is so much information it can be confusing and overwhelming. I need something to explain in the simplest terms, in a way that is easy for me to share with my kids, the best money managing strategies.
This is post is sponsored by Beth Kobliner through Massive Sway. All opinions are my own.
Are you concerned about teaching your child good money management?
I was excited to get my hands on the new book by Beth Kobliner, Make Your Kid a Money Genius (Even If You’re Not), now available at Barnes & Noble. Beth is the New York Times best selling author of Get a Financial Life. I’ve had the pleasure of reading her new book and I love how easy it is to understand and implement.
I went to the book release party with my son and got to participate in a live Q&A with the author!
She had some great advice for parents with kids from ages 3 to 23.
Watch the interview here:
My favorite part of the event, apart from hearing directly from the author and the food, of course, was the jars set out for decorating. For young kids, Beth advises, rater than the traditional piggy bank, to set aside three jars. One for giving, one for saving, and the last for spending money.
I love that the first is for giving! It’s so important to encourage our kids to think of others first. This is something very important to me and so lacking in our society. In fact, the author dedicates an entire chapter to giving back and explains the 3 jar concept in more detail.
Other chapters in the book include topics such as how to talk to your kids about money, saving, benefits of working hard, losing debt, smart spending habits, and even insurance and investing. I hadn’t thought I’d need to discuss insurance with my child until he was ready to purchase it, but there are great ideas for discussing it at an early age.
Something that surprised me was her thoughts on teaching money habits at such an early age.
I thought I had more time to worry about it, but Beth suggests we start teaching skills that help with money management as young as preschool or even younger! There are many concepts young kids can understand and life long money habits may even be formed by the age of seven! Uh oh, what about my ten year old? Not to worry, she has great advice for all ages.
The book, Make Your Kids a Money Genius (Even if You’re Not) is laid out in easy to follow sections.
Each chapter has a section for preschool, elementary, middle school, high school, college, and young adult. You can quickly find what is relevant to you. Beth Kobliner shares practical tips for all parents on saving, investing, smart spending, and even how to talk about money.
The book is full of teachable moments that allow parents to learn how to teach kids favorable character traits that are important in all aspects of their child’s life: a strong work ethic, self-control and making choices carefully, perseverance in working toward long term goals, and a giving spirit.
This is a book that I will definitely be reading and re-reading, dog-earing and bookmarking as my children grow. I can now feel confident in teaching my kids to manage money in smart ways even though I am no genius with money. And many of the tips apply to me, so I can start making better financial decisions myself!
This is a sponsored post written by me on behalf of The Beth Kobliner Company LLC.