Comments on: Teach your Children about Finances Part – II http://masteryourcard.com/blog/2008/05/14/teach-your-children-about-finances-part-ii/ The best Credit Card Debt Blog online Thu, 02 Feb 2012 13:31:13 +1100 http://wordpress.org/?v=abc hourly 1 By: Kevin http://masteryourcard.com/blog/2008/05/14/teach-your-children-about-finances-part-ii/comment-page-1/#comment-2538 Kevin Thu, 12 Jun 2008 22:25:44 +0000 http://masteryourcard.com/blog/2008/05/14/teach-your-children-about-finances-part-ii/#comment-2538 Another good book is called, "The First National Bank of Dad" http://www.amazon.com/First-National-Bank-Dad-Teach/dp/0743204808 Basically, you start a bank for your munchkins offering 5% per month. This gives kids an interest rate they can see giving them money every month (since a year is a VERY long time as a kid). In my bank I do the accounting part once a week on Saturday with their allowance, so I offer 1% per week (which can be 5%/month if there are 5 Saturdays that month) - just to keep the math simple so they can understand it. My oldest (6) has done the lemonaide stand and sold some of his toys at a garage sale just so he could have money in the bank. Grandma started him off with $40 one month, and that jumped his weekly interest by $0.40 - he was excited. :) Another good book is called, “The First National Bank of Dad”
http://www.amazon.com/First-National-Bank-Dad-Teach/dp/0743204808

Basically, you start a bank for your munchkins offering 5% per month. This gives kids an interest rate they can see giving them money every month (since a year is a VERY long time as a kid).

In my bank I do the accounting part once a week on Saturday with their allowance, so I offer 1% per week (which can be 5%/month if there are 5 Saturdays that month) – just to keep the math simple so they can understand it. My oldest (6) has done the lemonaide stand and sold some of his toys at a garage sale just so he could have money in the bank. Grandma started him off with $40 one month, and that jumped his weekly interest by $0.40 – he was excited. :)

]]> By: Melissa http://masteryourcard.com/blog/2008/05/14/teach-your-children-about-finances-part-ii/comment-page-1/#comment-2096 Melissa Sun, 18 May 2008 13:52:40 +0000 http://masteryourcard.com/blog/2008/05/14/teach-your-children-about-finances-part-ii/#comment-2096 These are some great comments. I think the country would be a different place if children were taught more about finances. These are some great comments. I think the country would be a different place if children were taught more about finances.

]]> By: GG http://masteryourcard.com/blog/2008/05/14/teach-your-children-about-finances-part-ii/comment-page-1/#comment-2086 GG Sun, 18 May 2008 00:48:53 +0000 http://masteryourcard.com/blog/2008/05/14/teach-your-children-about-finances-part-ii/#comment-2086 I agree with what you've written here, and I have to say: if more parents did this, our country would start looking a lot different! The best thing my parents did, I think, was live by example. I agree with what you’ve written here, and I have to say: if more parents did this, our country would start looking a lot different! The best thing my parents did, I think, was live by example.

]]> By: Curt http://masteryourcard.com/blog/2008/05/14/teach-your-children-about-finances-part-ii/comment-page-1/#comment-2070 Curt Fri, 16 May 2008 18:51:10 +0000 http://masteryourcard.com/blog/2008/05/14/teach-your-children-about-finances-part-ii/#comment-2070 This is a great post. We just started giving our kids (6 and 8) a $1 a week allowance, just to get them to start talking and thinking about money. I believe the lack of financial education in our country is a national security issue and should be given a much higher priority. This is a great post. We just started giving our kids (6 and 8) a $1 a week allowance, just to get them to start talking and thinking about money. I believe the lack of financial education in our country is a national security issue and should be given a much higher priority.

]]> By: Seb http://masteryourcard.com/blog/2008/05/14/teach-your-children-about-finances-part-ii/comment-page-1/#comment-2015 Seb Thu, 15 May 2008 00:33:27 +0000 http://masteryourcard.com/blog/2008/05/14/teach-your-children-about-finances-part-ii/#comment-2015 My parents started me off on $1 a week for an allowance (which bought a lot more back then than it does today). If anything, it taught me how to budget, so I could buy cool erasers at the school store. :-) My parents started me off on $1 a week for an allowance (which bought a lot more back then than it does today). If anything, it taught me how to budget, so I could buy cool erasers at the school store. :-)

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