Educating your children about money is one of the smartest, and most
rewarding, financial plans for any family. It is in our childhood that we are
conditioned to have emotions related to money. Many of these emotions, like fear
of not having enough money, or having too much money, are not based in reality.
These feelings can hold you back later in life so it’s important to have an
understanding about money from as early an age as possible.
Many DebtSmart.com readers have written in asking for my recommendation for
books for their children. They’re looking for good books that will teach their
kids about money: how to save, how to budget, and how to understand finances.
Below are three good books that I would recommend for
kids ages 12 and up. All of these picks are must reads for parents as well.
Kiyosaki is best known for his first book,
Rich Dad Poor Dad,
in which he explains how he learned about finances from two dads. His
friend's father (rich dad), and his own highly-educated father (poor
Rich Dad Poor Dad for Teens,
Kiyosaki focuses on the same concepts but from
the teen perspective. After all, he did learn many of his lessons as a
young man. In this book aimed at kids, he does a wonderful job speaking
clearly to this generation. I certainly recommend this one for kids and
|I really do
hate the title of this series "Complete Idiot's Guide" but I cannot help
seeing that the content is great! Man, I just wish they'd change the
name to something like, "The complete geniuses guide..." Anyway, this
book is quite good at explaining the details of hands-on money management.
Of course, I was especially drawn to Part 6 "Advanced Money," Chapter 15
"Understanding Credit Cards and Debt." Susan is correct when she says,
"credit cards can be lifesavers, but many people have found themselves
deep in financial trouble because they misused them." That's my position
too, but you you know that from reading DebtSmart.com.
Your child's financial education is not complete
without a good understanding of investments. Understanding budgets and money
management has, at its end goal, the concept of saving and investing. Being
familiar with investments and how they operate is essential to living a happy
financial life. One of my favorite chapters is "Avoid Financial Blunders." Garnder starts off by explaining how
a bad decision in general, like smoking
cigarettes, is not only dangerous to your physical health, but costly to your
financial health. He goes on to explain the cost of gambling and so much more. This
book is a winner!