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Saturday, August 18, 2012

the Money Smart Family System by Steve and Annette Economides

The Money Smart Family System
Steve & Annette Economides
Thomas Nelson

Have you every tried to figure out a way to teach your children financial principles but found yourself lacking the creativity to do it? I have... but never found a systematic or simplistic way to implement something that I could stick to. The Economides have written a book that presents a system to teach your children financial principles that any one can give a shot.
The start by introducing the 5/50/500 rule. This basically states that different stages in your child's life their financial blunders will cost from less to more. Basically a financial errors with a five year old are far less costly than with a 20 year old's. This is a very true principle that I have seen manifested in my life and the life of my family. They share several tools or principles that they use to manage their children's financial learning and even behavior. I like the point system that they introduced. Each child has four things throughout the day that they can earn points, and in turn money, and then they teach the children how to divide it into specified categories. I don't want to spoil the ideas....
Each chapter is consistent with starting with a concept, showing how they manage it, and put it into the framework of their 5/50/500 rule. They provide usable worksheets that you can copy and use. They also share examples from their family, to show how they used what they are presenting. There are a lot of practical ideas that help you to teach your child finances, how to earn and save, as well as give.
Overall, I liked the book, and I plan to implement many of their ideas.... or I am going to attempt it! The only thing I really had qualms with is their attack on youth groups... they look at the positives of many organization, activity ideas, but they came down on youth groups without looking at the negatives of other groups. I'm not saying that I disagree with their arguments, but felt it stood out against the upholding of other things that could have negatives as well. I would recommend this book for any and all parents. One additional note, if you are looking for a Bible-based study on teaching children finances, this is not it.

I received this book from Thomas Nelson's booksneeze.com blogger's program and was not required to write a positive review.

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