The thought of making my kids money genius is so foreign to me. I mean, ask my husband if you want to know the truth. Growing up my mother showed me how to balance a checkbook but outside of that? I was on my own. And if I want to put it all out there to prove that my money thinking didn’t come out genius as a kid? I racked up crazy credit card debt in college. We’re talking thousands in credit card debt.
Now, as a mother, my fear is that my kids get caught up in the never having any problem that I have had my whole life. Well…at least until I married my husband. So now more than ever I want my boys to really get it when it comes to getting the Benjamin. (That’s slang in my house for $100.) I want them to really understand how hard it is to make $100 and how easy it is to spend it. I have to admit, it’s tough in my house. My business has the luxury of getting so many products to test out so my boys are beyond spoiled with knowing how much things cost. So the book Make Your Kid a Money Genius (Even If You’re Not) by Beth Kobliner is brilliance in a book to me.
Make Your Kid a Money Genius (Even If You’re Not) talks about how my three-year-old can even understand the value of a dollar. The author talks about how proven research done at The University of Wisconsin, Madison many kids can grasp economic ideas such as value and exchange. They can also delay gratification and make choices. Say what? That means I can teach my boys to avoid the impulse buys!
There is so much in this book that I could share that I’ve learned. One thing is for sure though, it’s a MUST read for any parent! Here is my personal list of 7 Ways to Make Your Kids a Money Genius from Make Your Kid a Money Genius (Even If You’re Not) by Beth Kobliner.
- Start Early! Even if you think your kid is still too young…they aren’t!
- Be honest with your kids without going into too much information. The author says that if you lose your job, talk to your kids about saving money by cooking at home instead of eating out. But don’t share the scary part of dipping into your 401K to survive.
- Use numbers in your stories even if you stink at math. Saying to your kid “it’s important to put money in your 401k when you’re young” is less effective than saying “putting $315 every month into a 401k by the time you’re age 22, you will have a million dollars by the time you reach age 65!” Whoa. Now that puts things into perspective, doesn’t it
- Don’t lie about what is in your wallet if you don’t want your kids to have something at the store. And I am the biggest culprit for this. Seriously. The author says to tell it to them straight. Children are smart and they don’t just settle with “we can’t afford it.” Think about it—you tell them that and then you swipe your credit cards at the check out line? Busted. If it simply isn’t in your budget say so, then tell them why.
- Keep your money fights behind closed doors & leave your kids out of it. Ready for this stat? Researchers say that college kids whose parents fought about money in their presence are three times more likely to owe $500 or more on their credit cards than kids whose parents shared financial peace.
- Share the money talk between both parents. I am guilty to tell my kids ‘ask your father’ when they as for something or want money for something. But the author says not to do that! By doing that it teaches them that money is a man’s job.
- Don’t try to keep up with the Kardashians with your kids. By trying to keep up with the whose got and the what nots. Resist making assumptions or drawing conclusions about another families spending habits or values.
Probably one of the most interesting things I read in her book was that giving kids an allowance isn’t the smartest way to teach them about money. Who would have thought that? I mean it is only logical that giving them money teaches them the value of the money but the author has some really great points for why that’s not the best idea. What are those points? Well you’ll have to buy the book if you want to learn that!
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Joey Fortman is the brains behind #RealityMoms. In 2008, after 20+ years in traditional media hosting radio shows around the country, Joey traded in the microphone for a diaper bag, struggling through her own personal crisis: unemployed, overweight and lost in the land of mommy bloggers. Little did Joey know, her traditional media background would pave the way for success at Real Mom Media. As a sought after media magnet, Joey has been featured nationally on Good Morning America, Dr. Phil, Anderson Cooper, the Katie Couric Show, Dr. Oz, Redbook, The Today Show, The Talk, Fox and Friends & The Newlywed Game. When not at the sports complex with one of her kids, on an island or a grocery store run, or on Facebook Live with #RealityMoms contributors, Joey is obsessed with adult coloring.