Why I read it:
As a parent, I want my children to have the advantages I never had but I don’t want to spoil them. A New York Times personal finance author who is also a dad seemed like the perfect person to offer advice.
Lieber interviewed parents from every walk of life and it’s clear that families in all income brackets are concerned that their kids might become entitled. The book is chock-full of tips and ideas you can use to help your kids understand the value of a dollar. You may not like or agree with all of them but you will definitely get some nuggets you can implement right away.
Things I learned:
- If you want money-smart kids, you need to have honest conversations about money including your own household budget and concerns about your finances
- Idea: when kids ask for something, have them do a “fun ratio” to calculate the hours of fun it will bring versus the hours of work to earn the money
- Allowance shouldn’t be tied to chores because chores should be done without expecting compensation (I don’t think this will work in our house but he makes a compelling argument for it)
Realizing that I haven’t done enough to help my kids understand the need to give back.
When we avoid conversations about money, we lose a valuable opportunity to help our children develop strong values