Real Money Advice For Your Kids

Publishing company name, (Published 2010)

Written By Analaura and Wilson Luna

Australia

Review 4 Stars – Excellent Book

How the blurb describes the book:
Do you want your kids to be successful?
Would you like to multiply your child’s financial intelligence?
Are you interested in giving your kids a head start in life?
Do you want to change your child’s financial future?
If you answered ‘yes’ to any of these questions... this book is for you!

One of the biggest concerns that parents have – and one of the most confronting challenges we face – is how to teach our children the skills they will need to become successful and release the untapped potential that they possess. Compounding this concern is the knowledge that many of the skills that comprise that vital part of our children’s education are not being addressed in the traditional classroom environment.

Money management is an integral part of daily life, but the most important reason that your kids need to master this skill is not so they can be ‘good’ with money. It’s because the foundation of money management is supported by the principles that will allow your children to excel in all areas of their life – discipline, patience, responsibility, determination, strength of character, good work ethics, and high standards.

Real Money Advice for Your Kids is a comprehensive guide to teaching your children the skills they’ll need to become successful, confident and fiancially reponsible adults. Inside this groundbreaking book you’ll learn the secrets of the Kids’ Money Management Plan – a three-stage program that will show you how to help your kids to create the habits, attitudes, beliefs and behaviours that will give them the head start that you want them to have.

‘If you want to give your children the best possible start in life, it’s time to take positive action – guide them through the Kids’ Money Management Plan, unlock their potential for success, and change their future.’ Wilson and Analaura Luna

Mr Home Budget’s Review:
Kids and money, two words which always seem to end up in the same sentence. We all know it’s expensive to raise children, but this book, teaches you how to teach your children to survive in the real world and run their own budget. Let’s face it, you can help children while they’re under your roof, once they’re earning their own living, the only thing you can do is hold your breath and hope everything works out.

This great book gives you the knowledge on what to do to get your children ready for money situations when you’re not there. The authors break up the book into three parts:

1. 1.Primary (ages 5 to 10)
2. 2.Secondary (ages 10 to 15)
3. 3.Tertiary (ages 15 to 20)

Each part in the book has different exercises for that particular age group. The exercises as you would expect, get more and more challenging as the child gets older. Now let me assure you, most parents would benefit from these ideas and concepts just as much as the children. Sometimes the most obvious money concepts are not talked about, for the simple reason they are so obvious. But children have never heard them before. So it forces you to read and think about these concepts again. Perhaps reminding you of something you might have forgotten.

Wilson and Analaura Luna don’t believe pocket money should be handed out for doing nothing. They give a range of ways; you the parent, can set weekly tasks for your children to earn their money. You are provided with a chore template in the book which you can photocopy. And then you can tick off the list of jobs as the children do it.

The book has a lot of unique ideas. The authors have come up with some special money games for children, teaching them while they have fun. The book provides a spending plan, which allows kids to write down goals for upcoming big purchases they are thinking about. Not only does this allow spots for the kids to write down how much they want to save, they can write what they want, why they want it, and how long it should take. Towards the end of the book, there is a great chapter on how to get your child motivated to become organised. This is not so much a money related chapter but just general good advice which will help them out later in life.

There were many great lines in this book. However this one stood out in my mind: “Do you want your kids to have the same financial beliefs that you do, and be in the same financial position that you are in ... or would you like something more for them?”

A line which is aimed at the adult reader, “The reason most people hate budgeting is because they think their expenses are out of their control – and while there are some expenses that are essential, you still have control of how much you spend on most of them. If you’re unhappy with how much of your income you’re allocating to a certain area, take steps to change it! Either change your habits and decrease the expense, or work out what will need to change for you to become happy about it. Once you take your budget in hand, you’ll realise that there’s nothing quite as liberating as being in control of your money rather than having it in control you.”

The one downfall to this book is your kids might be above 15. In this case, 60% of the book is not relevant to your family. However, you would still get some great tips. Pick up a copy today.

Pros:
Great sayings about kids and money to help you keep motivated.
The authors get you to open up and talk to your kids about home budgeting. Making it a real non-taboo subject.
The book includes all the charts/forms you and your child can fill out to make home budgeting fun.

Cons: In some parts of the book it seemed to reinforce the same message but just in a different way.
If your kids are above 15, you might find well over half the book not relevant to your family.