This book gives an overview of the Economides’ method of
teaching financial independence to children.
They give a detailed explanation of the budgeting system they taught
their kids, as well as many helpful ideas and methods in specific situations
and stages of life. They really push
home the “5/500/5,000/50,000” rule. By
that, they mean that if you teach a kid a good financial principle when they
are young, it will cost you $5. If you
wait till they are a little older, it will cost you $500. If you wait longer yet, $5,000, and if you
wait until they are an adult, it will cost you $50,000.
Overall, I thoroughly enjoyed the book. It stimulated me to get excited about
thinking of ways to teach financial principles to my kids. I enjoyed taking their ideas and thinking of other
fun things to do. I agreed with almost
everything they said, though I would have enjoyed if they would have brought
out more Biblical principles about money to share. It had a pretty secular feel to it, though
they did mention church and giving money.
I especially liked the idea of giving children “raises” as they get
older, because more is required of them.
I would recommend this book to all parents and hope to be parents to
start thinking about making preparations to teach financial independence, even
if you go about it a whole different way than what was presented.
Disclosure of Material Connection: I received this book free from the publisher through the BookSneeze®.com <http://BookSneeze®.com> book review bloggers program. I was not required to write a positive review. The opinions I have expressed are my own. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255 <http://www.access.gpo.gov/nara/cfr/waisidx_03/16cfr255_03.html> : “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
