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Piggy Banks to Paychecks : Helping Kids Understand the Value of a Dollar,9781554552108

Piggy Banks to Paychecks : Helping Kids Understand the Value of a Dollar

by
ISBN13:

9781554552108

ISBN10:
1554552109
Format:
Paperback
Pub. Date:
5/15/2012
Publisher(s):
Ingram Pub Services
List Price: $19.95
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Summary

The need for financial savvy is ever increasing. With university tuition and housing costs rising, parents want to ensure that their children learn the basics of earning, saving, and managing money. This is an indispensible life skill, yet it is not taught in most schools. Parents are left to pass on this skill to their children- even though they usually lack tools at hand to teach it. And, sadly, most parents do not have the underlying knowledge of finance and budgeting to be able to help their kids. "Money $marts: Common Sense Ways to Teach Your Kids the Value of a Buck" is a practical approach for parents to help their children learn the critical money skills that aren't taught in schools, like earning and saving money, budgeting, understanding taxes, and running a business. Each chapter tackles a different skill and includes interviews with parents and kids from across the country, and worksheets and checklists to help both parent and child on their financial journey. Mohr also includes fun games and activities to reinforce and hone kids' (and parents') money smarts! p>Angie Mohr's extensive experience as a professional accountant and management consultant guides the book's content and scope, but it is her face-to-face experience with thousands of individual clients and readers in both Canada and the United States that gives Money $marts its uniquely readable style and tone.

Author Biography

Angie Mohr is a Chartered Accountant, Certified Management Accountant, and financial consultant. She has worked with thousands of clients over the years from mom-and-pop startups to rock bands and celebrity chefs. She is the author of the best-selling Numbers 101 for Small Business series of books and writes for Forbes, MSNBC, the Globe Mail, Yahoo! Finance, Investopedia, and Motley Fool, among other financial publications. She splits her time between Canada and the United States and currently lives by the ocean with her husband and two children, who have finally learned that money doesn't grow on trees.

Table of Contents

Notices to Readers
Acknowledgments
Real Money Stories #1: Lynn's Storyp. 1
Raising Money Smart Kidsp. 3
Why I Wrote this Bookp. 3
A Word about Money Philosophyp. 7
Why Kids Need to Learn Money Skillsp. 8
The Six Bad Money Habits Kids Learn from Their Parentsp. 11
Why Rich Kids Need Money Skills Every Bit as Much as Poor Kidsp. 15
Money Lessons Translate into Wider Value Judgmentsp. 16
Teaching a Child to Fishp. 18
Be a Money Mentor to Your Kids' Friendsp. 19
Summaryp. 20
Real Money Stories #2: Kay's Storyp. 22
The Pot & the Kettle: A Look at Our Own Financial Habitsp. 25
Introductionp. 25
What Money Myths Are You Still Carrying Around?p. 26
Are You Handling Money Like Roseanne?p. 29
A Name for Every Dollarp. 30
The Language of Moneyp. 31
It's Okay Not to Be Perfectp. 34
Test Your Money-Handling Knowledgep. 35
Summaryp. 45
Real Money Stories #3: Dianne's Storyp. 47
Supply & Demand: Economics for Kidsp. 49
Introductionp. 49
The Birth of an Economyp. 50
What Is Money?p. 52
Can't We Just Print More Money?p. 53
How Goods & Services Trade Hands-Microeconomicsp. 55
How Countries Trade With Each Other-Macroeconomicsp. 58
What Causes a Recession or Depression?p. 61
How Good Money Skills Can Lessen the Impact of Financial Downturnsp. 63
Summaryp. 65
Real Money Stories #4: Samantha's Storyp. 66
Pay Day: Teaching Kids about Earning Moneyp. 68
Introductionp. 68
The Need to Earnp. 69
Why Don't Kids Have Jobs?p. 70
Sources of Incomep. 71
Employmentp. 72
Commissioned Salesp. 73
Businessp. 74
Investment Incomep. 75
Introducing Your Kids to Earning Moneyp. 78
Summaryp. 79
Real Money Stories #5: Bonnie's Storyp. 81
The Penny Jar: Teaching Kids About Saving Moneyp. 83
Introductionp. 83
Helping Young Kids "See" Their Savingsp. 84
The Savings Bucketsp. 86
Helping Kids Split Their Money between Bucketsp. 86
Setting Savings Goalsp. 87
Changing Savings Goalsp. 88
Transitioning from Piggy Bank to Bank Bookp. 89
Why Move to a Bank Account?p. 90
Canada - Registered Education Savings Planp. 93
U.S. - 529 Plansp. 94
Calculating the Cost of University or Collegep. 96
The Basics of Interestp. 98
Alternative Savings Vehiclesp. 99
Summaryp. 101
Real Money Stories #6: Rachel's Storyp. 103
Paying the Piper: Teaching Kids about Wise Spendingp. 106
Introductionp. 106
The Scourge of Advertisingp. 107
Lessons of the Grocery Storep. 113
Five Grocery Store Lessons for Kidsp. 113
Introducing the Concept of Budgetingp. 118
Who's in Charge?p. 119
The 24-Hour Rulep. 121
Tithing & Donatingp. 121
Summaryp. 124
Real Money Stories #7: Kathy's Storyp. 126
Piggy Banks & Plastic: Teaching Kids about Banking & Creditp. 128
Introductionp. 128
The Banking Systemp. 129
Bank Account Options for Kidsp. 134
What to Look for in a Kids Savings Accountp. 135
PayPal Student Accountsp. 138
Investing Your Moneyp. 141
The Basics of Borrowingp. 148
Credit Cardsp. 150
Credit Reports and Scoresp. 151
Summaryp. 154
Real Money Stories #8: Lyn's Storyp. 155
Lessons of the Lemonade Stand: Business Principles for Kidsp. 158
Introductionp. 158
Working in the Family Businessp. 159
Preparing a Resumep. 160
How Will Your Kids Make Money?p. 162
The Ubiquitous Business Planp. 163
Profitabilityp. 164
Attracting Customersp. 165
Financial Statementsp. 166
Money-Making Ideas for Teens & Pre-teensp. 171
A Quick Word about Income and Sales Taxesp. 173
Entrepreneurs: Pay Yourself What You're Worth!p. 174
The Small Business Investorp. 177
Sample Business Planp. 180
Summaryp. 184
Real Money Stories #9: Jeremy's Storyp. 185
A Little Off the Top: All About the Taxmanp. 187
Introductionp. 187
Why Kids Need to Know about Taxesp. 188
What Do Kids Need to Know about Taxes?p. 189
Income Taxesp. 189
Sales Taxesp. 191
Property Taxesp. 192
Where Do Our Taxes Go?p. 193
Bringing the Lesson Homep. 194
Taxes and Allowancep. 194
When Do Kids Have to Start Paying Taxes?p. 195
Summaryp. 196
Real Money Stories #10: Jo's Storyp. 198
Guarding the Castle: The Basics of Insurancep. 201
Introductionp. 201
Types of Insurancep. 202
Life Insurancep. 202
Child Life Insurancep. 206
Health Insurancep. 208
Property & Casualty Insurancep. 212
Business Insurancep. 213
What Kids Need to Know about Insurancep. 214
Summaryp. 215
Real Money Stories #11: Amy's Storyp. 217
Earning Their Keep: The Pay-For-Work Allowance Systemp. 219
Introductionp. 219
When Are Kids Old Enough for an Allowance?p. 220
Why Kids Need to Work for Moneyp. 221
Family Do'sp. 223
Decide What Your Kids Will Be Responsible or Payingp. 226
Setting Up A Work-for-Pay Allowance Systemp. 227
How Much Should I Pay My Kids?p. 228
The Savings Imperativep. 229
Are There Tax Implications in Giving My Kids Money?p. 233
Summaryp. 236
Real Money Stories #12: Karen's Storyp. 237
Harnessing the Flow: Teaching Kids to Budgetp. 239
Introductionp. 239
Writing It All Downp. 241
Setting Up the Budgetp. 241
Discretionary versus Non-discretionary Expensesp. 243
The Envelope Methodp. 244
Comparing What Happened to What Should Have Happenedp. 245
Re-tooling the Budgetp. 246
Summaryp. 247
Real Money Stories #13: Patsy's Storyp. 250
Money Games: Fun Ways to Hone Your Kids' Money Smartsp. 252
Introductionp. 252
Ages 3-6p. 253
Ages 7-9p. 254
Ages 10-14p. 256
Ages 15 and Upp. 258
Summaryp. 260
Real Money Stories #14: Lisa's Storyp. 261
Money Wordsp. 263
Resourcesp. 271
Money Resources for Canadiansp. 272
Money Resources for Americansp. 273
Indexp. 274
Table of Contents provided by Ingram. All Rights Reserved.

Excerpts

  • The number 13 is featured extensively on the American dollar bill. 13 represents the original 13 colonies. On the bill, there are 13 steps on the pyramid, 13 stars above the eagle, 13 bars and 13 stripes on the shield, 13 leaves and 13 berries on the olive branch, 13 arrows, 13 letters in the Latin words Annuit Coeptis and E Pluribus Unum, 13 hats, and the number of characters in the year 1776 and its Latin form, MDCCLXXVI, equal 13
  • Standard editions of the game, Monopoly, have $15140 in the bank, consisting of 20 $500 bills, 20 $100 bills, 30 $50 bills, 50 $20 bills, 40 $10 bills, 40 $5 bills and 40 $1 bills
  • If you flip an American penny a thousand times, it will not land on tails 50% of the time but closer to 51%. The side with the head weighs slightly more so it lands (literally) face-down more often than not.
  • The word “salary” comes from the Latin word for salt, salarium. Roman soldiers were paid for their services in salt as it was a critical commodity. To remain in active service, soldiers had to earn their salary or be “worth their salt.”


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