| The First National Bank of Dad: The Best Way to Teach Kids about Money Contributor(s): Owen, David (Author) |
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ISBN: 0743204808 ISBN-13: 9780743204804 Publisher: Simon & Schuster OUR PRICE: $38.00 Product Type: Hardcover - Other Formats Published: January 2003 Annotation: Taking a position that parents may do more harm than good when teaching their children about money, bestselling author Owen demonstrates that even very young children have an understanding of elementary economics. He has devised a system that provides instructions to encourage children to become eager savers, careful spenders, and rational investors. |
| Additional Information |
| BISAC Categories: - Family & Relationships | Parenting - General - Business & Economics | Personal Finance - Money Management - Family & Relationships | Education |
| Dewey: 332.024 |
| LCCN: 2002026675 |
| Physical Information: 0.91" H x 5.62" W x 8.96" (0.83 lbs) 208 pages |
| Themes: - Topical - Family |
| Descriptions, Reviews, Etc. |
| Publisher Description: Most parents do more harm than good when they try to teach their children about money. They make saving seem like a punishment, and force their children to view reckless spending as their only rational choice. To most kids, a savings account is just a black hole that swallows birthday checks. David Owen, a New Yorker staff writer and the father of two children, has devised a revolutionary new way to teach kids about money. In The First National Bank of Dad, he explains how he helped his own son and daughter become eager savers and rational spenders. He started by setting up a bank of his own at home and offering his young children an attractively high rate of return on any amount they chose to save. "If you hang on to some of your wealth instead of spending it immediately," he told them, "in a little while, you'll be able to double or even triple your allowance." A few years later, he started his own stock market and money-market fund for them. Most children already have a pretty good idea of how money works, Owen believes; that's why they are seldom interested in punitive savings schemes mandated by their parents. The first step in making children financially responsible, he writes, is to take advantage of human nature rather than ignoring it or futilely trying to change it. "My children are often quite irresponsible with my money, and why shouldn't they be?" he writes. "But they are extremely careful with their own." The First National Bank of Dad also explains how to give children real experience with all kinds of investments, how to foster their charitable instincts, how to make them more helpful around the house, how to set their allowances, and how to help them acquire a sense of value that goes far beyond money. He also describes at length what he feels is the best investment any parent can make for a child -- an idea that will surprise most readers. |
Contributor Bio(s): Owen, David: - David Owen plays in a weekly foursome, takes mulligans off the first tee, practices intermittently at best, wore a copper wristband because Steve Ballesteros said so, and struggles for consistency even though his swing is consistent -- just mediocre. He is a staff writer for The New Yorker, a contributing editor to Golf Digest, and a frequent contributor to The Atlantic Monthly. His other books include The First National Bank of Dad, The Chosen One, The Making of the Masters, and My Usual Game. He lives in Washington, Connecticut. |