Abundant Frugal Life » TRUSTED BOOKS

Raising Financially Fit Kids

Lisa — Wed, 07 Jan 2009 04:05:04 +0000

RAISING FINANCIALLY FIT KIDS by Joline Godfrey

I was looking for a financial book that gave me better ideas of how to teach my younger children more than just the “give, save & spend” philosophy you can find everywhere. This book gave me great tips on what to do at each age range. I highly recommend it especially if you have children interested in money.

I’m bent on giving our children an education in personal finance while they’re still home. I hope they make the bulk of their mistakes, and take to heart the lessons my husband and I share with them, before they leave our nest. In all things, not just financial, I hope our children start adult life with more tools than we had.

Here are some of the ideas found in the book.

9-12 year olds:

Take calculator shopping
Discuss needs vs. wants
Introduce utility bills
Order annual report of favorite company & research
Start a collection of items that increase in value over time
Read a biography of an entrepreneur who turned a passion into a business
Introduce other savings vehicles besides savings accounts
Discuss importance of interest rates over time
Work a charity
Let them be in charge of their savings account
Have them call for competitive prices on an item they are going to buy
Discuss impulse buying
Discuss the concept “Dreams+money+self control=reality”
Learn how to read the stock section

Teenagers:

Put together a group of financial mentors
Mother-daughter investment club
Let them open a checking account and be in charge of it
Research different careers and how to get paid what you’re worth
Discuss insurance policies and their importance (health, life, home, car)
Discuss accumulation vs. consumption
Research credit cards fully
Discuss the concept “money=independence”
Have child handle larger and larger shares of spending budget
Internships
Using skill/talents to earn money
Discuss tipping
Discuss estate planning (yours and theirs)
Teach how to check own credit rating
Review child’s budget quarterly
Deeper teaching of giving and social responsibility

Speed Reading – Frugal Time Saver?

Lisa — Tue, 28 Oct 2008 14:26:52 +0000

Admittedly, I’ve always been interested in speed reading, but have never personally pursued it. I’m still debating if this is something that would be good for a high schooler to learn and practice before going off to college where he/she will read volumes of material (or has college changed that much since my time?) and have to sift through most of it to find the essential information. This review of The Complete Idiot’s Guide to Speed Reading piqued my interest enough to look through the book and possibly purchase it. Interesting review. Anyone already read this book, or have comments to share on the value of speed reading?

TRUSTED BOOKS TUESDAY

Lisa — Tue, 11 Mar 2008 20:54:03 +0000

HOW TO READ A BOOK

by Mortimer J. Adler and Charles Van Doren

“Some books are to be tasted, others to be swallowed and some few to be chewed and digested.” Francis Bacon

I believe every high school/college bound student should be required to read this book. The authors define different types of reading and concentrate on the most demanding type, analytical reading. Analytical reading is the most active, mind-engaging reading there is.

Adler teaches us how to engage our minds and challenges us to tackle difficult works on our own, without aids. He states, “Good books are over our heads. They wouldn’t be good if they weren’t. Conquer them or they will weary you. The stretching of your mind won’t tire you unless it is unsuccessful because you lack skills to stretch effectively.” All you need is will and skill, and boy does he give you skill in large measure.

Adler has challenged and encouraged me in my own reading. However, I must admit that I can only tackle 1-3 books/year in this manner. Wish I had more time to read – really read.