I’ve been looking for a book that would explain how to teach kids about money – in ways appropriate to their age. I found it. Raising Financially Fit Kids is a great book for walking you through how to teach kids about money. The author breaks finances down into ten basic skills, and for each age group she provides a great chart that lists ways to teach your kid that skill at that age. It’s exactly what I was looking for. For example, my seven year old blows his money as soon as he gets it. How do I start explaining saving, budgeting, investing … how much can he or should he be able to understand at this point? The book explains that.
The author has a great idea around advisors. She suggests putting together a team of advisors that will help teach your kid and she has concrete suggestions and even a sample letter you can use to ask them to help and let them know what you are expecting.
If you have kids, I highly recommend you pick up a copy of Raising Financially Fit Kids.