Nov

13

 Do you all have any suggestions for childrens money books? Any ideas for a ten year old? I read The Richest Man in Babylon when I was 22– if that gives you any idea on the lack of money/market books in my young life.

Alan Millhone writes:

The money books I had when ten were by Whitnam, and there were slots for collecting dates of Lincoln pennies and buffalo nickels and mercury dimes etc.

Dylan Distasio responds: 

Hi Alan,

Thanks for bringing back some wonderful childhood memories for me. My father passed on coin collecting as a hobby to my brothers and myself when we were children. I haven't been very active with it as an adult, but I used to love sorting through change bags from the bank in search of silver coinage or old pennies to fill my Whitman coin folders. I grew up in the 80s when you still had a chance to come across some silver ones (granted they were not in very good condition). I also have some old Morgan heads and other assorted issues. One of my favorite coins as a child was the "steel" penny from 1943.

More recently, I've collected proof sets of the state quarters series, although not for hopes of financial gains, I just love the look of a proof struck coin and find the state quarters interesting.


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2 Comments so far

  1. JH on November 13, 2010 9:59 am

    I think I can give my 3 cents here. My kids were all out of college, with zero debts, and have their own professional careers.

    I (my wife and me) gave them weekly allowances once they were in the first grade. One dollar per year of age. So they got a dollar more next year. They found out very quickly that the same dollar did not buy much next year.

    They have to follow these rules in dealing with their money:

    – 1/3 to spend on yourself
    – 1/3 to save, obviously you need to help them set up a saving account and teach them the concept of compounding. ‘Babylon’ is a good start. I spiced up the incentitive by matching up, dollar for dollar, for whatever they decide to save, not just from 1/3 of the weekly allowances. If they take the match-up the money has to stay in the savings for at least three years. Kid are smart. They figure out soon enough that based on the rules you can withdraw the fund and then deposit it later to get the additional match-up (i.e. 100% interest rate).
    – 1/3 to share. I think this is the most important part of the education. I NEVER bought a gift for my kids to take to their friend’s birthday party. They have to use their own money if they decide to buy gifts for their friends. You are going to have a lot of fun in parenting here because of the tiny sum of the share fund and the big desire to impress. What I want to do here is to create a financial situation that kids have to make a hard choice. And teach them in very young age that there are things of importance such as friendship that cannot be bought and how to deal with the world that tends to measure these things in money terms (aka self esteem); Thus the Value system that you want them to have in life.

    Have fun…

  2. Andre Wallin on November 13, 2010 8:39 pm

    80 dollars per month in college? Did your daughter(s) have to strip to cover their expenses? : )

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