Tuesday, November 27, 2012
Book Review: Money Smart Family System
I was given the opportunity to review Steve & Annette Economides book The Money Smart Family System. They are also the authors of America's Cheapest Family.
It's taken me a while to read this book just because I've been so busy, but once I finally sat down and read it, it was a great read. This book teaches you how to raise financially responsible kids, which in our day and age is ESSENTIAL I think.
Did you know that the USDA says the cost of raising a child from birth to 17 years old is about $261,000! In this book The Economides teach you ways to reduce this cost, they got their cost down almost $150,000 per child.
In one of the chapters it lists appropriate chores for kids (by age groups) and what would be the acceptable allowance amount. I like that with their chores for the kids they had a "no complaining" rule. The children should do what their asked with a good attitude, much like daily work and when they get older in a real job!
I also really enjoyed the Giving and Sharing chapter. Blessing others is something we're striving to teach both our kids. It reminded me that since our kiddos are so young, to keep it simple and how to increase the giving as they get older.
I like that the main idea of the book is about teaching your children that its not about how big your house is, how fancy your car is, what clothes you wear or where you go on vacation, but rather the relationship you develop with your family and others.
If you care to find out how other families are using the MoneySmart ideas you can go here.