Making Allowances: A Dollars and Sense Guide to Teaching Kids About Money - Softcover

Lermitte, Paul

Softcover

ISBN 10: 0071398287 ISBN 13: 9780071398282

Publisher: McGraw-Hill, 2002

Synopsis

A proven, step-by-step system for teaching kids how to handle their money for life

On any given day, North American kids between the ages of 5 and 18 have tens of billions of dollars at their disposal. That's why now, more than ever, parents need to teach their kids how to manage their money. Written by a registered financial planner with 15 years of experience as a family financial adviser, Making Allowances shows them how. In a friendly, accessible manner, Paul W. Lermitte presents a step-by-step allowancebased system for teaching children about money. He takes readers from the basics of setting up an allowance and managing requests for loans, to handling marketing hype targeted at kids. He provides expert guidance on when to start an allowance and how much to give, how to teach kids to value money, when to start them saving for the medium and long term, where to draw the line between wants and needs, helping them with buying decisions, being generous without spoiling kids, and much more. Also contains valuable advice on saving for college tuition, including 529 plans and education IRAs.

About this title

About the Author

Paul W. Lermitte is a registered financial planner who has advised many families over the past 15 years. He manages the website makingallowances.com, which offers financial advice and information to families with children.

From the Back Cover

A proven, step-by-step system for teaching kids how to value and manage their money--from kindergarten to college.

"If you can teach your children to save, spend, and invest responsibly, you will prepare them for a productive, successful life." ­from the author

It's never too early to teach your kids about managing their money. Financial planner and father of three cash-savvy sons, Paul Lermitte shows you how with this complete, step-by-step program that provides the principles, structure, and tools you need to teach your kids all about money and how to manage it.

Guiding you through the basics­­teaching about banks, setting an allowance, creating an intelligent consumer­­this book is packed with tips and hands-on help; complete with ready-to-use worksheets, from an "Allowance Contract" to a "Kid's Loan Contract," and even a checklist that children can use when planning vacation expenditures. Inside, you'll find expert advice on:

• When to start an allowance and how much to give.
• Helping children run a simple business to gain entrepreneurial skills.
• Using credit to develop good borrowing and repayment habits.
• Teaching children how the stock market works.
• Saving for college tuition, including information on 529 plans and education IRAs.
• And much, much more!

It pays to help your children develop their own positive, confident money-managing skills. With a solid foundation in financial smarts, your kids can grow up to have both dollars and sense.

Edition details

• Publisher: McGraw-Hill
• Publication date: 2002
• Language: English
• ISBN 10: 0071398287
• ISBN 13: 9780071398282
• Binding: Paperback
• Edition number: 1
• Number of pages: 256