Piggy Banks to Paychecks: Helping Kids Understand the Value of a Dollar

Overview

Piggy Banks to Paychecks tackles the subject of money head-on in an easy-to-understand, friendly format. If you are a parent, grandparent, or teacher, or are otherwise involved in helping kids learn financial basics, this book is for you. In its pages, you'll find straightforward answers on saving, spending wisely, investing, and donating. You will find help in setting up an allowance plan for kids along with various methods of tracking savings and evaluating purchases. You will learn the language of money and be...

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Piggy Banks to Paychecks: Helping kids understand the value of a dollar

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Overview

Piggy Banks to Paychecks tackles the subject of money head-on in an easy-to-understand, friendly format. If you are a parent, grandparent, or teacher, or are otherwise involved in helping kids learn financial basics, this book is for you. In its pages, you'll find straightforward answers on saving, spending wisely, investing, and donating. You will find help in setting up an allowance plan for kids along with various methods of tracking savings and evaluating purchases. You will learn the language of money and be able to set your children on the path to fiscal responsibility.

It doesn't matter how old your children are or how difficult your financial situation is. It doesn't matter where you start to teach your kids about money. It doesn't matter what kind of allowance system you choose to set up with your kids. It only matters that you get started-right now-with the tools you have to work with and the knowledge you already have.

"Angie Mohr packs a lot of information into her pages, taking sophisticated financial concepts and turning them into ideas that parents and kids can understand and use. This will be a valuable resource for many families."
- Ellen Roseman, personal finance columnist, Toronto Star and Moneyville.ca
 

"The confidence to make good financial decisions throughout life can begin at home. That's why this book is important to you and your family." Evelyn Jacks, President, Knowledge Bureau and bestselling author of Essential Tax Facts.

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Product Details

  • ISBN-13: 9781554552108
  • Publisher: Fitzhenry & Whiteside, Limited
  • Publication date: 3/1/2012
  • Pages: 260
  • Sales rank: 650,859
  • Product dimensions: 5.90 (w) x 8.90 (h) x 0.80 (d)

Meet the Author

Angie Mohr is a Chartered Accountant, Certified Management Accountant, and financial consultant. She has worked with thousands of clients over the years from mom-and-pop startups to rock bands and celebrity chefs. She is the author of the best-selling Numbers 101 for Small Business series of books and writes for Forbes, MSNBC, the Globe & Mail, Yahoo! Finance, Investopedia, and Motley Fool, among other financial publications. She splits her time between Canada and the United States and currently lives by the ocean with her husband and two children, who have finally learned that money doesn't grow on trees.

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Read an Excerpt

Piggy Banks to Paychecks

Helping Kids Understand the Value of a Dollar
By Angie Mohr

Fitzhenry & Whiteside

Copyright © 2012 Angie Mohr
All right reserved.

ISBN: 9781554552108

  • The number 13 is featured extensively on the American dollar bill. 13 represents the original 13 colonies. On the bill, there are 13 steps on the pyramid, 13 stars above the eagle, 13 bars and 13 stripes on the shield, 13 leaves and 13 berries on the olive branch, 13 arrows, 13 letters in the Latin words Annuit Coeptis and E Pluribus Unum, 13 hats, and the number of characters in the year 1776 and its Latin form, MDCCLXXVI, equal 13
  • Standard editions of the game, Monopoly, have $15140 in the bank, consisting of 20 $500 bills, 20 $100 bills, 30 $50 bills, 50 $20 bills, 40 $10 bills, 40 $5 bills and 40 $1 bills
  • If you flip an American penny a thousand times, it will not land on tails 50% of the time but closer to 51%. The side with the head weighs slightly more so it lands (literally) face-down more often than not.
  • The word “salary” comes from the Latin word for salt, salarium. Roman soldiers were paid for their services in salt as it was a critical commodity. To remain in active service, soldiers had to earn their salary or be “worth their salt.”


Continues...

Excerpted from Piggy Banks to Paychecks by Angie Mohr Copyright © 2012 by Angie Mohr. Excerpted by permission.
All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.
Excerpts are provided by Dial-A-Book Inc. solely for the personal use of visitors to this web site.

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Table of Contents

Notices to Readers

Acknowledgments

Real Money Stories #1: Lynn's Story 1

Chapter 1 Raising Money Smart Kids 3

Why I Wrote this Book 3

A Word about Money Philosophy 7

Why Kids Need to Learn Money Skills 8

The Six Bad Money Habits Kids Learn from Their Parents 11

Why Rich Kids Need Money Skills Every Bit as Much as Poor Kids 15

Money Lessons Translate into Wider Value Judgments 16

Teaching a Child to Fish 18

Be a Money Mentor to Your Kids' Friends 19

Summary 20

Real Money Stories #2: Kay's Story 22

Chapter 2 The Pot & the Kettle: A Look at Our Own Financial Habits 25

Introduction 25

What Money Myths Are You Still Carrying Around? 26

Are You Handling Money Like Roseanne? 29

A Name for Every Dollar 30

The Language of Money 31

It's Okay Not to Be Perfect 34

Test Your Money-Handling Knowledge 35

Summary 45

Real Money Stories #3: Dianne's Story 47

Chapter 3 Supply & Demand: Economics for Kids 49

Introduction 49

The Birth of an Economy 50

What Is Money? 52

Can't We Just Print More Money? 53

How Goods & Services Trade Hands-Microeconomics 55

How Countries Trade With Each Other-Macroeconomics 58

What Causes a Recession or Depression? 61

How Good Money Skills Can Lessen the Impact of Financial Downturns 63

Summary 65

Real Money Stories #4: Samantha's Story 66

Chapter 4 Pay Day: Teaching Kids about Earning Money 68

Introduction 68

The Need to Earn 69

Why Don't Kids Have Jobs? 70

Sources of Income 71

Employment 72

Commissioned Sales 73

Business 74

Investment Income 75

Introducing Your Kids to Earning Money 78

Summary 79

Real Money Stories #5: Bonnie's Story 81

Chapter 5 The Penny Jar: Teaching Kids About Saving Money 83

Introduction 83

Helping Young Kids "See" Their Savings 84

The Savings Buckets 86

Helping Kids Split Their Money between Buckets 86

Setting Savings Goals 87

Changing Savings Goals 88

Transitioning from Piggy Bank to Bank Book 89

Why Move to a Bank Account? 90

Canada - Registered Education Savings Plan 93

U.S. - 529 Plans 94

Calculating the Cost of University or College 96

The Basics of Interest 98

Alternative Savings Vehicles 99

Summary 101

Real Money Stories #6: Rachel's Story 103

Chapter 6 Paying the Piper: Teaching Kids about Wise Spending 106

Introduction 106

The Scourge of Advertising 107

Lessons of the Grocery Store 113

Five Grocery Store Lessons for Kids 113

Introducing the Concept of Budgeting 118

Who's in Charge? 119

The 24-Hour Rule 121

Tithing & Donating 121

Summary 124

Real Money Stories #7: Kathy's Story 126

Chapter 7 Piggy Banks & Plastic: Teaching Kids about Banking & Credit 128

Introduction 128

The Banking System 129

Bank Account Options for Kids 134

What to Look for in a Kids Savings Account 135

PayPal Student Accounts 138

Investing Your Money 141

The Basics of Borrowing 148

Credit Cards 150

Credit Reports and Scores 151

Summary 154

Real Money Stories #8: Lyn's Story 155

Chapter 8 Lessons of the Lemonade Stand: Business Principles for Kids 158

Introduction 158

Working in the Family Business 159

Preparing a Resume 160

How Will Your Kids Make Money? 162

The Ubiquitous Business Plan 163

Profitability 164

Attracting Customers 165

Financial Statements 166

Money-Making Ideas for Teens & Pre-teens 171

A Quick Word about Income and Sales Taxes 173

Entrepreneurs: Pay Yourself What You're Worth! 174

The Small Business Investor 177

Sample Business Plan 180

Summary 184

Real Money Stories #9: Jeremy's Story 185

Chapter 9 A Little Off the Top: All About the Taxman 187

Introduction 187

Why Kids Need to Know about Taxes 188

What Do Kids Need to Know about Taxes? 189

Income Taxes 189

Sales Taxes 191

Property Taxes 192

Where Do Our Taxes Go? 193

Bringing the Lesson Home 194

Taxes and Allowance 194

When Do Kids Have to Start Paying Taxes? 195

Summary 196

Real Money Stories #10: Jo's Story 198

Chapter 10 Guarding the Castle: The Basics of Insurance 201

Introduction 201

Types of Insurance 202

Life Insurance 202

Child Life Insurance 206

Health Insurance 208

Property & Casualty Insurance 212

Business Insurance 213

What Kids Need to Know about Insurance 214

Summary 215

Real Money Stories #11: Amy's Story 217

Chapter 11 Earning Their Keep: The Pay-For-Work Allowance System 219

Introduction 219

When Are Kids Old Enough for an Allowance? 220

Why Kids Need to Work for Money 221

Family Do's 223

Decide What Your Kids Will Be Responsible or Paying 226

Setting Up A Work-for-Pay Allowance System 227

How Much Should I Pay My Kids? 228

The Savings Imperative 229

Are There Tax Implications in Giving My Kids Money? 233

Summary 236

Real Money Stories #12: Karen's Story 237

Chapter 12 Harnessing the Flow: Teaching Kids to Budget 239

Introduction 239

Step 1 Writing It All Down 241

Step 2 Setting Up the Budget 241

Discretionary versus Non-discretionary Expenses 243

Step 3 The Envelope Method 244

Step 4 Comparing What Happened to What Should Have Happened 245

Step 5 Re-tooling the Budget 246

Summary 247

Real Money Stories #13: Patsy's Story 250

Chapter 13 Money Games: Fun Ways to Hone Your Kids' Money Smarts 252

Introduction 252

Ages 3-6 253

Ages 7-9 254

Ages 10-14 256

Ages 15 and Up 258

Summary 260

Real Money Stories #14: Lisa's Story 261

Money Words 263

Resources 271

Money Resources for Canadians 272

Money Resources for Americans 273

Index 274

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Sort by: Showing 1 Customer Reviews
  • Anonymous

    Posted March 18, 2012

    Really rudimentary stuff here...just the basics that anybody wil

    Really rudimentary stuff here...just the basics that anybody willing to read an airline magazine could learn. don't wast your money.

    Was this review helpful? Yes  No   Report this review
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