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Every parent wants to raise financially responsible children, but often, any efforts to teach kids about money are doomed from the start. As David Owen learned with his own daughter and son, parents who take a traditional approach to talking about money will find that their children learn all the fiscal restraint of an Enron executive.
So Owen devised a novel approach: he established the Bank of Dad, offering simple terms and generous incentives for saving, and then stepped aside and gave his young children the freedom to use their money as they wanted. Instead of blowing it all on candy and toys, they developed a strong sense of financial discipline and responsibility. As they grew older, he added a stock exchange to the Bank of Dad to broaden their understanding of investing.
It sounds complicated, but it's not. His kids will have to work for a living someday, but they are well armed to meet their financial needs and responsibilities. They are avid savers; they know how to balance their checkbooks; they understand the principles of investing in stocks and bonds.
The First National Bank of Dad is a highly accessible guide that offers excellent financial tips for any family and shows readers just how to implement this unusual and innovative plan in their own households.
- Sales Rank: #125830 in Books
- Published on: 2007-04-24
- Released on: 2007-04-24
- Original language: English
- Number of items: 1
- Dimensions: 8.44" h x .60" w x 5.50" l, .43 pounds
- Binding: Paperback
- 208 pages
From Publishers Weekly
This is a terrific little book that could completely change the way many parents think about children and money. Owen, a staff writer for the New Yorker, entertainingly details ways to "raise children who aren't overwhelmed by the financial side of life." He convincingly argues that the purpose of most parental savings plans for children "is not to promote saving but to prevent consumption." His book sets forth a very clever idea: by setting up a checking account for his children using a Quicken program with a high interest rate-5% per month-Owen shows how he was able to teach them that "the more you save, and the longer you hold it, the more you will be able to spend." In each case, he deftly proves his main idea: that "they became savers because I created a system that rewarded them for spending less than they earned." Most important for parents beleaguered by kids demands to "buy them something," Owen shows how a savings program such as his can help take the emotion out of buying, so that the question kids have to answer "is not `How can I talk Dad into paying for this?' but `Is this something I really want?'" His savings plan (along with his equally interesting "Dad Stock Exchange" idea) is rooted in a clear-headed view of economics as well as a good-faith desire to help parents help kids to become responsible, not greedy, adults.
Copyright 2002 Reed Business Information, Inc.
Review
"Lively and entertaining, filled with self-deprecating humor, anecdotes, insights, and clear explanations." -- USA Today
"Saving money . . . should be the child's choice. For an idea that might get your kids to a nest egg voluntarily, take a look at David Owen's book The First National Bank of Dad." -- Jane Bryant Quin, Newsweek
"When your children grow up, few things will affect their lives as much as the presence or absence of money. Unfortunately, most teachers and parents devote little systematic attention to teaching them how to live their economic lives. Start with this enjoyable book for some excellent suggestions." -- Pittsburgh Post-Gazette
"This is a terrific little book that could completely change the way many parents think about children and money." -- Publishers Weekly
About the Author
David Owen plays in a weekly foursome, takes mulligans off the first tee, practices intermittently at best, wore a copper wristband because Steve Ballesteros said so, and struggles for consistency even though his swing is consistent -- just mediocre. He is a staff writer for The New Yorker, a contributing editor to Golf Digest, and a frequent contributor to The Atlantic Monthly. His other books include The First National Bank of Dad, The Chosen One, The Making of the Masters, and My Usual Game. He lives in Washington, Connecticut.
Most helpful customer reviews
16 of 17 people found the following review helpful.
I plan on implementing the author's advice with my daughter
By Jason Seagraves
The author's most illuminating insight is this: Children's perception of time is radically different from adults', and thus, their "time preference" is different. When you're eight years old, a year represents 1/8 of your life. Holding on to $20 to earn $0.60 in interest (if you're lucky) is completely undesirable, and parents who force their children to do so are imparting bad money values. In doing this, what they're teaching is that money received should be spent as quickly as possible, before parents can expropriate the cash and put it into "savings" -- a black hole in the eyes of youngsters.
What the author did was create savings accounts for his children that conformed to their perceptions of time. Instead of offering 2-3% a year in interest, he offered 5% PER MONTH interest. This made saving more attractive and taught spending restraint. Additionally, the author and his wife gradually gave more and more financial responsibility to their children as they grew older. One example stands out: While on vacation, the author watched another child beg and plead and throw a fit until his father agreed to buy a $5 tomahawk at a souvenir shop -- the cheap tomahawk was broken before the pair even made it to their car. The author's child, by contrast, since he was spending his own money, and since he had an incentive to save rather than consume, bought a $0.30 item (after negotiating with the shopkeeper). People, including children, make much wiser decisions when they're spending their OWN money.
Additionally, the author talks about how he established a virtual stock exchange (using real money) when his children were interested in stocks. And finally, the book closes with more general (and good) parenting advice, suggesting that parents read even more to their children than they already do now.
I agree wholeheartedly with everything in this book, and intend to implement these ideas with my daughter, who is 19 months at the time I'm writing this review. The book's only weakness is its rudimentary explanation of stocks, mutual funds, and other financial instruments. This is unnecessary since the majority of the audience already understands these concepts, while those who don't need more information than the author is able to provide. No matter, I still strongly recommend this book and endorse the concepts championed by the author.
0 of 0 people found the following review helpful.
Five Stars
By Amazon Customer
Very easy to read and knowledge applicable.
0 of 1 people found the following review helpful.
First National Bank of Dad
By P. Bennett
Really good book about kids and allowance. Great and practical ideas to take the hassle out of jobs and allowance. A great reminder that your kids allowance isn't your money to control, but your kid's money to learn responsibility.
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