This book addresses one of the most crucial factors on parenting: how to teach our kids about money.
It covers pretty much everything that you can think of on the subject, including allowance, materialistic trends, peer pressures, how long do we make our kids wait for what they want, how to prevent our kids to become a spoiled brat, down to how much “tooth fairy” should pay for one tooth (which apparently is experiencing a price bubble as we speak).
The book also hit upon the dilemma of loosening the rules at special occasions, on engaging the ego-stand off between parents, on trade offs (such as spending less now in order to have more money later), to teach the kids how to be grateful and humble, how to be compassionate and understanding to the less fortunate, how to behave among the more fortunate, what to do during holidays, and ultimately, addressing on how much is enough?
The format of the book takes life lessons from many case studies, by ordinary parents doing ordinary things just like you and me. Stories that are explained with science and psychology, and include the opinions of child psychologists and personal finance experts, and what they themselves are doing in regards with parenting.
On a personal level, it is a very helpful book for preparing myself for what’s to come in the future, considering I have 2 small kids in elementary school. And while the book is for educating our kids, it is also hugely applicable to us the parents. After all, the author, Ron Lieber, repeatedly state that we’re in the adult-making business, and the lessons in the book are as good as for kids as it is for adults.
Now, if you would excuse me, I’m going to put everything down and play “mute commercial dubbing” with my kids.