Sunny Istar Lee Founder of MMK's Blog
December 2, 2016
TEACHING KIDS ABOUT MONEY
By Ashley, Teachable Mommy
Teaching kids about money is an important part of my job as a parent. One day, these children will be adults and out in the world. They need to know how money works. Honestly, I have seen one too many adults who do not understand this concept. I do not want my children buried under debt. Living within their means and being able to enjoy fun things like traveling is what I want for them. But how can we as parents explain and instruct them in the right way and wrong ways to treat money?
teaching kids about money
Luckily, we are not alone. Sunny Lee, author of “Is Your Child a Money Master or a Money Monster?” has developed a proven system to teach children all about money. Where it comes from, saving, earning interest, and hidden costs. Also how saving a little bit every day helps us to reach our goals.
She approaches the issue of money by breaking it down in easy to understand concepts. Each of the 7 habits are written about in a way that not only will children gain knowledge and wisdom concerning money but adults will as well. I like that Sunny includes images and examples of what she uses for her boys within the chapters. You can find some of the charts as downloads on her site.
For more about the book, including games, videos, downloads, and more visit NoMoneyMonster. They are a great way to have a conversation with your children and to gauge just what they are learning through the process.
www.teachablemommy.com/
Teaching kids about money is an important part of my job as a parent. One day, these children will be adults and out in the world. They need to know how money works. Honestly, I have seen one too many adults who do not understand this concept. I do not want my children buried under debt. Living within their means and being able to enjoy fun things like traveling is what I want for them. But how can we as parents explain and instruct them in the right way and wrong ways to treat money?
teaching kids about money
Luckily, we are not alone. Sunny Lee, author of “Is Your Child a Money Master or a Money Monster?” has developed a proven system to teach children all about money. Where it comes from, saving, earning interest, and hidden costs. Also how saving a little bit every day helps us to reach our goals.
She approaches the issue of money by breaking it down in easy to understand concepts. Each of the 7 habits are written about in a way that not only will children gain knowledge and wisdom concerning money but adults will as well. I like that Sunny includes images and examples of what she uses for her boys within the chapters. You can find some of the charts as downloads on her site.
For more about the book, including games, videos, downloads, and more visit NoMoneyMonster. They are a great way to have a conversation with your children and to gauge just what they are learning through the process.
www.teachablemommy.com/
Melissa's Book Review
STOP GIVING FREE MONEY TO YOUR CHILDREN!
I have read a lot of finance books, both for adults and kids.
Hands down, Is Your Child a Money Master or a Money Monster by financial advisor Sunny Lee is my favorite!
I give this book 5 out of 5 stars on the Mom’s Plans’ scale.
Lee is a mom to twin boys, and since they were small, she’s worked to instill a strong work ethic and financial responsibility in her sons. Her sons are now teens, and in this book, she shares what has worked for them so far.
Lee’s plan to make children Money Masters has 7 habits:
Habit #1: Develop a Money Master Mindset
Habit #2: Start Saving Early
Habit #3: Create Reminders, Routines, and Rewards
Habit #4: Set High Goals through Expectations
Habit #5: Learn Personal Finance by Playing
Habit #6: Go Experience the Real World
Habit #7: Give Back and Share the Love
What I love about this book is that Lee isn’t just teaching parents how to teach their kids financial responsibility; she’s also teaching parents how to motivate their children. For instance, when her kids were younger, she instituted the Morning Stuff Allowance Project. Each morning before they went to school, her kids had to:
get up when their alarm rings,
make their beds,
put on the clothes Lee had pulled out the night before,
pack their backpacks to get ready for school,
eat breakfast,
bring their breakfast dishes to the sink,
wash their faces and brush their teeth,
and get on the bus by 7:30
In return, hmom-plan1er kids each earned $3 a week. By instituting this system, Lee taught her sons responsibility and also brought peace to their mornings.
However, the true beauty of Lee’s system is that she builds in layers that the kids can achieve.
In addition to the Morning Stuff Allowance Project, her kids could also do some extra things as denoted by the Special Incentive Project. Things to do on the Special Incentive Project included typing practice, book project, drawing and writing, etc. If the children choose to do activities from the Special Incentive Project, they earned more money.
Lee has added layers to the system throughout the years so that now her kids can make as much as $100 per month, depending on how motivated they are to get things done. (Lee mentions that $100 per child is what her family can afford, but parents should choose an amount that comfortably fits in their budget.)
I plan to go back through this book and set up a system for my kids. I’m really excited to try this! Even better, Lee has a website with the forms she uses online, which saves me some work.
I highly recommend this to parents wanting to instill a good work ethic in their children AND a healthy respect for money.
www.momsplans.com
I have read a lot of finance books, both for adults and kids.
Hands down, Is Your Child a Money Master or a Money Monster by financial advisor Sunny Lee is my favorite!
I give this book 5 out of 5 stars on the Mom’s Plans’ scale.
Lee is a mom to twin boys, and since they were small, she’s worked to instill a strong work ethic and financial responsibility in her sons. Her sons are now teens, and in this book, she shares what has worked for them so far.
Lee’s plan to make children Money Masters has 7 habits:
Habit #1: Develop a Money Master Mindset
Habit #2: Start Saving Early
Habit #3: Create Reminders, Routines, and Rewards
Habit #4: Set High Goals through Expectations
Habit #5: Learn Personal Finance by Playing
Habit #6: Go Experience the Real World
Habit #7: Give Back and Share the Love
What I love about this book is that Lee isn’t just teaching parents how to teach their kids financial responsibility; she’s also teaching parents how to motivate their children. For instance, when her kids were younger, she instituted the Morning Stuff Allowance Project. Each morning before they went to school, her kids had to:
get up when their alarm rings,
make their beds,
put on the clothes Lee had pulled out the night before,
pack their backpacks to get ready for school,
eat breakfast,
bring their breakfast dishes to the sink,
wash their faces and brush their teeth,
and get on the bus by 7:30
In return, hmom-plan1er kids each earned $3 a week. By instituting this system, Lee taught her sons responsibility and also brought peace to their mornings.
However, the true beauty of Lee’s system is that she builds in layers that the kids can achieve.
In addition to the Morning Stuff Allowance Project, her kids could also do some extra things as denoted by the Special Incentive Project. Things to do on the Special Incentive Project included typing practice, book project, drawing and writing, etc. If the children choose to do activities from the Special Incentive Project, they earned more money.
Lee has added layers to the system throughout the years so that now her kids can make as much as $100 per month, depending on how motivated they are to get things done. (Lee mentions that $100 per child is what her family can afford, but parents should choose an amount that comfortably fits in their budget.)
I plan to go back through this book and set up a system for my kids. I’m really excited to try this! Even better, Lee has a website with the forms she uses online, which saves me some work.
I highly recommend this to parents wanting to instill a good work ethic in their children AND a healthy respect for money.
www.momsplans.com
October 2, 2016
STOP GIVING YOUR KIDS FREE MONEY!
“Stop giving me money! You are not helping me become financially responsible. Give me work instead to earn money!”
Last August, when I was teaching financial literacy class at the National Association of Real Estate Brokers (NAREB) Annual Youth Academy in Long Beach, California, I asked all my students to say “STOP giving me money! You are not helping me to become financially responsible. Give me work instead to earn money!” to their parents, grandparents, aunties and uncles when they went back home that afternoon. At first, they were shocked at the idea of not getting free money any more, but later, many of them were excited about working hard to make their own money they could feel proud of.
Point No. 1: Money is Earned, Not Given!
Parents know this, but many kids don’t. These kids take things for granted and even demand things from people around them as if they are automatically entitled to them. This is largely because everything is simply handed to them by their parents or other family members.
The most common cause of childhood entitlement is the lack of education surrounding money, and parents of every income bracket are guilty of this—they give their children money, without making them work for it, and the children spend it (almost immediately!) without any understanding of where it came from, what it took to get it, and how to use it properly! By doing so, they can become Money Monsters!
Some parents are afraid of the idea of having their children work hard; they treat their children like delicate flowers in the greenhouse, or even worse, put them on a pedestal and almost worship them. It’s no wonder those children never grow up to be responsible men and women—they never learn how to.
“It’s time to teach your children about this important money principle, “No Work, No Money!”
Point No. 2: Give Your Children Age-Appropriate Chores And Reward!
There are many things that your children, young or old, can do to earn money, either in the house or outside the house. Be creative and work together with your children. Set achievable goals so that your children accomplish what you need them to accomplish and can feel proud of their own efforts, then reward their work. When we reward small accomplishments or actions, it drives them to do something bigger to get bigger accomplishments!
If this is your first time implementing this kind of concept with your young children, maybe you have to begin with just a couple of chores. Make the reward small but inspiring! As the days or weeks go by and your kids get better at doing this, gradually increase what they need to get done so they can earn more. Later, when they’re older or just wanting to earn more money, you can add more chores that they can do in the morning or after school.
Some of the Chores That Your Kids Can Do
Chores you can let your kids do to earn money right away:
Emptying the trash
Sweeping, vacuuming, mopping the floor
Dusting
Putting toys and books away
Bringing in the mail
Watering plants and flowers
Raking leaves
Dishwashing
Sorting laundry
Setting the table
Pet walking
Washing the car
Babysitting
piggy-bank-image
Point No. 3: Be Consistent With Your Reward System!
It’s very important that you use the reward system all the time! I’ve created a simple reward system chart that you can utilize right away for your little children and you can download it for free from my website
www.nomoneymonster.com.
Put the chart in the place that gets the most traffic in your home. In ours, that’s the dining room area, where we gather to eat, do homework and have family meetings. Having the chart in this room means that everybody can see it all the time, and it reinforces their progress. Kids begin to feel good about watching the chart fill up with check-off times, signatures, and the chores they accomplish every week.
In life, we usually start small to win big. We begin at the beginner’s level to become masters of our goals, our values, our finance, and our lives. Learning at a young age that effort produces rewards prepares us to become masterful with our time, energy and money management to become Money Masters!
Sunny Lee is the author of “Is Your Child a Money Master or a Money Monster?” She is a respected and trusted financial advisor serving clients from all walks of life. She is the founder and CEO of Good Life Advisors, a full-service insurance company and is an Investment Advisor Representative in Torrance, California. She is also a member of the Million Dollar Round Table, a financial literacy instructor for Operation Hope and authored the Korean personal finance books “Mr. & Mrs. Millionaire” and “New Money Boss.” She currently resides in Rancho Palos Verdes, California, with her family. Find more at www.nomoneymonster.com.
Last August, when I was teaching financial literacy class at the National Association of Real Estate Brokers (NAREB) Annual Youth Academy in Long Beach, California, I asked all my students to say “STOP giving me money! You are not helping me to become financially responsible. Give me work instead to earn money!” to their parents, grandparents, aunties and uncles when they went back home that afternoon. At first, they were shocked at the idea of not getting free money any more, but later, many of them were excited about working hard to make their own money they could feel proud of.
Point No. 1: Money is Earned, Not Given!
Parents know this, but many kids don’t. These kids take things for granted and even demand things from people around them as if they are automatically entitled to them. This is largely because everything is simply handed to them by their parents or other family members.
The most common cause of childhood entitlement is the lack of education surrounding money, and parents of every income bracket are guilty of this—they give their children money, without making them work for it, and the children spend it (almost immediately!) without any understanding of where it came from, what it took to get it, and how to use it properly! By doing so, they can become Money Monsters!
Some parents are afraid of the idea of having their children work hard; they treat their children like delicate flowers in the greenhouse, or even worse, put them on a pedestal and almost worship them. It’s no wonder those children never grow up to be responsible men and women—they never learn how to.
“It’s time to teach your children about this important money principle, “No Work, No Money!”
Point No. 2: Give Your Children Age-Appropriate Chores And Reward!
There are many things that your children, young or old, can do to earn money, either in the house or outside the house. Be creative and work together with your children. Set achievable goals so that your children accomplish what you need them to accomplish and can feel proud of their own efforts, then reward their work. When we reward small accomplishments or actions, it drives them to do something bigger to get bigger accomplishments!
If this is your first time implementing this kind of concept with your young children, maybe you have to begin with just a couple of chores. Make the reward small but inspiring! As the days or weeks go by and your kids get better at doing this, gradually increase what they need to get done so they can earn more. Later, when they’re older or just wanting to earn more money, you can add more chores that they can do in the morning or after school.
Some of the Chores That Your Kids Can Do
Chores you can let your kids do to earn money right away:
Emptying the trash
Sweeping, vacuuming, mopping the floor
Dusting
Putting toys and books away
Bringing in the mail
Watering plants and flowers
Raking leaves
Dishwashing
Sorting laundry
Setting the table
Pet walking
Washing the car
Babysitting
piggy-bank-image
Point No. 3: Be Consistent With Your Reward System!
It’s very important that you use the reward system all the time! I’ve created a simple reward system chart that you can utilize right away for your little children and you can download it for free from my website
www.nomoneymonster.com.
Put the chart in the place that gets the most traffic in your home. In ours, that’s the dining room area, where we gather to eat, do homework and have family meetings. Having the chart in this room means that everybody can see it all the time, and it reinforces their progress. Kids begin to feel good about watching the chart fill up with check-off times, signatures, and the chores they accomplish every week.
In life, we usually start small to win big. We begin at the beginner’s level to become masters of our goals, our values, our finance, and our lives. Learning at a young age that effort produces rewards prepares us to become masterful with our time, energy and money management to become Money Masters!
Sunny Lee is the author of “Is Your Child a Money Master or a Money Monster?” She is a respected and trusted financial advisor serving clients from all walks of life. She is the founder and CEO of Good Life Advisors, a full-service insurance company and is an Investment Advisor Representative in Torrance, California. She is also a member of the Million Dollar Round Table, a financial literacy instructor for Operation Hope and authored the Korean personal finance books “Mr. & Mrs. Millionaire” and “New Money Boss.” She currently resides in Rancho Palos Verdes, California, with her family. Find more at www.nomoneymonster.com.
September 15, 2016
5 HEALTHY MONEY TIPS FOR SUCCESSFUL KIDS
Healthy money principles such as “The soul of the diligent is richly supplied” or “Money is not given but it’s earned through work” are very important to plant in their young minds. I have talked about these five simple money principles with my own children ever since they were two and it has been very effective;
1. Money is a vehicle to make our lives comfortable and enjoyable.
Money is an instrument, not the purpose or the ultimate goal of our life. Just like a car takes us from one place to another, money can take us from where we are to where we want to be to have a great life. It is crucial for our kids to understand that money is earned, not given. In order for them to earn money, they first need to work! Young children can do many different age-appropriate chores, and they can start saving and investing what they earn to prepare for their future.
2. Money is everywhere, and there is enough for everyone.
Money is abundant! Some people may say, “There is too much money in too few hands,” but that money mentality comes from a perception of scarcity, not abundance, and our kids can copy and imitate our thinking. It is important to teach our children that there’s plenty for everyone who works hard and works smart, and manages money wisely. And we should always speak positively about money!
3. Money is good and useful.
I really wanted to drill into my son’s minds that it is GOOD to have money-lots of money. Money is not evil, but the love of money is. Money can help our family, friends, community and our world at large if we use it for the highest good of all concerned. It isn’t the money itself that determines whether it is good or bad, but the person who decides how to get the money and what to do with it.
4. You become rich by adding value to others.
I taught my boys that if our work adds more value to more people, we make more money. Less value equals less money. It is important to teach our children that they don’t get rich by stepping on other people’s toes but by helping others to get what they want in life. We get paid for the value, not the time.
5. Share money with others.
In order for us to help our children grasp this concept, we should first become their role models to follow. We need to walk our talk. In my profession, I’ve met many generous multi-millionaires who just love giving and sharing, and they make a huge difference in this world. As of 2015, there are about 7 billion people in this world, and the world’s wealth totals more than $60 trillion! We have more than enough to share with others, and when we become generous givers, our children will follow our examples.
You are in the perfect place at the perfect time to teach your children the tools that will make them masters, not only of their own money but also of their own lives. Begin this wonderful money principle journey with your children now!
Sunny Lee
http://www.nomoneymonster.com
1. Money is a vehicle to make our lives comfortable and enjoyable.
Money is an instrument, not the purpose or the ultimate goal of our life. Just like a car takes us from one place to another, money can take us from where we are to where we want to be to have a great life. It is crucial for our kids to understand that money is earned, not given. In order for them to earn money, they first need to work! Young children can do many different age-appropriate chores, and they can start saving and investing what they earn to prepare for their future.
2. Money is everywhere, and there is enough for everyone.
Money is abundant! Some people may say, “There is too much money in too few hands,” but that money mentality comes from a perception of scarcity, not abundance, and our kids can copy and imitate our thinking. It is important to teach our children that there’s plenty for everyone who works hard and works smart, and manages money wisely. And we should always speak positively about money!
3. Money is good and useful.
I really wanted to drill into my son’s minds that it is GOOD to have money-lots of money. Money is not evil, but the love of money is. Money can help our family, friends, community and our world at large if we use it for the highest good of all concerned. It isn’t the money itself that determines whether it is good or bad, but the person who decides how to get the money and what to do with it.
4. You become rich by adding value to others.
I taught my boys that if our work adds more value to more people, we make more money. Less value equals less money. It is important to teach our children that they don’t get rich by stepping on other people’s toes but by helping others to get what they want in life. We get paid for the value, not the time.
5. Share money with others.
In order for us to help our children grasp this concept, we should first become their role models to follow. We need to walk our talk. In my profession, I’ve met many generous multi-millionaires who just love giving and sharing, and they make a huge difference in this world. As of 2015, there are about 7 billion people in this world, and the world’s wealth totals more than $60 trillion! We have more than enough to share with others, and when we become generous givers, our children will follow our examples.
You are in the perfect place at the perfect time to teach your children the tools that will make them masters, not only of their own money but also of their own lives. Begin this wonderful money principle journey with your children now!
Sunny Lee
http://www.nomoneymonster.com
