Raising Financially Fit Kids, Revised

by Joline Godfrey

This combination parenting and personal finance book helps parents teach their children key money skills--such as saving, spending, budgeting, investing, building credit, and donating--that they'll need to become financially secure adults.
 
Parents want their children to enjoy bright economic futures. But how do we equip the next generation with lifelong financial skills?
 
In this updated edition of Raising Financially Fit Kids, Joline Godfrey shares knowledge gleaned from two decades of preparing children and families for financial independence and stewardship, philanthropic effectiveness, and meaningful economic lives. At the heart of the book are three big ideas:
• Financial education is not just about the money; it’s 
about building great families and raising self-confident kids who have the tools to realize their dreams.
• Financial sustainability means living within one’s means and acquiring skills to create and manage human and financial capital.
• Giving wisely is a global citizen’s responsibility.

Designed for parents, grandparents, mentors, advisors, and educators, Raising Financially Fit Kids uses ten core money skills applied across five developmental life stages: children, tweens, middle schoolers, high schoolers, and twenty-somethings. Each stage includes age-appropriate activities that make financial fitness fun, from mall scavenger hunts to financial film festivals. 
 
In this global economic landscape, we all need financial fluency. Whether your child is five, fifteen, or twenty-five years old, it’s never too late to teach financial literacy. Raising Financially Fit Kids prepares your children for the complexities of living in a global economy and helps your family up your game from good to great.

Genres: Parenting, Money, Personal Finance, Nonfiction, Finance

224 pages, Kindle Edition

First published January 1, 2013

About the author

Joline Godfrey is the CEO of Independent Means and an innovator in financial education for children and families. Originator of a unique developmental, experiential approach to financial education, her work gives families new tools for developing their human capital and raising children growing up in the midst of abundance.

Godfrey is also the author of Raising Financially Fit Kids, Our Wildest Dreams: Women Making Money, Having Fun, Doing Good; No More Frogs To Kiss: 99 Ways to Give Economic Power to Girls; Twenty $ecrets to Money and Independence: The DollarDiva’s Guide to Life.

Godfrey is a graduate of the University of Maine and Boston University (where she received an MSW) and was awarded an Honorary Degree in Business from Bentley College in 1995. She was a Kellogg Leadership Fellow and the recipient of the Leavey Award for Excellence, as well as the Beta Gamma Sigma Entrepreneurship Award. Recognized in features for The Today Show, Oprah, Fortune, Business Week, The New York Times, and more, Ms. Godfrey is a frequent speaker and consultant worldwide.

Reviews

[Amber · Rating 4 out of 5]

Wow, an amazingly interesting and helpful book, considering I just picked it up because it had a yellow cover! With age-specific lessons and activities from age 5+, it really inspired me to make learning about money (and entrepreneurship, etc) part of what I teach my kids. Watch out--I may be approaching friends and family to be "money mentors" for my kids!

[Justina · Rating 5 out of 5]

Out of all the personal finance books I have read, this one was the most structured and was organized in a very straight-forward and useful format, showing the 10 basic skills that people should learn. They are as follows:

How to Save
How to Get Paid What You’re Worth
How to Spend Wisely
How to Talk About Money
How to live within a budget
How to invest
How to exercise the Entrepreneurial Spirit
How to handle credit
How to use money to change the world
How to be a citizen of the world


ALSO, Besides identifying and listing out these important skills, the book takes the application one step further by offering responsibilities and actions for people at five stages:

Apprenticeship (5-18)
Starting Out (19-30)
Taking Charge (31-50)
Looking Ahead (51-65)
Reflection (66+)

Overall, the book was useful in offering specific examples of tasks that can be done at each stage to encourage learning and growth!

[Kari · Rating 3 out of 5]

I'm torn between 2 and 3 stars on this. Probably more like 2.5 stars. There were some good ideas in here on communicating your family's financial values and some good advice, and I liked how it was broken down into age groups with the caveat that some kids are ready at different stages. I took notes on a several things to put into action. But several of the examples/recommendations struck me as sexist or authoritarian (vs authoritative), and I take issue with recommending kids 'invest' in something like baseball card collecting for anything other than fun. And the quotes from Bill Cosby's book(s) have not aged well (though this book came out a year before the most recent sexual assault allegations, trial, etc.).

[Suzie · Rating 3 out of 5]

The book is full of great ideas and is helpful and easy to read. It is well organized and has advice for every age of children. My only issue with it is that it is over the top. The level of interaction one would have to have feels like a full time job. I would have preferred simpler, practical ways to give kids lessons about money that are more woven into daily life.

[Hieu Nguyen · Rating 4 out of 5]

It helps not only your kids in managing finance but also yourself with the same techniques.
I finished this book at the end of the year of Chicken (29th December, Lunar Calendar). The book inspires me to write a review of myself on financial last year and a plan for the next year of Dog.

[Melanie · Rating 5 out of 5]

Great ideas. A little overwhelming to do all that is suggested, but if my kids are a little more fit for doing one of the suggestions, then we win right?

[Adam · Rating 4 out of 5]

Really simple, helpful, tangible advice. Honestly, it makes it seem like “why isn’t everyone doing it this way” I even found it helpful when considering how to improve my own habits and understand.

[Tamara M · Rating 4 out of 5]

Great book. Gave lots of good ideas and ways to think about raising money savvy kids.