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The First National Bank of Dad: The Best Way to Teach Kids About Money

David Owen

Start date: November 13, 2011

Finish date: November 16, 2011

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Jul 12, 2011 Dolly rated it really liked it

Shelves: money, other-usa, library, nonfiction, parenting, 2011, new-england

This is a very interesting, and often humorous book on parenting and teaching our children about money. It's a quick read and with lots of anecdotes from his own life, I felt like I was sharing in his experiences more so than reading a self-help or how-to book.

The principles he teaches are well within our reach, although I'm not sure how far we'll take it in our own family. Setting up a small scale real-money version of the stock exchange might even be beyond my abilities or interest (especiall This is a very interesting, and often humorous book on parenting and teaching our children about money. It's a quick read and with lots of anecdotes from his own life, I felt like I was sharing in his experiences more so than reading a self-help or how-to book.

The principles he teaches are well within our reach, although I'm not sure how far we'll take it in our own family. Setting up a small scale real-money version of the stock exchange might even be beyond my abilities or interest (especially since we have the majority of our funds in index funds, since I decided long ago that I didn't have the time or inclination to track individual stocks.) I certainly wasn't surprised to learn that his father was a stockbroker, which I'm sure contributed to his own financial literacy and ability to recreate the stock market on a micro scale.

Some of the anecdotes he shares shows how old his experiences are - the book may have been published in 2003, but when he mentions renting videos at Blockbuster, Sony Walkmans, Beanie Babies, and the internet stock bubble of the 1990s, it gives me a perspective of the time in which he raised his own children. And while the recommendations he offers are still relevant and feasible today, somehow it makes me think if there are other options that we could pursue in today's technological age.

I get the feeling that this book is designed for parents, like myself, who are already making strides toward teaching our children to be financially responsible and savvy. This book helps show the fallicy of some common practices and offers ways to amp up our children's learning while still in the comfort and security of our homes.

But it's not likely to help those who are of limited financial resources. It describes giving substantial allowances and setting up a literal "Bank of Dad" that offers an interest rate that even the most spendthrift child will realize that it would be foolish to pass up saving some of her money. Not everyone has the time, ability and financial resources to make this kind of lesson a reality. But, I suppose, the book is more likely to be read by those of us who do.

Overall, it's an insightful book, written by a parent who has made the mistakes and has discovered more effective ways of teaching children about fiscal responsibility. I enjoyed reading it and will certainly bring at least some of his ideas into our own household. I liked his discussion about True Net Worth (chapter 7), that really emphasizes that true happiness in life is not derived solely from our bottom line. And I appreciate his candid anecdotes of finally taking over his father's finances when his father became no longer able to do so himself. Finally, I love that he extols the virtues of reading to children and borrowing books from the library (though slightly off topic.) It's a simple way to bond with our children in a low-cost activity that will help them become more literate and successful in school and, hopefully, also smarter about finances and money in the process.

interesting quotes:

"One of the most useful services that we can perform as parents is to provide our kids with opportunities to screw up in interesting ways that make lasting impressions but do no genuine harm." (p. 119)

"Given the overall condition of the civilized world, you would think that simply not having bubonic plague would be enough to put most of us in cheerful moods--but, no, we want a hot tub, too." (p. 164)

"Here's my best advice: Read to them even more than you already do." (p. 167)

"And there, if you need one, is an elegantly selfish reason for helping your kids learn to feel comfortable with money. We are our children's financial guardians today, but they will be our financial guardians tomorrow, assuming that we are sufficiently lucky to live long enough to need their help. We therefore have a direct, personal, long-term interest in doing everything we can to prepare them for the moment when our actions will compel them to shoulder our problems for us." (p. 189) ...more

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Nov 22, 2009 Angela Randall marked it as to-read

Shelves: parenting-pregnancy-teaching, second-hand-bookshop-wishlist, 2000-2009, 21st-century

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