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8 Fun, Must Read Books for Kids That Teach Valuable Money Lessons

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8 Fun, Must Read Books for Kids That Teach Valuable Money Lessons

It’s a popular complaint among young adults these days that their schools never taught them personal finances. How to balance a check book, how to do taxes, and the value of money. Since its less and less likely for schools to change their curriculum, that means it is up to parents to teach their kids how money works. Here are a collection of books to help teach your kids about money.

1. Lemonade in Winter: A Book About Two Kids Counting Money by Emily Jenkins

Money Lessons

    One of the earliest experiences a child has in becoming an entrepreneur is opening a lemonade stand. In this book, two kids open a lemonade stand in the middle of winter. It teaches some basic math and entrepreneurship and it also teaches kids that something may not be a good idea even if it sounds like one. If there is anything kids should learn early, it’s how to deal with disappointment so they can bounce back and try again.

    2. Bunny Money (Max and Ruby) by Rosemary Wells

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    Money Lessons

      Learning how to budget money is an important skill to learn. In Bunny Money, Max and Ruby have saved up $100 to buy gifts for their grandparents. Unfortunately, some things happen and they have to spend some of it. It’s a great book to teach kids how to budget and save money. There are also some math skills involved and it teaches kids that emergencies can drain your wallet unexpectedly. It’s some life lessons definitely worth learning.

      3. Joseph Had a Little Overcoat by Simms Taback

      Money Lessons

        What happens when a kid breaks something? They immediately ask for another one! In Simms Taback’s Joseph Had a Little Overcoat, a child can see a story that shows the value of re-using things. In the story, Joseph’s overcoat is really nice but it starts to get worn. Joseph continuously re-uses the material from the coat to make other items until it becomes a cloth button. The book is great for teaching kids how to be frugal and the importance of re-using things. Until they grow up and get a good job, they may end up having to find creative uses for things they thought were ruined.

        4. Annie’s Adventures (The Sisters 8) by Lauren Baratz-Logsted

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        Money Lessons

          The jungle of nonsense that is adult finances is tough enough to get a hold of even if you know what you’re doing. In Annie’s Adventures (The Sisters 8), Annie is put in charge of her parents finances. She has to figure out how to write checks, pay the bills, and balance a budget. It’s a delightfully lighthearted adventure that puts a fun spin on the basics of adult finance management. There are even elements of entrepreneurship and frugality. It’s a really great choice and it’s especially great for girls.

          5. The Lemonade War by Jacqueline Davies

          Money Lessons

            The Lemonade War is a humorous and fun adventure about two siblings who open two lemonade stands. They use some simple ideas to take their lemonade war to ridiculous heights and it’s a truly fun read for kids. The book teaches entrepreneurship, money management skills, how to implement ideas to challenge the competition, and other business-oriented lessons that are essential for tomorrow’s business leaders.

            6. Junior’s Adventures: The Boxed Set by Dave Ramsey

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            Money Lessons

              Okay so this is actually a series of books rather than a single one but all of the books revolve around a central premise. In these books, Junior learns the value of working, saving money, spending money, and the pleasure of giving to others. They teach selflessness and how intelligent money decisions can allow you to have nicer things. Kids definitely need to learn the value of the dollar and this is a good series of books to do it!

              7. One Hen: How One Small Loan Made a Big Difference by Katie Smith Milway

              Money Lessons

                One thing that no one really learns before graduation high school is how to manage a loan. Or what you need a loan for. In this story, a boy from Ghana named Kojo takes out a loan and uses it to start a farm to feed and provide for his family. It’s based on true events and it’s a heart warming story of a boy who learns the value of money, how loans work, and how to start a business with very little.

                8. The Federal Reserve comics by The Federal Reserve

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                Money Lessons

                  Yes friends, this is a real thing. The Federal Reserve has a host of comics that illustrate lessons about money. It is a comic and the situations are a little more mature than these other ones so we recommend either reading these to your kids or waiting until they’re old enough to understand them. The link above goes to the search page where you can download the PDFs of each comic for free.

                  Wrap up

                  There are a whole bunch of children’s books out there that teach a great number of things. A lot of them will come through personal experience or through school. However, money management is something that rests almost solely on parents. It’s tough to do but with books like these you can teach your child the value of a dollar and the value of work.

                  Featured photo credit: Indiana Public Media via indianapublicmedia.org

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                  Joseph Hindy

                  A writer, editor, and YouTuber who likes to share about technology and lifestyle tips.

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                  Last Updated on July 20, 2021

                  Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

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                  Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

                  Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

                  Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

                  Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

                  In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

                  Break Free of Your Finances

                  Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

                  When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

                  Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

                  Though it seems hard to believe, it is really very simple to get financial freedom.

                  To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

                  While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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                  Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

                  1. Stop Unnecessary Spending

                  We often spend money inwardly, instead of objectively.

                  For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

                  To stop this habitual spending, log down all your spending over the course of a month.

                  Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

                  This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

                  2. Plan a Monthly Budget

                  This is a great opportunity to get serious.

                  Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

                  Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

                  3. Cut-up Credit Cards

                  Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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                  If not, you may want to consider ridding your life of the burden that credit cards bring.

                  Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

                  Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

                  4. Increase Savings

                  There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

                  It’s good practice to save up to 15% of your income.

                  Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

                  Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

                  5. Invest Wisely

                  Consider investing in funds.

                  Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

                  To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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                  Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

                  6. Invest in Gold

                  There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

                  You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

                  Another way to invest in gold is through ETFs (Exchange Traded Funds).

                  These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

                  With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

                  7. Stash Emergency Funds

                  Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

                  If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

                  Make it hard to get your cash.

                  Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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                  8. Find Fabulous Mentors

                  Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

                  If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

                  There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

                  9. Be Extra Patient

                  Patience is the key of financial success.

                  Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

                  So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

                  Financial Freedom for All

                  Anyone can achieve financial freedom, regardless of their financial circumstance.

                  Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

                  Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

                  Featured photo credit: rawpixel via unsplash.com

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                  Reference

                  [1] Hartford Gold Group: IRA Retirement Accounts

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