It is always nice to receive complements, but when it comes from a well-known Columnist of the Southern Illinoisan – Business Journal, Retired Associate Professor of Finance and Financial Icon/Founder of DavidOEngland.com in my hometown, it means MUCH more!
Please check out his kind words and the reasons he recommends “MoneyBags: A Guide to Teaching Your Kids About Money” as a must buy this holiday season.
It is official, today is Black Friday, which triggers people buying presents for the holidays. Of course, your kids will likely receive some of these gifts.
Over the years I have been asked how to keep kids grounded when they receive gifts, whether it is the traditional holidays, random gifts, or extravagant purchases. The givers are usually family members like grandparents, aunts/uncles, or sometimes an estranged parent may purchase gifts to offset lost quality time.
Gift giving is a very nice gesture, but unless you help your kids understand the big picture, they may begin to feel entitled or unappreciative. To help prevent this, make it a MoneyBags Moment, let your kids know that lots of events happened before that gift came to them. First, let them know that the gift is really a token of love and appreciation from the giver. The giver decided that your child was so special that they spent their hard-earned money and time on them. Explain to your kids that the giver worked to earn the money that purchased their present. Next, the giver took time to think about and locate the gift. Moreover, if it is wrapped and/or shipped this took additional time and cost.
By taking steps to educate your children about what is really behind the gift, it will help them appreciate it and the giver more. The goal is to teach them the importance of earning the money and choosing how to spend it. To drive this message home, I believe having your kids write formal Thank You cards is the answer.
This “old fashion” gesture, not only teaches your kids good manners, but it teaches them basic skills that they aren’t being taught in school. This is your opportunity to teach them how to write a Thank You note and address an envelope. As highlighted in Brian Tracy’s book “No Excuses” the act of writing actually “forces you to think and concentrate.”
Furthermore, in this day of technology and instant gratification, to receive a formal Thank You card in the mail makes this kind gesture stand out. Your kids will begin to realize that the gifts they are receiving are not typical and good manners dictate a formal acknowledgment.
So, teach your kids this valuable habit and have them sit down and formally thank the giver.
MoneyBags will be at Retrieve a Golden of Minnesota (RAGOM) Goldzilla fund raising event on September 10th (8:30-2:00) at Long Lake Regional Park in New Brighton. Come enjoy the in helping raise money for this good cause. What could be more fun than sun, goldens and helping pets that need a home!
Have you ever had an aha moment, like the old ad for Reese’s® peanut butter cups? The ones where the peanut butter and chocolate collide and make the amazing Reese’s® peanut butter cup.
In one of the several books that I have read over the years (I wish I could remember which one), it stated that one of the main reasons for the educational divide between poorer students and their peers is the lack of access to books in their home over the summer months. In my search to find my source, I ran across this amazing pamphlet by Scholastic.com with some shocking statistics.
Gum Drops – A wonderful charity that provides weekend backpacks of food to at-risk children in Southern Illinois. This amazing charity was started by a classmate of mine, Amy (Carney) Simpson, to fill a vital need for thousands of kids.
MoneyBags – A book to teach kids about money. I just happen to have four cases of books sitting in my office, collecting dust as they wait to find a home.
Resee’s® peanut butter cup (MoneyBags style)
Put MoneyBags books into backpacks. Thus, a special thanks to the Carterville Rotary for covering the cost and coordinating the shipping of the books to Gum Drops. With their help, we put 160 books into the last backpacks before summer.
For most people this time of year always makes them happy, since they know that summer is around the corner. However, for me, I don’t start celebrating until after tax day (April 15th – unless there it falls on a weekend or a holiday).
So, since it is Tax Time, take a minute to teach your kids about money and taxes. As stated in Chapter 11, one of the fastest ways for kids to understand the impact of taxes is for you to take some “taxes” out of their food with a big bite for the provider (you).
Furthermore, explain where money comes from and that it does not grow on trees (Chapter 47), which was my favorite dream. Consider kicking spring off with some MoneyBags fun by creating a Money Tree. Erect it up on Aril 2nd (the enactment of the 1792 Money Law), decorate it and then take it down on Tax Day!
Make sure to post a pic of your Money Tree on Facebook, I would love to see it.
After much delay, MoneyBags has entered the 21st century!!!!
I am most excited to tell you that it is official, you can now buy “MoneyBags: A Guide to Teaching Your Kids About Money” as an EBook for $9.99! As a person from the “old school,” I have always enjoyed holding and reading a physical book. However, I am surprised that I really like the EBook too.
I found the whole process rather easy. I made MoneyBags my first purchase (of course) and I am impressed at how crisp and easy it is to read. Furthermore, I like that you simply swipe to turn a page and that there are hyperlinks take you to the chapter or website with a simple click. You can navigate back and forth to different chapters via the table on contents. Plus, I can also change the font style, font size, line spacing, background color, margins, and brightness for my desired reading pleasure.
Furthermore, most people carry their electric devices everywhere, so now it is super easy to walk through a quick chapter with your kids when you are waiting at the airport, on a long car ride, or simply waiting for you meal at a restaurant.
For your MoneyBags Mission, please take a peek at the new EBook, rate it in the “Before You Go” section, and tell a friend!
Do you ever have just a magical moment? When they occur it is so awesome it is like you are dreaming. Well, that just happened to me.
It happened when I was out with my boyfriend, celebrating my 20 year anniversary of being an advisor. We went to my favorite local hole in the wall burger joint, Blue Door. It is here were we ran into our new friend Jayla.
The burger joint is tinny and the waiting room for a table is back by the bathrooms. It was there where John saw Jayla write on the black board wall “Don’t waste your money.” As we talked with here we found out it was her golden birthday (she just turned 8)!
Needless to say, I was so move, exited, and impressed that I felt the only appropriate thing to do was to give her a book. I can tell by her wisdom that her mom was taking time to teach her valuable money lessons.
Thank you all! Thanks to you, MoneyBags reached its goal of 200 Facebook Likes by midnight on December 31, 2014! This shows the power of goal setting. With that in mind, the following statistics from Personalplan.com1, quoting a Harvard Business study, sheds light on the power of goals.
83% of the population does not have goals
14% have a plan in mind, but are unwritten goals
3% have goals written down
The study found that the 14% who have goals are 10 times more successful than those without goals. The 3% with written goals are 3 times more successful than the 14% with unwritten goal.
When thinking about goals, Dr. Edwin Locke’s theory of SMART goal setting is quite valuable and can help you create your goals. Under his theory, your goals should be Specific, Measurable, Attainable, Relevant, and Time sensitive.
So, in 2015, here is your MoneyBags Mission: Welcome 2015 by thinking about what financial goals you would like to accomplish and write them down SMART-ly. Then, talk to your kids about setting up and writing down their SMART goal for 2015! Don’t forget to check in on your goals periodically throughout the year to see where you are in accomplishing them.
Here is to filling your MoneyBags!!!
“A must buy for any parent…”, says David O task management for teams. England, host of Eye On the Market in his recent Market Minute. We are very excited and appreciate David’s support in our mission of helping parents teach their kids about money. If you agree with our Mission, please help us get the word out by sharing MoneyBags with your friends and family. Take a listen to the spot here:
To learn about David O. England, visit his website by clicking his logo below: