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.
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!
I watched a fabulous documentary called “(Dis) Honesty: The Truth About Lies” featuring Professor Dan Ariely’s lifelong work. Many great insights came out of his research, one of which is that dishonesty grows the further one is away from actual money.
In the documentary, Professor Ariely performs a matrix study which has people take a test where compensation is received at the end based on the honor system. The subjects take a test and are given the key to the test so they can see and report how many questions they answered correctly. The subject was then asked to shred their test and answers (or so they think). Once their test was “shredded” they then proceeded to a test monitor to report how many answer they got correct and then rewarded with money accordingly (i.e. the more correct answers, the more money they received for their time). In this study, they found that people “fudged” their results by one or two answers. If they had four correct, they likely reported six.
He then does the same matrix study, but this time after shredding their test instead of proceeding directly to the monitor for cash, they were given poker chips. Then, they would proceed three feet away to the “cashier” to turn their poker chips in for cash. What he found was that this ever so slight distancing from the money doubled the “fudge factor” in how many correct answers people were willing to report. If they had four correct, they were now willing to “fudge” more and report eight correct answers.
So, he tries the study one more time, but this time, he has people do a pre-test of writing down as many of the Ten Commandments as they can remember, or swear on a Bible. In this scenario, the number of people being honest in their reported test results increased to 100%! He even tested people of other religions and atheists to see if it would yield similar results, and the results held true. The conclusion is that a simple reminder of one’s own general moral code will lead to more honest behavior bmmhzdx.
Professor Ariely’s study shows that being reminded of moral behavior and keeping it top of mind can have huge impact on behavior. As an example, one country made one small change on the letter they sent out to collect back taxes. The simple little line of “nine in ten people pay their taxes on time” increased their collection rate by 5%, which sounds like a nominal number, but for a large country it means big money!
Thus, your MoneyBags Mission is to share this blog’s link with a friend and then watch Professor Ariely’s documentary “(Dis) Honesty: The Truth About Lies” with your kids. The program is currently on Netflix or is available for download on iTunes, GooglePlay or Vimeo. After watching, discuss as a group what the implications of this research means for your family as well as each individual and how it might influence your behaviors toward money as we use more debit, credit and online currencies. Perhaps you can come up with your own family’s Code of Honor to keep in your wallets, backpacks and hang on a wall. The Family Code of Honor will be a good nudge to remind everyone to always be honest and use good financial sense.
Chapter 43 talks about PROFIT. This word people often feel the need to say in a whisper, since so many people have made them feel unclean for wanting to make a profit on their creativity and hard work. The freedom to pursue profit is what makes the American Dream become a reality. Today Taylor spoke up for herself and other artist, when Apple decided that they would not pay any of the artists their royalties for the three month trial period of their new streaming service, which they will charge $10 a month. In her words, Taylor explained to Apple “….with all due respect, it’s not too late to change this policy and change the minds of those in the music industry who will be deeply and gravely affected by this. We don’t ask you for free iPhones. Please don’t ask us to provide you with our music for no compensation.”
As you shop, remember your local business owner. Think about how bleak shopping would be if these unique stores cease to exist because they cannot make a profit. Imagine just a sea of Wal-Mart’s or only Amazon on the internet. This country actually has laws to avoid Monopolies since it kills competition in price and selection. When you think about mom and pop store prices being high, stop and ask yourself, why? Mom and pop store owners, up and coming artist, and inventors that are trying to get the word out, need small platforms to launch their ideas. Taylor Swift did not start out as a millionaire and Apple forgot that they started out of a garage of a young computer innovator. Gratefully, Taylor reminded them of the big picture and they have since agreed to see things as she does.
Three cheers to Taylor………Hip hip horary, hip hip hooray, hip hip hooray
“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:
It is official! “MoneyBags A Guide to Teaching Your Kids About Money” has won two Mom’s Choice Awards (MCA) – Gold , in both the Adult Books and Educational Products categories!
“The MCA evaluates products and services for children and parents. The program is globally recognized for establishing the benchmark of excellence in family-friendly media, products and services. The organization is based in the United States and has evaluated thousands of entries from more than forty countries.”
After a rigorous evaluation I am both honored and excited that MoneyBags received the highest awards in both categories entered. Going forward, the book and website can display their respected logo.
Thank you for all your support so early in my journey to education kids about money. Please help me spread the good news by sharing this post via Facebook, Twitter and Pinterest!
Wendy did appear on the Miller in The Morning Show to discuss MoneyBags, but sadly the audio for the show was lost. Instead, here is a picture of Wendy getting ready for her on air debut. We hope you enjoy!