Is Your Child a Money Master or a Money Monster? by Sunny Istar Lee Founder of MMK

Then give them the opportunity to change their mind.'Īs some family financial advisers say, we can't afford to wait to teach our kids about money. Discuss which option is a better alternative, and why. Let them decide - five dollars now or 15 dollars in two weeks - and have them tell you why they chose that option. 'Would you rather I give you five dollars now, or do you want to wait two weeks, and I will give you 15 dollars then?' If they're not sure you'd actually give them that 15 bucks in two weeks, let them watch you put 15 dollars in an envelope, seal it, and write their name on it, then put it in a safe place. 'Help your kids understand by offering your child an option. Pamela Yellen, financial expert and author of 'The Bank on Yourself Revolution,' recommends teaching tweens and teens the benefits of delayed gratification. Parent magazine highlights the value in giving children clear jars, rather than piggy banks, to bank money into 'saving, spending and giving' to build pride, motivation and gratification as they see the money build up in each jar.įinancial adviser and author of the book 'Is Your Child a Money Master or Money Monster' Sunny Lee stresses the benefits of giving children commissions for chores accomplished, rather than allowances that don't require an effort or work ethic, to differentiate value and educate kids about the nuances in earning money (i.e.: taking out the trash might be more lucrative than cleaning your room). In her book, Lee lays out a creative process to help kids learn how to be money masters by earning money through hard work, wisely managing their dollars, investing for the better futures, and becoming the leaders of their financial lives.Where can parents start when teaching young ones about money? Ditch the piggy banks. Buy Is Your Child a Money Master or a Money Monster: Seven Habits of Highly Motivated Kids for Financial Success by Lee, Sunny (ISBN: 9780692508541) from Amazons Book Store. Lee strongly believes that parents are the most influential people to their children, who often mirror everything their mothers and fathers do in life, especially how they approach money and set financial goals. Using the Seven Habit System she developed to teach her own children money skills and financial responsibility, Lee takes an informed, clever win-win approach to mastering financial life skills in 'Is Your Child a Money Master or a Money Monster?: Seven Habits of Highly Motivated Kids for Financial Success and Beyond.' In fact, mother and respected financial advisor Sunny Istar Lee had the same struggle when her twin sons were growing up.

Many parents and grandparents recognize the value in educating young children about money and basic finance but don’t know where to start.

Is Your Child a Money Master or a Money Monster? by Sunny Istar Lee Founder of MMK