Introduction ... 1
ONE — Getting to Money-Smart: Understanding How Kids Learn about Money ... 5
Why Is It Important to Raise Money-Smart Kids? ... 5
What Are the Challenges to Raising Money-Smart Kids? ... 6
Who’s Teaching Your Kids about Money? ... 8
Financial Literacy in School ... 8
What Kind of Financial Role Model Are You? ... 9
Is Money a Taboo Topic in Your Home? ... 10
The Big Picture: Household Finances ... 11
How Your Values Influence Your Financial Decisions ... 15
Can Money Buy Happiness? ... 15
The Ten Healthy Habits of Financial Management ... 16
Chapter One Resources ... 24
Role Model Self-Assessment ... 24
Cash Flow Calculator ... 25
Net Worth Worksheet ... 27
Values Validator ... 29
TWO — Teaching Young Children: Guidelines for Children Five to Eight Years Old ... 31
Earn ... 31
What Is Money? ... 31
Where Does Money Come From? (No, the Answer Isn’t the ATM!) ... 35
Birthday and Tooth Fairy Money ... 36
Allowance: Payment for Chores, a Money Management Tool, or Both? ... 37
Save ... 38
Multi-Slotted Piggy Banks ... 39
Spend ... 40
Teachable Moments ... 40
Share ... 43
Give a Gift/Give a Gift ... 43
Donating Change for a Charity — It Adds Up! ... 43
Invest ... 44
Encouraging Entrepreneurship — Beyond the Lemonade Stand ... 44
THREE — Teaching Preteens: Guidelines for Preteens Nine to Twelve Years Old ... 47
Earn ... 47
Jobs: Babysitting, Tutoring, and Other Odd Jobs ... 47
Allowance Revisited: Payment for Chores, a Money Management Tool, or Both? ... 49
Save ... 51
Piggy Banks to Real Banks ... 51
Matching Savings ... 52
Chequing Accounts ... 53
A Story about Setting Goals ... 54
Spend ... 55
Getting Out in the World ... 55
More Teachable Moments ... 58
Debit and Credit Cards ... 59
Digital Spending: How Do You Make It Feel Real? ... 59
Share ... 60
Fostering an Attitude of Gratitude ... 60
Invest ... 61
Cashflow, the Board Game — Monopoly on Steroids! ... 61
Entrepreneurship Revisited ... 61
FOUR — Teaching Teenagers: Guidelines for Teens Thirteen to Seventeen Years Old ... 63
Earn ... 64
Their First Real Job ... 64
Helping Them Understand Their Paycheque ... 65
Paying for Good Grades ... 66
Online Consignment Sales ... 68
Save ... 68
Is Cash Still King? ... 68
Digital and Cryptocurrencies ... 69
Using Personal Values to Set SMART Goals ... 70
Paying Themselves First — and Making It Automatic ... 71
Spend ... 72
Allowance: Increased Financial Responsibility ... 72
Budgeting ... 73
Tracking Spending ... 74
Digital tools ... 75
Needs versus Wants Again ... 76
A Sustainable Approach to Financial Responsibility ... 77
Spending Wisely ... 77
Stored Value Cards ... 78
Negotiating and Bargaining ... 78
Tipping ... 79
Share ... 79
Raising Money at School ... 79
Raising Money for School ... 80
Invest ... 80
Investing for Short- and Medium-Term Goals ... 80
Simple versus Compound Interest ... 82
Chapter Four Resources ... 84
Monthly Budget for Teens ... 84
Goal-Setting Worksheet ... 85
FIVE — Teaching Emerging Teenagers: Guidelines for Young Adults Eighteen to Twenty-One Years Old ... 87
Earn ... 88
Why File a Tax Return? ... 89
Tax Breaks for Students ... 90
Scholarships and Bursaries ... 90
Save ... 90
Tax-Advantaged Savings ... 91
The “Latte Factor” ... 92
Spend ... 92
Paying for Post-Secondary Education ... 93
Are Your Kids Prepared to Be on Their Own? ... 94
Credit Cards Revisited ... 95
Fraud, Scams, and Identity Theft ... 97
Share ... 99
Volunteering Your Time ... 99
Philanthropy is a Family Affair ... 99
Gratitude ... 100
Invest ... 100
Long-Term Investing: Start Early and Invest Regularly ... 100
Stocks, Bonds, and Other Investments ... 102
Asset Allocation and Security Selection ... 103
Fintech and Robo-Advisors ... 104
Responsible Investment ... 104
A Tale of Three Investors ... 105
Chapter Five Resources ... 108
Post-Secondary Student Budget ... 108
Connect with Me ... 111
Further Resources ... 113
Acknowledgements ... 115
About the Author ... 117