Raising Financially Fit Kids

by Joline Godfrey, Kit Hinrichs (Design)

Is your child a spendthrift? A hoarder? Or maybe, downright oblivious? Are there family money dramas you can do without? In RAISING FINANCIALLY FIT KIDS, Joline Godfrey, one of the country’s leading experts on kids, parents, and money, gives parents the secrets and knowledge she has gleaned from a decade of working with kids on financial literacy and business. At the heart of the book lies a defined set of

Genres: Parenting, Finance, Nonfiction, Money, Personal Finance, Self Help

224 pages, Paperback

First published January 1, 2003

About the author

Joline Godfrey is the CEO of Independent Means and an innovator in financial education for children and families. Originator of a unique developmental, experiential approach to financial education, her work gives families new tools for developing their human capital and raising children growing up in the midst of abundance.

Godfrey is also the author of Raising Financially Fit Kids, Our Wildest Dreams: Women Making Money, Having Fun, Doing Good; No More Frogs To Kiss: 99 Ways to Give Economic Power to Girls; Twenty $ecrets to Money and Independence: The DollarDiva’s Guide to Life.

Godfrey is a graduate of the University of Maine and Boston University (where she received an MSW) and was awarded an Honorary Degree in Business from Bentley College in 1995. She was a Kellogg Leadership Fellow and the recipient of the Leavey Award for Excellence, as well as the Beta Gamma Sigma Entrepreneurship Award. Recognized in features for The Today Show, Oprah, Fortune, Business Week, The New York Times, and more, Ms. Godfrey is a frequent speaker and consultant worldwide.

Reviews

[Julie · Rating 4 out of 5]

She's preaching to the choir, here, so that may influence my rating, star-wise. I read this in prep for a class I was going to take...but missed. Luckily the instructor is a friend so I think I got my questions answered.

The gist is that kids need to be taught how to by fiscally responsible, that they won't necessarily pick it up on their own, even if their parents set a good example. I know this seems like "duh" but I was surprised how many of my own friends don't teach their kids budgeting, saving, spending, etc.

Godfrey writes about what allowance is for -- so your kids can practise money skills, while you are around to monitor and help. Allowance is not a salary for chores nor is it an entitlement for existing -- it's "a tool for helping children to manage money." She could have pulled that right out of my mind.

She also has broken her message down into ages: 5-8, 9-12, 13-15, and 16-18, so you can figure out where your own kids should be, and where you need to play catch-up. She also identifies some money types: the hoarder, the spendthrift, the scrimper, the giver, the beggar, the hustler, and the oblivious.

I liked it. It's very straightforward and while I am lax in a few areas, I feel pretty good about my parenting skills, finanacially, right now.

[Jessica Blevins · Rating 5 out of 5]

Awesome book on how to teach your kids to be financially responsible. We're following the guidelines for our daughter, and so far it seems to be helping her out a lot. The key tenet is to think of an allowance not as an entitlement or a salary (not something they have to earn or something they can spend however they want), but as an educational tool.

There are specific expectations for each age range that tell what kids should know at that stage in their life. There are tips for games, everyday ways to teach your kids about money, books and movies to check out, catchphrases to sprinkle throughout your conversation, etc.

I will be turning to this book over and over through the next few years.

[Amber · Rating 4 out of 5]

Wow, an amazingly interesting and helpful book, considering I just picked it up because it had a yellow cover! With age-specific lessons and activities from age 5+, it really inspired me to make learning about money (and entrepreneurship, etc) part of what I teach my kids. Watch out--I may be approaching friends and family to be "money mentors" for my kids!

[Claudia · Rating 3 out of 5]

Although this book probably had really great advice, I did not feel like I learned anything new and was pretty bored with it - had to force myself to finish it.

[Michael Silverman · Rating 5 out of 5]

4.5 Stars.
This is a terrific book, indeed "instruction manual" with an unusually compelling format. While I cannot speak highly enough of the content, it deserves to be updated with the author's wisdom. Why do I say this?

- Gen Z'ers seem to be developing a different ethos than millennials, to whom the later portion of this book mostly speaks.
- Most minor transactions now occur online (Venmo, PayPal, Zelle). The ATM is antiquated and the use of cash in transactions is quickly disappearing.
- COVID-19 will have lingering consequences for the economy and for the younger generations.
- Modern internet scamming is becoming an increasing problem.
- Educating children early on the cost of education vs earning capacity in comparison to vocational training.

I would also love to see behavioral economics and the psychology behind decision-making addressed in the next version.

[Holly · Rating 4 out of 5]

Practical activities for teaching your children, regardless of their age, about money. The tips don’t just involve the typical “saving and spending.” Instead, Godfrey focuses on ten different “money” skills that, yes, include saving and spending but also focus on entrepreneurship, investing, charity, etc. I dropped a star only because many of the recommended websites and magazines are no longer on existence. Regardless, this is a good resource to have on hand while you raise your children.

[Ryan · Rating 3 out of 5]

Some good info

[Dolly · Rating 4 out of 5]

Our girls are still very young, but I'm glad that I got this book now. It reinforces the concepts I've already started teaching them, and offers lots of suggestions for what we can do as they get older. The author gives so many different books, websites, products and resources that it's almost overwhelming. I have a feeling that I may revisit this book in a few years.

Overall, this is a good read and offers good advice for helping parents teach our children learn about money. It also takes into consideration the different personalities and perspectives when it comes to money, so that parents may adjust their techniques accordingly. It also shows ways that parents can encourage the entrepreneurial spirit within their children.

Over time, our girls will hopefully learn how to stay on the right track with their finances. I want them to start off on the right foot. We did and it has made all the difference in our lives. I hope they learn the same lessons we did even earlier in their lives.

interesting quotes:
[Mantra for parents to repeat over and over when teaching children about the value of money] "An allowance is not an entitlement or a salary. It is a tool for teaching children how to manage money." (pp. 51, 52)

[Corollary to the above mantra] "the more financially responsible you are, the more independence you will earn." (p. 98)

"One of the most substantial changes in the U.S. economy over the last twenty years has been the shift of financial risk from the institution to the individual. This means that if you cannot manage your own financial security you will be out of luck." (p. 123)

"Perhaps the greatest gift you can give your kids is the opportunity to take risks and make mistakes. And when the mistakes show up, the operational question is not What did you do wrong? but What have you learned?" (p. 129)

[Justina · Rating 5 out of 5]

Out of all the personal finance books I have read, this one was the most structured and was organized in a very straight-forward and useful format, showing the 10 basic skills that people should learn. They are as follows:

How to Save
How to Get Paid What You’re Worth
How to Spend Wisely
How to Talk About Money
How to live within a budget
How to invest
How to exercise the Entrepreneurial Spirit
How to handle credit
How to use money to change the world
How to be a citizen of the world


ALSO, Besides identifying and listing out these important skills, the book takes the application one step further by offering responsibilities and actions for people at five stages:

Apprenticeship (5-18)
Starting Out (19-30)
Taking Charge (31-50)
Looking Ahead (51-65)
Reflection (66+)

Overall, the book was useful in offering specific examples of tasks that can be done at each stage to encourage learning and growth!

[Kari · Rating 3 out of 5]

I'm torn between 2 and 3 stars on this. Probably more like 2.5 stars. There were some good ideas in here on communicating your family's financial values and some good advice, and I liked how it was broken down into age groups with the caveat that some kids are ready at different stages. I took notes on a several things to put into action. But several of the examples/recommendations struck me as sexist or authoritarian (vs authoritative), and I take issue with recommending kids 'invest' in something like baseball card collecting for anything other than fun. And the quotes from Bill Cosby's book(s) have not aged well (though this book came out a year before the most recent sexual assault allegations, trial, etc.).

[Lisa Shaffer · Rating 4 out of 5]

This book is packed with specific ideas for teaching kids how to manage money. It's probably much more than you actually want to know, and truthfully, the first couple of chapters have fueled our parenting on the topic for the past few years! When we were first trying to figure out the allowance thing, her clear philosophy was a gift: "An allowance is not an entitlement, nor a salary. It's a tool to teach children how to manage money." It helped us navigate the way we dole out allowances at our house, and some of what comes after.

It's time for me to return to the book and read what's next in our kids' development as it relates to money management. I do recommend it -- good stuff!

[Julie Bernstein · Rating 4 out of 5]

While elements of this book do feel a little dated (published in 2003; I'm reading in 2012), I still found it to be a worthwhile read. I particularly like that the author's approach is both value-driven (secular) and very respectful of children, and generally very grounded and practical. I also appreciated the emphasis on philanthropy as part of a financial education. As a parent of an 11yo presently sorting out parenting approaches relating to allowance, materialism, generosity and responsibility, I found this book helpful in re-framing my inner dialogue.

[Sheridan · Rating 5 out of 5]

I think this is a must have book for creating a step by step plan for teaching your kids about money.

I was lucky enough to be raised by parents who taught me about money and savings, etc. I try to teach these things to my boys, but it is great to have this book to help give me solid ideas of ways to teach them different key skills at different ages.

I only wish I had read it 5 years ago!

[Catherine Knight · Rating 4 out of 5]

I read this book for work, and really enjoyed the way the book presented the concept of stages in financial life as developmental stages that are not specifically tied to chronological age. Not having kids of my own makes the book a little impractical for me at this time, but still an interesting read, and I liked the idea of recruiting friends and family members to help teach your kids various things about being smart about money.

[Adrienne · Rating 5 out of 5]

everyone who has kids should read this book immediately!!! the chapters are separated by age, so it's a very quick and easy to read and digest. we think her perspective is right on, and she has great tips. we haven't started an allowance for leah yet, but when we do we'll definitely use her approach.

[Carol · Rating 4 out of 5]

A book that will be helpful through the years. One of the most valuable ideas I took away from the first part of the book is that an allowance is a learning tool, not a salary or an entitlement. We've started an allowance and teaching Ruby about money and it has been a lot of fun, although Ruby asks, "why are you talking about money all the time now?"

[Andy · Rating 3 out of 5]

This book had some great ideas and some logical plans. I'd much rather own this book than borrow it from the library as it spans kids of different stages. I jotted down what my kids are going through now, but I'd like to look it over again as they move on. The 10 basic money skills is a good consistent baseline.

[Suzie · Rating 3 out of 5]

The book is full of great ideas and is helpful and easy to read. It is well organized and has advice for every age of children. My only issue with it is that it is over the top. The level of interaction one would have to have feels like a full time job. I would have preferred simpler, practical ways to give kids lessons about money that are more woven into daily life.

[Kimberly · Rating 4 out of 5]

Good tips for teaching kids at all different ages about money. I particularly like the ideas pertaining to giving kids increasingly more responsibility as they get older so that it isn't such a shock when they get their first lump sum paycheck.

[Marcia May · Rating 4 out of 5]

ok, so technically I only read the part applicable to my kids current ages, but I don't want to confuse myself. Lots of really great ideas though! I may need to buy a copy and keep up with it as they get older!

[Nancy · Rating 4 out of 5]

I've had this book for a number of years (picked it up at a book sale), but I re-read recently as this summer I hope to read a number of such books with the kids, some of whom have interest in personal finance and money issues.

[Hieu Nguyen · Rating 4 out of 5]

It helps not only your kids in managing finance but also yourself with the same techniques.
I finished this book at the end of the year of Chicken (29th December, Lunar Calendar). The book inspires me to write a review of myself on financial last year and a plan for the next year of Dog.

[Mark Delesdernier · Rating 3 out of 5]

🤢🤮

Three stars for Some interesting ideas about how to handle allowances and ways to introduce some topics. But overall, the book felt preachy and most of the time I wish I’d just read “psychology of money” or “rich dad, poor dad” again. Pass for me.

[Monica · Rating 4 out of 5]

allright, i'm ready! let's start paying our kid! very intriguing, will see how it works. still not sure if they can spend money on what they want or not...

[Private Account · Rating 4 out of 5]

Some great ideas but I wish this were written by a Libertarian....

[Alexa Hamilton · Rating 5 out of 5]

Great book, I wish there was more about kids under 5.

[Cassandra · Rating 5 out of 5]

I loved this book! It was a great reference and inspiration for me to teach my children money management and wealth building concepts...a must read for parents teaching their kids about money.

[Tamara McFarren · Rating 4 out of 5]

Great book. Gave lots of good ideas and ways to think about raising money savvy kids.

[Dara · Rating 3 out of 5]

Good ideas. Nice that concepts are divided up by child's age. However viewpoint is that this is a method and there is a bit of a do it this way attitude.

[Tony Bradshaw · Rating 5 out of 5]

Want to own this book!