Debt-Proof Your Kids

by Mary Hunt

What grade would you give your parents for how well they prepared you to manage your finances? What grade will your kids give you someday? At best you have 18 years to teach your kids how to manage money skillfully. So how do you accomplish this overwhelming challenge? Don't panic! Everything you need to get the job done is right here in this book. Think it's too late to debt-proof your kids? It's only too late if you don't start NOW!

Genres: Parenting, Finance, Money

215 pages, Paperback

First published September 1, 1998

Reviews

[Lindstromsteph Lindstrom · Rating 3 out of 5]

Hunt shares her financial mistakes and takes ownership for them. She shares how she and her husband trained their two sons to take on more and more responsibility by giving them a salary at the beginning of the school year to pay for expenses; as each school year came, they increased both the salary and the responsibilities.

At the senior year, each son was able to basically manage a checking out, refuse credit card marketing, give, save and spend wisely. They were also able to graduate college debt free.

She gives good principles and values, but is short on specifics. It is published in 2006, so the finances are out of date, it can easily be adjusted to fit your situation.

[Tabitha C · Rating 5 out of 5]

Very easy to read, but now to enact the plan!

[Meghan]

Our 7yo daughter has been asking about an allowance for awhile now so I wanted to read this book since I respect Mary Hunt and was interested in her opinion on kids and money.

In their family, at around 6th grade, they give their kids a monthly "salary" for all expenses besides room and board - clothing, gifts, social events, etc. The kids are expected to save 10%, tithe 10%, and live off the rest, just as their family does.

For younger kids she has does recommend a small allowance, again using the 10/10/80 formula. I think this is what we'd like to do with our kids but we are still discussing the details of how much, etc.

[Cathy · Rating 4 out of 5]

I read this book, then my husband read it, and then we read or paraphrased it, section by section to the kids after dinner every evening. We plan to try some of the techniques with the kids. Good discussion, and I think even the six year old has a better understanding than I would've guessed. I would've liked it a little better if it had been more child-friendly. It was more geared towards parents. Had some good ideas on an important topic. The kids unanimously thought this was boring, but they understood it, and there are more important things than whether or not a book is exciting. The 9 and 6 year olds say they really liked the surprise ending!

[Heather · Rating 4 out of 5]

Very interesting ideas in a quick and easy to read book about finances. I especially liked that it had ideas for kids of all ages. It also made me think about how I talk and act with money around my kids. Really thinking about the lessons that I teach my kids when I use a debit card in front of them instead of cash.

[Leslie · Rating 5 out of 5]

Can you tell I'm thinking a lot about kids and money! Great book with interesting ideas.