Prodigal Sons & Material Girls: How Not to Be Your Child's ATM

by Nathan Dungan

In today’s society many young people have lost sight of the value of money and seem to believe that money really does "grow on trees." Part expose and part survival guide, Prodigal Sons and Material Girls addresses the nagging issue faced by many parents today – why do their children have such unrealistic expectations about money? The book is divided into two comprehensive parts. Part I outlines the disturbing facts about America’s possession-crazed youth and the society that has distorted their views. You’ll be introduced to everything from the "three-headed monster"―a high-powered triumvirate of consumer products companies, media conglomerates, and advertising agencies that has tremendous influence over your children―to the distorted view of the American Dream as shaped by principles known as "The Teen Commandments." In learning what you’re up against you can teach financial responsibility from a position of strength. In Part II, Dungan offers creative and convincing examples on how to leverage his highly successful "Share-Save-Spend" approach to money – critical elements for you to help your children break free from the materialism that has become ingrained in our society. Through insightful anecdotes and simple exercises, you will learn how to: The "Share–Save–Spend" methodology will help your children establish healthy financial habits and will undoubtedly become their foundation for making a lifetime of responsible financial decisions. Nathan Dungan is an innovative leader in the financial services industry. Over the past 15 years, he has been a top-performing financial advisor outside of Philadelphia, PA and most recently served as Vice President of Marketing for Lutheran Brotherhood (now Thrivent Financial for Lutherans), a $57 billion member-owned financial services company with nearly 3 million members. Dungan is a frequent speaker and workshop leader and has been widely quoted on this subject in the New York Times, the Wall Street Journal, USA Today and has appeared on CNN and PBS.

Genres: Parenting, Nonfiction

274 pages, Hardcover

First published January 1, 2003

About the author

Nathan Dungan is the founder and president of Share Save Spend, helping families align money decisions with their values. A national speaker and consultant, he authored Money Sanity Solutions and other books. His work focuses on financial wellbeing, multigenerational advising, and the impact of consumer culture on money habits. Curiosity continues to drive his mission.

Reviews

[Stacey · Rating 3 out of 5]

This helped guide me as I was trying to decide how to handle allowance/ money management for my children. Although it's written from a religious standpoint, I found the information very practical and applicable. The one area I didn't agree with completely was on the need for as much donation as they claim (for children). Having said that, I still do follow the basic principles of this book for our kids (spend, save, donate). I used to have 3 piggy banks, one for each component. Now we keep track of the money on a spreadsheet on the computer to help the kids learn more about a banking type of approach.

[Laurie · Rating 3 out of 5]

I was hoping for a good book to help me with educating my teenage son about money. Half the book explains why our children expect so much to be given to them, without having to work for any of it. This half was interesting, but not entirely useful. The other half was about reviewing our own financial issues, how to improve, and how to transfer good habits to our children. I think I would have rated this higher had I read this when my son was younger. Although the book was still interesting and somewhat helpful, it is most ideal if you have young kids and can start them with good financial habits right away.

[Eric Nelson · Rating 4 out of 5]

Phenomenal work that helps readers see the insidiousness of consumer society by focusing on its impact on children and young adults. With mind-blowing statistics, good insight, and great questions at the end of each chapter, this book is a great place to start when looking at our consumer culture. Unfortunately, our market-driven society changes so quickly, this book is slowing becoming outdated.

[Katja]

An interesting read...promotes teaching children to share/save/spend in that order and to have open discussions about finances.

[Michelle · Rating 2 out of 5]

Good ideas, but bad writing. Repetitive.

[Leslie · Rating 5 out of 5]

A great way to get started thinking about money and your kids.