Wednesday, October 10, 2012

"The Money-Smart Family System" Review

Book Description

Is it possible to raise financially responsible kids of any age in a society filled with consumerism and entitlement?

New York Times best-selling authors Steve and Annette Economides raised their five kids while spending 77 percent less than the USDA predicted. And the money they did spend was also used to train their children to become financially independent. The MoneySmart Family System will show you how to teach your children to manage money and have a good attitude while they’re learning to earn, budget, and spend wisely.

Learn how to:

*Get the kids out the door for school with less stress.
*End the battle over clothing—forever
*Teach your children to be grateful and generous.
*Inspire your kids to help with chores as a member of a winning team.
*Prepare your kids for their first paying job.
*Help your kids pay for their own auto insurance, and even pay cash for their own cars. *Employ strategies for debt-free college educations.
*Truly help your adult children when they want to move back home.
*Be prepared to deal with your adult children when they ask for bailouts.

With clear steps for children of every age, The MoneySmart Family System proves that it’s never too early, too late, or too hard to start learning financial responsibility.

About the Authors

Steve and Annette Economides are hailed as “America’s Cheapest Family.” With their amazing tools for saving money and personal story of living debt free, they are showing families everywhere how to live the American dream without debt. They have five children.
Find out more about the Economides at
My Take:
After starting Dave Ramsey's "Financial Peace" class back in August, my husband and I kind of got on a huge saving money kick. Of course, that is not a bad thing at all, and over the last two months, we have been doing very well budgeting, saving more money, and getting rid of our debt.
Since we were on that saving kick, I started requesting books to review that were about finances - which led me to The MoneySmart Family System.
Overall, this book gave some good suggestions when it comes to teaching your kids how to handle money. This is the third book I have read on the subject, and I don't think it really had too much more to say on the subject than the other books did. However, the point system that this family uses is unique and may be just the thing for your family.
Although it sometimes read like a commercial (Buy our stuff! Buy our stuff! (at our website)), there are still tons of tips in this book on how to save our money and how to teach kids to be responsible with their money. I liked the examples of the age-appropriate chores and the suggested amount of money for each. Handling money well takes discipline, and this message comes through loud and clear in The MoneySmart Family System.
In this book, Steve and Annette Economides (is that really their last name?!) present some interesting views and ideas on teaching your kids about how to become financially independent, starting at any age.
We probably won't put this entire system into place for our family, but there are still many things that we will be taking from the book.
I will give The MoneySmart Family System ... 3 BookWorms.
Disclosure of Material Connection: I received this book free from Thomas Nelson Publishers through their BookSneeze program. I was not required to write a positive review. The opinions I have expressed are my own. I am disclosing this is accordance with the Federal Trade Commission’s 16 CFR, Part 255: "Guides Concerning the Use of Endorsements and Testimonials in Advertising."

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