The First National Bank of Dad
The Best Way to Teach Kids About Money
By (author) David Owen
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First National Bank of Dad by David Owen
Book DescriptionMost parents do more harm than good when they try to teach their children about money. They make saving seem like a punishment, and force their children to view reckless spending as their only rational choice. To most kids, a savings account is just a black hole that swallows birthday checks. David Owen, a New Yorker staff writer and the father of two children, has devised a revolutionary new way to teach kids about money. In The First National Bank of Dad, he explains how he helped his own son and daughter become eager savers and rational spenders. He started by setting up a bank of his own at home and offering his young children an attractively high rate of return on any amount they chose to save. "If you hang on to some of your wealth instead of spending it immediately," he told them, "in a little while, you'll be able to double or even triple your allowance." A few years later, he started his own stock market and money-market fund for them. Most children already have a pretty good idea of how money works, Owen believes; that's why they are seldom interested in punitive savings schemes mandated by their parents. The first step in making children financially responsible, he writes, is to take advantage of human nature rather than ignoring it or futilely trying to change it. "My children are often quite irresponsible with my money, and why shouldn't they be?" he writes. "But they are extremely careful with their own." The First National Bank of Dad also explains how to give children real experience with all kinds of investments, how to foster their charitable instincts, how to make them more helpful around the house, how to set their allowances, and how to help them acquire a sense of value that goes far beyond money. He also describes at length what he feels is the best investment any parent can make for a child -- an idea that will surprise most readers.
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Book DetailsISBN: 9780743204804
(214mm x 139mm x 20mm)
Imprint: Simon & Schuster
Publisher: Simon & Schuster
Publish Date: 1-Jan-2003
Country of Publication: United States
Books By Author David Owen
Cabinet's Finest Hour, Hardback (August 2016)
Using the Cabinet papers from the National Archives, former Foreign Secretary David Owen has written a new history of the pivotal British War Cabinet meetings of May 1940.
In Sickness & in Power, Paperback (March 2016)
An analysis of illness in heads of government, business and military leaders between 1901 and 2007 together with a new chapter about hubris syndrome in the military
Panther, Paperback (March 2016)View all books by David Owen
An important and powerful story told in striking and original prose, Panther is an honest, funny, unsentimental look at how depression affects those around the sufferer, especially when we don't talk about it.
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Author Biography - David Owen
David Owen is a staff writer for THE NEW YORKER, a contributing editor of GOLF DIGEST, and the author of MY USUAL GAME and THE CHOSEN ONE.
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