AUTHOR:

Jolene Godfrey (TenSpeed Press, 2013)

REVIEWER:

Deborah Goldstein, Principal, Enlightened Philanthropy

BOOK LINK: https://goo.gl/2NxmsX

REVIEW:

“Young people who learn to manage both their human and financial capital are more at peace – and effective – than those kids who have learned to manage only one or the other.” –Joline Godfrey

Talking about money remains one of the most difficult subjects parents can raise with their children. Thanks to Joline Godfrey for her revised edition of Raising Financially Fit Kids! This completely updated version includes financial education guidance for 5-18 year olds and now twenty-somethings as well. And as stated in the 21/64 review of the first edition, the book still “resonates with 21/64’s approach in talking openly with family members across generations about values and focusing on preparing the next generation for their imminent responsibilities.”

Organized by five developmental stages, Godfrey presents a clearly laid-out framework of Ten Basic Money Skills – from how to save and invest to how to use money to change the world to how to be a citizen of the world – and how these can be taught and reinforced at each stage. Each stage is accompanied by a clear Life/Money Map that highlights the appropriate money skills to master and a handy chart with suggested actions and resources tied to each of the basic money skills. A couple of the stages even have suggested Money Messages to share with kids.

Regardless of your income level or that of your clients, if you’re struggling with how to talk with your kids about money and finances, this is the book for you. And yet, the book is about so much more than money. Godfrey’s sage advice, plentiful examples, and clever ideas will allow you to engage your kids in a financial education that will prepare them to be “self-confident kids who have the tools to realize their dreams.”

Even if you don’t have kids, you probably have young people in your life who you could mentor. Godfrey encourages the creation of Money Mentoring Teams and says, “Financial literacy is economic self-defense and we all have responsibilities to function as money mentors, guides, and ‘consultants’ to the next generation.”

Although the idea of philanthropy is woven throughout the book, Godfrey even includes a short chapter on raising young philanthropists. As she points out, “Philanthropy provides a tool for galvanizing kids to master the other nine basic money skills….Encouraging philanthropic engagement early plays a critical role in helping kids develop a sense of purpose and meaning. Kids who feel they are part of something greater than themselves become more grounded, self-confident adults.”

Pick up a copy of Raising Financially Fit Kids and start your conversation today!

Deborah Goldstein is an independent philanthropic advisor and certified 21/64 trainer specializing in guiding the next generation in giving. More about Deborah can be found at enlightenedphilanthropy.com.