Teaching Kids About Money and Personal Finances - Slimmer Payments

Teaching Kids About Money and Personal Finances

Mom Teaching Kid On Computer

It’s never too soon to start learning about personal finances and money management. As a former commercial banker and father of a teenager, Joshua Fulenwider realized that too many people only learn about the perils and pitfalls of personal finances the hard way – when they come upon them. Fulenwider says that by then it is often too late.

That is why he decided to pen his first book, “What We Should Teach Our Children About Money: A Guide for Everyone Covering the Basics of Personal Finance.” His goal was to help parents with teaching their kids about money and understanding personal finances.   

What Your Kids Need to Know

Fulenwider says he started writing the book for his own daughter, now 14. He wanted to teach her the ins and outs of money management and financial responsibility. “I don’t want my daughter to struggle like I did. I’ve always involved her in conversations about money and personal finance, and everything like that, and I’d been looking around for a book that I thought was introductory enough for her to understand, but something an adult could pick up and help teach her,” he said. “And I wasn’t finding what I was looking for. I could only find straight ‘how-to’ books that were very dry.”

Teaching kids about money isn’t the most entertaining subject in the world. So, Fulenwider set out to create a book using interesting stories and scenarios from his own life. The book simplifies a variety of money issues. He includes finding a first job, opening a bank account, renting your first place, buying a home, and planning for retirement.

“My parents, we didn’t talk too much about money,” Fulenwider explained. “They gave me guidance, very basic stuff, but they both worked in government jobs, so they had very set guidelines for retirement and secure health insurance. When I became an adult and had to shop for health insurance, I had to learn a lot very quickly.”

Money and Relationships

Money is one of the top things couples argue about. So, Fulenwider has also included a chapter on money and relationships. “My wife and I have always shared finances 100%, everything we’ve earned since we’ve been married has been joint.  This chapter was interesting because I had to pick the brain of my wife’s sister because they keep it completely separate,” Fulenwider said. “It’s one of those things that you shouldn’t tell somebody how to handle money with their significant other. Before you get a significant other, you should have an idea of what you want to do with your money.”

The book also includes information and tips on how to spot scams and avoid identity theft. This is valuable knowledge in this day and age of technology.

The book is available on Amazon for $14.99 in paperback and $9.99 for a Kindle e-reader version.

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