Kobliner - Make your kid a money genius even if youre not: a parents playbook for kids 3 to 23

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Advance Praise for

MAKE YOUR KID A MONEY GENIUS

(Even If Youre Not)

Can a book on money be fun for the whole family? This one is! Even better, it is full of wisdom, and it is a genuine public service. Beth Kobliner has produced a miracle. Your kids will profit from her amazing and brilliant bookand you will too.

Cass Sunstein, director of the Program on Behavioral Economics and Public Policy at Harvard University and coauthor of the New York Times bestseller Nudge

A much-needed, tell-it-to-me-straight book, written with wit and humor. I wish Id had it when my kids were littlebut better late than never!

Amy Chua, author of the New York Times bestseller Battle Hymn of the Tiger Mother

If youve ever dreaded discussing the financial facts of life with your child, this is the book for you. Beth Kobliner walks you through a conversation that every parent should have with their children early and often about money matters. The book delivers the titles promiseyou can easily teach your child to be a money genius by following Kobliners wise advice.

Alan Krueger, former chairman, White House Council of Economic Advisers, and Bendheim Professor of Economics and Public Affairs at Princeton University

Kids today need to understand the danger of debit cards the same way humans once had to understand saber-toothed tigers. In a world of unprecedented financial complexity, Kobliners survival guide should come with every car-seat purchase.

Amanda Ripley, author of the New York Times bestseller The Smartest Kids in the World

As schools continue to recognize the need for financial education, Kobliner delivers a master class for the most important teachers of allparents. No question: Make Your Kid a Money Genius is required reading for families from every background.

Arne Duncan, former U.S. Secretary of Education

Many of us dont have a clue about money management and, therefore, chances are good that our kids wont either. Beth Kobliner throws a lifeline into that abyss with her frank, factual, and funny how-to manual. A must-have whether your kid is in preschool or grad school.

Julie Lythcott-Haims, author of the New York Times bestseller How to Raise an Adult

How should parents handle allowance? Should your child work while in school? Are credit cards a good idea in college? Kobliner helps us think through these small, yet important, questions that lead to a life of financial literacy for both parent and child.

Susan Fuhrman, president of Teachers College, Columbia University

Beth Kobliner understands that children should begin to learn money skills early, and gain new ones as they grow. This guide is designed to help parents put their kids on sound financial footing by untangling a difficult but critically important topic.

John W. Rogers, Jr., chairman and CEO, Ariel Investments, and chair, Presidents Advisory Council on Financial Capability for Young Americans

With a keen sense of what is appropriate at each age, from allowance to math games to giving children independence, Kobliner introduces parents to money talk as part of daily interactions.

Tovah P. Klein, director of the Center for Toddler Development at Barnard College and author of How Toddlers Thrive

Also by Beth Kobliner

Get a Financial Life: Personal Finance in Your Twenties and Thirties

Simon & Schuster

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New York, NY 10020

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Copyright 2017 by Beth Kobliner

All rights reserved, including the right to reproduce this book or portions thereof in any form whatsoever. For information, address Simon & Schuster Subsidiary Rights Department, 1230 Avenue of the Americas, New York, NY 10020.

This publication contains the opinions and the ideas of the author. It is sold with the understanding that neither the author nor the publisher is engaged in rendering legal, tax, investment, insurance, financial, accounting, or other professional advice or services. If the reader requires such advice or services, a competent professional should be consulted. Relevant laws vary from state to state. The strategies outlined in this book might not be suitable for every individual and are not guaranteed or warranted to produce any particular results.

No warranty is made with respect to the accuracy or completeness of the information contained herein, and both the author and publisher specifically disclaim any responsibility for any liability, loss, or risk, personal or otherwise, incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this book.

First Simon & Schuster hardcover edition February 2017

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Cover and interior design by Pentagram

Library of Congress Cataloging-in-Publication Data is available.

ISBN 978-1-4767-6681-2

ISBN 978-1-4767-6682-9 (ebook)

To my parents, Shirley and Harold Kobliner, who instilled money values in my brothers and me when we were kids in Bayside, Queens, once upon a time.

My friend Karen, now in her forties, loves to tell the story of the time she asked her mom where babies come from. Her usually chatty mother got up from her chair, muttered something about a pot roast in crisis, and hightailed it out of the room. The next day, Karen found a book about the birds and the bees on her pillow. Her mother never mentioned the subject again.

What cracks me up about this story is that today Karen, a mother of three, wouldnt dream of letting the talk play out like that.

She, like most other parents I know, is comfortable telling it like it is to her kids, and feels its her job to do so. Whether discussing sex, the dangers of drugs and alcohol, the necessity of seat belts, or the benefits of whole grains, we make sure weve got our facts straight, and we choose our words carefully. Unlike our parents, we try to confront these squirm-inducing questions head-on, and pride ourselves on being honest and forthcoming.

Except when it comes to money.

When our kids raise the subject, most of us go into panic mode: We lie. (Sorry, honey, I cant buy that for you because I didnt bring my wallet.) We worry. (How will my kid be able to pay off his student loans?) We procrastinate. (Were totally coming up with a consistent system for allowance! Next month.) In short, we avoid teaching our kids the financial facts of lifewhether its the ins and outs of budgeting, how to cope with credit and debt, or the basics of saving and investing. And for parents, its only getting more difficult. Anyone whos ever watched a toddler navigate an iPad knows that our kids interact with the world in an entirely different way than we did. Can you remember the last time your child actually went into a bank? Exactly.