The Sink or Swim Money Program: The 6 Step Plan for Teaching Your Teens Financial Responsibility
This is a book review for The Sink or Swim Money Program: The 6 Step Plan for Teaching Your Teens Financial Responsibility.
With increasingly high debt becoming a bigger problem in families every year, it is more important than ever that parents teach their children to be financially responsible. While every child is different, and some can learn to be responsible with money at a younger age, parents should make sure to teach their teens how to handle money before they are in college or out on their own.
In The Sink or Swim Money Program, John E. Whitcomb takes parents through a 6 step plan for teaching teens how to be financially responsible.
In Mr. Whitcomb’s book, he takes a humorous look at teaching kids the value of money and making them responsible for their own money and purchases.
Here are a few of the ideas his book focuses on:
* Calculating a budget
* Work out a contract between you and your teen
* How to plan ahead
With this system, the main point is that the teens are given a set amount of money that is to cover their basic needs, that you would normally pay: food, clothing and other necessities. It is a trial and error method, where the kids are given free reign on their money and will quickly learn what they can and cannot do with it.
In addition to the lessons on spending, the book deals with planning for large expenses, such as college, cars, and insurance. It also includes sections on checking accounts, credit cards and tips on saving and earning extra money with lesson plans and sample contracts.
Teaching your kids about finance is very crucial. Money is not everything in life, however, a person works all his life for money. So, bringing in financial literacy and investment habits to your teens and kids is of importance. If you want to find whether your child can be a good investor or has a financially responsible attitude. You must read this article.