The MoneySmart Family System
Steven & Annette Economides
Steven and Annette Economides have made a name for themselves as America’s Cheapest Family. As with any family, they’ve tried to pass on their financial strategies onto their children. In The MoneySmart Family System the Economides’ share their methods for helping children of any age develop financial independence. The book promises to teach the reader how to deal with many situations including teaching children to be grateful and generous, prepare kids for their first paying job, and helping them develop strategies to get through college debt-free. They provide tips and techniques for all different stages of life from children under 5 to adult children.
First of all, am I the only one who finds it ironic that a couple with the last name Economides has written multiple books related to finances? Economy….Economides….haha! Ok, now that I’ve got that out of my system, I’ll get on with the review.
This book is chock-full of information, not all of it was relevant to me at this stage of life but I read through them anyway to get tips for the future. While there are some really good ideas, there are some concepts that I just can’t see my family adopting. For example, I don’t think a 9 year old needs to be budgeting to buy their own clothes. As a parent, I feel that it’s my job to buy my kids’ clothes. I also think that it’s a sad testament to today’s society that they needed to include sections on how to deal with adult children that should be out their parent’s house and on their own. That’s not fault to the authors, I’m sure some parents are in desperate need of such information.
Overall this book was okay. It is well-written and easy to understand, but some of their techniques seemed a little harsh to me. I am trying to instill good financial sense in my children, but I’m not sure that requires adopting a time card method in our home or forcing them to put 40% of their earnings into a clothing fund. It’s worth a read to pick up some useful techniques and tips, but I would be willing to bet that following this system 100% wouldn’t really work with most families. Just like any of the other books I’ve read on finances, there are certain things that I apply to my own situation and other things I don’t. I’d encourage anyone to do the same.
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Disclaimer: A complimentary copy of this book was provided for review. All thoughts are my own and I was not required to post a positive review.