Review of Smart Money Smart Kids by Dave Ramsey and Rachel Cruze
What is just as important as personally being smart with money? Why it’s teaching your kids to be smart with money. What good is being able to bless your kids if they live in your basement while in their 20’s and 30’s? That is what this book is about. Smart Money Smart Kids shows how to raise money smart kids in a world where rampant debt is normal.
The first part of the book brings home some common sense money and parenting truths. Money comes from work, the kids will learn from your example and have grace with your kids. As I read through the stories I thought “This is too simple.” Of course money comes from work and everyone knows kids learn by example. Then I realized that saying is one thing, doing is another. Moreover, how can I live a model of being money smart and teach that to my kids?
Next, the book rolls into practicing the principles with your kids. The authors assume you are already good with money and work on a budget. It showcases a mini-envelope system that kids can learn from. Saving, spending and giving. With these three foundations, kids can learn to be wise with the money they have.
I’ve heard Dave Ramsey say before that “The Ramsey’s will never borrow money.” What an audacious pair it takes to say that. Not just for Dave and his wife but his kids as well. That is reflected in this book. First no car debt, second no college debt and third no wedding debt or any other kind of monetary obligation. The book dives into multiple options on how to stay debt free with your children.
“The Powersjo family will never borrow money.” As I meditate on this I realize it’s only possible to keep a family debt free with planning and intentional money management. Summarizing, it’s up to me and my wife to teach them. Of course, I highly recommend the book. It’s an easy read, makes sense and gives parents plenty of tools to teach their kids to be wise with money.
People can purchase this book here on the official website: https://www.smartmoneysmartkids.com/
You can read my previous book review here.