Recession Proof Your Child, and Yourself!

I can’t help but comment about our economy and how you can help protect yourself and your children.  Several years ago I was told to read a book called “Rich Dad Poor Dad -What The Rich Teach Their Kids About Money–That The Poor And Middle Class Do Not!” by Robert Kiyosaki.  Like many folks I was skeptical and bit lazy so I delayed reading it.  One night I saw it in a bookstore and picked it up.  Rarely do I ever read a book in one sitting, but this one really got to me.  After finishing the book about 2:30 am, I felt like I tripled my financial knowledge in 3 hours.  Long story short, within a month I had put a down payment on an investment home I was thinking about buying, I paid off most of my debt, and I haven’t looked back since.

How does this affect you and your child?  Well, after finally learning how the financial “game” was set up and what the rules were, I was determined to never let myself or the ones I care about suffer because of a lack of financial education – this included my students too.

I decided to create an after-school program based on Robert Kiyosaki’s book.  We discussed money, debt, everything surrounding finances.  I was surprised at how interested and intelligent these 11 and 12 year olds were.  Many of them picked up ”Rich Kid Smart Kid” and loved it.  You can pick many of Robert Kiyosaki’s books at:

http://astore.amazon.com/recessionproofyourchild-20/detail/0446677485 

I must point out that a child, or young adult, needs more than just this book to get a solid financial education, but it’s a very good place to start.  While Kiyosaki does suggest that folks, even teens, to start thinking about a secondary stream of income, kids might get the wrong impression that Robert wants students to drop out of school.  I’ve read just about all of his books and he certainly does not believe or teach that, but it’s important to help kids understand the rules of the “financial” game so they can start making good choices now. 

One of Kiyosaki’s major points is that in addition to getting a solid traditional education, everyone including kids, should have a healthy understanding of how the financial world works, too.  The students and parents I taught believed this was wonderful first step, and from my point of view, in the short time I had these students, many seemed to improve and mature as students and as people.

Lastly, if you want to make it more interesting, a fun game to play is Cashflow 101 (it’s in the link above).   The original version was made for adults, but now there’s a kids’ version too.  While it is just a game, it does show you how to monitor and spend your money in a responsible way - plus the kid’s I’ve played with get a kick out of it.  My point is, no matter what sources you choose to use, it might be wise to make sure your children understand what is happening in the financial world, and how they can easily avoid many problems if they are educated with regards to money. 

Your School Coach,

Scott Straub

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