Beyond Piggy Banks and Lemonade Stands

How to Teach Young Kids About Finance (and They're Never Too Young)

Liz Frazier

Beyond Piggy Banks is written for you: the loving, responsible and overworked parents of young children. It takes the stress and mystery out of finance, and focuses on the basic fundamentals elementary children should understand so they can make smart decisions as they grow. This usable, light hearted, real-world guide provides parents with the specific tools and step-by-step lessons needed to teach their child. The lessons provided are easy to teach and understand. The activities are quick, enjoyable and educational. Each concept starts with the basics, and builds upon them so your child has a full understanding of the topic. The chapters are broken out into simple and digestible sections, made for busy parents who don’t have time for a finance novel. Most of all, the book focuses on how to incorporate teaching finance to your child through everyday real-world activities that you and your child are already doing.

This book provides parents with the confidence to teach simple financial basics to children. With that confidence comes excitement and inspiration; by teaching your children about finance you will influence every step of their lives in a positive and meaningful way. The ultimate goal of this book, and of any parent, is to raise healthy, independent and responsible children; kids who are prepared when adulthood hits!

Rowman & Littlefield Publishers

Pages: 176 • Trim: 6¼ x 9½

978-1-4758-4761-1 • Hardback • September 2019 • $38.00 • (£30.00)

978-1-4758-4763-5 • eBook • September 2019 • $36.00 • (£30.00)

Subjects: Education / Finance, Education / Parent Participation, Education / Early Childhood (incl. Preschool & Kindergarten), Family & Relationships / Education, Family & Relationships / Parenting / General

Beyond Piggy Banks and Lemonade Stands

How to Teach Young Kids About Finance (and They're Never Too Young)

Hardback

eBook

Summary

Beyond Piggy Banks is written for you: the loving, responsible and overworked parents of young children. It takes the stress and mystery out of finance, and focuses on the basic fundamentals elementary children should understand so they can make smart decisions as they grow. This usable, light hearted, real-world guide provides parents with the specific tools and step-by-step lessons needed to teach their child. The lessons provided are easy to teach and understand. The activities are quick, enjoyable and educational. Each concept starts with the basics, and builds upon them so your child has a full understanding of the topic. The chapters are broken out into simple and digestible sections, made for busy parents who don’t have time for a finance novel. Most of all, the book focuses on how to incorporate teaching finance to your child through everyday real-world activities that you and your child are already doing.

This book provides parents with the confidence to teach simple financial basics to children. With that confidence comes excitement and inspiration; by teaching your children about finance you will influence every step of their lives in a positive and meaningful way. The ultimate goal of this book, and of any parent, is to raise healthy, independent and responsible children; kids who are prepared when adulthood hits!

Details

Rowman & Littlefield Publishers

Pages: 176 • Trim: 6¼ x 9½

978-1-4758-4761-1 • Hardback • September 2019 • $38.00 • (£30.00)

978-1-4758-4763-5 • eBook • September 2019 • $36.00 • (£30.00)

Subjects: Education / Finance, Education / Parent Participation, Education / Early Childhood (incl. Preschool & Kindergarten), Family & Relationships / Education, Family & Relationships / Parenting / General

Author

Liz Frazier is a Certified Financial Planner specializing in financial planning for families and working professionals. She decided to go into financial planning after the birth of her first child because, like so many other new parents, she realized the overwhelming need to make sure her family was financially prepared and protected. Her goal is to alleviate the anxiety that surrounds finances and provide simple and painless advice for all of life's stages and changes.

Table of Contents

Foreword

Philip J. Cook, Professor emeritus of Public Policy and Economics, Duke University

Preface

Acknowledgements

Part One: Tips for the Already-Overwhelmed Parent

Chapter 1: Why Teach Finance to Elementary Aged Children?

What is Financial Literacy?

Why is Financial Literacy Important for Adults?

Why Teach Kids So Young?

A Real-life Example (kind-of)

Trends Affecting the Next Generation

Some Silver Linings

Won’t They Learn Finance in School?

Short and Sweet Takeaways

Chapter 2: How to Make Teaching Finance to Kids Painless

Teach/Explore/Discuss

Need to Learn More About Finance Before You Teach It? 3 Easy Steps to Prepare

The Importance of Talking with Your Child

A Step-by-Step Guide to Age-Appropriate Information

Internet, Apps, and Debit Cards...Oh My!

Short and Sweet Takeaways

Part Two: Getting Started with Money- Beginner Level: PreK–1^st Grade

Chapter 3: What is Money?

Explaining Money

Play Archeologist with Coins

Counting Coins

Moving on to Dollars

Where Does Money Come From?

How Coins are Made

The Making of a Dollar Bill

Sharing Fun Facts about Money

Money from Other Countries

Books for Learning

Online Resources

Short and Sweet Takeaways

Chapter 4: Why Do We Need Money?

What is Money, Really?

Why is Money Important?

What Does it Cost?

Short and Sweet Takeaways

Chapter 5: How Do We Get Money?

What is a Job?

Types of Jobs

What’s a Boss?

Books for Learning

Online Resources

Short and Sweet Takeaways

Chapter 6: The Building Blocks for Piggy Banks

Building Block 1: Needs versus Wants

Household and Family Needs

Building Block 2: Priorities

Building Block 3: Decision Making

Steps to Smart Decision Making

Books for Learning

Short and Sweet Takeaways

Part Three: Piggy Bank Basics (Save, Share, and Spend)- Intermediate Level: 1^st–5^th Grade

Chapter 7: Allowance and Kid Jobs

How to Structure Allowance

Allowance Hybrid

Allowance Rules

Earning Extra Money

Benefits of Working

Working Guidelines

Fun Jobs for Kids At All Ages

Books for Learning

Online Resources

Short and Sweet Takeaways

Chapter 8: Responsible Spending

Start with Cash

Save, Spend, & Share Piggy Banks

Never Too Young To Budget

Pull Back Your Own Spending Curtains

Smart Shopping

Setting a Positive Example

Books for Learning

Online Resources

Short and Sweet Takeaways

Chapter 9: Saving

Why Teach Young Children About Saving?

Saving Versus Spending

You are Already Teaching Your Child to Save

Teaching by Example

Pump the Brakes on Buying

Books for Learning

Online Resources

Short and Sweet Takeaways

Chapter 10: Sharing

Section I: The Fundamentals of Sharing

Why Teach Young Children About Sharing?

Explaining Charity

Show Your Child the Good

Start at Home

Set the Example

Encourage Gratitude

Section II: Get Involved

Little Things Matter

Charitable Activities for Kids

The Sharing Jar

Child-Friendly Charities

Fundraising

Books for Learning

Online Resources

Short and Sweet Takeaways

Part Four: For The Over-Achieving Kids (or Parents) Who Want to Learn Even More About Finance!- Advance Level: 2^nd–5^th grade

Chapter 11: Kiddie Economics

How Do Businesses Use Money?

What Do Businesses Buy With Their Money?

Business Profits

What is “The Economy”?

Macroeconomics (Big) Versus Microeconomics (Small)

Microeconomics

Important Concepts in Microeconomics (So They Can Impress Their Friends)

Your Child Already Understands Supply and Demand

Macroeconomics

The Economy is Always Changing

Important Concepts in Macroeconomics (They Can Impress Their Friends Even More)

Books for Learning

Online Resources

Matching Game

Short and Sweet Takeaways

Chapter 12: Intro to Banking & Investing

Interest: Money Making Money

Fun with Calculators (Yes, Fun!)

The Business of Banking

What is a Bank?

Bank Accounts

Opening a Bank Account

How do I Get My Money?

Bank Statements

Investing

What in the World is a Stock?

Why Do People Buy Stocks?

Matching Game

Short and Sweet Takeaways

Chapter 13: Learning about Advertising, Debt & Taxes

Advertising

Electronic Payments

Debt: The Good, the Bad and the Very Ugly

Rules of Debt

Taxes

Matching Game

Short and Sweet Takeaways

Chapter 14: Some Parting Words

Appendix A: Matching Game Answers

Appendix B: Quiz Answers

Appendix C: Activity Index

About the Author

Reviews

Exceptional . . . This approachable book should alleviate any anxiety parents have about teaching their kids how to handle money.
— Publishers Weekly

This is one of those perfect parenting books, in which parents themselves can learn lessons as they educate their children. Is kindergarten too early to teach kids about cash? Certainly not, according to author and financial planner Frazier. And, down the line, if we help young adult children calculate their apartment rental budget, they may not re-establish life at home post-college. Frazier recommends books, websites, apps, and online games as valuable tools for the financial training process. Added to her often-amusing examples and scenarios, they'll make readers feel like they've enrolled in Finance 101. While the book as a whole may feel a bit weighty, Frazier reminds readers that individual lessons won’t, and shouldn’t, happen in just one day, a month, or even a year. Financial wisdom evolves over a lifetime, and so will the ways we teach our kids about money. With so few books on this topic geared for educating for young children, Beyond Piggy Banks is an especially good edition to public library parenting collections.
— Booklist

Liz Frazier has been providing insightful family-friendly financial advice to Forbes readers for years. If ever there were an undernourished topic in our education system, it is financial planning. Beyond Piggy Banks and Lemonade Stands is a breath of fresh air and must-read for young parents who want their kids to grow up into “money smart” adults.
— Matt Schifrin, Managing Editor, Money & Investing, Forbes (@schifrin), Dad of 2

Liz Frazier has written a must-read for anyone wanting to teach financial education to their children…Read this book and learn from one of the best. I'm constantly asked what my recommendation is from parents and caregivers on how they should teach children about money—and this is it! Beyond Piggy Banks and Lemonade Stands will be my go-to-guide for many years to come.
— Michelle Schroeder-Gardner, personal finance expert, founder and creator of MakingSenseofCents.com (@SenseofCents)

We teach our kids to read, to do math, to help with chores, to share, but we often overlook financial literacy. Teaching money smarts should start at a young age, but with all the other "to-dos" of parenthood, it often gets overlooked. Understanding how to manage and grow one's money is crucial to having a successful life. After all, do you really want your jobless, asset-less middle-aged child to move back in someday? Enter Beyond Piggy Banks and Lemonade Stands, a book even the busiest of parents can read in tiny chunks while hiding in the bathroom. Its practical advice is presented in an entertaining and compelling way.
— Jennifer Weedon Palazzo, creator/writer/producer of MomCaveTV.com (@MomCaveTV), Mom of 2

As an educator and writer for young people, I found Frazier's book a revelation. At last, a clear and fun-filled way to empower kids across the spectrum of childhood to understand money matters and making responsible financial choices. Beyond Piggy Banks is a must for parents and teachers!
— John Claude Bemis, Piedmont Laureate for Children's Literature, Award-winning author of The Wooden Prince and The Nine Pound Hammer

Features

6/3/19, People Magazine: Author Liz Frazier of Beyond Piggy Banks and Lemonade Stands is featured in the article "When Should I Give My Kids an Allowance - and How Should They Earn it?"

Link: https://people.com/parents/when-to-give-kids-allowance-and-how-to-do-it-right/

6/3/19, People Magazine: Author Liz Frazier of Beyond Piggy Banks and Lemonade Stands is featured in the article "How Do I Talk to My Kid About Money?"

Link: https://people.com/parents/talking-to-kids-about-money/

7/9: Should you give your kids an allowance? What is the "3 Piggy Banks" system? Liz Frazier answered these questions and more on WRAL TV's 9am Morning Show!

Link: https://www.wral.com/expert-when-and-how-to-talk-to-children-about-money/18499636/

8/5/19: Read Liz Frazier's newest article in Forbes; "Everyday Ways To Be A Positive Financial Role Model For Your Child"Link: https://www.forbes.com/sites/lizfrazierpeck/2019/08/05/everyday-ways-you-can-be-a-positive-financial-role-model-for-your-child/#532e343e6531

8/8/19: Learn the top 10 summer jobs for kids of all ages from Liz Frazier and Mother.ly.

Link: https://www.mother.ly/child/top-10-summer-jobs-for-kids-of-all-ages

9/4/2019: Want to learn how to teach kids about finance in a fun way? Find out when author Liz Frazier sits down as a guest on Good Morning Washington.

Link: https://wjla.com/features/good-morning-washington/beyond-piggy-banks-author-shares-interactive-money-lessons-for-kids

9/22/19: Want to raise a whiz kid investor? Get some ideas how when Liz Frazier talks to CNBC's On the Money.

Link: https://www.cnbc.com/2019/09/22/how-to-raise-a-whiz-kid-investor.html

12/10/2019: The Riverstown Patch shows you how to tame your child's holiday gift obsession with help from author Liz Frazier.

Link: https://patch.com/new-york/rivertowns/how-tame-your-childs-holiday-gift-obsession