Teaching your kids about finance and money management would put them on the right part towards financial stability in life. As a parent, you have the responsibility to provide your kids with the things they need. However, without teaching them on managing their finances, their dependency on you would continue, even at older years. There are books you can read with your kids, which would give them a better mindset on dealing with finances, investment, and having an entrepreneurial mind. These books would help in teaching the basics and bedrocks to financial stability such as saving, investment, and money management to your kids. Here are the top 5 books to teach finance to your kids.
1. “Bunny Money” by Rosemary Wells
This book centers on the character “Max and Ruby” – a pair of bunny siblings. In this story, Ruby saved $100 to buy her a birthday gift for her grandmother a birthday present. Max already knew the best gift to get – –a scary pair of ooey-gooey vampire teeth. However, different unexpected events occurred to Max and Ruby, and made them start running out of money. They are faced with the challenge of how to get the gift for their grandmother. The book “Bunny Money” teaches kids on simple addition and subtraction of money, how to budget adequately, and how emergencies can take funds. The book is recommended for kids from 3 to 7 years old. It is a good book to introduce finance management to them.
2. “Joseph Had a Little Overcoat” by Simms Taback
The story centers on Joseph- a Jewish farmer with a stripped overcoat. The frugal man likes to wear his coat a lot, and in time, it begins to wear out. Instead of throwing the coat away, he reuses the material to make a little jacket, then a vest, and so on, and finally makes it into a cloth button. The book- which won a Caldecott Medal teaches kids to not be wasteful of the resources they have and to make something out of nothing. Instead of wasting their finances, they should learn to place value on the things they have and manage them well.
3. “Lemonade in Winter” by Emily Jenkins and G. Brian Karas
The book centers on a pair of siblings who made an interesting decision to sell open a lemonade stand during winter. The book can be read aloud, with kids. It teaches the reality of how ideas don’t always turn out the way we expect. It introduces kids to the basics of entrepreneurship, making good decisions, and teaches basic math as well. It is recommended for kids from age 2 to 7 years old.
4. “The Lemonade War” by Jacqueline Davies
The book also has a lemonade story, but with more lessons to be learned. In the story, two siblings open up a competing lemonade stand. The siblings fight to know whose lemonade stand would be more successful. Each sibling meets with friends to employ better business strategies and make use of different skills. “The Lemonade War” book teaches entrepreneurship, money management, and planning. It’s a good read for kids within the age range of 8 to 12 years old
5. Make Your Kid a Money Genius — Beth Kobliner
This book is for parents to read in order to teach kids about finances. The book gives a guideline on how to talk to your teenager or young adults about money, instill values that would make them have a successful and stable financial life.