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Wednesday, March 21, 2012

Angie Mohr's 'Piggy Banks to Paychecks: Helping Kids Understand the Value of a Dollar' -Book Review

I don’t believe I’ve ever heard a financial education book referred to as a real page-turner, but Angie Mohr’s “Piggy Banks to Paychecks: Helping Kids Understand the Value of a Dollar” is just that. It provides a complete lesson plan for parents who want to give their kids a solid understanding of personal finance. It’s also a useful review for adults who need a refresher course in money matters.
“Piggy Banks to Paychecks” is amazing for its simple, easy to understand language as it is for its scope. Mohr’s book covers every aspect of personal finance with the thoroughness of a successful professional accountant with over a 1000 clients to her credit, which she is, with the language and pacing of a veteran writer with over 1000 published articles to her credit, which she is as well.
The book begins by giving parents the tools to conduct a thorough evaluation of what they thought they knew about personal finance. Common money myths and bad money habits are detailed in the introductory chapters which also supply a quick quiz to let parents test their own knowledge.
From there, Mohr carries the reader quickly through an entertaining overview of the origins of money and basic macroeconomic principles before diving into the things kids will need to know as they transition into independent adults. Mohr addresses everything from decisions about allowances, spending, earning, budgeting, credit cards, borrowing, investing, taxes, insurance, business principles, and more. Each chapter is broken up into clearly labeled sections for each principle and followed by a quick summary of key points.
In between demonstrating effective ways for parents to teach their children how to handle money, “Piggy Banks to Paychecks” offers real life stories from real parents. These stories show what others have tried with their children and more importantly, whether it worked or not. These anecdotes provide the financial equivalent of color commentary as Mohr delivers the financial play-by-play.
Regardless of your own level of financial sophistication or ignorance, Angie Mohr’s “Piggy Banks to Paychecks: Helping Kids Understand the Value of a Dollar” is the right tool to help you teach your kids how to grow into financially responsible adults. It’s been said that it takes money to make money, but in this case, an investment of less than twenty bucks can help you improve your financial IQ and help set your kids start out with a firm financial footing.

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