Raising Financially Fit Kids

224 Pages·2003·2.21 MB·English

by  Joline Godfrey

Text copyright © 2003 by Joline Godfrey All rights reserved. Published in the United States by
Ten Speed Press, an imprint of the Crown Publishing Group, a division of Random House, Inc.,
New York.
www.crownpublishing.com
www.tenspeed.com
Ten Speed Press and the Ten Speed Press colophon are registered trademarks of Random House,
Inc.
Library of Congress Cataloging-in-Publication Data
Godfrey, Joline.
Raising financially fit kids / Joline Godfrey
p. cm
1. Children—Finance, Personal. 2. Teenagers—Finance, Personal.
3. Saving and Investment. 4. Child rearing. I. Title.
HG179.G627 2003
332.024′054—dc21
2003056416
eISBN: 978-0-30779050-7
Photography by Jock McDonald
Developmental editing and copyediting by Melissa Stein
v3.1
To Inabeth Miller—educator, visionary.
Who, as a mentor, consistently made just one request:
“Dazzle me,” she would say. And those of us who
were in the circle of her wise counsel would reach higher,
stretch farther, push closer to the edge to
meet her challenges to us. Her spirit soars.
Cover
Title Page
Copyright
Dedication
Grace
Foreword
Introduction
It’s Not Just About Money
Part One
Getting Started
Chapter 1 From Safety Nets to Self-Sufficiency
Chapter 2 Outwitting the Money Monsters
Part Two
The Financial Apprenticeship
Chapter 3 Stage One: Ages 5–8: I’m Just a Kid
Chapter 4 Stage Two: Ages 9–12: Encouraging Passions
Chapter 5 Stage Three: Ages 13–15: Breaking Away
Chapter 6 Stage Four: Ages 16–18: Standing Tall
Part Three
Side Trips
Chapter 7 Money and Gender
Chapter 8 Raising Rich Kids
Chapter 9 Raising Young Philanthropists
Chapter 10 Yikes! My Kid Won’t Leave Home! Now What?
Part Four
Map Check
Chapter 11 Most Frequently Asked Questions

Grace
n author enjoys the privilege of writing (and the agony as well—it is
A
so satisfyingly difficult, I sometimes liken it to digging a trench with
a shovel) because a cast of friends, colleagues, and smart people make
the effort feasible.
This book is written in my voice and is a gathering of the things I have
learned and uncovered while working with thousands of kids and
parents over the last decade. It also echoes a team of people who have
worked collaboratively with me for many years to experiment with,
create, and design a new way to engage kids in their own financial
development. Without the commitment of this gifted group of people,
including Lynn Karlson, Barbara Dowd, Valjeanne Estes, Betsy Steiner,
Jan Seufert, Michele Massman, Steve Simon, Christina Woo, Judie
Framan, and Penny Paine, the book would not have come to fruition.
The endless hours they dedicated to working directly with the next
generation, their days spent searching for ever-more-effective and
original solutions to old and universal challenges, have made my own
knowledge deeper and wider. Together we have pursued a dream. Their
strength and resourcefulness in the journey fortify me.
In addition, this book has a treasured cadre of advisors, colleagues,
and supporters to whom I owe gratitude and tribute:
Kit Hinrichs, hero, inspiration, design genius (he’ll blush), champion,
and dear, dear friend, without whom this book literally would not exist.
Laura Scott, whose gift of realizing the vision of others is amazing; and
Jon Schleuning, who is always right about everything!
Eva Miranda, whose vision for the book preceded my own and who
simply would not let go of the refrain “You have to write this book.”
Betsy Amster, an agent for excellence who always makes me better
than I start out to be, and Kirsty Melville, a writer’s publisher who
“grokked” this book and was both advocate and contributor to the final
vision. My real appreciation too to Windy Ferges and Melissa Stein, who
were good-humored, patient, and instructive with me at every turn.
Melinda Little, who, with generous spirit of heart, shouldered even
more responsibility than usual to make it possible for me to write this
book.
Brooke Espinoza, Dia Rao, Kimberley Clouse, and Sarah Harden,
whose insights and recollections added texture to my Persian carpet.
Joan Peters and Peter Passell, Carol and David Malnick, and Linda Hill
and Roger Breitbart, whose love, support (material and psychic),
intellect, and welcoming homes nourished (in a very real way) every
page of this book.
Agnes Bourne, Fredi Stevenson, and Mary O’Connell, who each taught,
encouraged, and cheered me with their wisdom and rich experience, and
with whom I hope to have a great celebratory dinner.
Professor Howard Stevenson of the Harvard Business School, whose
own work informed mine and who generously opened doors that would
have otherwise remained closed.
W. Bruce Cameron, writer/humorist exemplar, who inspired my
thinking on how to raise financially fit kids far more than the Wall Street
Journal did.
Penny Stallings, comedienne/writer, who added wit and perspective
when it was most needed.
James O’Toole, whose encouragement of my voice matters deeply to
me—and whose comments on the book helped make that voice stronger.
Like my previous work, this book is built on the lives of real people.
To the parents and children who taught me anything I know and have
shared in these pages, a note of grace: From you came the simple lessons
of raising financially fit kids embodied in these old, old words from
Ecclesiastes: “a time to seek and a time to lose; a time to keep and a time
to cast away; a time to rend and a time to sow …”
To you all, my love and thanks.