Simply put, TheMoneySmart Family System is all about teaching financial independence to your children. Steve & Annette Economides lay out an elaborate system to cut the financial umbilical cord as soon as possible. Using their 5/50/500 money rule, they seek to share with parents that if they don’t get their kids straightened out early, the lesson just gets more and more expensive!
Basically their program is a points system where they pay their children to do what they should already be doing. One point for having a great morning, another for doing well in school, another for doing chores, etc.
We have two children (ages 6 & 8) and another baby on the way, so I decided to implement the program. After spending a lot of time setting up the program, explaining the program, and implementing the program, we found that it is very time consuming and gets pretty expensive! Plus I have mixed feelings about paying my children to do what they should already be doing, because it’s right, not because they get paid for it!
Oh, and the Ecomnomides’ are experts on everything that you should and shouldn’t pay for your children! Grace seems to be out of the question!
Common sense would cover a much of their advice, but I know that it is in short supply today. I do think that with all the lists, rules, charts, and the like, I’m assuming that both of the authors are very rigid and structured people. I don’t know how they even keep all of this information straight in their heads?! Maybe they refer to their own book!
While there is much helpful information in the book, I believe that teaching your children financial independence can be done in much simpler ways. “Thanks, but no thanks,” Economides.
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