When we began writing this post, we seriously considered using the word hero in the title – but worried it was too dramatic. That said, heroes are admired for outstanding achievement. And Robin Taub has accomplished something that many parents only dream of: she has an adult child who thanked her for raising a money-smart kid!
Forget the CPA designation, best-selling book, or career as a sought-after thought leader. Let’s say it again: she has an adult child who, well before her 30th birthday – understands that her Mom did her a solid – by teaching her about money. Cue the band! Do we need to give you any more reasons to read “The Wisest Investment”? It’s clearly written descriptions of why you should take the time and effort to have hard conversations with your kids about money have a live ambassador.
How can our favorite word in Robin’s new book be “when”? Remember “Schoolhouse Rock”? Adverbs matter! And the simple adverb “when” is where talking to kids about money begins for Robin. She summarizes her roadmap for giving young children money-smarts, with the importance of making sure that they understand “…when you earn money, you have choices: save, spend, share, and invest.” At the Gifting Sense project, we, too, think children must understand choices come after earning money and not before.
Of course, her follow-up statement, “It’s important to choose well because once the money is spent, it’s no longer available for other things,” lies at the very core of what we do. We help children realize the trade-offs that choosing one purchase over another actually imposes on family budgets. We let kids personally experience the power of thinking before buying – without spending a dime. It is subtle wording, “…when we earn money, we have four choices: to save, spend, share or invest it”, but critical. One of the easiest ways to live within your means is to understand that choices come after you earn money and not before.
Are you wondering what money values or habits you are modeling for your family? Check out the Role Model Self-Assessment. Are your older kids wondering how to create the life they dream of? Have them start to untangle what they really enjoy from what society tells them they should be by completing the Values Validator Quiz. These are just two examples of the type of grounded and practical tools Robin gives her readers.
Ms. Taub, you’ll just have to get a cape and wear it proudly. In our little corner of the world, you are indeed a hero. You didn’t only describe what is possible when parents invest in their children’s financial literacy; you raised (your words, not ours) “mostly” money-smart young adults. Your daughter showed us how those lessons can manifest – in a small (but super exciting for financial literacy geeks) shout-out on LinkedIn. Hip Hip Hooray, wise Moms win the day!
Click on the pink or blue buttons below to learn how to teach the young people in your life the habit of thinking before buying.
Post-Script: An American version of the “The Wisest Investment” became available in 2024!
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