The First National Bank of Dad by David Owen is a revolutionary book that provides parents with a foolproof way to teach their children about money.
Written by New Yorker staff writer and father of two, David Owen, the book explains how he helped his own son and daughter become eager savers and rational spenders. The book focuses on giving children the chance to make mistakes and learn from them, rather than the traditional Spend/Save/Gift (tithe) allowance model.
The book starts off by introducing the concept of setting up a bank for children, which Owen calls the First National Bank of Dad. He explains how this bank works and how it can help children learn the value of money.
He then goes on to discuss the importance of teaching children about budgeting, investing, and other financial concepts. He also provides advice on how to talk to children about money and how to help them make wise decisions when it comes to spending and saving.
The book also covers topics such as teaching children about credit cards, teaching them to be responsible with their money, and helping them understand the importance of saving for retirement.
In addition, Owen provides tips on how to help children develop good financial habits and how to encourage them to save for their future.
Overall, The First National Bank of Dad is an invaluable resource for parents who want to teach their children about money in a fun and engaging way. It provides practical advice on how to set up a bank for children, how to talk to them about money, and how to help them develop good financial habits.
What I Liked
Brilliant book. I loved the the truly different shift in thinking. Basically, it comes down to time horizon. A 6 year old can be rational about money – but you have to shrink their time horizon to match yours. For a 30 year, you have a good sense of 30 more years. But a 6 year old…the idea of saving for 6 years is literally a lifetime. If you can shift interest rates with your own family bank – you can create good habits.
What I Did Not Like
Nothing! Great book for anyone with young kids.