Do I Look Like an ATM?: A Parent's Guide to Raising Financially Responsible African American Children - Softcover

Lamb, Sabrina

Softcover

ISBN 10: 1613744056 ISBN 13: 9781613744055

Verlag: Chicago Review Press, 2013

Inhaltsangabe

Nominated for:

45th NAACP Image Awards, Outstanding Literary Work--Instructional

 

With step-by-step advice and exercises for African American parents and their children, this guide to fiscal responsibility sets out to establish new financial behavior so young people will avoid the personal economic problems that have plagued the culture. This book guides parents through a self-examination of their financial habits, and by performing the exercises included in this book and having candid discussions with their children, parents can become engaged citizens in the world of money. With new financial traditions and a better understanding of money and its meaning, the next generation will realize the true power of wealth and use their money wisely.

 

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Sabrina Lamb is the founder and chief executive officer of the WorldofMoney.org, a leading provider of financial education for underserved youth in the New York City tri-state area. She has written for Ebony, Essence, Heart and Soul, and Black Elegance. She lives in New York City.

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Do I Look Like an ATM?

A Parents' Guide to Raising Financially Responsible African American Children

By Sabrina Lamb

Chicago Review Press Incorporated

Copyright © 2013 Sabrina Lamb
All rights reserved.

ISBN: 978-1-61374-405-5

Contents

Introduction: Wake-Up Call, 
1 Assessing the Situation, 
2 Origins of Resistance, 
3 The ATM Generation, 
4 The Financial Bamboozle, 
5 The Problem with the Joneses, 
6 The Road to Travel, 
7 Remaking the Mold, 
8 Growing the Family Estate, 
9 Seizing Control, 
10 The Family as a Business, 
11 Invaded Nesters, 
Closing Bell, 
Acknowledgments, 
Financial Words Every Young Person Must Know and Understand, 
Recommended Resources, 
Index, 

CHAPTER 1

Assessing the Situation

"Children have never been good at listening to their elders, but they have never failed to imitate them." — James Baldwin

YOUR CHILD IS already aware of the quality of your money management skills. He may not know the balance in your savings account or if you have been investing in a mutual fund, but your child is very intuitive. Since his birth, your child has observed your emotions about money and your relationship to it. Money had his attention as soon as the little cupcake figured out what it could do, and ever since money and its power have captured his imagination.

Parents owe their children the opportunity to be financially literate and self-reliant at a very early age. This trait is especially important given the fact that there will be roller-coaster economic cycles. Those who will be most stable are the individuals who learn very early on how to earn, manage their finances, and examine their money personalities.

* What Is My Child's Money Personality?

YES NO

1. My child only wears designer clothing and shoes. ____ ____
2. My child gives his/her money away to friends. ____ ____
3. My child saves every penny he/she earns. ____ ____
4. My child has stolen money. ____ ____
5. My child does not remember what gifts he/she received last Christmas. ____ ____
6. My child becomes angry if he/she is refused money. ____ ____
7. My child receives an allowance. ____ ____
8. My child has his/her own business. ____ ____
9. My child is curious about investing. ____ ____
10. My child's first words were "Gimme gimme." ____ ____
11. My child loves to make bank deposits. ____ ____
12. My child has asked, "How may I earn?" or "Can I get a job?" ____ ____
13. My child has been deceptive about a money issue. ____ ____
14. If my child has money of his/her own, he/she is reluctant to spend it. ____ ____
15. My child is eager to collect monies or goods to help the needy. ____ ____
16. My child believes money is a tool of the devil. ____ ____

* What Is My Child's Money Personality? Scoring Guide

First, know that no matter what result you calculate, that score does not mean your child possesses entrenched values. With your guidance, influence, and financial education, your child's relationship can be channeled in the direction that will benefit his or her future.

Your totals point toward those traits that your child may have developed under your nose or as a result of your influence. The quiz will also reveal which of your child's money traits may need nurturing.

Of course, as a parent, you hope that your child has the personality of a saver and philanthropist. But those characteristics must be nurtured to ward off the selfish, impulsive, spendthrift tendencies of most children.

Answer Points

1. Yes = 1, No = 2
2. Yes = 1, No = 2
3. Yes = 2, No = 1
4. Yes = 1, No = 2
5. Yes = 2, No = 1
6. Yes = 1, No = 2
7. Yes = 2, No = 1
8. Yes = 3, No = 1
9. Yes = 3, No = 1
10. Yes = 1, No = 2
11. Yes = 3, No = 1
12. Yes = 3, No = 1
13. Yes = 1, No = 2
14. Yes = 1, No = 2
15. Yes = 3, No = 1
16. Yes = 1, No = 3

32-38: Excellent

Your child is demonstrating the traits of a millionaire mindset. Congratulations! With careful nurturing and financial education, continue to encourage your child to build toward a financially secure life.

26-31: Good

While your child is off to a good start, she could be encouraged to take on added money management responsibilities and to learn more along with you.

20-25: Fair

Your child's perceptions and behaviors are too close to the danger zone for comfort. Any major event or influence could sway him toward ignoring the power of money or becoming entrenched in greed.

16-19: Toxic

Without immediate analysis and behavior modification, your child's attitudes or outside influences could negatively impact the quality of her life and that of your family's financial culture.

Akil's Story

In 2006, eighteen-year-old Akil, a student at the WorldofMoney.org Youth Financial Education Institute, said angrily, "I'm getting ready to go out on my own, and nobody ever taught me anything about money. Until now, I didn't know anything about this stuff."

Jeff Gardere, PhD, coauthor of Practical Parenting, believes, "Though it sounds emotionally heavy, parents do owe it to their children to teach them how to be financially literate and responsible at a very early age. This is especially important given the fact that there are going to be challenging financial times for the foreseeable future. Both parents and children need to build a financially secure foundation. And in spite of what the media reports about our economic health as a nation, families can still prosper if they take corrective action to do so."

In "Boosting Financial Literacy in America: A Role for State Colleges and Universities" (Perspectives, American Association of State Colleges and Universities, Fall 2010), Thomas Harnisch discusses the urgent reasons your children must be taught personal finance. Harnisch writes, "Low levels of financial literacy may lead to poor health, decreased quality of life, and lower college attainment levels. Plus, the cost of poor financial decision-making and planning often gets shifted to the community, state, and nation through higher prices for financial products, and greater use of public 'safety net' programs."

A lack of basic understanding of the world of money can lead to emotional stress, depression, apathy, and dependent behavior. And when these things become entrenched in one's family and children over a generation, the results are debilitating, creating aimless, frustrated young adults. If children do not have a clear sense of the importance of the world of money and if the basics are only brought to their attention during a crisis, they will not know how to respond to and navigate life's economic roller coasters.

Laura Levine, executive director of Jump$tart...

Details zur Ausgabe

• Verlag: Chicago Review Press
• Erscheinungsdatum: 2013
• Sprache: Englisch
• ISBN 10: 1613744056
• ISBN 13: 9781613744055
• Einband: Taschenbuch
• Anzahl der Seiten: 224
• Kontakt zum Hersteller: Nicht verfügbar
• Verantwortliche Person: Nicht verfügbar