Millionaire Babies

            At a glance


Take A Look Inside Millionaire Babies

Excerpts from the Book

Excerpt 1:  Introduction

“Why Every Parent and Grandparent Needs a Copy of This Book”

Money problems are pesky, nagging annoyances that don't go away unless resolved. Constant money problems can feel like monkeys climbing on our backs, stealing our peace of mind. But what if we knew how to get those little "money monkeys" off our backs?

The monkey see?

Monkey do?

Monkey hears ... Monkeys?

Millionaire Babies will teach you how to set limits with your children without losing their love.

A second monkey is the "monkey do" monkey. What difference could we make if we knew how to show our children the mistakes others have made, especially costly financial blunders?

Excerpt 2: Easy Money

“Turning Depreciation into Appreciation”

Sydney: (running into the kitchen) "I hear the ice cream truck coming! Yippee! Yee haw! Dad, can I have a dollar?"

Dad: "No! I've already given you money every day this week for ice cream. It's time you learn to earn some of your own money. Money isn't that easy to come by, you know."

Sydney: "Aw please?"

Dad: "No!"

Sydney: "Pretty please!"

Dad: "I said, no!"

Excerpt 3: Credit Cards

Dad: (teasingly) "Have you made your list for Santa?"

Brianna: "Santa's for kids, Dad. I'm fifteen years old. I don't need to make a list this year. I just want one thing."

Dad: "One thing?!"

Brianna: "Yep!"

Dad: "Well that's really admirable! Especially in these materialistic and gluttonous times. What's the one thing?"

Brianna: "A credit card!"

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Millionaire Babies or Bankrupt Brats?

Love and Logic Solutions to Teaching Kids about Money

by Kristan Leatherman,MS and Jim Fay

Millionaire Babies will show you how to do what's best for children without feeling guilty.

Still another monkey is the "monkey hears" monkey. Sad stories abound of parents taking care of their adult children financially long after they should be self-supporting.

Millionaire Babies will show you how to do what's right in the short term to prevent financial problems in the long term.

This book will help you learn how to get life's little "money monkeys" - now and in the future - off your back. You will find Millionaire Babies a handy reference for yourself and a valuable resource to share with others who are searching for answers to these essential topics.

2008, © Love and Logic ® Institute

Sydney: (starting to pout) "But all the other kids on the street are getting an ice cream." (getting on her tippy toes to look out the window) "I'm the only one who'll be left out."

Dad: (giving her his "stern look" while reaching into his pocket) "Oh, all right ... here's five dollars, but this is the last time .. and I mean it!"

Sydney: "Cool! ... Can I have another dollar to get a drink? Ice cream always makes me so thirsty ... and five dollars won't be enough ..."

While this is a probably a pretty typical summertime scenario among many families throughout America, there's one line that should catch all our eyes and ears. It's when Dad says to Sydney: "Money is not that easy to come by, you know."

Trouble is, this child doesn't know. Money is always easy "to come by" when all we have to do is beg and it's handed to us. What can Sydney know about the reality of earning money unless it's taught?

There's a disconnect for many of today's kids between what one earns for their effort and what it will buy. Sydney, like many children, knows a lot about the pleasures of spending, but little about the perspiration of earning.

Bottom Line: Wise parents help their children bridge the cognitive chasm between being given money and earning it.

2008, © Love and Logic ®Institute

Ever notice how credit card companies promote all kinds of reasons to sign up for their "rewards" programs - from cash back to discounts on travel, vacations, and other gift perks? Their motive is based on you using your card so often that your debt becomes their asset. That minimum "amount due - $10.00" is deliberately deceiving when the bill is actually $376.23. Here's an eye-opener. Let's assume you have a credit card balance of $3,900 APR (APR means annual percentage rate, the amount the credit card company charges you on an unpaid balance). If you paid only the minimum each month, it would take you thirty-five years to pay off the balance and you would end up applying over $10,000 in interest alone!

Credit cards can become the crutch for a lifestyle built on a house of cards, literally. The sheer number of people in debt today is a testament to the credit card companies getting the better end of the deal.

Not to Our Credit

The authors of Love and Logic think that it is not a good idea to teach kids how to spend money they don't have. A credit card is an implied agreement that payments for purchase will be made at a future date. A purchase made with a credit card is essentially a loan, which when not paid back in full, can cost far more than the original purchase in interest charges, late fees, and poor credit ratings.

Parents must co-sign when opening up a joint bank account, including credit card and personal checking accounts, for any child under eighteen years of age, as noted earlier.  Note that the authors of Love and Logic strongly advise parents not to co-sign for credit cards, or to allow children to use your own credit cards, until they reach the legal age to have credit cards of their own. Introduce your kids to cash first, followed by prepaid and debit cards, as training wheels for a credit card.

While parents can set spending limits on credit cards and add other controls, the wisest of parents give their kids a foundation of fiscal experiences. Only when you have given your kids given lots and lots of practice borrowing and paying back their loans, in full and on time, will you have prepared them for the fiscal responsibility that comes with having their own credit card. Kids will get those kinds of learning experiences that lead to becoming credit card - wise if we allow them the chance to both succeed and fail with money tools that don't carry the risk of "yes to possession now, but pay more later."

Fiscal responsibility is what our children shouldn't leave home without!

Choose wisely for your children now, so that they can choose wisely for themselves later. After all, wouldn't you prefer that, when your college-aged son or daughter is approached by a credit card recruiter, he or she has a solid understanding of what credit means and how to use it?

2008, © Love and Logic ® Institute

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