Giving books to children to read—or better yet, reading books with them and answering any questions they might have—can provide a foundation for understanding the role of money in society without overwhelming negativity. Here are some of my favorites.
‘It's Not What You've Got!’ by Wayne Dyer
Concept: This book stresses living a life that is spiritually fulfilling no matter how much money you have and despite any chaos in the economy.
In the preface of his book, Wayne Dyer says, "Developing a healthy view of money at a young age can be invaluable.” He goes on to give 10 lessons about money and abundance that are important for children and adults alike. The chapters explore topics such as how to live within your means, every job is important, and abundance means more than money.
Note of interest: Dr. Wayne Dyer is an internationally renowned author and speaker in the field of self-development.
‘Rock, Brock, and the Savings Shock’ by Sheila Bair
Concept: It is wise for children to save money for the future. The earlier they start saving money, the more rapidly their savings account grows.
Two brothers learn an important lesson when their grandpa gives them a dollar a week for chores and then offers to match the total amount of money that they have saved from their pay each week. Rock spends his money on frivolous things while Brock is able to accumulate $512 in cash. There are notes in the back for older children about banking and compound interest.
‘Isabel's Car Wash’ by Sheila Bair
Concept: Capitalism at its best is good for all.
Isabel wants a Nelly Longhair doll badly. It is on sale for $10. She goes to five friends and asks to borrow money to get the supplies for holding a car wash. Her friends are hesitant because they could lose their money, but Isabel promises to work hard and convinces them that she has a good idea.
At the end of the day, she has $20. She keeps half for herself and divides the other half among her friends. It is a win-win situation.
Note of interest: Sheila Bair is the chairman of the U.S. Federal Deposit Insurance Corporation (FDIC). She was appointed to the post for a five-year term on June 26, 2006, by George W. Bush. On May 18, 2009, she received a Profile in Courage Award at the Kennedy Library for her early response to the subprime-mortgage crisis.
‘Money Troubles’ by Bill Cosby (A Little Bill book)
Concept: Giving money to a charitable cause can be a very satisfying experience.
In this book, Little Bill needs $100 to get a telescope to become famous. While raising some of the money by collecting cans, he comes across a boy who needs the money more than he does. He gives this boy the cans he has collected, and furthermore, he decides to donate his savings to the school food drive for the poor. At the end of the story, he becomes famous in quite an unexpected way by having his name on the bulletin board.
Note of interest: Cosby's Little Bill books stress positive family values and feature Little Bill learning a lesson or solving a problem fairly and creatively. The Little Bill books were also made into a television show, and some have been listed in the past as Oprah's Book Club Selections.
‘Beyond the Lemonade Stand’ by Bill Rancic
Concept: Small businesses are an essential part of the American economy. It can be very exciting to think of innovative business ideas.
At the beginning of the book, Bill Rancic focuses on his youth and how he made money. In Part Two, he introduces 20 kid-friendly businesses and gives an organized business plan for each. This part discusses why a business might or might not suit a particular child, the pros and cons of each business, and most importantly, how to get started.
In the book, Rancic also gives advice to children on how to manage their earned money. The last parts of the book include a glossary of money terms and answers to readers' questions.
Note of interest: Bill Rancic was the first reality-TV star to be hired by Donald Trump on national television in “The Apprentice.”
The books I have mentioned are by famous people, but there are many other exemplary books that you can choose from. I would especially recommend “Money Sense for Kids” by Hollis Page Harman. This book provides a great overview of what money is.
Also helpful is the Internet site of the University of Nevada Cooperative Extension, which has a section on money books for children (www.unce.unr.edu/programs/sites/moneybookshelf/books/).
Remember that when you use high-quality books (no matter what the subject), you are also playing a role in the literacy development of your children. With double benefits, you should be getting your money's worth.
Linda Wiegenfeld teaches in Somerville, Mass. She was recently named Teacher of the Year in that city.
