Reddit reviews The First National Bank of Dad: The Best Way to Teach Kids About Money

Here is a good reference: http://www.amazon.com/The-First-National-Bank-Dad/dp/0743204808

We do this with our kids. The kids can spend or save whatever they want. The Bank of Dad pays 5% per month. This teaches them that delaying gratification pays off. And they learn what it's like to make bad decisions, which is a great thing to do when they are little and the stakes of bad choices are pretty low.

yes, but I strongly recommend you read: http://www.amazon.com/The-First-National-Bank-Dad/dp/0743204808 first.

There's an essential thing to keep in mind: interest rates are too low and time horizons too long to actually make it possible for young people to "Get" saving at an early age. The solution to this is obvious, affordable and fun for everyone: just open your own "bank" and then pay your kids ridiculously unsustainable interest on every dollar they save (up to a limit). 1% per month. hell, 1% per week.

it teaches them math, you can afford it on small amounts of money and it gives them the opportunity to learn something about compounding at a rate they can relate to.

strongly recommended.

You should check out First National Bank of Dad.

Check out the book National Bank of Dad where the author tells strategies on how to teach children saving skills.

First National Bank of Dad

http://www.amazon.com/The-First-National-Bank-Dad/dp/0743204808

Good tips include:

• paying high interest to keep them... interested
  
• give them allowance but charge back if you have to do their chores