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Home › Articles › General › Money Mama

Money Mama

Teaching Kids About Cash Ensures Financial Futures

By Kim Seidel

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The Money Mama program helped neutralize her children's bad habits and gave them a positive head start on money management, she says. "My son has become a very wise consumer," she says. "He always uses the concepts in the book." First, he pays himself the 20 percent for investing and saving. "He's very proud of his savings account," says Mackey. "He is a spender and most of the time spends his 70 percent, but most important he loves to pay himself and does not feel he has less."

Mackey's daughter still saves too, but in a healthier way. She "is very comfortable spending it on the things she really wants," Mackey says. "She loves watching her money grow in the bank and always saves and invests beyond the 10 percent. They both have more in the bank at 8 and 11 than I had at the age of 18."

Start Teaching Kids Early
Many people grow up not knowing how important it is to manage money, says Lance Helfert, president of West Coast Asset Management Inc. in Ventura, Calif. "They are amazed by their first paycheck, but it is even more amazing how quickly they spend it," Helfert says. "The earlier children are taught about saving and investing, the better. After all, the extra years they spend with their head start can mean a lt in the long run. With compound interest, the difference can be staggering."


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