by Tracy Foote
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| List Price: | $16.95 |
| Amazon Price: | $16.95 & eligible for FREE Super Saver Shipping on orders over $25. |
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Product Description
This book is to be used as a starting point for children and parents. Major Topics include: 1) Money Management: Appreciate the benefits of a Roth IRA
2) Career Skills: Identify different types of child employment
3) New Ideas: Discover different ways parents can employ their children
4) Special Details: Learn how parents can issue Forms W-2 for their child
5) Introduction to Taxes: Basic tax concepts for children with low earned income
6) Powerful Knowledge: Understand rules for children to contribute to a Roth IRA.
The focus is the unmarried dependent child with no dependents of their own who has a yearly income that ranges from $1.00 to the amount of the single standard deduction allowed by the Internal Revenue Service for the current tax year ($5,350 in 2007).
This book can also provide limited guidance for children with incomes outside of this range. However, such children will need to obtain further consultation on different circumstances that will apply to them.
This book covers some very basic ideas but quickly moves into complex issues. We should not presume children will not look at a tax publication but instead be optimistic and provide them with the opportunity and incentive to do so.
With the pace in which the appeal of the internet is growing each day, it is not unreasonable to direct kids to use links or online calculators to project their finances. Children learn quickly, enjoy challenges and think computers are fun. Parents should assist them, guide them, teach them, and set a good example through their own financial behavior.
This book should be used as an interactive guide between parents and children.
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Average Customer Review:
1 of 1 people found the following review helpful:
Domonique , 2008-06-04
This book is wonderful! It is a great read, and an easy read for any parent teaching their kids about working and what to do with their money. Their is a lot more to it then just saving your money in the bank, and this book does a great job of breaking down the steps of what to do with your money. It even makes suggestions of jobs that children can do, whether it be working for their parents or getting a job outside of the home. My daughter is only 6, but I started teaching her about money and working for her money about a year ago. Of course I did not go into any complicated details, but I felt the younger the better to learn about money and what to do with it. I learned things from this book that I did not know before, so it was not only helpful for me to explain things to my daughter, but it was helpful for me as well, considering I learned some valuable information that I did not know before. I will keep referring back to book as my daughter gets older, and when she is old enough to understand the book on her own, she will read it as well.
Thank you Tracy, for sharing your knowledge, and making learning about investing your kids money not so scary or complicated.
1 of 1 people found the following review helpful:
If only all teens had this book!, 2008-05-04
I try very hard to teach my 17 year old strong money lessons.. he needs a job if he wants to have a car, he has to pay the insuarnce on that car.. the gas, it's mandatory that he save 1/2 of every paycheck he gets for "emercencys" etc. But i have to admit, i never thought of him starting a Roth IRA.
We used this book for a little bit of a different reason. This was the first year my son recieved a "w-2" from his very own job. He was so excited to learn he would be getting money back! So it came in the mail and of course "mommy was gonna take care of it". So there it sat.. in my in box for weeks along with all the other to-do's ~ and then I ran across The Kid's ROTH IRA handbook by Tracy Foote. I skimmed through and something caught my eye... on page 93 a chapter started called "Tax Talk - All about tax forms". It was a step by step explanation of how to fill out a 1040 as well as information behind the questions on the form. It has illistrations of what the form and documents look like and shaded areas with extra information to help them along. There is also a Glossary in the back for words they may not have learned yet. It is really geared towards a wide range of tweens/teens, or a fun read for the parent of a smaller child
So, I grabbed the book, his W2, printed off a 1040 from the internet.. and told him good luck.
Within 30 minutes he had his return ready to go LONG FORM, but even better than that it sparked conversations that will help him immensely in his financial future. Before you know it he has refund deposited into his bank account and he is offically a tax paying citizen!
This book is well worth the money and I implore you to enrich your childs financial future with this excellent read.
0 of 1 people found the following review helpful:
Book for teens and up, 2008-04-25
The book is directed towards teens and above which I was not aware while buying it. Regardless of how it is written it includes very basic information that any parent should know and use with their children, including those that can't read yet. I'm staring a Roth IRA for my 4 year old daughter using the tips from the book. The most useful part of this book from the parent perspective is a list of resources to go to for additional information, like the IRS publications, other books or websites to review. Overall very handy resource, but should be priced below $10.
1 of 1 people found the following review helpful:
A Must Read for ALL PARENTS!!, 2008-03-08
Teaching children about saving money is critical for their success as adults. This book provides a step-by-step guide on how to teach your children about investing and specifically Roth IRAs. As an adult who had little knowledge on this subject, I found the book easy to understand without it being condescending. My children have both read this book (16 and 10) and were able to understand it completely. Even though they were resistant at first, both of my girls are now eagerly working on saving enough money to start their own Roth IRAs. This is a well thought out book and should be required reading for all parents and children.
2 of 2 people found the following review helpful:
Excellent Review, 2008-01-31
After reading "The Kid's ROTH IRA Handbook", I came away with a good feeling that kid's and parents can have hope for the future. Once we get the current generation of kids to understand saving instead of consumption, the problem is solved. This book explains a difficult concept in easy terms "Great job,Tracy"
Art Patino ,CCPS.
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