Is Your Child a Money Master or a Money Monster by Sunny Lee: A Book Review

I have read a lot of finance books, both for adults and kids.

This post contains affiliate links which help support Mom’s Plans.

Hands down, Is Your Child a Money Master or a Money Monster by financial advisor Sunny Lee is my favorite!

Lee is a mom to twin boys, and since they were small, she’s worked to instill a strong work ethic and financial responsibility in her sons.  Her sons are now tweens, and in this book, she shares what has worked for them so far.

Lee’s plan to make children Money Masters has 7 habits:

Habit #1: Develop a Money Master Mindset

Habit #2: Start Saving Early

Habit #3: Create Reminders, Routines, and Rewards

Habit #4: Set High Goals through Expectations

Habit #5: Learn Personal Finance by Playing

Habit #6: Go Experience the Real World

Habit #7: Give Back and Share the Love

What I love about this book is that Lee isn’t just teaching parents how to teach their kids financial responsibility; she’s also teaching parents how to motivate their children.  For instance, when her kids were younger, she instituted the Morning Stuff Allowance Project.  Each morning before they went to school, her kids had to:

  • get up when their alarm rings,
  • make their beds,
  • put on the clothes Lee had pulled out the night before,
  • pack their backpacks to get ready for school,
  • eat breakfast,
  • bring their breakfast dishes to the sink,
  • wash their faces and brush their teeth,
  • and get on the bus by 7:30

In return, her kids each earned $3 a week.  By instituting this system, Lee taught her sons responsibility and also brought peace to their mornings.

However, the true beauty of Lee’s system is that she builds in layers that the kids can achieve.

In addition to the Morning Stuff Allowance Project, her kids could also do some extra things as denoted by the Special Incentive Project.  Things to do on the Special Incentive Project included typing practice, book project, drawing and writing, etc.  If the children choose to do activities from the Special Incentive Project, they earned more money.

Lee has added layers to the system throughout the years so that now her kids can make as much as $100 per month, depending on how motivated they are to get things done.  (Lee mentions that $100 per child is what her family can afford, but parents should choose an amount that comfortably fits in their budget.)

I plan to go back through this book and set up a system for my kids.  I’m really excited to try this!  Even better, Lee has a website with the forms she uses online, which saves me some work.

I highly recommend this to parents wanting to instill a good work ethic in their children AND a healthy respect for money.

I give this book 5 out of 5 stars on the Mom’s Plans’ scale.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.