If you believe in “magic”
By Herb Drill
From Jacksonville International Airport south through well-to-do Mandarin and Fruit Cove in wealthy St. Johns County, and from the Intercoastal through Ortega, you’ll find a large number of private business owners and entrepreneurs. These men and women probably learned about handling money from putting coins into “piggy banks” or coupon books for a school-sanctioned savings account. They probably became mannerly at the receiving end of a strong hand on their endus rearus.
Times change, however, and people spend money foolishly on clothes with someone else’s name and on mind-wasting, violence-laden and violence-inducing video games.
David McCurrach can’t do anything to replace our lack of civility, but he can help on the money front, especially with the little ones. He has produced Kids Money (P.0. Box 681861 Franklin, TN 37068-1861.
Or you can reach him at 1-615-790-7233, Fax 1-615-790-2394, or e-mail dmccurrach@kidsmoney.org, kidsmoneystore.com, and kidsmoneypress.com.
As Mr. McCurrach sees things, hardly a day goes by without a news story underscoring the “lack of financial literacy (and ethical conduct?) in America,” with “very few educational initiatives trying to remedy the situation.” He believes “much more needs to be done - particularly with our young people. Learning to manage money is like learning to drive a car - you can read about it and hear about it, but the only way you really learn is to get behind the wheel and drive!”
Our Southern friend sees we parents and grandparents occupying a “unique position to create an environment” where kids and grandkids can make most of their own day-to-day financial decisions, and the “experience gained … allows children to master the skills and develop the habits they need to grow into financially-responsible adults.” My goodness, someone who actually makes sense!
The Volunteer State’s McCurrach contends the situation “couldn't be more promising” because today's kids want money (sure enough!) and responsibility (what you say?) at an increasingly younger age. “Parents, more than ever,” he adds, “want to see their kids succeed financially” (and leave home?). In his view, the stage is set – “the only thing missing is a way to turn these desires into results.” He claims Allowance Magic comes into place there.
“This program gives parents the tools they need to teach their kids about money and money management and help them develop the habits of saving and sharing,” McCurrach observes. “Parents do this by establishing a structure within which their kids learn by doing - by dealing with the results that come from making their own day-to-day financial decisions.” According to McCurrach, Allowance Magic includes two distinct sections: one for parents which leads them through setting limits and establishing rules; another is The Kid's Money Wizard Journal, where parents and kids jointly set age-appropriate responsibilities and expectations.
In the journal is a Spending Money List/Plan covering, among other things, such possible expenditures as candy (make mine chocolate), soda (Coke classic, please), comic books (yeah, “Alfred E. Newman”), CDs (I’ll take Stevie Nicks), and concerts (Florida Theatre: bring back Joan Baez!).
The completed Journal becomes the child's working financial plan.
Boy, I could use a financial plan!
Also, McCurrach is setting up a Web site - www.allowancemagic.com - to cover additional background on the subject, plus extensive online tools to help establish the learning environment, set financial goals, develop plans, and track progress.
Where was he before we maxed out our credit cards?
Herb Drill is the principal of Able Me & Associates!, Mandarin-based marketing consultants to the overlooked disabled community.