Dear David,

I have an interesting story I would like to share. Both my husband and I were working in upper management positions with the related stresses there, plus managing 28 apartments and more than a dozen garages! We prayed, took time to reflect, I quit my job, began working part time. We sold all of our investment properties (had them under contract in 3 weeks! definately an answer to our prayers), refinanced our home and paid off all of our debt. Cars, credit cards etc. That’s when I saw you on Oprah.

My son is 18 and reading your book! Due to you, he opened a savings account with direct deposit. My daughter is only 13 and she is now reading it too! She too requested a ride to the bank to open up her own account and has set aside a portion of her allowance to go toward her savings acct. She already makes a regular donation to our congregation out of her own initiative! We are very proud of both of them.

I wanted to share something that has worked wonderfully for us. As parents we always want to give/buy so much for our children. There is so much pressure to have the latest and greatest. What finally solved our conflicts with this was when our son turned 16 and got a job, he then became responsible for all of his clothing expenses. Suddenly, no more pressure to buy $90-$180 sneakers! He would go to a knock off brand store! He says “It’s crazy to spend that much money on a pair of shoes on my budget!” That got me thinking, once it was “his” money, he took ownership of it and the responsibility that went with it. I decided to figure a way to do the same thing with our daughter who was only 11 at the time. We would have battles over clothes that we would purchase, and then they would never be worn or respected. They’d get lost at school or left at a friends home.

I decided to give our daughter an annual “clothing allowance”. We sat down together, figured out what we could afford then got a ledger book. January 1st we wrote the new beginning balance in her account. When she shops for clothes we bring home all the receipts, tally them up and subtract them from her “account”. This has been such a blessing for us! She now is a very very careful shopper! She said to me the very first time we did this, “I love this suede jacket but it is $79 and my budget just can’t handle that!” We later surprised her with the jacket as a gift at our family surprise day. This is a wonderful program. It teaches children about money, accounting, saving, prioritizing. She even divides her clothing allowance to be sure she has enough for new school clothes, new winter clothes, spring etc. We also give her an annual spending allowance as well. That is given to her on the 1st of every month. She may do whatever she wants with this money, buy more clothes, go to the movies, eat out. No more fighting, no more hurt feelings. I no longer worry or care if she doesn’t wear something. It is her money. She never asks for more either.

I am now working my way through the Finish Rich Workbook! It is work, but fun!
Thanks for writing these books,