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A Book Review from Mom’s Plan: Stop Giving Free Money to Your Children! 

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


Melissa, the Owner of ‘Mom’s Plans’

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

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

Sunny 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 teens, and in this book, she shares what has worked for them so far.Lee’s plan to make children Money Masters has 7 habits.

What I love about this book is that this twin mom 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,mom-plan1
  • 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 twin sons each earned $3 a week. By instituting this system, this financial advisor taught her sons responsibility and also brought peace to their mornings. However, the true beauty of her 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.

Depending on how motivated they are to get things done, Sunny has added layers to the system throughout the years so that now her boys can make as much as $100 per month, (she 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.


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