Your Guide to Financially Intelligent Parenting
A book review in The New York Times changed the course of my professional career. I had gone back to graduate school to get my Ph.D. in psychology. One Sunday morning I came across a review of Susan Litwin’s Postponed Generation, in which she argued that American youth were taking an extra ten years to [...]
Earlier this year, my husband, Jon, and I conducted a break-out session on “Raising Responsible Children In An Affluent Environment” for the AICPA Conference on Tax Strategies for the High Income Individual. During the Q&A session at the end of the presentation, one of the attendees raised the issue of kids graduating from college or [...]
A study by the University of Michigan’s Institute for Social Research suggests that parents may be unconsciously perpetuating sexual stereotypes in the way they parcel out chores. The study found that boys are more likely to get paid for doing chores around the house than girls. Frank Stafford, the economics professor heading the study, speculates [...]
Nintendo has found a new way to market its Wii video game console: use Alpha Moms. The December 25, 2006 edition of the Los Angeles Times reported that Nintendo has merged “viral marketing techniques with Tupperware parties” by recruiting “gregarious, tech-savvy moms — whom it dubbed ‘alpha moms’ — to share the console with their [...]
We got an email from Sarah Bowman and Diane Phillips Shakin, the creators of Kids Off The Couch. Their idea is simple: “A bowl of popcorn and a memorable movie. Like a spoonful of sugar, the magic of a good film will lure kids to cultural outings that are more than typical kid fare. We [...]
Parents who over-emphasize the importance of money or rewards in achieving a goal, rather than the process of achievement itself, run the risk of turning their children into a kind of money junkie who has no true enthusiasm for anything except more money. This is not a particularly good recipe for a meaningful or happy [...]
Last year, we were asked by VISA, USA to help them create a “money personality” quiz that could be accessed through their educational website www.practicalmoneyskills.com. Our initial reaction was a bit skeptical. After all, a number of pages in The Financially Intelligent Parent are devoted to the problem of credit card use and abuse by [...]
The Wall Street Journal recently ran a story about banks and other financial institutions that are starting to court young savers. In the past, it has been very difficult to find banks that would open checking accounts for 13-15-year-olds, which is a great time for them to learn how to balance a check book. Among [...]
Welcome. We’re delighted to introduce The Financially Intelligent Parent Blog. Ever since Warren Buffett announced that he was giving some of his billions to The Bill and Melinda Gates Foundation, the press has been full of articles and speculation on the possible negative effects that money can have on children. Eileen and I don’t believe [...]
“Helping families cope psychologically is essential for developing the refined financial intelligence most clients are seeking today.” –Eileen Gallo, Ph.D.
Eileen Gallo is a licensed psychotherapist in private practice in Los Angeles, where she assists individuals and families with the psychological and [...]