We have never paid our kids for grades. If we did, we would probably be broke. We have always wanted them to do something because of the desire from within. It is good to be self motivated to do the right things. There is one area, however, where I am willing to pay my kids if they will read any of these financial books on this list. As a parent, I appreciate having another source for them to learn wise financial principles. They help reinforce what we want them to know. For example, I paid my youngest daughter $5 to read "The Richest Man in Babylon". She now knows all about little men and has save hundreds of dollars that she has earned in the past year playing in a band and pet sitting. She has learned more when she was 14 then some adults learn their whole lives about being wise financially. Was it worth my $5? You tell me. I feel like the small investment I made was well worth it. Another one of our kids enjoyed the "Automatic Millionaire". He now puts money in an IRA even though he is still in college. This year, I plan on offering the same offer to our kids and to our in-law kids. Whoever is willing to read any of these books on this list can earn $5 for each book.
Our favorite one: The Average Family's Guide to Financial Freedom by Bill and Mary Toohey
David Ramsey's Total Money Makeover
David Bach's Automatic Millionaire
The Millionaire Next Door by Thomas Stanley
The Complete Tightwad Gazette by Amy Dacyzyn
The Way to Wealth by Ben Franklin (very short)
In addition, any other financial book that they are interested in that we agree on ahead of time.
Do you have any financial books that you really like?