The Financially Intelligent Parent

The Financially Intelligent Parent
by Eileen and Jon Gallo

“Mom, I need money for the dance. Money for the book fair. Money for my best friend’s birthday party. Money to go to the movies with my friends.”

For a parent, this conversation never seems to end. At what point do we have a solution to this problem of the desire by our children to receive an endless supply of money? At what point do we turn this demand for money into a lesson about money? Are you tired of trying to figure out how to teach your 14-year-old to manage money? Or, are you worried about how you are going to teach your 6-year-old to manage money as they grow older? If you are a parent and you have these concerns, then the lesson plan has arrived. The Financially Intelligent Parent is more than just a book. It is a collection of resources designed to teach parents how to educate their children to be responsible money managers.

Authors, Eileen Gallo, Ph.D., and Jon Gallo, J.D. are a husband-and-wife team who are experts on children, families and money. Eileen Gallo, Ph.D. is a licensed psychotherapist who works with individuals and families dealing with the psychological and emotional issues related to money, children and family wealth. Jo Gallo, J.D. is a nationally known estate-planning attorney. Their book, The Financially Intelligent Parent, identifies the eight key behaviors of financially intelligent parents:


1- Encourage a work ethic.
2- Get your own money stories straight.
3- Facilitate financial reflection.
4- Become a charitable family.
5- Teach financial literacy.
6- Be aware of the values you model.
7- Moderate extreme money tendencies.
8- Talk about the tough topics.

Each of these behaviors is the topic of one chapter in the book. Each chapter provides you with interactive exercises and checklists. You will be challenged to think about parenting and money in all new ways. The Gallo’s have worked with countless parents and, as a result, have many valuable stories to share. They will introduce you to parents that have made money mistakes with their children and parents that have managed money success with their children. You will find their stories touching and funny, but most of all identifiable. By recognizing yourself in one or more of the stories you will be able to relate to the tasks that must be accomplished as you seek to become a more financially intelligent parent.

The Gallo’s will not preach to you about what you should or should not do. Instead, they have a unique talent for allowing you to travel with them on this journey to becoming a financially intelligent parent. You will feel like you have found a friend who truly understands your desire to raise your children to be successful and responsible. A friend who not only understands, but is able to guide you in the right direction.

One of my most favorite chapters in the book is Chapter 8 – Teach Financial Literacy.
This chapter will teach you:
* Three Great Ways to Make Allowances Work for Your Kids
* The Art of Saving and Checking: How to Teach a Present-Oriented Kid to Think About the Future
* Introducing Your Child to Credit Cards
* Money-Management Opportunities for Children
This chapter is a perfect example of the entire book.

The Gallo’s don’t just tell you that you should teach your children to save money; instead, they tell you how to teach them to save money. They provide step-by-step instructions to guide you on your journey.

The Financially Intelligent Parent website is a tremendous resource and a great compliment to the book. You can sign up for their newsletter, participate in the community forums, and read articles written by the Gallo’s. For a small monthly fee, they offer a Financially Intelligent Parent membership which includes an allowance advisor, a chore chart, and more. For a limited time, use the promotion code NEW3 and receive 3-months free trial membership.

Read an excerpt from the book: Chapter 1 - The Money Beliefs of Financially Intelligent Parents