Book Review: Munny Journey

Not too long ago, I asked my son some questions about money . It made me think about the importance of teaching him good financial habits . With the help of Munny Journey: Keepsake Journal for Baby’s First Money , it is possible to do this. My son, at six, is almost too old for such a journal, but it does look like something that would be helpful for newborns — and their parents.

The idea behind the book, as conceived by Brad Dugdale, a financial consultant, is to teach parents the concepts behind investing, as well as get children interested in money — saving it and using it wisely — from the very start. The main goal is to encourage parents to start by investing a dollar a day for their children, from the day they are born, in an effort to help them reach financial freedom later in life. (I assume that the children would take over the dollar a day thing as they get older.) The journal includes cute illustrations and places to keep money “firsts”. There is a place for the first dollar your child receives, as well as a spot for the state quarter associated with the baby’s birth state. There are slots for photos, a place to list financial gifts and stock certificates, a list for savings accounts , and pages on which loved ones can share their financial dreams for the newborn. There is even a page where parents can record the value of the three major U.S. stock indexes on the birthdate.

The journal is divided into sections that provide overviews of mutual funds, stocks, bonds, savings and more. There are charts that show the value of compound interest , and a college savings section to help you and your child create a college savings plan. Finally, there is a growth chart that can help you child keep track of his or her “Munny Mountain” — much as you would track physical growth.

In all, I think this is a fun financial education resource for parents and children alike. It promotes an early awareness of money, and it offers easy-to-understand hints and helps that parents can apply in their lives.