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| Allowances Waste of Time and Energy for Parents?“I am very conflicted about allowances, they almost torture me,” said award winning children author and financial education innovator Sam X Renick. “Intuitively I believe kids and adults learn more about money from earning than spending.
By: Sam X Renick - The It's a Habit Company, Inc. Los Angeles, CA September 24 2009 – “I am very conflicted about allowances, they almost torture me,” said award winning children author and financial education innovator Sam X Renick. “Intuitively I believe kids and adults learn more about money from earning it than being given it to spend and manage. Furthermore, I can not find any studies or evidence, ZERO, that conclusively demonstrate allowance leads to better money management or that it even increases saving among children. Here is the rub. Just because evidence does not exist supporting their effectiveness does not mean allowances do not have any benefits, particularly for children of parents who are able to consistently administer them.” Instead of spending time on allowances, Renick chooses to focus his attention on encouraging moms, dads, and teachers to teach their kids and students to get in the habit of saving money. “Saving money has a plethora of benefits,” shared Renick. “And it sends a message to children their future is important.” He and his sidekick, the lovable Sammy Rabbit will be spreading the saving is a great habit message this weekend at the national book festival in Washington, DC. “Ultimately, it seems to me allowances may be more about parents than children and whether or not a parent can define and maintain a consistent and rationale approach to money with their kids,” stated Renick. “My advice to parents regarding allowances is simple, if it works for you, do it! If not, move on. Fortunately for parents there are lots of resources on allowances. Personally, I would read anything written by Janet Bodnar, not only she is an expert on kids and money, she is an outstanding writer.” You can find more money tips for teachers and parents on teaching children about money and information on the author’s award winning approach to financial education and financial literacy at www.itsahabit.com. About Sam X Renick and It’s a Habit! (IAHC) It's a Habit! Company Inc. (IAHC) was co-created in 1998 by Sam X Renick in an effort to promote and encourage financial literacy in children. The Los Angeles micro-enterprise is dedicated to teaching financial literacy and other empowering life skills and habits, with a primary focus on young children and their families. Renick, a former financial adviser turned award wining author, songwriter and social entrepreneur, was first struck with the idea when numerous clients expressed their disappointment at not learning financial prowess at an earlier age. After repeatedly hearing the same lamentations from his clients, Renick began writing It’s a Habit, Sammy Rabbit! with assistance from his Financial and Insurance Services partner Alonso Silva Jr. Sam and Alonso later teamed up with illustrator Juan Alvarado and former Disney graphic designer, Carlos Rodriguez to form IAHC. A graduate of Loyola Marymount University with a degree in Business, Renick has partnered with the Air Force Aid Society to bring financial awareness and saving strategies to the forefront of children’s minds. He spent the previous twelve years working for TRW and SAIC in subcontract and project management, where he became intimately familiar with the design and development process. As a result of immediately practicing the “from every dollar save a dime” philosophy, Sam was able to change careers twice, first in 1993 to start his own financial and insurance consulting firm, and later to form IAHC in 1998. The mission of IAHC is to globally provide children, families, and organizations with strategic tools that encourage the multiplication of good habits, especially saving money. Along with original songs and coloring books, IAHC uses mascot Sammy Rabbit to instill in young children the importance of financial know-how. About Sammy Rabbit Sammy ‘the get in the habit’ Rabbit is a friend, families love and learn with. Through his story book adventures, songs, sayings, and skits at live appearances, Sammy inspires kids, trainers, and educators of all ages, but particularly kids ages 4 to 8, to start positive habits like saving money, reading, writing; to become leaders of themselves; and to make BIG DREAMS come true for themselves and their families. Two of Sammy’s favorite strategic sayings are: Saving is a great habit! From every dollar, save a dime! Key IAHC / Sammy Highlights Ongoing: Ongoing: Ongoing: Partner DoD Financial Road Shows Ongoing: Featured Military Saves Website Various: Featured Business Week Online; Kiplinger’s, Motley Fool, etc. Sep 09: University of Maryland Cooperative Extension Educator Receives National Award for Use of Sammy Program, Products Apr 09: Inducted onto Loyola Marymount University Entrepreneurs Wall of Honor Sep 08: Institute of Financial Literacy Children's Book of the Year Award May 08: University of Maryland Cooperative Extension Evaluation Reflects Student and Teacher Improvement from Sammy Program, Products Oct 07: California Jumpstart Coalition Leadership Award Winner Jul 07: Texas Teens Win National Gold Medal Using Sammy Books, Music Jul 06: Received Highest Rating, “5 Doves,” from Dove Family Foundation for Mission 1: Celebrate Saving! Music CD Oct 05: Launched the nation’s first “Rock, Read, and Save for College” Tour Nov 04: Richard Myles Johnson Beacon Award Nominee Apr 02: National Jumpstart Coalition Soaring Star Nominee Apr 01: Los Angeles Proclaims It’s a Habit, Savings Day # # # The It's a Habit Company, Inc. is dedicated to teaching financial literacy and other empowering life skills and habits in a strategic manner. End
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