If You Made a Million

Charlie is way too young for this book. But I'm blogging about it now anyway, even though I haven't shown it to him, because it is such a great find. I am guessing that If You Made a Million is best for the 6-8 age range, but I don't have all that much experience with kids that age, so read the rest of this review and make your own judgment. (NOTE: At the time of this writing, there is something wrong with Amazon's "look inside" feature for this book, such that most of the illustrations are missing.)

This book explains money and various financial transactions in ways that are clear, straightforward, and highly accessible to kids. We work up to the title concept of a million dollars, but we start all the way at the beginning, with a penny.

"CONGRATULATIONS!" the first page announces. "YOU'VE EARNED A PENNY." A little girl is shown feeding a goldfish under a sign that says "Feed the Fish - Earn 1 cent." There's a photograph of a single penny, and the text explains, "It will buy anything that costs one cent." As an example, a boy has set up a stand where he's selling pebbles for one cent each.

When you turn the page, you've earned a nickel. (How, you ask? By dusting a duck, of course.) The book shows a photograph of a nickel and five pennies. It explains "ONE NICKEL is worth the same as FIVE PENNIES." We continue down the page and earn a dime, which we are clearly shown, in the same way, is the same as two nickels or ten pennies. Obvious. Straightforward. Clear. Countable. I particularly like that they mix up the fronts and backs of the coins.

Once we get to a dollar, the book starts to mix things up a bit. After explaining the various low-cost items we could buy with that dollar, the book makes a very different suggestion.

Or perhaps you'd like to save your dollar. You could put it in the bank, and a year from now it will be worth $1.05. The bank wants to use your money and it will pay you five cents to leave your dollar there for a year. The extra five cents is called interest. If you waited ten years, your dollar would earn sixty-four cents in interest just from sitting in the bank. Are you interested in earning lots of interest? Wait twenty years, and one dollar will grow to $2.70.

Dude.

Then we're back to explaining how much $5 is, and $10, and we do another interest calculation with putting $10 in the bank, and on up to $100, and then at long last we earn $1000. We'd like to buy a pet hippo with our $1000, but that's a huge wad of cash.

If you don't like the idea of carrying a thousand dollars around with you, you can put it in the bank and pay for the hippo with a check. The check tells your bank to give $1,000 to the person who sold you the hippo.

To illustrate how this works, the book presents a picture of a check written out for a thousand dollars.

Okay, that's a pretty good explanation. But wait, we're not done! There's a whole two-page explanation of how the process works in detail. You write the check and give it to the person who sold you the hippo, who gives it to his bank, who sends it to a clearinghouse, which tells your bank to take the money out of your account and the other person's bank to put the money into his account. Why did nobody give me this book when I was a kid?

All right. Now we've managed to earn $50,000 and we've decided to use it to buy a castle that's on sale for $100,000. But wait a minute. We don't have $100,000. We only have $50,000. What should we do? Get a mortgage, of course! Fully explained in clear detail.

Finally we earn a million dollars, and we have tons of saving and spending choices. What should we do? Well, the book tells us, it's really all about you and your personal values. What would you like to do? What would you like to have? Where would you like to go?

If you keep your million, you can probably live on the interest without doing any more work for the rest of your life. You might like that, or you could find it rather dull.

Making money means making choices.

So what would you do if you made a million?

Fantastic.