Prodigal Sons and Material Girls: How Not to Be Your Child's ATM

by Nathan Dungan

Overview

In today’s society many young people have lost sight of the value of money and seem to believe that money really does "grow on trees." Part expose and part survival guide, Prodigal Sons and Material Girls addresses the nagging issue faced by many parents today – why do their children have such unrealistic expectations about money?

The book is divided into two comprehensive parts. Part I outlines the disturbing facts about America’s possession-crazed youth and the society that has distorted their views. You’ll be introduced to everything from the "three-headed monster"—a high-powered triumvirate of consumer products companies, media conglomerates, and advertising agencies that has tremendous influence over your children—to the distorted view of the American Dream as shaped by principles known as "The Teen Commandments." In learning what you’re up against you can teach financial responsibility from a position of strength.

In Part II, Dungan offers creative and convincing examples on how to leverage his highly successful "Share-Save-Spend" approach to money – critical elements for you to help your children break free from the materialism that has become ingrained in our society. Through insightful anecdotes and simple exercises, you will learn how to:

• Talk to your children about money
• Understand the difference between financial wants and needs
• Increase the probability of your children having a prosperous life
• Raise your children’s marketing IQ
• Maintain healthy financial boundaries
• Set a healthy example for your children to follow

The "Share–Save–Spend" methodology will help your children establish healthy financial habits and will undoubtedly become their foundation for making a lifetime of responsible financial decisions.

Nathan Dungan is an innovative leader in the financial services industry. Over the past 15 years, he has been a top-performing financial advisor outside of Philadelphia, PA and most recently served as Vice President of Marketing for Lutheran Brotherhood (now Thrivent Financial for Lutherans), a $57 billion member-owned financial services company with nearly 3 million members. Dungan is a frequent speaker and workshop leader and has been widely quoted on this subject in the New York Times, the Wall Street Journal, USA Today and has appeared on CNN and PBS.

Product Details

ISBN-13:	9780471250692
Publisher:	Wiley
Publication date:	05/20/2003
Pages:	272
Product dimensions:	6.46(w) x 9.11(h) x 1.02(d)

About the Author

NATHAN DUNGAN is an innovative leader in the financial services industry. For fifteen years, he was a top-performing financial advisor and served as vice president of marketing for Lutheran Brotherhood (now Thrivent Financial for Lutherans), a $57 billion, member-owned financial services company with nearly three million members. Dungan, President of Share-Save-Spend LLC, is a frequent speaker and consultant and has been widely quoted on this subject in the New York Times, The Wall Street Journal, and USA Today, and has appeared on CNN and PBS.

Table of Contents

Foreword.

Acknowledgments.

Introduction.

PART I: UNDER THE SPELL OF HYPNOTIC CONSUMPTION.

Just Buy It!

The Gotta-Have-It-Now Generation.

A Branded New World.

The Teen Commandments.

The Three Headed Monster.

Where's the Rest of the Village?

Your Own Worst Enemy.

PART II: A BETTER WAY.

Money See, Money Do.

Your Money, Your Values.

A Balanced Life—Sharing, Saving, Spending.

A Balanced Life—Sharing.

A Balanced Life—Saving.

A Balanced Life—Spending.

Raising Your Child's Marketing IQ.

Learning to Fly Before Leaving the Nest.

Notes.

Index.

Editorial Reviews

Financial advisor Dungan has written an informative guide to dealing with possession-crazed kids. Sure, young people are wooed by advertisers-those 18 and under spend $150 billion in the U.S. annually-but they can still be "savvy consumers who make decisions based on their values." Part one of Dungan's book paints a scary picture of the current state of affairs (e.g., the fastest-growing segment of those filing for bankruptcy are people under 25), while part two explains what to do about it, including having financial discussions with kids, learning to say "no" and teaching them how to save. Dungan's advice is sound, and he supports it with eyebrow-raising facts on everything from how kids value money (he cites a survey that found that 58% of young people aged 12 to 17 "wouldn't bother to pick up [off the sidewalk] anything less than a dollar") to how they deal with financial woes (more than 63% of American college students "know someone who dropped out or reduced their class load so they could earn more money to resolve financial problems"). (June) Copyright 2003 Reed Business Information.

Publishers Weekly