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Summary
Summary
Many things come with instructions. Unfortunately, money isn't one of them. Most people learn how to use it-or lose it-by trial and error. Dollars & Sense is a basic operating instruction manual for money that will teach readers about the history of money, the way our American economy works, and how to make important decisions about personal finance.
From skulls, sheep, and shells as barter in ancient civilizations to credit, interest, and collateral of our modern day economics, money-and all its glorious uses and cantankerous troubles-is explained in this concise and entertaining volume. Learn about how to make money, how to budget your money, how the government manages (or mismanages!) money, and how to be rich without even trying. Money is sometimes your friend and sometimes your enemy, but in this day and age, we all have to learn to get along with it.
An engaging and approachable guide for kids tackling how to responsibly manage their money.
Included are sidebars, time lines, diagrams, a glossary, and further resources, as well as information on related topics such as the Great Recession and sequestration.
Author Notes
Elaine Scott is the author of several books for young readers, including Buried Alive!- How 33 Miners Survived 69 Days Deep Under the Chilean Desert; Space, Stars, and the Beginning of Time- What the Hubble Saw; and When Is a Planet Not a Planet? The Story of Pluto (Clarion). Elaine lives in Houston, Texas.
David Clark is the illustrator of more than fifteen books for children, including Fractions in Disguise by Edward Einhorn, What's for Dinner? Quirky, Squirmy Poems from the Animal World by Katherine B. Hauth, and Pirate Bob by Kathryn Lasky. He is also the illustrator and co-creator of the syndicated comic strip Barney & Clyde. He lives in Luray, Virginia.
Reviews (4)
Publisher's Weekly Review
"Unfortunately, money doesn't come with a set of instructions," writes Scott in her introduction to this practical guide to earning, spending, saving, and understanding the role that money plays in our society. Scott walks readers through economic concepts like supply and demand, banks and how they operate, debt, interest, inflation, and investing, all accompanied by Clark's cartoon caricatures of people and animals. One of eight chapters discusses the Great Depression and its aftermath, and another explores the 2007-2009 Great Recession ("There was simply too much debt in the economy, and it couldn't be repaid"). Day-to-day basics, such as the correct way to fill out a check, should help give solid footing to readers dealing with earning and spending for the first time. Ages 9-12. (Aug.) © Copyright PWxyz, LLC. All rights reserved.
Horn Book Review
Scott presents a history of money--from the barter system to today's world of finance--in her easy-to-understand narrative. Additional topics covered include depressions, recessions, budgeting, debt, interest, credit ratings, and using money wisely. Clever writing instills this somewhat mundane subject with interest, and the informational and timeline sidebars add an extra dimension. Humorous drawings embellish the text. Reading list, websites. Glos., ind. (c) Copyright 2017. The Horn Book, Inc., a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.
Booklist Review
Often, the most omnipresent concepts are the ones that escape the attention of young readers, and this book seeks to tackle the endlessly complex topic of money. Scott discusses basic economic principles, such as mediums of trade, demand, and lending, filling a gap that is left by many primary-school curricula. Using these lessons as building blocks, the text delves into a history of the U.S. economy, emphasizing the creation of the banking system and major periods of depression. Personal finance is also explored, and readers are instructed in how to create a budget and stick to it. Responsible borrowing, the power of compound interest, and investing are explained in an age-appropriate manner and provide invaluable early lessons on financial stability. Clark's fun illustrations couple with Scott's straightforward descriptions to prove that it is never too early to begin helping young people develop an understanding of how to make money and how to keep it.--Anderson, Erin Copyright 2016 Booklist
School Library Journal Review
Gr 5 Up-At first glance, this title appears to be a guide to budgeting and spending money wisely, but upon closer inspection, readers will discover this work to be an overview of the history of money-from the exchange of goods and services to the current economic climate. The introduction includes famous quotes from the film Cabaret, the Bible, and Henry Ford as well as a brief overview of the Enron scandal, all in a snappy attempt to show how money is essential to life (even if it is often considered the root of all evil). Beginning with ancient methods of exchange, the text covers the evolution and current state of banking systems in the United States. Other chapters take a break from the history lesson to discuss corporations, stocks, loans, bank accounts, checks, and other types of accounts. A section on handling debt is not only thorough but also timely. Readers will find that the highlighted terms (defined contextually and in the glossary), such as recession, depression, stock, inflation, and foreclosure, clarify a complex system and give a better understanding of the economy on an everyday scale. VERDICT A solid introduction to economics and the history of monetary systems.-Denise Moore, formerly at O'Gorman Junior High School, Sioux Falls, SD © Copyright 2016. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.
Excerpts
Excerpts
Bread. Dough. Cabbage. Clams. These are just a few of the hundreds of slang terms that people use for money. Notice how much of this slang is based on food? That's probably not a coincidence. Food is necessary to sustain life, and so--in a way--is money. In the classic film Cabaret , Liza Minnelli and Joel Grey sing a duet with these words: "Money makes the world go around, the world go around, the world go around." Yet a famous Bible quote says, "The love of money is a root of all kinds of evil" (I Timothy 6:10). So which is it? Does money make the world go around? Or is the love of money the root of all evil? Surprisingly, both statements can be true. A business cannot operate without money. Sometimes the owners provide the necessary funds, and at other times people invest , or put their money into, a business they think will be successful. Once established, most businesses hire people and pay them a salary. With the money they earn, these employees buy food, clothes, and perhaps a car or house. They go to the movies. They take a vacation. They give gifts to their children. They may be so busy working that they hire a teenager to mow their lawn or to babysit--even kids can make money! Meanwhile, the businesses that sell the food, clothes, cars, and houses, or that run the movie theaters and the hotels at the seashore--all of them are making money. So they hire more people, who in turn buy more goods and services. These are some of the ways in which money makes the world go around, which is another way of saying that money is needed to make an economy --the way a country uses and produces goods and services--work for everyone. On the other hand, what people do with their money can hurt an entire economy, too. Greed--the desire for more and more of anything, especially money--can become a root of evil. Driven by greed, people have come up with schemes to cheat other people out of their money. Enron was a giant energy company with headquarters in Houston, Texas. In February 2001, Fortune magazine named it "America's Most Innovative Company." Enron claimed to be earning more than one hundred billion dollars every year! That is one hundred thousand million dollars, and it's written like this: $100,000,000,000. That's a lot of money. People were eager to work at Enron and to invest their money in the company. However, just a month later, in March 2001, Fortune magazine ran another article, titled "Is Enron Overpriced?" This article raised questions about the true value of the company. The truth was that Enron was not earning one hundred billion dollars a year. In fact, it was deeply in debt , owing more than thirteen billion dollars to creditors that had loaned it money. The fraud was gradually exposed during a two-month period, from October to November 2001. The company collapsed, and some of its executives went to jail. But average people, who had done nothing wrong, suffered, too. Those who had invested their money in Enron lost all of it. More than four thousand employees immediately lost their jobs. Arthur Andersen, a large company that provided accounting services for Enron, was forced to close its doors, causing another twenty-eight thousand people to lose their jobs. Without jobs, these people had no money; without money, they could not pay for food and housing. There were no toys for their children, no trips to the movies, and no dinners at restaurants. In other words, there was no money going back into the economy. When the spending stops, everyone suffers. Some economists -- people who study the economy--believe that the Enron scandal helped bring about the economic decline known as the Great Recession (2007-2009), from which we are all still recovering. That Bible verse, written around two thousand years ago, is often misquoted as "Money is the root of all evil." That isn't accurate; money itself is neutral, neither good nor bad. But money is important, because in many ways it does make the world go around, depending on how you use it. In 1931 car manufacturer Henry Ford said, "Money is like an arm or a leg--use it or lose it." The question is, how will you use it? Many items, such as cars, televisions, games, and toys, come with instructions that explain how to operate the product. Unfortunately, money doesn't come with a set of instructions. Many people learn how to use it--or lose it--by trial and error. They make mistakes and learn from their mistakes. The information in this book is a little like basic operating instructions for money. After reading it, you will know more about money, how it came into existence, how it has been used through the centuries, and how it is saved, spent, and sometimes wasted. Once you understand money, you can make wise decisions about your own dollars and cents Excerpted from Dollars and Sense: An Owner's Manual for Money by Elaine Scott, David Clark All rights reserved by the original copyright owners. Excerpts are provided for display purposes only and may not be reproduced, reprinted or distributed without the written permission of the publisher.
