The Bank of MOM is Now Closed –
A Teenager’s Guide To Open Their Own
Author: Lynda Hykin
My sister and I met Lynda Hykin at a Millionaire Mind event in Vancouver, several years ago. She is an astounding lady, and I am very humbled to be reviewing her work.
“The Bank of MOM is Now Closed”, at its basic level, gives teenagers a template for understanding money, understanding about saving and spending money, and about creating their own financial future. Not only creating it, but controlling it, and growing it.
I love that Hykin places an emphasis on mentors per se, and on virtual mentors specifically. Some of her mentors are the same ones that I follow – T. Harv Eker, Jack Canfield, and Bob Proctor, to name a few.
In her preface Hykin talks about writing the book about what NOT to do with your money. Like many of us, she held good paying jobs, and was always able to find a new job when she wanted to. She lived from paycheck to paycheck, and was not especially worried about that. Then she found herself in a situation where she was older, out of work, and unable to find another job. That was the push that got her to reinvent her thinking about money, and the place that it had in her life. To her chagrin, the “have money, spend money” mindset was one that she passed on to her daughter.
Before she gets into the meat of the book, she makes the strong point to her teenage audience that they are in high school now, there is no one that is going to comfort them when things go wrong. They will have a plethora of subjects to choose from – they can study whatever they want to. However, one of these subjects will not be money. There are no classes offered on making or managing money. (This brought to mind my high school English teacher, Ms. Gardner. Two things stand out for me – she taught us how to write a check, and how to shake hands. These things are more important than one might think, and definitely not part of an English curriculum!)
Hykin refers to each of the chapters in this book as “secrets”, as they present information that most of us don’t know. In understanding these “secrets”, teenagers can break the poverty cycle (or prevent themselves from ever entering it). She also presents a commitment pledge, where the reader agrees to commit themselves to putting some work into their life. A spiffed up template for this pledge can be found on the Internet site that accompanies this book – www.theteenagemoneymagnet.com.
Hykin talks about the language of money, how the reader currently views money, the four steps to creating a new way of living, how to “Do the math” before spending, how to break down where your money goes, the difference between profits and wages, and much more.
Each chapter presents a main idea (secret), lessons and exercises to do that put that idea into action in the reader’s life, and a quick summary of what the chapter covered. The writing is well done, the ideas presented with humor, and a clear picture of financial management is presented.
At the end of the book there is a section on resources for teens, and templates for all of the exercises presented in the chapters of this book.
This is an excellent source for teens that want to understand and gain control of their own finances, as well as an excellent source for parents that want to help their teens with money management.
© 2000 – 2014 Bonnie Cehovet
Reproduction prohibited without written permission from the author.