Munny Journey: Keepsake Journal for Baby’s First Money

Cover image for the book Munny Journey depicting a white rabbit walking with toy rabbit.

What happens when two financial planners get together to write a children’s book? Munny Journey.

On one level it’s a keepsake book for recording those precious moments that come once in a lifetime. You know…

  • A photo of baby’s first coin bank.
  • Baby’s first coins.
  • Baby’s first dollar.
  • Baby’s first financial gifts.
  • Baby’s first bond.
  • Baby’s first stock.

And the best of cherished memories… Mom and Dad record for posterity the levels of the Dow Industrial Average, NASDAQ and S&P 500 on their child’s date of birth. Ahh, sweet memories.

At this point you’re probably thinking, "This is absurd!" I did at first glance, but hold on a minute.

Image from inside the book showing a page labeled Your First Dollar. A plastic sleeve reveals a folded dollar bill inside.The opposing page is titled The Financial Page on the Day you were Born, with blank entries for Dow, NASDAQ and S&P 500.

On another level, this book is really about educating parents. It aims to push parents to plan for their baby’s financial security.  The thing is 96 pages with an audio CD too. Interspersed between the prompts for parents to record data are pages that explain stocks, bonds and so forth.

Here are a couple catchy quotes from author Brad Dugdale from the following interview video clip from PBS KCTS in Seattle, Washington:

"This book is about taking action. This is a road map for financial security so parents can embrace these concepts, execute the concepts and then sit there and monitor the results."

A recurring theme is the notion of creating a $1 million nest egg for your kid:

"We want kids to have a fiscal fair start. So if you deposited $5000 [at birth] and then saved a little over $100 a month, you can accumulate $100,000 by age 21. [...] If you save $1 a day and grow it at 9 percent interest for 65 years you can actually make any child a millionaire. So for about $30 a month you can make a child financially secure."

A lot of us don’t have $5,000 to set aside at birth, but the message is still clear. Make a point of setting aside savings every month for each of your children and explore ways to earn the most from it.

Watch the clip:

A second video from an ABC morning show may also be of interest (partially redundant at the beginning, then diverges a bit).

The author’s What’s My Number? page can be used to calculate how many times your money will grow when invested at an annual average interest rate until age 65. Of course, count on your kid spending that nest egg long before he’s 65-years-old, but still, with time on your side you can build quite a start for your child.

Comments

3 Responses to “Munny Journey: Keepsake Journal for Baby’s First Money”

  1. BusyMom says:

    Interesting. I’m not sure I would do a good job maintaining another book – I’m lucky the baby books are reasonably populated.

    I read somewhere once that you need to put away $100/mo to have a decent college fund for your kids. They cite $100K at 21 with the $5000 starter and $100/mo. Wonder what it actually works out to be with just $100/mo. At $100/mo, without consideration of interest, I know you will put away $21,600 by age 18; $25,200 by 21.

    Time is your best friend in investing. I know from my 401k literature that the sooner you start the better off you are. I always like the example of a 30 year old who saves for 10 years and then stops and yet their fund will be bigger at 65 than someone who makes the same level of investment starting at like 40.

    September 26th, 2008 at 3:06 am

  2. Stephanie says:

    My parents (Sadie’s Grandparents) bought her 1st stock for her 1st Christmas from Oneshare.com, so now she owns a little piece of Disney. I think these are great tools for parents, and no, they aren’t as cute as a teddy bear. But I can honestly say I was grateful for my parents ability to understand money when my college tuition came around. I was fortunate enough to have parents who cared about my financial well-being as well as my physical and spiritual well-being.

    People sometimes need a wake up call that money is important. It’s even better when you have enough to spare that you can give it to charity to benefit all people.

    September 26th, 2008 at 8:04 am

  3. observer says:

    what are you gonna do in the future, tell your child that this is their first money and not even think that they won’t try to remove it as children or teens? this is ( in my opinion) absured

    January 13th, 2010 at 7:07 pm

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