If you’re looking for a fun way to teach your kids about the value of a dollar, you might consider reading Orly Sade’s book, “How Ella Grew an Electric Guitar.” The associate professor of finance at the Hebrew University of Jerusalem penned the young adult novel, along with co-author Ellen Neuborne, with the goal of teaching boys and girls about financial concepts in a fun way. (The book is aimed at 8- to 14-year-olds.)
According to readers and reviewers, she succeeded: The fast-paced book keeps the attention of preteens (and any parents reading along). In a review on her website PlantingMoneySeeds.com, blogger Miranda Marquit writes that one of the best parts about the book is that it’s realistic.
When the protagonist, Ella, starts a lemonade stand, it fails. “I like that Ella learns a lesson in failure, and the difficulties in starting her own business. But she doesn’t give up. Her mother gives her a lesson in market research and creating a business plan,” Marquit writes in her review. Another plus for Marquit is that the book teaches wealth creation through investment and goes beyond the simple savings aspect of financial literacy.
As the title of the book suggests, Ella is trying to achieve her goal of buying an electronic guitar. It costs $229, plus taxes. She starts out with just $25 so has to brainstorm different ways to reach her goal.
Sade says she got the idea for the book several years ago, when her daughter was in 4th grade and the family was living in New York City. “She and her friends were interested in exploring business ideas,” she recalls. “I wanted to give her supporting reading, something other than a textbook, and searched for a novel that was age-appropriate,” and that also explored entrepreneurship and finance, Sade says. She was frustrated when she couldn’t find one.
Then, Sade teamed up with one of her daughter’s friends, the writer Neuborne. Sade drafted the story and Neuborne turned it into a finished novel, which they then published.
Sade hopes young readers finish the book inspired to pursue their dreams. “It might not be an easy path and it might require learning business concepts and failing, but it’s worth trying,” she says.
The book follows the well-paved path of books for children that make learning about money enjoyable. The tradition includes Beverly Cleary’s classic Ramona series, which features a father who loses his job and a mother who must return to the workforce. In an interview with U.S. News in 2013, Francie Alexander, senior vice president and chief academic officer of the education and media company Scholastic Inc., said, “Books help parents and teachers start the conversation,” including difficult ones, about money.
Sade’s favorite lesson in the book, which Ella learns when she asks her father how money grows, is this one: “Money grows in many ways, there are no free lunches in the business world and growing money requires learning, planning and working. Some parts of the learning involve understanding financial instruments, institutions and markets, while others are related to pricing and marketing. Different targets and situations will result in different financial solutions.”
It was also important to Sade that Ella come across as both good at math and cool, since she wants to encourage girls to pursue entrepreneurship and investing. She says surveys show that women are underrepresented as both business owners and investors in the U.S. “It was important for us to convey the message that girls can deal with business, finance, entrepreneurship and math,” Sade says.
Some school classrooms, including 5 th graders at Garrison Forest School in Owings Mill, Maryland, read the book in class and used the lessons to raise money for charity. (Sade spoke with the students about the book over Skype.) After conducting market research and working on advertising, the class hosted a lemonade stand, which generated $80, which they donated to the Humane Society.
In Israel, Sade’s children, now ages 12 and 16, continue exploring their own financial know-how, both through books and real life. Sade gives them a budget for investments; they select stocks and follow them. “We constantly discuss saving strategies and the need to save for retirement,” she says. Sounds like the beginning of another novel.
More from U.S. News
10 Ways to Stay in Shape on a Budget
The Best Side Business Ideas for Busy People
Money Lessons From a Girl With a Guitar originally appeared on usnews.com
