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Parenting with a Story by Paul Smith

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ELEVEN

Self-Discipline: Money and Delayed Gratification

Man’s greatest invention is compound interest.

—ATTRIBUTED TO ALBERT EINSTEIN

To many people, making wise decisions about what to spend and how to save are tedious and unpleasant chores. They’re often lumped together with balancing the checkbook and choosing between complicated investment options on the list of things we don’t really understand and would rather not spend our time doing. So they’re often neglected. But it doesn’t have to be that complicated, according to someone who should know: Pledger Monk.

Pledger has spent a lifetime studying, managing, and teaching prudent finance and investment. He holds a bachelor’s degree in economics as well as an MBA from the Wharton School at ...

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