If You Made a Million
Written by David M. Schwartz
Published by Lothrop, Lee, and Shepard Books
Copyright 1989

Carolyn Bond recommends using the lesson, Big Banks, Piggy Banks, as a complement to this book.

Carolyn's notes...

If You Made a Million is a work of children’s fiction that helps young readers to understand economic concepts and the value of money. Wonderfully illustrated by Steven Kellogg, this book engages students in the adventures the kids from the “Cheerful and Willing Inc.” experience as they perform odd jobs and discover the value of saving money in the bank. In the story, Marvelossimo the Mathematical Magician guides the “Cheerful and Willing” kids through monetary exchanges-- where photographed rows of money illustrate the equal worth of coin and dollar amounts. For larger amounts of money the children compare the measured height or weight of a stack of money to the height of a building and even the weight of a whale. These silly comparisons are, in fact, highly beneficial for teaching purposes as they help children conceptualize the intangible aspects of large sums of money.

If You Made a Million briefly addresses the economics of opportunity cost when the children make a decision about spending, however the main objective of the book is to explain the concepts of a savings account, interest and compound interest, checks and checking accounts, taxes, and loans. The book contains illustrated flow charts of the banking process, case scenarios of the children’s employment excursions and the growth of their earnings in a savings account, as well as explains the benefits of bank loans and of paying with a check. Another feature of the book is “A Note from the Author,” a reference to the adult reader that provides a thorough explanation of those concepts simplified in the story. If You Made a Million is a wonderful resource for teachers to use when introducing the concepts of money and banking into the classroom.

A lesson that can complement the objectives presented in If You Made a Million comes from the online resource Econ Ed from the National Council of Economic Education. www.econedlink.org

The lesson plan “Big Banks, Piggy Banks” covers the concepts of banking, choice, decision making, interest, money management, and saving. The site provides the following description:

“ When choosing a place to put their money, people consider how safe there money will be, how easy it is to access, and whether it will earn more money. Students explore how well different savings places achieve these objectives. Students learn that people who don’t want to carry money with them or keep it at home often choose to put their money in a savings account at a bank or credit union. These financial institutions protect money from theft and other losses. They also pay interest on money deposited. This lesson works well as a follow-up to the ABCs of Saving.”

The “Adventures of Dollar Bill” will most appropriately supplement this lesson’s review of the function of a bank. Econ Ed Link describes this page as using text and illustrations to explain what happens to money put into a bank savings account and how banks work. It also teaches the meaning of the terms deposit, balance, and withdrawal. This site also features a quiz.