Familymint.com has money lessons for kids

Few things make adults shake their heads
more than watching a freshly minted honor roll-level student graduate
from high school and not know how to save money, or even how to balance
a checking account.

A Rochester Hills-based start-up plans to
help parents teach those sorts of simple financial lessons to their
kids before they even get into secondary school. Jeff Eusebio and Bob
Masterson came up with the idea for FamilyMint.com after realizing their kids had more money than they knew what to do with and no clue on how to manage it.

“They
wanted to spend all of it all of the time,” Eusebio says. “They didn’t
know what they had and we didn’t know either. We thought there had to
be something better than an Excel spreadsheet.”

So they started
building FamilyMint.com last May. The idea was to create an online
money-management system for kids where the parents serve as the bank.
That means the kids figure out what they can do with the money they
have and then go to mom and dad when they want to make a withdrawal.

The
company is keeping Eusebio and Masterson busy and letting them farm
some work out to local firms specializing in public relations and web
development. They just rolled out a public alpha version of the site
and hope to debut the Beta version in May.

The goal is to reach 10,000 users in 2010 and hopefully add a few employees as the company grows.

Source: Jeff Eusebio and Bob Masterson, partners with FamilyMint.com
Writer: Jon Zemke