Good finance books for 16 year old?

[WALTSAGOD]

I suggest the Total Money Make Over by Dave Ramsey, its a very easy read with lots of simple steps and real world examples.

Anything by Dave Ramsey

The Millionaire next door

 

[mjkacmom]

I'm pretty much the opposite. I'd rather not have my kids do anything while they go to school full time than go to school - plus their social/extracirrcular/ volunteer life. A full load of credits and the associated studying should be almost 50 hours of work each week - and then the social life on campus which creates networking and resume opportunities that you cannot get if you miss them in college. My son goes part time, and works - that suits his style well, but he is a different kid than a four year university and onto grad school who needs to make connections in college kid. My daughter wants the career where she builds a resume you don't get in college unless you volunteer and make the connections there - unpaid internships and volunteer work already litter her resume - and she is still a high school senior

I don't think its a matter of being mean, its a matter of what you can afford and how you prioritize which experiences in your kids' lives.

Fortunately dd never had to do a volunteer internship, she got paid very well and was given a great job offer starting 1/19, after she finishes up her masters, provided she passes the CPA exams. She doesn’t have much free time, but has learned how to work her butt off. Plus, having 5, we’d be giving a lot of allowances (my parents paid for my undergraduate graduate and graduate degrees, but spending money was on me).

 

[runwad]

When my kids turned 18 our Credit Union, sent them this book, "Money Rules, The Simple Path to Lifelong Security" by Jean Chatzky

 

[crisi]

Fortunately dd never had to do a volunteer internship, she got paid very well and was given a great job offer starting 1/19, after she finishes up her masters, provided she passes the CPA exams. She doesn’t have much free time, but has learned how to work her butt off. Plus, having 5, we’d be giving a lot of allowances (my parents paid for my undergraduate graduate and graduate degrees, but spending money was on me).

Yeah, I'm an accountant, and accounting is one where working while you go to school is probably more beneficial than not. That isn't true for my daughter, who wants to do public policy work (all networking and volunteer time to get there) - it sure wasn't true of my first Art History degree - I spent far too much time working for pay, and while I volunteered and interned, I didn't do it nearly enough to work in the field (which pays lousy even once you get paid, but was my first love). And we only had two, in part because I wanted to be able to afford college for them the way we wanted to afford it.

 

[yeahdisney]

OP thanks for this post. I'm enjoy reading these type of books and I like to watch for a good, easily read for younger peeps. Annesteere I will look at this book, I have not seen this one. You money or your life. Of course I will preview it for free at Barnes and noble

 

[FrancisBenoit]

i'd agree with at least two of the posters above. The Automatic Millionaire and The Total Money Makeover would be good starting points.

The two lessons that need to come out of this at an early age are avoid debt and save early. Compound interest is amazing and honestly for someone so young there is no excuse to not be a millionaire in their lives. As Dave Ramsey says, 100 a month for 40 years is 1.178... and the target of the conversation is already saving 90 a month at age 16....

 

[MickeyMouseCD524]

The Financial Diet just came out with a book and Broke Millennial also has one. They're both quite good and aimed at that age bracket.

 

[aliceindisneyland]

I second The Millionaire Next Door. If she is spending everything it is probably because she feels flush. That is normal; I spent every dime I made as a teen and learned how to be frugal immediately upon going out on my own. And we now have constant shopping and gawking with online stores and social media so it's that much harder for kids today to have any perspective on what real people have to do to become (and stay) prosperous. I had great money lessons growing up but all went out the window when I started making "real" money. The gist of the book is that truly rich people (self made) usually live well below their means.
I wonder if there is a book about work ethic geared to teens? I imagine that would have savings advice too, plus life skills and character building.

 

[Carol_]

How about George Clayson's the richest man in babylon.

I recently played a reading of this on YouTube and I loved it.
I also loved Tony Robbins’ “Money”

Other good financial YouTube video channels I’ve been watching are Graham Stephan (he has 2 channels), Andrei Jikh, and Nate O’Brien. I also like Alux which is a weekly kick in the behind that emphasizes not being a financial moron.

YouTube is free, and we’re trying to save money, right? I assume Clayson can’t collect a royalty check anymore since his book is near-Babylonian in age.

Also also... oodles of people are into the Financial independence retire early movement or FIRE, and their videos while being variable in quality are helpful to help feel like others are doing the thing with you. Teenagers like following a crowd.

 

[jo-jo]

I don't know anything about these books, but I do know this thread was started in 2011.

Maybe she written a book of her own by now. Curious what the outcome was for her.

 

[wishuponastar1984]

The Financial Diet just came out with a book and Broke Millennial also has one. They're both quite good and aimed at that age bracket.

The Financial Diet has a really good YouTube channel which breaks topics into manageable chunks. You may want to cruise over there and send her some links to relevant videos.