Author Topic: Looking for a Personal Finance course for my son  (Read 821 times)

albireo13

  • Bristles
  • ***
  • Posts: 464
  • Location: New England
Looking for a Personal Finance course for my son
« on: January 15, 2018, 04:31:36 PM »
My 26yo son has been just getting by and isn't great with managing his money.  I've gone over a basic budget with him but, I think he could really benefit from a real course on personal finances.  Unfortunately, his HS didn't offer much.  Something to go over spending, budgeting, investing, taxes and how it works, saving for the future, etc.

I'm looking at local colleges, etc for such a course but striking out.   Maybe an internet course?
Any good suggestions?

Thx,
Rob

MDM

  • Walrus Stache
  • *******
  • Posts: 9183

snacky

  • Walrus Stache
  • *******
  • Posts: 8737
  • Location: Hoth
  • Forum Dignitary
Re: Looking for a Personal Finance course for my son
« Reply #2 on: January 15, 2018, 08:01:29 PM »
Our very own @monstermonster teaches personal finance at Oh My Dollar https://www.ohmydollar.com/ and has a workbook available for pre-order on kickstarter: https://www.kickstarter.com/projects/2052814389/get-your-money-together-your-purr-fect-finance-wor

Or if you are Canadian, @KMMK can hook you up. She is a goddess.

Finances_With_Purpose

  • Pencil Stache
  • ****
  • Posts: 586
    • Finances With Purpose: deploying resources wisely to live vigorously
Re: Looking for a Personal Finance course for my son
« Reply #3 on: January 16, 2018, 10:39:02 PM »
Dave Ramsey.  By far.

Here's why:
1.  He's great on things at that level.  I don't love Dave re: investments, though if you took his advice you would be fine (just not as optimal as some here want to be) and experience growth.  BUT he's outstanding for the mistakes a 26-year-old is going to make, fresh out of the gate: debt, cars, mortgages, so on. 
2.  His basics on budgeting are great.
3.  He really emphasizes the most important things - and things that our culture is deadest against, like being debt-free. 
4.  You get to interact one-on-one with people there.  You get a mentor.  You get a group to discuss things with.  He will see he's not alone.  He will see others who are worse off.  He will see people there who are totally sunk due to bad decisions - and it's easier to learn from that, seeing the pain in their faces, the tears in their eyes - than from someone just telling you that it isn't smart to buy two new cars when you buy your new house and new furniture. 
5.  Once again: community.  There's a small group.  Think Crossfit: in groups, people do better individually.  He'll see that modeled for the first time by a whole group (in terms of finances). 

Can't beat it as far Finance 101 goes.  Nobody is as geographically present as Dave Ramsey.  Nobody does the very basic stuff as well as he does (including things like insurance), and certainly not on the scale that he does it. 

If he lived just according to that course, he would be fine.  Once he gets that far, then you can start on things like why you may not want to invest as much in mutual funds/higher-cost things, etc. 

Your son has to want to do this himself, though.  You can't make him want it.  Or do it.  It simply won't work.  I don't know where your son is on all that, though, so I am assuming he's willing and ready to jump all-in on something like this.

Josiecat

  • Bristles
  • ***
  • Posts: 298
Re: Looking for a Personal Finance course for my son
« Reply #4 on: January 17, 2018, 01:04:00 PM »
Another vote for Dave Ramsey's Total Money Makeover.