Author Topic: Financial education resources for teenagers/ young adults  (Read 5934 times)

TrulyStashin

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Financial education resources for teenagers/ young adults
« on: November 26, 2013, 05:26:06 PM »
I'm working to teach my 16 year old about FIRE and how to manage his money.  Does anyone know of resources that can reinforce my work?  Maybe Schwab or Vanguard have online courses?  Books geared to young adults?

All suggestions welcome.

Deano

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Re: Financial education resources for teenagers/ young adults
« Reply #1 on: November 26, 2013, 06:55:22 PM »
I would probably avoid some of the resources created/promoted by financial companies, even ones we all love like Vanguard. I teach financial literacy in a high school setting and I stick largely to the basics (i.e. what is the stock market, how does it work, what is indexing etc) when I talk about investing.

Discussions about the dangers of consumerism, the advantages of an unconventional financial lifestyle, those are the types of things that are really important for financial literacy.

I make most of my resources, though I do use some that are geared specifically toward teachers.


pac_NW

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Re: Financial education resources for teenagers/ young adults
« Reply #2 on: November 26, 2013, 07:20:10 PM »
I would recommend two sources. 

First, the Kahn Academy (the fabulous math site) has added a mission to teach financial literacy. See:

http://www.practicalmoneyskills.com/personalfinance/experts/khanacademy/

Second, see Kaye Thomas' site at fairmark.com. Great book on stock options, which is how I found him. Recently, he wrote a book for young adults to become more financially savvy. See:

http://fairmark.com/books/thatthing.htm

MrsPete

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Re: Financial education resources for teenagers/ young adults
« Reply #3 on: December 01, 2013, 08:05:55 AM »
Books are an okay option, but I couldn't get my kids serious about what they read concerning money -- not as teens.  My college girl, who's about to get her first apartment, found my old copy of The Tightwad Gazette and asked if she could take it back to school with her.  Can you read my book about frugal living?  Why, of course, dear. 

I say -- for teens -- experiences trump reading every time.  I suggest you give them an allowance for a specific thing -- say, a week's groceries or back-to-school supplies, and let them figure it out.  Give them enough that they can succeed, but they'll have to work at making the money stretch a bit. 

When they can manage something tangible, start talking about college costs.  Compare this college to that college, a dorm to an apartment, etc.  This will seem kind-of-real to them.

Then move into hypotheticals about investing, saving for retirement, etc.  But don't skip the fundamentals.  They have to understand buying groceries before they can grasp compound interest over many years = security for life.


MaryByrne

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Re: Financial education resources for teenagers/ young adults
« Reply #4 on: December 29, 2014, 02:55:27 AM »
Hi, I remember reading a book geared towards teens and kids a few years ago. I don't know the exact name of it but I found one by the same company (might even be the one I read looks familiar enough but I can't tell if it's been rewritten) at this link http://www.amazon.com/Motley-Fool-Investment-Guide-Teens/dp/0743229967 for sale on amazon could look around for a better price or look for a used copy. I am 17 and I have always been interested in books about money and used to look at and read them while my mom shopped in Goodwill thrift stores. That was one of the ones i bought. I remember it had a chart that showed how if you save money and add to it and earn interest on it in an account it earns much more than if you spent it or saved it without earning interest in a savings account. The book I read used larger % examples I think around 2 or 3 % than today's but the point is to show your son how much money HIS MONEY will make them over time even if he only saves a small amount each month. I've read a few of the motley series books and they seem like they are all easy to understand but I remember it didn't feel like the author was talking down to me like I'm just a teen with silly reasons to spend money.

TrulyStashin

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Re: Financial education resources for teenagers/ young adults
« Reply #5 on: December 29, 2014, 07:50:34 AM »
Hi, I remember reading a book geared towards teens and kids a few years ago. I don't know the exact name of it but I found one by the same company (might even be the one I read looks familiar enough but I can't tell if it's been rewritten) at this link http://www.amazon.com/Motley-Fool-Investment-Guide-Teens/dp/0743229967 for sale on amazon could look around for a better price or look for a used copy. I am 17 and I have always been interested in books about money and used to look at and read them while my mom shopped in Goodwill thrift stores. That was one of the ones i bought. I remember it had a chart that showed how if you save money and add to it and earn interest on it in an account it earns much more than if you spent it or saved it without earning interest in a savings account. The book I read used larger % examples I think around 2 or 3 % than today's but the point is to show your son how much money HIS MONEY will make them over time even if he only saves a small amount each month. I've read a few of the motley series books and they seem like they are all easy to understand but I remember it didn't feel like the author was talking down to me like I'm just a teen with silly reasons to spend money.

Thanks!   Since I wrote my original post, my Son has come over to the "dark side."  J

He is slowly but steadily embracing a frugal lifestyle.  He has a Roth IRA brokerage account and owns stock in Apple and Logitech (his choices).  He recently approached me about a third company he wants to own stock in which he found while doing research, on his own.  He also recently switched his phone service to Page Plus.  So, he's making good progress.

I'll check out your recommendation.  Thanks for posting!

MaryByrne

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Re: Financial education resources for teenagers/ young adults
« Reply #6 on: December 29, 2014, 06:09:55 PM »
Glad to hear he has joined us on the dark side wahaha. Thanks for responding to my reply.

TrulyStashin

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Re: Financial education resources for teenagers/ young adults
« Reply #7 on: December 30, 2014, 07:56:19 AM »
MaryByrne, you might enjoy this podcast interview (second one down #127)) with Eva, a teen who blogs about money.  http://radicalpersonalfinance.com/

SingleMomDebt

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Re: Financial education resources for teenagers/ young adults
« Reply #8 on: December 30, 2014, 05:43:15 PM »
Re Vanguard. In high school I was fortunate to have a Vanguard rep come to our economics class. She made the most profound talk and I still have the material she discussed 20+ years ago. Perhaps if you could find a live discussion/class fit for teens? Would be an interesting resource to have. Will let you know if I find any myself.

soccerluvof4

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Re: Financial education resources for teenagers/ young adults
« Reply #9 on: December 31, 2014, 04:22:06 AM »
MaryByrne, you might enjoy this podcast interview (second one down #127)) with Eva, a teen who blogs about money.  http://radicalpersonalfinance.com/






That was a perfect thread for me to send to my two oldest 14,16. Thanks for the thread!

swick

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Re: Financial education resources for teenagers/ young adults
« Reply #10 on: January 05, 2015, 12:26:31 AM »
I am in the process of updating my website and all my resources. Soon I'll be pulling down my ebook - but thought some on this thread might find it a good resource. Its called: "The Art of Money Getting: Adapted For The Modern Teen Money-Getter" and is a modernization of P.T. Barnum's book but updated for Teens. Description of the book is here: http://growingcreativekids.com/shop/

If anyone would like a free copy (although I would be grateful for any feedback/testimonials/suggestions for improvement) send me a PM with your email address and I'll send you a copy :)


Peacefulwarrior

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Re: Financial education resources for teenagers/ young adults
« Reply #11 on: January 09, 2015, 12:51:15 PM »
You should take a look at Generation Change.

It's not only hardcore money lessons but it also works on a more fundamental level which is necessary for lasting change.

Personally I don't believe in God, and their teaching is based on Christianity. Personally not a problem for me, still very valuable. I just think of their 'God' as my 'Truth' or 'Intelligence'.

Secretly Saving

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Re: Financial education resources for teenagers/ young adults
« Reply #12 on: February 11, 2015, 12:52:52 PM »
I would recommend two sources. 

First, the Kahn Academy (the fabulous math site) has added a mission to teach financial literacy. See:

http://www.practicalmoneyskills.com/personalfinance/experts/khanacademy/

Second, see Kaye Thomas' site at fairmark.com. Great book on stock options, which is how I found him. Recently, he wrote a book for young adults to become more financially savvy. See:

http://fairmark.com/books/thatthing.htm

Deano,
I am a teacher and would love to teach a financial literacy course.  Is your certification in economics? 

Deano

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Re: Financial education resources for teenagers/ young adults
« Reply #13 on: February 20, 2015, 10:06:49 PM »
Sorry for the tardy reply-was on an internet diet.

No, not economics, though I had a few courses in it. I'm not sure where you are, but Ontario has started to do some excellent work in this area. I actually worked it in with a few different courses, and that's the gist of the Min of Ed's push in Ontario. PM me and I can give you some resources to check out.

GizmoTX

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Re: Financial education resources for teenagers/ young adults
« Reply #14 on: February 23, 2015, 12:49:24 PM »
Boy Scouting has a merit badge called Personal Management that is required before a boy can become an Eagle Scout. PM covers money & time management in an age appropriate manner, & was a timely part of my son's financial education. One of its requirements is to create an appropriate budget & then track saving & spending for 13 weeks. While it is BSA specific, the Personal Management booklet does a good job of concisely explaining many important concepts, including compound interest & (avoiding) credit card debt. This could be a good reference.

lizzie

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Re: Financial education resources for teenagers/ young adults
« Reply #15 on: February 23, 2015, 01:08:30 PM »
Just posting so I can follow/find again.

zolotiyeruki

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Re: Financial education resources for teenagers/ young adults
« Reply #16 on: February 25, 2015, 08:42:03 AM »
Boy Scouting has a merit badge called Personal Management that is required before a boy can become an Eagle Scout. PM covers money & time management in an age appropriate manner, & was a timely part of my son's financial education. One of its requirements is to create an appropriate budget & then track saving & spending for 13 weeks. While it is BSA specific, the Personal Management booklet does a good job of concisely explaining many important concepts, including compound interest & (avoiding) credit card debt. This could be a good reference.
Dangit, Gizmo, you stole my thunder!  I was about to recommend that exact thing...

 

Wow, a phone plan for fifteen bucks!