Author Topic: Single book on financial literacy to give to 17 year old?  (Read 1631 times)

Poundwise

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Single book on financial literacy to give to 17 year old?
« on: June 16, 2017, 08:28:15 AM »
I recently struck up a conversation with the babysitter of one of my children's friends.  She comes from a single parent home, and works two jobs after school. She's not an unpleasant girl, but the overwhelming impression I get from her is unhappiness and dissatisfaction. 

It came out that she wants study business in college, and my understanding is that she wants money, lots of it. It's probably been hard to grow up in this HCOL area.

Since she is earning money, I asked if she were investing in a Roth IRA. She had never heard of such a thing, and was intrigued, though a little suspicious. 

I would like to buy her a book about financial literacy, and maybe stick a paper in it with the name of a few websites that might help her learn more.  Wonder if anybody has a recommendation for a starter book on finances that would be helpful to a young adult who will need to learn this on her own?

Cwadda

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Re: Single book on financial literacy to give to 17 year old?
« Reply #1 on: June 16, 2017, 08:31:10 AM »
JLColins blog has been heralded within the MMM community as the best way for a beginner to learn about investing and personal finance. It's free and easily accessible. I think it's a masterpiece.

Nothlit

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Re: Single book on financial literacy to give to 17 year old?
« Reply #2 on: June 16, 2017, 09:19:12 AM »
If you think a physical book would carry more weight (no pun intended) vs. a web site, JL Collins has published a book containing basically the same content as his web site: The Simple Path to Wealth

Poundwise

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Re: Single book on financial literacy to give to 17 year old?
« Reply #3 on: June 16, 2017, 10:02:03 AM »
Thanks!! I have been skimming the website a little and it looks great!

Hopefully this resource will get this young lady thinking a little, and though she may not be ready/able to follow every bit of advice right away, at least she will know that it is there for her.

thrifty1

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Re: Single book on financial literacy to give to 17 year old?
« Reply #4 on: June 18, 2017, 08:39:51 AM »
Honestly what has helped me the most with a solid, easy to follow plan has been The Total Money Makeover. The baby steps and what not. Ive paid almost 40000 dollars off in debt this year alone and the investing principals are sound. Also they have a book recently out using the same principals for people getting ready to go to college. It is called Graduate survival guide. I purchased this for my sister.

Physicsteacher

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Re: Single book on financial literacy to give to 17 year old?
« Reply #5 on: June 18, 2017, 10:56:21 AM »
My dad had me read The Only Investment Guide You'll Ever Need when I was in junior high, and I gave copies to several of my students this year as graduation presents. Andrew Tobias emphasizes living beneath your means, keeping investment costs low, and the power of indexing. It's a comprehensive enough book that for most people it could actually be the only guide they need but isn't so packed with obscure topics as to be overwhelming. Mr. Tobias combines clarity with wit for a really enjoyable read.

Heinz

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Re: Single book on financial literacy to give to 17 year old?
« Reply #6 on: June 23, 2017, 07:56:57 PM »
I have enjoyed Jane Bryant Quinn's books.

Poundwise

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Re: Single book on financial literacy to give to 17 year old?
« Reply #7 on: June 24, 2017, 07:24:30 AM »
Thanks for these great suggestions!  I'll get these out of the library and look them over.  Then we'll pick one, stop by the ice cream store where she works in the summer, and quietly give it to her.   

Mrs.MLM

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Re: Single book on financial literacy to give to 17 year old?
« Reply #8 on: June 27, 2017, 12:56:23 PM »
Dave Ramsey's company has a new book out targeted to this age called The Graduate Survival Guide.

gmp029

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Re: Single book on financial literacy to give to 17 year old?
« Reply #9 on: June 27, 2017, 01:04:43 PM »
Automatic Millionaire by David Bach, with the caveat that it's a bit heavy on real estate and homeownership (it's from 2003). That was the first book I read on such things and it really resonated with me.

MDM

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Re: Single book on financial literacy to give to 17 year old?
« Reply #10 on: June 27, 2017, 07:12:43 PM »
Some shorter "getting started" reading material (note that these may not give identical advice, but following any of it will likely cause one to do well):
www.etf.com/docs/IfYouCan.pdf
http://jlcollinsnh.com/stock-series/
http://www.bogleheads.org/wiki/Category:Getting_started
https://www.bogleheads.org/forum/viewtopic.php?f=1&t=6211

Dusty Dog Ranch

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Re: Single book on financial literacy to give to 17 year old?
« Reply #11 on: June 27, 2017, 07:38:57 PM »
I really like Get a Financial Life by Beth Kobliner. It's specifically for young adults.