Author Topic: Best Introductory Financial Book for 19 Year-old?  (Read 2478 times)

NextTime

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Best Introductory Financial Book for 19 Year-old?
« on: July 24, 2018, 09:16:58 AM »
Looking to get a gift for son's swim teacher. He's done an amazing job and I wanted to get him a little something to say thank you since today is the last lesson before he heads back to college.  We chatted a little bit over the last couple months and at one time he mentioned he needs to figure out what to do with his money. I casually mentioned the total market index funds and anything he puts away at his young age would be extremely beneficial in the future.

I don't know how studious he is, so don't want anything to deep. "The Richest Man in Babylon" and "The Millionaire Next Door" came to mind, but was wondering if any of you have better ideas.

Lady SA

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Re: Best Introductory Financial Book for 19 Year-old?
« Reply #1 on: July 24, 2018, 09:27:25 AM »
A Simple Path to Wealth by Jim Collins is pretty great!

SimpleCycle

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Re: Best Introductory Financial Book for 19 Year-old?
« Reply #2 on: July 24, 2018, 09:28:55 AM »
If You Can, by William Bernstein, is an amazing introduction to personal finance and investing that provides an expanded reading list and self-education course if you are interested in going beyond the introduction.  It is 17 pages long and free, so it's likely to actually be read. http://efficientfrontier.com/ef/0adhoc/2books.htm

Frankies Girl

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Re: Best Introductory Financial Book for 19 Year-old?
« Reply #3 on: July 24, 2018, 09:29:07 AM »
Jim Collins' The Simple Path To Wealth
http://jlcollinsnh.com/stock-series/

He wrote it as a series of blog posts for his daughter originally and available online for free, but it was edited and packaged into book format so you can give it as a gift. In any case, the series is amazingly easy to understand, covers all the basics that everyone should know (but likely don't unless they're FIRE fans/Bogleheads) and is a fun to read. It covers the whole "how to save/invest/spend" thing for any adult. Forward was written by Mr. MM, and bonus is he's a member of the FIRE community.

It is going to be less of a dry read than the other two books often recommended, and will make much better sense to young people since it was written recently.

I'm not just a fan - I was one of the early readers of his blog and I credit his stock series (again what the book is based on) as one of the single largest influences in my education.

Reynolds531

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Re: Best Introductory Financial Book for 19 Year-old?
« Reply #4 on: July 25, 2018, 05:09:48 PM »
The Wealthy Barber!!

APowers

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Re: Best Introductory Financial Book for 19 Year-old?
« Reply #5 on: July 25, 2018, 05:13:00 PM »
Set For Life, by Scott Trench of BiggerPockets is great, and exactly the book I would give to a young person who wants to know how to be set up for success in his/her financial life.

Civex

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Re: Best Introductory Financial Book for 19 Year-old?
« Reply #6 on: July 25, 2018, 07:54:25 PM »
If You Can, by William Bernstein, is an amazing introduction to personal finance and investing that provides an expanded reading list and self-education course if you are interested in going beyond the introduction.  It is 17 pages long and free, so it's likely to actually be read. http://efficientfrontier.com/ef/0adhoc/2books.htm

+1

This is the book I always recommend if someone (especially younger) express an interest in learning about finances.


thesis

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Re: Best Introductory Financial Book for 19 Year-old?
« Reply #8 on: July 26, 2018, 08:12:56 AM »
Some people may take offense at this, but since college and likely debt is involved, Dave Ramsey's "Total Money Makeover" is a good start. I had a copy at the end of high school but still took out large student loans. The lessons were not lost on me, though, and I progressively made better decisions through college (private college -> community college -> cheapest quality state university -> paying some loans off while in school -> graduation -> living with parents to pay loans off -> debt free).

TMM also places a little more emphasis on the emergency fund. Your ability to invest during college is significantly impaired so I don't think it's the best thing to focus on, but if you have an old beater that is getting you to work so you can pay your way through school, you really want that emergency fund. People further into FI often scoff at large amounts in the bank but they usually have a sizeable stash and aren't affected too greatly by market downturns. These people often know more about taxes and have the time to study them. Just sayin'. Full FI will probably turn him off to the subject since the big barrier in front of him is college and everything that comes with that, but I guess you never know.

Millionaire Next Door is difficult to forget, it's short and sweet. Jacab's book "Early Retirement Extreme" would be especially relevant to someone in college, and is one of my all-time favorite books.
« Last Edit: July 26, 2018, 08:20:53 AM by thesis »

NewbStache

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Re: Best Introductory Financial Book for 19 Year-old?
« Reply #9 on: July 27, 2018, 08:14:31 AM »
If you're Canadian - The Value of Simple.

pachnik

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Re: Best Introductory Financial Book for 19 Year-old?
« Reply #10 on: July 27, 2018, 12:30:32 PM »
Some good suggestions here.   I would also like to recommend "Millionaire Teacher".   Talks about index funds and frugality. 

Acastus

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Re: Best Introductory Financial Book for 19 Year-old?
« Reply #11 on: July 27, 2018, 12:39:55 PM »
I am enjoying "How Money Works", Kathryn Hennessey, ed. It is much more of an Economics 101 or intro to MBA than a personal finance book, but it has lots of great graphics to help get the concepts across.