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The fourth and final slice is called “Debt,” which explains debt, credit cards, and paying for college. The third slice, “Growing Your Savings,” is dedicated to investing and compound growth. The second slice is titled “Saving” and does an excellent job covering the basics of tracking spending and saving money, even on a small income. The book includes an engaging introductory section followed by four larger sections, each referred to as “slices.” The first slice covers “You” and is focused on the reader’s relationship to money, behavior with money, and future goals. Rather than just telling, Burkholder shows the reader why and how managing money well is so important. Burkholder’s writing is entertaining and clear, offering the young reader plenty of relatable anecdotes, examples, and hypothetical questions to ponder. “I Want More Pizza” by Steve Burkholder approaches the subject of personal finance in a way that’s accessible to kids. Along with his consistent highlighting of the power of compounding and the great advantages of investing at a young age, this read is sure to resonate with young investing enthusiasts. Zisa, who is a Certified Financial Education Instructor (CFEI) through the National Financial Educators Council (NFEC), a member of the Personal Finance Speakers Association (PFSA), and the Global Association of Teachers of Economics (GATE), has a knack for explaining complex concepts in a clear way. While this may sound very grown-up, and in some ways it is, this book, updated in 2020, is unquestionably written for the intelligent teen reader. Zisa offers comprehensive answers to questions like “What is investing?” and “Why should I invest in stocks?” as well as guidance on frugal investing, alternative investments, mutual funds, ETFs, and the basic concepts of investing and financial planning. Sethi offers an alternative to this all-or-nothing approach and does so in simple actionable steps that encourage lifelong financial responsibility.Īuthored by Michael Zisa, “The Early Investor” is an excellent read for any motivated young person who has an interest in investing and wealth building. In the book, Sethi argues that many young people fail to build wealth not because it’s difficult or impossible, but because they become so overwhelmed with minutiae-like attempting to time the market perfectly before investing or endlessly analyzing the difference between two very similar portfolios-that they often do nothing rather than risk making the “wrong” decision. Sethi’s New York Times best-selling book offers a simplified approach to financial literacy that focuses on motivation and goal setting rather than reactionary decision making or painstaking optimization.
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Additionally, Sethi’s advice on navigating student loans, using credit responsibly, and building a life free of both excess debt and a constant desire for more, are highly applicable for teens on the precipice of independence. Sethi’s writing style and straight-talking stance on financial responsibility will resonate with young readers. “I Will Teach You to Be Rich” by Ramit Sethi is a great book for older teenagers who want to begin adulthood on the right financial foot. Some books are even suitable for pre-teens, and all of them strike a great balance between educating and empowering the reader. With all that in mind, here are the best finance books for teens of various ages and reading levels. That education can begin with something as simple as reading a book, and it could have a huge impact on the financial trajectory a person follows throughout the course of their life.
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Research from the National Bureau of Economic Research has repeatedly shown that people who learn about financial literacy as teenagers are more likely to save money for retirement and that those with a low level of financial literacy are less likely to plan for retirement and more likely to take on excess debt. That leaves many young people feeling lost when it comes to basic money management. Rowe Price’s 2019 Parents, Kids & Money Survey , 75% of kids said they wished their parents taught them more about money, and 72% said that their parents are “always worried about money.” Generational financial illiteracy is a frequently discussed issue in the United States, but most schools do not teach it, even at the high school level.