by Carol H Cox
Perhaps reading a personal finance book is not the most exciting way to spend an afternoon for most people, but it can be a great way for teens and young adults to learn some important money management skills they’ll need once they’re on their own.
You may be a young adult wanting to educate yourself about personal finance or maybe you’re a parent or grandparent searching for a helpful money book for a graduating high school senior. Whatever the case, choosing a personal finance book with an approach that matches the reader’s personality will likely be the easiest to digest.
Below are listed four of my favorites, each with it’s own distinctive style.
Book: I Will Teach You to Be Rich by Ramit Sethi
PERSONALITY TYPE: FUN-LOVING AND LAID-BACK
This book is entertaining and easygoing. It’s great for the high school grad who enjoys being told a funny story with a point. Don’t let the relaxed delivery fool you; the book is full of insightful tips and lots of information on money management.
Sethi sprinkles amusing stories throughout the book, often poking fun at his Indian heritage, to explain such themes as using credit to your advantage, budgeting and saving more efficiently, and using the most effective investment techniques. He also touches on other topics like retirement planning, purchasing a car or house, and saving for wedding expenses.
Even though this book was published in 2009, the subject matter is still very relevant and on point.
Book: Get a Financial Life by Beth Kobliner
Personality Type: Loves to dive into details and is forward-focused
This book is geared more towards millennials in their 20s and early 30s, but there is a lot of material here that applies to soon-to-be high school grads and college students. The book is ideal for those who don’t mind wading into the details and like to plan for what’s ahead. Kobliner covers the basics of choosing a bank, budgeting, student loans, and credit cards. She also gets into weightier topics like income taxes, insurance, retirement savings, and how to decide whether to rent a living space or buy a home.
The latter half of the book is a good preview of what’s ahead for the high school grad four or more years down the road. The book is full of valuable information presented in a straightforward, no nonsense manner.
Book: The Complete Guide to Personal Finance for Teenagers and College Students by Tamsen Butler
Personality Type: Prefers simplicity and likes input from peers
This book seems to be aimed primarily at high school students. In fact, the book is full of interesting case studies, many of which are written by actual high school students explaining in their own words about different experiences. Some case studies are a cautionary tale, focusing on what not to do (such as a young adult telling of his regret about taking out over $40,000 in student loans and how he’s struggling to pay them back).
Butler gives very clear simple explanations about how and where to save money, how to budget, credit cards basics and credit reports, and how to earn money. She covers these foundational topics in a very relatable fashion with easy to understand examples.
Book: Personal Finance for Teens by Carol H. Cox
Personality Type: No-nonsense, time-challenged and likes to shift focus
Okay, confession time: this one is my book. This book has no graphs, a minimum of tables, and simple language. Each chapter stands by itself so that the reader can jump around. High school juniors and seniors and recent grads are the focus audience. I imagined that I was talking to one of my daughters as I wrote this book, and I get each point across as easily and quickly as possible.
I cover the basics of employment and taxes, checking accounts, budgeting, credit cards and credit scores, paying for college, car costs, and retirement savings. At the end of every chapter is a quick review of highlights and suggested resources.
This book is a greater primer for high school students getting ready to leave the nest or for new college students.
Well, there you have four of my favorite books for helping teens/young adults learn about personal finance. If you have other favorites to add to this list, then please include them in comments below!
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