I have a 19-year old brother in college and I want to get him started on managing his personal finances so he's in better shape than I am when he gets to be my age. I'm 30 and have just recently begun to held a grip on my financial situation.
2007-03-13 12:25:27 · 5 answers · asked by mzmexico 1 in Business & Finance ➔ Personal Finance
Suze Orman "The Money Book for the Young, Fabulous, & Broke" is really easy to read and is divided into logical sections.
Liz Pulliam-Weston "Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future" is a bit dry, but offers valuable information.
Clark Howard has podcasts from his radio show that are archived on his website... perhaps you could burn the MP3s to a CD?
I really like David Bach's works, but that may be a bit too much for him at 19.
2007-03-13 12:33:00 · answer #1 · answered by Anonymous · 0⤊ 0⤋
For a person just starting out, I'd recommend "The Wealthy Barber" by David Chilton.
It is an excellent beginners book as the book tells a story and has a plot, rather than giving a technical overview to financial planning. I think this helps keep beginners interested in the topic rather than scaring them off with a bunch of stuff they don't understand.
The plot revolves around 3 people, the main character (Dave, a teacher), his self-employed, wealthy sister (Cathy, Landscape Business owner), and their friend (Tom, a plant worker). Dave goes looking for financial advice and after asking his father, he is pointed to Roy, the town barber. The 4 of them have monthly meetings as they get their hair cut, where Roy teaches them a tidbit on financial planning at each meeting. The topics covered include The Ten Percent Solution (fun money for retirement), Wills and Life Insurance, Planning for Retirement, Real Estate Investment, Saving, and Taxes.
The book isn't a complete guide to financial planning. It will definately give a person a good start, but further research is required to get a complete picture of personal finance and financial planning.
You might want to check out classes at the local colleges or community colleges. I took a Personal Financial Planning as an elective for my MBA and it was the most useful class I had taken in my educational career. Personally, I think Personal Finance should be required for all Undergrad degrees if not for all high school degrees.
2007-03-13 20:43:06 · answer #2 · answered by Slider728 6 · 1⤊ 0⤋
Dave Ramsey has a couple of wonderful books. Deals with common sense approach to personal finance (debts, savings, investing).
As a side note, Ramsey is an advocate of no debt and saving for large purchases. My 19 yr. old son listens to Ramsey with me and is "on board" the program. His 19 yr. old buddy just bought a new truck paying $250 a month (I can only imagine the length of that loan). My son said he spoke to his friend about saving and not going into debt. His friend says it is the AMERICAN WAY to have debt. Pretty sad.
2007-03-13 20:26:04 · answer #3 · answered by cramer.fan 2 · 0⤊ 0⤋
Personal Finance for Dummies. Simple and comprehensive, covering retirement planning, insurance, money saving and budgeting tips, investing, taxes, real estate, and more.
Also a good list at this URL
http://www.moneyandfreedom.org/resources-basicsofpersonalfinance.html
Be blessed,
2007-03-13 20:02:08 · answer #4 · answered by Ethan 3 · 0⤊ 0⤋
"Rich Dad, Poor Dad" by Robert Kiosaki, actually he has a whole series of books, but this is a good one to start with.
IT will help reprogram the misconceptions that today's society places on people..
2007-03-13 19:28:33 · answer #5 · answered by m34tba11 5 · 0⤊ 1⤋