Money Smart for Young People.
Five Great Money Books for Young Adults. These easy- to- understand books will give you a solid grasp of personal finance - - with a healthy dose of kick- in- the- pants inspiration. So you want to learn more about personal finance but don't know where to begin? Finding information is not a problem. The amount of advice out there is overwhelming, especially when you're first starting out and aren't sure exactly what you're looking for - - or what you're doing. The trick is to find those gems of wisdom that'll teach you the basics of money management without leaving you feeling like you were hit by a bus.
Here are five great books that make finances simple. Whether you're looking for a basic guide to navigate your finances, a self- help book to start investing or a motivating tool to finally take your money habits seriously, there's something for every beginner here. Each book is easy to understand - - no math major required - - and all come recommended not only from me but from several of my colleagues at Kiplinger's. I've included the list price for each book, but you can find them at drastic discounts on the Web. Either way, they're well worth the investment. They also make great gifts, parents!)Life After School Explained. By Cap & Compass ($1.
If you're clueless and overwhelmed by what lies in store after you untie yourself from Mom and Dad's purse strings, this is a good book to get your feet wet. It's short and humorous and doesn't weigh you down with a lot of confusing terminology.
I read it cover to cover in about two hours and actually understood what it said - - without my eyes glazing over once. It's sprinkled with witty anecdotes, pop culture references and comic strips to keep the mood light, even though it discusses such heavy- weight topics as choosing a health insurance plan, filling out tax forms and investing your money. It also covers lighter- yet- important subjects, such as how to avoid looking stupid at a business meal, what to wear on your first day of work and what to look for in a good apartment. Life After School Explained is written by a team of young professionals who draw largely from their personal experiences in the real world. Its focus is for those who don't know anything about living on their own, which, whether we want to admit it or not, is probably most of us. It's basic, straight forward and a cinch to understand.
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Get a Financial Life: Personal Finance in Your Twenties and Thirties. By Beth Kobliner ($1. For a deeper understanding of financial principles to guide you through young adulthood, this is your bible. Here you'll find a collection of life's basic lessons on buying insurance, paying off debt, buying a home, saving money on taxes, managing your daily finances and investing for the long term.
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- If you can eliminate these areas of your spending just once, you will save money every month.
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- Even though not all of these are very comprehensive, I gotta hand it to you. this is one massive list of ways to make money. lol *thumbs up*.
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- Why wouldn't a person want to have a little extra money in his or her bank account? I think most people would probably be happy to have that extra padded account and.
- Meet the Twixters. They're not kids anymore, but they're not adults either. Why a new breed of young people won't — or can't — settle down.
- Introduction and guidance. Welcome to this free course, Managing my money for young adults.The course is made up of eight sessions, with approximately three hours of.
But just because it's comprehensive doesn't mean it'll bog you down. Get a Financial Life is surprisingly readable, yet works well as a reference, too. Chapter one is a 1. Kobliner calls it - - imparting quick financial wisdom on the book's entire range of topics. Then you can read the individual chapters for more information. Plus, the end of each chapter is capped off with a Cliffs.
Notes- type summary to make sure you didn't lose anything in translation. It's specifically written for the twenty- and thirty- something crowd, so you get tidbits of wisdom on topics and goals that you actually care about (for example, how to protect yourself when renting, how to pay off student loans and how to find the right mix for your investments when you're young).
Get it. Read it. Reference it often. Adults Traumatized By Child Abuse. The Wealthy Barber. By David Chilton ($1.
A big turn- off to reading a book about money is the snooze factor. Many are about as entertaining as a textbook. The Wealthy Barber, however, takes a novel approach to the self- help book - - it's written in a narrative.
It's the story of three young adults who realize that they don't know squat about how to create a long- term financial plan for their future. They turn to a parent for help who points them to an unlikely expert: The local barber, who managed to turn a low- wage job into a comfortable lifestyle with millions of dollars in the bank. The secrets imparted are simple and easy to follow, and it illustrates that you don't have to have a six- figure salary to live the good life."I have a very good friend who hands it out to almost anyone he knows and to kids when they graduate high school or college," says one of my colleagues at Kiplinger's. It ain't hip or cool, but it's decidedly simple." Agreed. The Wealthy Barber certainly isn't a John Grisham novel, but at 2.
I easily finished it in a weekend with plenty of time to re- evaluate my own long- term financial picture. Debt- Free By 3. 0. By Jason Anthony and Karl Cluck ($1. Most of the personal finance books for young adults are about how to get started on the right foot. Which is great, but what if you've already taken a misstep?
Financial Tips For Young Adults. Unfortunately, personal finance has not yet become a required subject in high school or college, so you might be fairly clueless about how to manage your money when you're out in the real world for the first time. To help you get started, we'll take a look at eight of the most important things to understand about money if you want to live a comfortable and prosperous life. Learn Self- Control. If you're lucky, your parents taught you this skill when you were a kid. If not, keep in mind that the sooner you learn the fine art of delaying gratification, the sooner you'll find it easy to keep your finances in order. Although you can effortlessly purchase an item on credit the minute you want it, it's better to wait until you've actually saved up the money. Do you really want to pay interest on a pair of jeans or a box of cereal?
To learn more about credit, check out Understanding Credit Card Interestand our Credit And Debt Management feature.)If you make a habit of putting all your purchases on credit cards, regardless of whether you can pay your bill in full at the end of the month, you might still be paying for those items in 1. If you want to keep your credit cards for the convenience factor or the rewards they offer, make sure to always pay your balance in full when the bill arrives, and don't carry more cards than you can keep track of. Take Control of Your Own Financial Future. Mommy And Daughter Dating Sites. If you don't learn to manage your own money, other people will find ways to (mis)manage it for you.
Some of these people may be ill- intentioned, like unscrupulous commission- based financial planners. Others may be well- meaning, but may not know what they're doing, like Grandma Betty who really wants you to buy a house even though you can only afford a treacherous adjustable- rate mortgage. Instead of relying on others for advice, take charge and read a few basic books on personal finance. Once you're armed with personal finance knowledge, don't let anyone catch you off guard - whether it's a significant other that slowly siphons your bank account or friends who want you to go out and blow tons of money with them every weekend. Understanding how money works is the first step toward making your money work for you.
To find out how to have fun and still save money, see Budget Without Blowing Off Your Friends.)Know Where Your Money Goes. Once you've gone through a few personal finance books, you'll realize how important it is to make sure your expenses aren't exceeding your income. The best way to do this is by budgeting.
Once you see how your morning java adds up over the course of a month, you'll realize that making small, manageable changes in your everyday expenses can have just as big of an impact on your financial situation as getting a raise. In addition, keeping your recurring monthly expenses as low as possible will also save you big bucks over time.
If you don't waste your money on a posh apartment now, you might be able to afford a nice condo or a house before you know it. Read more on budgeting in our Personal Finance feature.)Start an Emergency Fund. One of personal finance's oft- repeated mantras is "pay yourself first." No matter how much you owe in student loans or credit card debt, and no matter how low your salary may seem, it's wise to find some amount - any amount - of money in your budget to save in an emergency fund every month. Having money in savings to use for emergencies can really keep you out of trouble financially and help you sleep better at night. Also, if you get into the habit of saving money and treating it as a non- negotiable monthly "expense," pretty soon you'll have more than just emergency money saved up: you'll have retirement money, vacation money and even money for a home down payment.
Don't just sock away this money under your mattress; put it in a high- interest online savings account, a certificate of deposit or a money market account. Otherwise, inflation will erode the value of your savings.
Start Saving for Retirement Now. Just as you headed off to kindergarten with your parents' hope to prepare you for success in a world that seemed eons away, you need to prepare for your retirement well in advance. Because of the way compound interest works, the sooner you start saving, the less principal you'll have to invest to end up with the amount you need to retire and the sooner you'll be able to call working an "option" rather than a "necessity."Company- sponsored retirement plans are a particularly great choice because you get to put in pre- tax dollars and the contribution limits tend to be high (much more than you can contribute to an individual retirement plan). Also, companies will often match part of your contribution, which is like getting free money.
To learn more, see Understanding The Time Value Of Money and Retirement Savings Tips For 1. To 2. 4- Year- Olds.)Get a Grip on Taxes.
It's important to understand how income taxes work even before you get your first paycheck. How Much Exercise Is Recommended For Adults.
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