Got two high schoolers that I want to be financially literate and get basic business information?
Where are some good resources for this?
Where are some good resources for this?
8:10a, 11/8/23
No personal experience but I think Dave Ramsey offers a course geared towards teenagers. Good for you for doing this. I need to start thinking about this for my kids.
8:20a, 11/8/23
People have issues with some of Kiyosaki's views on personal property not being an asset, but I think his book is very easy for kids to understand. His cash flow chart for wealthy versus poor is fundamental that should be taught in every HS.
11:07a, 11/8/23
In reply to TheBonifaceOption
Bogleheads: https://www.bogleheads.org/wiki/Bogleheads%C2%AE_investment_philosophy
Personal Finance Flowchart:TheBonifaceOption said:
Where are some good resources for this?
Bogleheads: https://www.bogleheads.org/wiki/Bogleheads%C2%AE_investment_philosophy
11:11a, 11/8/23
I tend to agree with Kiyosaki about your home not being an investment. Because
1) every penny you put toward PITI is liability (accrual basis)
2) thus every penny you pay is not free to invest, so your cash-on-cash return for the equity is bad because...
3) RE indexes to inflation, thus the equity in the home is an elaborate savings account.
1) every penny you put toward PITI is liability (accrual basis)
2) thus every penny you pay is not free to invest, so your cash-on-cash return for the equity is bad because...
3) RE indexes to inflation, thus the equity in the home is an elaborate savings account.
3:42p, 11/9/23
I think I Will Teach You to Be Rich by Ramit Sethi would be a good book for younger people to read. Good advice on budgeting, credit cards, investing, etc. while still allowing you to spend wisely on fun stuff. It's an easy read and formatted in a way that younger people would enjoy it. I was in my early 20s when I first read it, and it is what really kickstarted me becoming more financially literate.
As for courses, I've never really been exposed to anything other than the Dave Ramsey course through our church. And I didn't really get anything out of that.
As for courses, I've never really been exposed to anything other than the Dave Ramsey course through our church. And I didn't really get anything out of that.
10:13a, 11/10/23
Millionaire next door is a good book for them to read.
I'm also a fan of The Money Guys and their FOO (Financial order of operations).
Might be a little early for them in regards to structuring their finances.. but never to early to start the building blocks to financial wellness.
I'm also a fan of The Money Guys and their FOO (Financial order of operations).
Might be a little early for them in regards to structuring their finances.. but never to early to start the building blocks to financial wellness.
11:30a, 11/10/23
In reply to MyNameIsJeff
I second I Will Teach You to be Rich
I also liked "Just Keep Buying" by Nick Maggiulli. He's a math guy who works for a wealth management firm. He uses math and stats to break down some common personal finance myths and does so in a very understandable way.
I also liked "Just Keep Buying" by Nick Maggiulli. He's a math guy who works for a wealth management firm. He uses math and stats to break down some common personal finance myths and does so in a very understandable way.
5:15p, 11/13/23
High school economics teacher gave us homework the first day of class. Assignment was to figure out how much money you would have if you start working at 22 years old, retire at 65, and invest $150 a month and get 10% return. Result was $1 million dollars.
Second day homework was to take your million dollars with the same 10% interest and figure out how much you would have left over if you withdraw $100,000 a year and die at 85. We all learned that we would get paid in perpetuity and the principal never went down.
Third day homework was to withdraw only $50k, die at 85, and see how much money you left to your descendants and what annual income you could provide to them forever. Teacher said if you only learn one thing in this class, learn the power of compound interest / return-on-investment and how to use it to your advantage to secure your financial future and your family's future.
Very simple lesson, but it changed my life. I'd start with something basic for your kids and worry about all the investment stuff when they have a real job and salary and can save some real money.
Second day homework was to take your million dollars with the same 10% interest and figure out how much you would have left over if you withdraw $100,000 a year and die at 85. We all learned that we would get paid in perpetuity and the principal never went down.
Third day homework was to withdraw only $50k, die at 85, and see how much money you left to your descendants and what annual income you could provide to them forever. Teacher said if you only learn one thing in this class, learn the power of compound interest / return-on-investment and how to use it to your advantage to secure your financial future and your family's future.
Very simple lesson, but it changed my life. I'd start with something basic for your kids and worry about all the investment stuff when they have a real job and salary and can save some real money.
8:17a, 11/15/23
In reply to MyNameIsJeff
Ramit also has a Netflix TV series as well which would be good for youngsters.
It shows millennials realizing in their 30s that what they did in their 20s mattered in terms of saving. It shows them you will "get older."
But it only shows people on the east and west coasts so keep that in mind as well.
It shows millennials realizing in their 30s that what they did in their 20s mattered in terms of saving. It shows them you will "get older."
But it only shows people on the east and west coasts so keep that in mind as well.
8:41a, 11/15/23
In reply to TheMasterplan
Yeah we watched that a few months back. Some pretty bizarre people in the show. I wouldn't suggest it.TheMasterplan said:
Ramit also has a Netflix TV series as well which would be good for youngsters.
It shows millennials realizing in their 30s that what they did in their 20s mattered in terms of saving. It shows them you will "get older."
But it only shows people on the east and west coasts so keep that in mind as well.
1:30p, 11/15/23
In reply to MyNameIsJeff
I agree.
It's a good show as a lesson of what not to be and situations to avoid.
It's a good show as a lesson of what not to be and situations to avoid.
12:55p, 11/18/23
In reply to TheBonifaceOption
I recommend this book for young people: The Financial Rules For New College Graduates.
TheBonifaceOption said:
Got two high schoolers that I want to be financially literate and get basic business information?
Where are some good resources for this?
I recommend this book for young people: The Financial Rules For New College Graduates.
8:10p, 11/21/23
How I Invest My Money is a collection of 25 financial experts & how they navigate markets with their own capital. My advisor is in there.
Ronnie '88
8:02p, 2/18/24
In reply to Brian Earl Spilner
My kids brought home a Dave Ramsey work book from high school that had credit, debt, interest rates, stocks, a lot of the basics. Was great they heard a lot of the same principles just not from Dad again.
Brian Earl Spilner said:
I wish schools did this. But good to see parents doing this for their kids.
My kids brought home a Dave Ramsey work book from high school that had credit, debt, interest rates, stocks, a lot of the basics. Was great they heard a lot of the same principles just not from Dad again.
3:56a, 4/25/24
Some time ago, I was an active Coursera user, and there are for sure some good courses.
Dave Ramsey also has some good courses, but I've never checked them.
I also know a few good resources which my friends recommended to me, but I've checked just a few of them. But there is one site I can recommend, which I've used and which provides a lot of useful information. You can look through the programs by chartered financial analyst institute and I'm sure that there will be something which will satisfy your needs. As for me, those study notes cover a lot of essential topics and information.
2:24p, 4/25/24
In reply to agnerd
I could see that having a lot more impact if you actually worked it out with a pen and paper. It would be laborious as hell but when you start writing down those big numbers toward the end, I think that would make the lesson "stick" a lot better.
4:21p, 4/25/24
from Bogleheads:
Ramsey's schtick is all for psychologically weak people, helping the poor get slightly less poor
He thinks there are zero advantages to having credit cards in any capacity, when there are clearly substantial advantages
I think at one point he said something about how he would turn down an offer for an interest free 7 figure loan because 'there's no such thing as good debt', completely asinine
Quote:
If your net worth is above 0, Ramsey has 0 to offer you.
Ramsey's schtick is all for psychologically weak people, helping the poor get slightly less poor
He thinks there are zero advantages to having credit cards in any capacity, when there are clearly substantial advantages
I think at one point he said something about how he would turn down an offer for an interest free 7 figure loan because 'there's no such thing as good debt', completely asinine