Summer Reading – Part 1
This year’s summer reading list is coming in 4 parts – Part 1 contains three books that I actually read for the first time this summer 2021.
Why Didn’t They Teach Me This in School?: 99 Personal Money Management Principles To Live By. This book is great for young professionals or folks starting their independent financial journey.
Why I like this book:
- It’s incredibly easy to read. Each principle is only a page or two.
- You can quickly skip around and read just the parts that are most interesting to you.
- It has a companion workbook!
My favorite principles:
#8: Spend just one hour each week learning about personal finance. (maybe start with “Everything Real Estate Pros Need to Know About Financial Advice“)
#12: Always know the score – your net worth
#23: Have a saving vs. spending mind-set
#53: Don’t look for the financial home run – singles and doubles result in the long-term win.
There are a few principles in the book that I have minor quibbles with, but all in all, this is a solid book. I’d especially recommend it for anyone in their late teens/early 20s and/or anyone looking to really start turning around their finances for the first time. Even if that’s not you, consider giving it as a gift to someone in your life that is just starting out. Imagine the impact you could make a young person!
The Four Money Bears is a short picture book best suited for children aged 5-10. They’ll be introduced to Spender Bear, Saver Bear, Investor Bear, and Giver Bear.
Why I like this book:
- The 4 Bears each display the good and the bad sides of spending, saving, investing & giving.
- Each concept is explained simply and has vocabulary words that help kids understand it.
Even if you aren’t a parent, this book is a great gift for any kids in your life. The author also has a website with additional resources for teaching kids the basics of handling money.
Investing for Kids: How to Save, Invest & Grow Money
This book is actually for kids but parents, aunts, uncles, cousins, older siblings… y’all can read it too! The kids in your life would love for you to teach them about money. Even if you aren’t so sure yourself, this book is truly a great primer on investments.
Why I like this book:
- The book clearly and succinctly explains stocks, bonds, mutual funds, and other investments.
- Lots of fun facts about the history of money that I think kids will find super interesting.
- Personal note – I was a middle school math teacher many years ago so teaching kids about money is near and dear to my heart.
My key takeaways:
- Kids will learn about risk, reward, and diversification.
- Thanks to their age and compound interest, kids that invest early have the opportunity to really grow their savings exponentially!
- Kids can learn the basics of how to actually earn money themselves, choose investments, and evaluate other businesses.
One caveat: since this book is about investing, be sure to first teach the kids in your life about saving, spending, and giving. Once they understand the concept of budgeting, dive in to this book!
Investing for Kids is the last book that I’ve already finished this summer – the next part in this series are two evergreen books that I got a ton of value from and I’m confident you’ll get value from as well: Building a Story Brand and The One Page Financial Plan.
In the meantime, schedule some time if you just want to chat about one of these books or anything else!
