# books of financial advice for young person - what would you recommend



## Gordanus (16 Jul 2014)

(Mods, please move if I'm in the wrong forum)

My youngster, aged 22, has been working for the last few years and had mismanaged money to the extent that he hasn't got a penny.  And won't do the things I suggest to earn an extra few bob.  Couldn't be arsed cleaning his flat when he left as "sure I'll never get the deposit back anyway".  Finally makes lunch to bring to work, but still needs new clothes with frightening frequency.  Won't record his spending (probably because I suggested it).

I can't understand this.  When I was his age, I didn't know what to spend all my earnings on, as I was used to only pocket money.  But of course in 1980, we only HAD three sets of clothing, and didn't think we needed more 

Anyway, I found Suzie Orman's book "9 Steps to Financial Freedom" great when I was in my 30s (mainly for the personal/psychological attitudes to money) but what would be a good book for a young person now?  Preferably for a young person on this side of the Atlantic.

Anyone got any suggestions?  I think a book that covers the personal/psychological blocks about money would be more useful than a straightforward financial guide.


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## Marc (17 Jul 2014)

I'd recommend The Behaviour Gap by Carl Richards.


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## Gordanus (17 Jul 2014)

Thanks for that, Marc, but it looks like it's more about investing.  I don't think he's even anywhere near that!  

He needs to learn about budgeting: how and why, and why he's overspending on stuff he doesn't in anyway need.  He's a bit like that 80s character Loadzamoney, except that he hasn't actually got lots of money.


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## Bronte (17 Jul 2014)

I recommend Maxed Out, for how credit is a trap. 

In that regard I note that in the UK they are now suggesting bank cards for 9 year olds. 

Sounds like your 22 year old needs to get burned a few times before he will learn. And he is progressing if he's making his own lunch. 

Bailing him out is not a good idea, or him believing you will always be there to bail him out may be the root of his problem. Or maybe he's just one of those 22 year olds that thinks money grows on trees. There does seem to be a lot of them from the celtic cub era.  The ones who rely on the bank of Mom and Dad.  Have you been an enabler?


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## Gordanus (17 Jul 2014)

Thanks, Bronte, I looked that up - it's a film!  Probably more useful to him than a book 

Yes, I used let the borrowed money slide and not get it repaid, but now I insist that it's repaid and even sometimes refuse to lend any.  

I can't understand where he got this attitude from, I've never been flush and always have had to budget and spend wisely. We've discussed money from when he was young and he always had to manage his pocket money, and did this well.  

Any other suggestions gratefully accepted!


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## Bronte (17 Jul 2014)

It is most definitely a book as I've read it and I've never seen the film.  Check on Amazon.  Not sure where I got mine from, I think my OH bought it as a present for me.


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## 44brendan (17 Jul 2014)

OP you are wasting your time looking for a book. Having had plenty of experience with my own brood I can verify that if lessons like this are not learned through life experience there is no way that this book will be read based on attitude as described. He is now 22 and working ergo responsible for himself. Advise him by all means and make it clear that if he does get into any financial difficulties, it will be up to him to get out of them and you will not be there to bail him out. 
I was never to bothered myself when I was that age about saving money. You learn as you grow older. Forget lending him money, this only encourages overspending.


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## wbbs (17 Jul 2014)

Could do worse than have a read of the MABS site for budgeting info or maybe pick up one of their info packs for him if you are near an office.


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## Branz (17 Jul 2014)

44brendan said:


> OP you are wasting your time looking for a book. Having had plenty of experience with my own brood I can verify that if lessons like this are not learned through life experience there is no way that this book will be read based on attitude as described. He is now 22 and working ergo responsible for himself. Advise him by all means and make it clear that if he does get into any financial difficulties, it will be up to him to get out of them and you will not be there to bail him out.
> I was never to bothered myself when I was that age about saving money. You learn as you grow older. Forget lending him money, this only encourages overspending.



Agree with this, except the bail out bit
Daddy might put the foot down but as for Mammy

OP: it can only come from within or his peers.
The only thing they appreciate from the parents is a handout.
At 22 with a job: he has never experienced "want"

There is an attitude out there that if bad stuff happens then they are victims and someone has to help or someone can be sued.
This is after they get labelled by the system.
The latest one I came across was "obsessive persecution delusions"


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## lchang (25 Jul 2014)

Rich dad, poor dad by Robert Kiyosaki


Sent from my iPhone using Tapatalk


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## Orga (25 Jul 2014)

It's a feature of being a parent that you want to protect your kids, to keep them safe. That's what I sense from you Gordanus, you love your son and you want to keep him safe. But, the thing is, he's an adult, 22 years old, working, trying to make his own way in the world, and you want to save him from the error of his ways. That's noble, it's something that a loving, caring parent would want. But, doesn't it also suggest that he's still your child, not yet your adult son? It can be hard for a parent to let their children make the mistakes that don't need to be made. But, it's necessary, because they are still growing and learning and they need to do that for themselves. You'll be there to support them, to love them still but your son has to learn for himself. How else will he gain the self-confidence, the insight, and sense of self-esteem that any parent wants for their child, unless he does it for himself? You're not alone in what you're describing, but the solution is not going to be found in giving your son a book or film. There are so many ways to approach the matter - one I've seen work well is to tell him you support him, you care about him, you have concerns about his financial behaviour and but that you respect that it's his business and that you won't interfere, but that if he wants to talk to you about your experience of managing money then you'd be happy to do so. Then, the hardest part, do nothing until he comes to you.


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