Financial Literacy
Explore resources to empower your financial freedom.
Books
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Rich Dad Poor Dad by Robert T. Kiyosaki.
Rich Dad Poor Dad is Robert's story of growing up with two dads his real father and the father of his best friend, his rich dad and the ways in which both men shaped his thoughts about money and investing. The book explodes the myth that you need to earn a high income to be rich and explains the difference between working for money and having your money work for you.
Buy it here!:
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I Will Teach You to Be Rich by Ramit Sethi
At last, for a generation that's materially ambitious yet financially clueless comes I Will Teach You To Be Rich, Ramit Sethi's 6-week personal finance program for 20-to-35-year-olds. A completely practical approach delivered with a nonjudgmental style that makes readers want to do what Sethi says, it is based around the four pillars of personal finance- banking, saving, budgeting, and investing-and the wealth-building ideas of personal entrepreneurship.
Buy it here!:
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The Simple Path to Wealth by JL Collins.
“In the dark, bewildering, trap-infested jungle of misinformation and opaque riddles that is the world of investment, JL Collins is the fatherly wizard on the side of the path, offering a simple map, warm words of encouragement and the tools to forge your way through with confidence. You'll never find a wiser advisor with a bigger heart.” -- Malachi Rempen: Filmmaker, cartoonist, author and self-described ruffian
This book grew out of a series of letters to my daughter concerning various things—mostly about money and investing—she was not yet quite ready to hear.
Since money is the single most powerful tool we have for navigating this complex world we’ve created, understanding it is critical.
“But Dad,” she once said, “I know money is important. I just don’t want to spend my life thinking about it.” This was eye-opening. I love this stuff. But most people have better things to do with their precious time. Bridges to build, diseases to cure, treaties to negotiate, mountains to climb, technologies to create, children to teach, businesses to run.
Unfortunately, benign neglect of things financial leaves you open to the charlatans of the financial world. The people who make investing endlessly complex, because if it can be made complex it becomes more profitable for them, more expensive for us, and we are forced into their waiting arms.
Here’s an important truth: Complex investments exist only to profit those who create and sell them. Not only are they more costly to the investor, they are less effective.
The simple approach I created for her and present now to you, is not only easy to understand and implement, it is more powerful than any other.
Together we’ll explore:Debt: Why you must avoid it and what to do if you have it.
The importance of having F-you Money.
How to think about money, and the unique way understanding this is key to building your wealth.
Where traditional investing advice goes wrong and what actually works.
What the stock market really is and how it really works.
Why the stock market always goes up and why most people still lose money investing in it.
How to invest in a raging bull, or bear, market.
Specific investments to implement these strategies.
The Wealth Building and Wealth Preservation phases of your investing life and why they are not always tied to your age.
How your asset allocation is tied to those phases and how to choose it.
How to simplify the sometimes confusing world of 401(k), 403(b), TSP, IRA and Roth accounts.
TRFs (Target Retirement Funds), HSAs (Health Savings Accounts) and RMDs (Required Minimum Distributions).
What investment firm to use and why the one I recommend is so far superior to the competition.
Why you should be very cautious when engaging an investment advisor and whether you need to at all.
Why and how you can be conned, and how to avoid becoming prey.
Why I don’t recommend dollar cost averaging.
What financial independence looks like and how to have your money support you.
What the 4% rule is and how to use it to safely spend your wealth.
The truth behind Social Security.
A Case Study on how this all can be implemented in real life.
Don’t let any of this intimidate you. Those that have gone before you say:
“….in his patented no-frills and often humorous style, JL makes it both approachable and simple. And powerful.”
“…effective message told in a visual, funny style.”
“…a refreshingly unique and approachable take on investing.”
“JL Collins has the gift of making boring financial concepts funny and interesting.”
“Instead of esoteric equations about measuring a stock's alpha and comparing it to its beta, he lights up the campfire and starts telling stories.”
Enjoy the read, and the journey!Buy it here!:
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Broke Millennial: Stop Scraping By and Get Your Financial Life Together by Erin Lowry.
Stop Living Paycheck to Paycheck and Get Your Financial Life Together (#GYFLT)!
If you’re a cash-strapped 20- or 30-something, it’s easy to get freaked out by finances. But you’re not doomed to spend your life drowning in debt or mystified by money. It’s time to stop scraping by and take control of your money and your life with this savvy and smart guide.
Broke Millennial shows step-by-step how to go from flat-broke to financial badass. Unlike most personal finance books out there, it doesn’t just cover boring stuff like credit card debt, investing, and dealing with the dreaded “B” word (budgeting). Financial expert Erin Lowry goes beyond the basics to tackle tricky money matters and situations most of us face #IRL, including:
- Understanding your relationship with moolah: do you treat it like a Tinder date or marriage material?
- Managing student loans without having a full-on panic attack
- What to do when you’re out with your crew and can’t afford to split the bill evenly
- How to get “financially naked” with your partner and find out his or her “number” (debt number, of course) . . . and much more.
Packed with refreshingly simple advice and hilarious true stories, Broke Millennial is the essential roadmap every financially clueless millennial needs to become a money master. So what are you waiting for? Let’s #GYFLT!Buy it here!:
Podcasts
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"Afford Anything" with Paula Pant
Host Paula Pant dives into the concept that you can afford anything, but not everything. She focuses on financial independence, smart money management, and building wealth, providing young adults with actionable advice to create a balanced financial future.
Link to Podcast:
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"How to Money" with Joel and Matt
This podcast covers all the basics of personal finance in a casual, approachable way. They discuss topics like budgeting, saving, investing, and student loans, making it relatable for young adults trying to get a handle on their finances.
Link to podcast:
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"The Financial Confessions" produced by The Financial Diet.
This podcast features candid conversations with guests about their financial struggles, successes, and lessons learned. It's perfect for young adults who want to hear relatable stories about real-life money issues, and it often touches on topics relevant to recent graduates and college students.
Link to Podcast:
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"BiggerPockets Money Podcast" with Mindy Jensen and Scott Trench.
This podcast helps listeners think beyond budgeting and saving, offering tips on how to build wealth through investing, real estate, and other long-term strategies. It's great for college students and young adults who want to start thinking about how to create multiple streams of income early on in their careers.
Link to Podcast:
Apps
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Rocket Money
Rocket Money is a comprehensive budgeting app that helps users track their spending, create budgets, and manage bills. It connects to your bank accounts and credit cards to provide a clear picture of your financial health. It's great for young adults who want to monitor their finances in one place and set financial goals like saving or paying off debt.
Link to app:
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YNAB (You Need a Budget)
YNAB is a powerful budgeting tool that teaches users to give every dollar a job, helping them live within their means and save for future goals. It’s perfect for young adults who want to learn how to actively manage their money, plan for expenses, and avoid debt by using a proactive approach to budgeting.
Link to app:
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PocketGuard
This app simplifies budgeting by showing you how much you have left to spend after accounting for bills, savings goals, and necessities. It’s ideal for those who want to avoid overspending and reduce financial stress while also working toward paying off debt or saving for big goals.
Link to app:
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Acorns
Acorns is an investment app that rounds up your everyday purchases and invests the spare change. It’s perfect for young adults who want to get started with investing but may not have large sums to contribute upfront. Over time, it helps build wealth through automated investing in diversified portfolios.
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