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And what our experts say.

Literacy for kids

Do you have any recommendations for books that I can buy my 18 year old daughter for Xmas on the subject of pensions and investments so she can start to understand the subjects? She's young I know but I would like to get her started. Many thanks!

Nicki, Devon

15 November 2018

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Catherine Morgan - smaller 1.jpg (1)

Nicki, I am so happy that you’ve asked this question.

What a wonderful way to prepare your daughter for the big wide world of financial education! I’d recommend that you look at personal finance books but also non-financial books, as often the messages can be just as powerful in a non direct way.

Two of my favourite books are 'Rich Dad Poor Dad for Teens’ by Robert T. Kiyosaki and Jason Butler's 'Money Moments.’

Jason writes through stories and short chapters, which I think is always a positive with teenagers. It keeps their attention.

He covers some of the simple yet vital messages that I wish I had learnt in my 20’s such as changing mindset, dealing with spontaneous spending, spending your way to happiness and avoiding financial shocks. A very balanced way of understanding true financial wellbeing. Robert writes about some of the important personal finance areas such as compound interest and thinking outside of the salary box! Compound interest is such a powerful thing to learn early on as it encourages early saving habits. Small savings over a longer period of time.

Some other great ones to look at are ’The Millionaire Next Door’ by Thomas J Stanley and ‘Your Money or Your Life’ by Vicki Robin.

Denise Duffield-Thomas also writes around the subject of Money Mindset in her book ‘Get Rich Lucky Bitch’ which is also incredibly inspiring, particularly as your daughter would have grown up with lots of different messages about money from her friends, culture, society and your own influence. This book has helped a lot of my female audience to engage with some of their own fears around money, which more often than not can be more important than the factual information about investments and pensions. 

I would also recommend 'How to Win Friends and Influence People’ by Dale Carnegie as this will help her to think about how she deals with people and the importance of judgement and perception. 

If you buy her a book for Christmas, make sure to talk about the lessons afterwards.

Giving her some responsibility at this age would be a game changer, because she can start to implement some of her learnings.

Hope you find some inspiration in some of these books and suggestions.

Have a great Christmas!

Catherine x 

P.S. I have just launched the course below to cover exactly these issues, and it has been designed especially for women!

The Money Panel - 'In her financial shoes'

 

Holly adds...

Another idea would be to also open her up an online investment account. You can do this with Wealthify from as little as £1. There’s nothing like actually seeing your money going up and down, and reading about why, to bring this all to life. And to demystify it all!

 

 

Just be aware...

We are not regulated to give personal financial advice - This isn’t full-fat regulated financial advice. Boring Money is a publisher and not regulated by the FCA. 

This means we can't help with specific personal circumstances or recommend specific investment products. It also basically means that if we say something daft, you have no recourse to come back and complain.

We’re only allowed to give you a steer or share an opinion or tell you the facts - That said, we promise that our answer to you is an independent unbiased perspective with no commercial gain to make. If you need regulated financial advice, you can find a good adviser via sites such as Unbiased & Vouchedfor.

JISA | Budgeting | Investments | Literacy for kids

I have a delightful 12 year old daughter and she has just opened her first bank account. I am dreadful with money but I would like to know what I should teach her so that she does not pick up my bad financial habits. Do you have some top tips of things to teach our children so they are wise and responsible with money please?

Louise, Greater London

11 September 2017

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lesley-james.png (1)

Lesley James

Hi Louise. Wow, there are so many things I would say to my own younger self had I the chance, so its fantastic to hear your desire to help your daughter onto the right path.

Your daughter is not (yet) working, so for now, the money she sees being spent is your money. I would therefore suggest involving her in the household budget. Be open about decisions you make. And (if you’re brave enough) perhaps also about the impact of your own less than great decisions. You consider yourself ‘dreadful with money’ so, what have you had to sacrifice or miss out on as a result?

If you haven't already, then pocket money in exchange for completing certain tasks or simply passing over control of some of her personal expenditure will also help. The management of phone credit, for example, what is used, and what happens when it runs out. And let her put any savings she makes into that account she’s opened up.

Longer term, however, I have a tip for you both. In ‘The Richest Man in Babylon’ (George Samuel Clason), we are advised to ensure that “a part of all we earn remains ours to keep”. A tenth in fact, if possible. Or as Monica's father in Friends says "10% of your paycheck - where does it go?" (In the bank...)

Starting out with the attitude that you control your expenses and save often creates very positive life long habits. And wealth. Teaching your daughter could also be a great way to start trying to organise the same for your own finances.

Its never too late for us to make a difference to our long term financial health. Good luck, therefore, and happy saving.

 

 

Just be aware...

We are not regulated to give personal financial advice - This isn’t full-fat regulated financial advice. Boring Money is a publisher and not regulated by the FCA. 

This means we can't help with specific personal circumstances or recommend specific investment products. It also basically means that if we say something daft, you have no recourse to come back and complain.

We’re only allowed to give you a steer or share an opinion or tell you the facts - That said, we promise that our answer to you is an independent unbiased perspective with no commercial gain to make. If you need regulated financial advice, you can find a good adviser via sites such as Unbiased & Vouchedfor.

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