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, 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!
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'
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!