For many young people, gaining the knowledge to take action to build a financially free future for themselves can sometimes seem overwhelming or like they aren’t ready for it. But the fact is that he sooner teenagers and young adults can start building that knowledge, the better. They have the advantage of their age, which means that they could already be 5 or 10 years ahead of their peers when they start thinking about wealth creation.
So, to help them along their journey, we have assembled the top 5 books we recommend teenagers read to improve their financial education.
“Rich Dad Poor Dad” by Robert Kiyosaki
“Rich Dad, Poor Dad” is a story about Robert Kiyosaki and his ‘two’ dads; his Father and his best friend’s father, and how they shaped his financial views growing up. The book explains how wealthy people will invest in assets rather than liabilities, and how fear of failure can be most people’s biggest downfalls.
You Were Born Rich by Bob Proctor
“You Were Born Rich” explains how every individual has the potential to achieve not only their financial aspirations, but also their physical, emotional, and spiritual aspirations. It teaches its readers that hard work builds money, and there is no way to get rich quick, and how reading and learning can only do so much. The only way to build real wealth is to take action.
“The Cashflow Quadrant” by Robert Kiyosaki
“The Cashflow Quadrant” presents readers with a type of “road map” they can follow in order to progress from ‘Employee’ to ‘Investor’. It explains the difference between active and passive income and is a great way for teenagers and young adults to learn and develop a plan of action for wealth creation.
“The Freedom Warrior” by Salena Kulkarni
“The Freedom Warrior” is an excellent way for young people to start learning about alternative investments and the best practices that young investors can take to navigate the market when they do decide to enter and start their wealth creation journey
The Richest Man in Babylon by George S. Clason
This book is perhaps one of the best foundations for young people in wealth creation. “The Richest Man in Babylon” teaches its readers about the importance of paying yourself first and living within your means. It provides the knowledge around making money work for you, and how investing in oneself through personal development increases your ability to build wealth.
For more information about how teenagers can build their own wealth creation knowledge, head to www.tomorrowsyouth.com.au or call 1300 039 662.