Top books youngsters should read to understand value of money

We all want to be wealthy, whether we are teenagers, members of Generation Z, or members of the millennial generation. But we often overlook the very first step that distinguishes a financially savvy investor from those who fail to manage their money properly.

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This is significant because simply having money and investing it in various stocks or asset classes will not make you wealthy. It’s all about creating wealth, and in order to do so, you must first understand the concept of money, which these ten books can help you with.

Must-read Books For Youngsters 

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I want more Pizza-How is pizza related to money education? You’ll understand why after reading this book. This is an excellent book for reluctant readers. Steve Burkholder’s I Want More Pizza, widely used in schools, is regarded as possibly the most digestible personal finance book for teens. The 2015 edition is divided into four “slices:” These four are as follows: You (goals, priorities, etc.), Investing (why and how to invest), Savings Growth (Including Investing), Debt (including credit card debt and college tuition)

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Many young readers, as well as many parents, will identify with Burkholder, who shares his personal story of saving $5,000 in high school by mowing lawns and working at McDonald’s, only to lose it all in the stock market before graduating from college. It was a costly lesson, but it fueled his desire to better understand personal finance and explain it to others.

How to Money: Your Ultimate Visual Guide to the Basics of Finance

Best-selling author and frequent TV guest Jean Chatzky collaborated on this book with Kathryn Tuggle, the HerMoney team, and illustrator Nina Cosford. It’s an appealing personal finance book that will be released in May 2022. With a refreshingly engaging tone, ‘How to Money’ covers all the fundamentals, such as budgeting, credit, investing, and taxes. Even those who do not intend to read it from beginning to end will find it a useful reference to consult when they have questions about a specific financial topic. That could also apply to adults.

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I Will Teach You to Be Rich

I Will Teach You to Be Rich by Ramit Sethi, published in 2019, is more of a general personal finance book. He makes personal finance fun and accessible with his no-holds-barred look at how to make yourself rich. Sethi’s book covers the usual ground—credit cards, banking, investing, and so on—but with an irreverent emphasis on actually having fun with money. A typical headline would go something like this: “How to spend extravagantly on the things you love and cut costs mercilessly on the things you don’t—without making an annoying budget.”

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The Psychology of Money

Many of you have probably heard of or been advised to read this book. The Psychology of Money is a quick read that demonstrates how the ability to achieve wealth is frequently dependent on healthy behavioral skills rather than intelligence — and that behavior is often difficult to teach. Morgan Housel’s arguments are supported by a series of short stories about people’s financial decisions. The book, according to Housel, is a deeper dive into the topics he discussed in his widely read 2018 report of the same name. Housel, a former Wall Street Journal and Motley Fool writer, is now a partner at Collaborative Fund, a venture capital firm.

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Rich dad Poor dad

This 2004 installment in Robert T. Kiyosaki’s best-selling Rich Dad, Poor Dad series, co-authored with Sharon L. Lechter, CPA, is widely regarded as one of the best books for teenagers. Concepts covered in Rich Dad Poor Dad include asset management, debt management, and moneymaking opportunities for young people.  Kiyosaki is the co-author of the 2008 book Why We Want You to Be Rich: Two Men, One Message with former President Donald Trump, in addition to his umpteen Rich Dad Poor Dad titles.