If you’re a Millennial, chances are that the mention of the words “finance books” makes you glaze over. But it’s also likely that a conversation about getting rich will make you perk up! For a generation that spent early adulthood in the recession, getting on stable financial footing might take a little more guidance and patience than it did for the previous generation.
Luckily, today’s finance gurus are offering their advice specifically for young people, geared towards helping you to get control of your finances while still leaving room for fun. Here are three of our favorites:
Does this situation sound familiar?: In her mid-twenties, photographer Anna Newell Jones found herself $24,000 in debt. At the time, she was only making around $30,000 per year. As a self-proclaimed spender, Anna knew that what she needed was to stop spending money all together. Rather than feeling pained by deprivation, Anna found the thrill in getting creative with her life while watching her debt disappear. Within 15 months, her debt was gone and she hasn’t looked back. If you have any debt at all, this book offers a step-by-step plan for digging yourself out quickly and setting yourself up for the future, along with fun ideas about eating, gifting, dressing and living as you save.
As a personal finance columnist for U.S. News & World Report, Kimberly Palmer began to see patterns in the questions that young people were asking. They weren’t just interested in paying off debt or investing; they were also interested in side hustles, giving back responsibly, and sharing mortgages both in and out of marriages. In other words, their concerns were different than the concerns of previous generations. While this book also covers paying off debt, it’s geared toward an audience that’s ready for the next steps. Palmer guides readers through the questions that they need to answer in order to feel financially prepared for the next stages of life in career, family, and social responsibility.
Despite the off putting title, this book is loaded with practical advice for a generation bombarded with options. Pay extra toward your student loans or put that money toward your $401k? Keep renting or buy a house? Stanford graduate Ramit Sethi offers advice for his contemporaries through a streamlined six-week plan. Love your lattes? Sethi says not to sweat the small stuff. Focus instead on how to make the money you need in order to shift your focus from penny pinching to big financial wins.
You can read all of the books we recommend and more, but ultimately the choice to build a strong financial future is yours. We can get you started with a MyLife Checking account- no maintenance fees, no minimum balance requirements, and a free monthly credit score update.