Financial Literacy for Millennials: A Practical Guide to Managing Your Financial Life for Teens, College Students, and Young Adults
216
Financial Literacy for Millennials: A Practical Guide to Managing Your Financial Life for Teens, College Students, and Young Adults
216Hardcover(New Edition)
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Overview
There is growing awareness that teaching consumers more about finance is an urgent national priority—and that their education should begin early. Combining practical advice with targeted information on virtually every aspect of personal finance and money management, this book is the ideal resource for young people who want to start off their financial lives properly.
The guide updates traditional personal finance topics, such as budgeting, credit, debt, savings, and investment, and goes beyond those fundamentals to furbanish important life lessons on such concerns as career planning, starting a business, Internet fraud, and avoiding financial scams. It even provides useful background on the tax system, how to avoid bankruptcy, legal issues young adults often face, and the plethora of government benefits they can access. In fact, young readers will come away from this book with basic knowledge of every important area of personal finance.
Ideal for teens and young adults, the volume will prove useful to parents who want to educate their children about the wise use of money, preparing them to make independent financial decisions. In addition, this book can be used to meet the standards enacted in every state for developing a curriculum guide for teaching financial literacy to high school students. It can also serve as a primary or supplementary resource in personal finance or consumer economics courses for college students and adults.
Product Details
| ISBN-13: | 9781440834028 |
|---|---|
| Publisher: | Bloomsbury Academic |
| Publication date: | 08/22/2016 |
| Edition description: | New Edition |
| Pages: | 216 |
| Sales rank: | 1,087,134 |
| Product dimensions: | 6.14(w) x 9.21(h) x 0.56(d) |
| Age Range: | 12 - 18 Years |
About the Author
Table of Contents
Acknowledgments ix
Prologue: A Tale of Two Teens xi
1 Financial Planning 1
Money
Inflation
Personal Responsibility
Life Goals
Experts
Elements of a Financial Plan
Keeping Track
Giving Back
A Balanced Life.
2 Careers 10
Career Paths
Human Capital, Education, and Training
The Labor Market
Lifetime Income
Job Satisfaction
Compensation and Overtime
Negotiating Pay and Benefits
Careers to Consider
Experiential Work
Internships, Mentors, and References
3 Business and Entrepreneurship 21
Business Organization
The Language of Business
Startups
Franchises
Side Businesses
Real Estate
Sources of Funding
The Economy
Growth and Recession
International Business
4 Savings and Banking 33
Why Save? How to Save
Banking Basics
Bank Accounts
Automated Teller Machines
Prepaid Debit Cards
Other Financial Institutions
Fees and Services
Reconciliation
Mobile Payment Systems
Electronic Banking
Deposit Insurance
Bank Safety
5 Budgeting and Spending 48
How to Budget
Everyday Spending
Savings and Emergencies
Sample Budget
Automobiles
Renting an Apartment
Owning a Home
Renting versus Buying
College
Children
Value
Consumers Beware
6 Credit and Debt 61
Loans
Time Value of Money
Collateral and Repayment
Mortgages
Interest Rates
Amortization
Credit Cards
Automobile and Personal Loans
Credit Reports
Payday Lending
Debt Collection
Responsible Use
7 Bankruptcy 72
Why Bankruptcy? Types of Bankruptcy
Exempt Property
Discharge of Debts
Bankruptcy Process
Avoiding Bankruptcy
Credit Counseling
Business Bankruptcies, After Bankruptcy
8 Investments 82
Compounding
Understanding Risk
The Stock Market
Mutual Funds
Market Index Funds
Bonds
Treasury Securities and Money Market Funds
Derivatives
Commodities and Currencies
Other Investments
Losses
Safety of Financial Markets
9 Avoiding Financial Scams 97
Pyramid Schemes
Other Investment Frauds
Identity Theft
Safe Computers
Internet Scams
Bitcoins
Get Rich in Real Estate
Multi-Level Marketing
Day Trading
Gambling
Other Scams
Consumer Protection
10 Insurance 111
How Insurance Works
Property Insurance
Title Insurance
Renters Insurance
Cars and Other Vehicles
Health Insurance
Disability Insurance
Life Insurance
Liability Insurance
Social Media Risks
Insurance for Other Risks
11 Taxes 123
How Taxes Work
What Taxes Support
Sales Taxes
Income Taxes
Employment Taxes
Property Taxes
Other Taxes
Tax Expenditures
Taxes and Behavior
Tax Considerations for Business
12 Government Benefits 137
Social Security
Medicare
Poverty
Medicaid and the Affordable Care Act
Food Stamps
Student Loans
Home Loan Programs
Other Housing Support
Direct Financial Assistance
Job-Related Assistance
Other Benefit Programs
13 Legal Issues 152
Contracts
Prenuptial Agreements
Liability
Property
Intellectual Property
Accidents
Civil Litigation
Law in the Workplace
Using Lawyers
14 Growing Older 165
Retirement Plans
Pensions
How Much Do You Need? Wills and Estates
Trusts
Health Issues
Family Obligations
Appendix 1 Website Content 175
Appendix 2 Takeaway Tips 176
Top Ten Financial Tips
First Job Tips
Tips for College
Tips for Graduating Students
Appendix 3 Curriculum Planning 183
Index 185
What People are Saying About This
“Our young adults and college students will require many skills to succeed in today’s world, and chief among them will be understanding how to handle their money, no matter what career path they follow. Financial Literacy for Millennials provides a comprehensive, smart, and accessible knowledge base for today’s young people. Every student, before or after college, should read this book.”
“Working with millennials on a daily basis, I know that Financial Literacy for Millennials is a must-read for this group of young people. Smith uses compelling anecdotes to enhance the wealth of information he shares about all facets of financial decision-making. From personal finance and how to navigate the work environment to investing and how to be a savvy consumer, this book gives readers a head start on the road to financial independence.”
“Thoughtful planning and financial discipline are essential building blocks of adulthood. And on a wider scale, a thriving free enterprise system requires that individual citizens practice virtue and personal responsibility. Financial Literacy for Millennials offers a helpful toolbox of principles, tips, and lessons that will help young adults build their own lives and play a part in building broader prosperity.”
“Financial planning is a lifelong exercise, and it needs to start at an early age. Many providers of financial advice have biases and conflicts of interest, so young people need to be prepared or risk making bad choices about their money. Entirely objective, modern, and full of useful information not always found elsewhere, Financial Literacy for Millennials will give today’s students and young adults the foundation they need for a lifetime of smart financial decisions.”