One of the most important lessons your kids can learn is how to handle money. You should teach your children about money from a young age. Lessons should accelerate for teenagers, who need to start putting smart money principles into practice.
If you want your teenager to learn about money, one resource to turn to is Success 101 for Teens: Dollar and Sense for a Winning Financial Life by Mark Hansen and Kevin Ferber. This handbook is simple and straightforward, and it provides a roadmap teens can begin following now to make better financial decisions later.
The book starts off with simple concepts, including how to define your own version of success. Hansen and Ferber introduce the idea of success, and outline the basics of a successful financial strategy. He defines the strategies that should be used when planning for financial success, including a brief overview of saving, giving, learning, entrepreneurship, and planning. After a brief introduction, he goes right into the details of each of the principles of financial success.
What’s Included in Success 101 For Teens
Success 101 for Teens offers tips on budgeting, and includes information on creating a financial plan. Indeed, the back of the book includes worksheets for teenagers to use when they are creating a plan. They can write down a goal, and then work out a financial plan to achieve it. The book offers step by step instruction in how to plan finances. Also included is a glossary of common financial terms that can aid teenagers in making better decisions about their money. The entrepreneurship and careers chapter includes ideas for teens to make money, including social media consulting and babysitting.
Another useful feature of the book is that it includes technology tips. Since teens are so interested in technology, and many of them use computers and smart phones, it makes sense that there are tips on managing money and completing other financial transactions with the help of technology. Using technology can really help with money management, and I like that the authors included this concept in the book. It resonates with teenagers, and provides them with a way to make money management and smart financial choices a little more interesting and fun.
Could the Book Provide More Information?
While I like the book as a general introduction to money and financial success, I do think that could be a little more to it. More information on investing is worth considering, and the chapter that includes entrepreneurship could be beefed up a little bit as well. Tips on choosing a career, and looking for a job would be useful as well.
Over all, though, this book is a decent resource. It is short and sweet, and easy for beginners to understand. It’s a great way for teenagers to learn the basics, and start practicing good financial habits. Once teens have the concepts in Success 101 for Teens learned, they can begin building on them, and developing other financial habits that will give them an even greater head start on their financial lives.
Miranda is freelance journalist. She specializes in topics related to money, especially personal finance, small business, and investing. You can read more of my writing at Planting Money Seeds.