My Kids Will Not Soil Themselves in a Bookstore Thinking About Their Financial Future
If there is one thing that I am pretty cranked about regarding my childhood it would have to be my financial education. My parents decided to try and teach me the value of money growing up. When most of my friends were getting an allowance of $5/week doing nothing, I was getting $0.25/week working my ass off doing chores.
This really only taught my two things:
- My parents were really cheap
- Delegating the chores to my friends was really easy
I think most parents try to teach their children the things they felt they were “cheated” on growing up. In my case it would be for my children to learn about money, more importantly the power of compound interest.
Several years ago I thought that it was time to begin planning for my retirement. When I was in a local book shop I saw a copy of David Bach’s “Start Late Finish Rich.” Upon reading the title I panicked. [At 27] I thought for sure I was way behind and would end being that 80 year old man that still heads to the office carrying his briefcase that is 50 years old. Once I stopped hyperventilating I took a quick glance around the store to ensure that no one just witnessed me “mentally wetting my pants” and took the book off the shelf to make a purchase.
Once I read through the book I was relived to learn that the book was written for people in their 50’s and 60’s that had no retirement planning set in place. I felt a bit better about my situation.
Even though the book was geared towards much older people than myself, there were still many things that I took away from the book that increased my financial knowledge. I learned a ton about the power of compound interest, how much money I should be putting away for retirement, and finally what exactly “pay yourself first” actually meant.
I also picked up a copy of his book called “Smart Couples Finish Rich” which is another fantastic book by David Bach. It really showed my the power that my wife and I had to combine forces and become the Voltron of financial awesomeness.
This post wasn’t really intended to be a book review, so I will stop raving about David Bach right now. The purpose of me typing all these words was to stress how important it is that we teach our children about how money works. My parents really came no where near close to teaching me about money through there strategies. In fact it was their fault that in the middle of a crowded book store I had a little freak out. From reading through these books I feel that I have a solid enough background to give my children a good start in Money 101, and hopefully have them avoid any kind of retirement induced panic attack.
To those of you parents that “feel me” on this I recommend that you head to a library and check out a few books written by David Bach, or if you are like me and feel the need to actually own books you should probably get started by doing a little price comparison of David Bach books on Amazon.com
Do you have a favourite financial book? If you do please share in the comment section below. I would love to get some recommendations