Instilling Financial Wisdom
Title: Stock Market Investing For Teens
Author: Myles West
ISBN: 9798416564322
Pages: 149
Theme Music: The FatRat Warrior Songs: Reminiscence
Ok, maybe the Theme Music was a little much, but I mainly listened to this while I read Myles West’s investment guide for teens and planned kiddo’s future. According to West, only 35% of kids 12-19 (as of 2021) had ever had a savings account, and though I agreed to read this book and leave an honest review in exchange for a free copy, I definitely sat and patted my back for having savings accounts for both my kids and choosing this particular title to review. I have always assumed helping children plan for their financial future was the norm, I did not realize how in the minority I was until this book.
While married to my oldest’s father, we suffered a lot of hardships, many that began and ended with financial irresponsibility and abuse. It was during those years that I realized how important it was to not just “agree” about money, but to understand when you are and are not speaking the same language when discussing money topics. It’s not enough to agree that it is “good to save,” questions like “how do you plan to save?” must also be answered accurately. Newsflash: “Win the Lottery” is not a good answer. Spending is a touchy subject too. Agreeing that bills should be paid on time is not the same thing as someone actually paying their bills on time, or even prioritizing those bills over their vices. And although I am grateful for the skills I learned while foraging for food in the woods when he kept grocery money from us so he could buy beer, that’s obviously not the place I want my kids to be in life. Ironically, I was reviewing financial books even then. I knew the “right” answers, but I didn’t know how to help my then spouse make the right choices. The new goal is to simply help my kids learn to make the right choices before they are married so they don’t find themselves acting like or married to someone who tackles money like my ex.
It’s not just enough to start a savings account, though, although that’s a great start. We talk a lot of about being a good steward of our finances in our house. As a homeschool mom, I have the opportunity to teach my kids all the inner workings of household management throughout the day while we tackle math, reading, history, and science. My oldest can now budget out and cook dinner once a week as part of her home economics, she’s eleven. She has been taught to save money for pets and their care and upkeep. We have a two year old puppy, a seven year old hermit crab, one year old Australian tree frogs, and she has set up a freshwater aquarium for a betta fish whose extra plant features she has to earn by doing the dinner dishes every night.
Even this is not enough.
Around 8th-9th grade I plan to add the Math-U-See Stewardship curriculum to our school days. When that happens, I’m also going to add West’s investing book to the required reading list.
As an adult, I’m familiar with most of what was discussed for Americans (West’s book also tackles actions available for Canadian citizens), so I read through the 149 page book in one sitting as soon as I took it out of its package. A teenager being exposed with the terminology and ideas for the first time will have to peruse it more thoroughly. Although West does an excellent job defining terms and laying out a thorough getting started guide, I would consider it just that––a guide to get started. A teen would (and should) take a great deal longer than a nine month old’s nap time to digest this book. It’s good stuff.
In addition to the well rounded and systematic way West approaches investing for the first time, I love how he also touches on volatile markets. Many adults pushing kids to invest don’t properly address the risk factor, but I think West handles it well. The risk is real, but these are things you look for…
The best part, West doesn’t act like his book is the end all be all of everything. In a household where our mantra continues to be “Education is a lifetime pursuit” you bet your britches I was delighted to read West write,” The more you know, the less likely you are to make mistakes. Your reading and thinking may also lead to improved investing techniques and performance.” He then continues to encourage his readers to learn about successful investors and firms as well as those who have failed. “[…]there is always more to learn…”
Rich as a King
Just last month, I wrote a book review for Money-fax.com on Rich as a King. It was a personal finance and investing guide written with a whole new twist: by using tactics of a Grandmaster Chess Player.
That review, of Susan Polgar and Douglas Goldstein’s book, can be found here: http://money-fax.com/money-fax-com-book-review-rich-as-a-king/
But I didn’t want my support of their venture to end there, and I wanted to reach out to my readers here as well. If you’re looking for an educational gift to purchase this Christmas, wanting to set some new goals and resolutions for the New Year, or just want to get started in refining your mind – look no further, Rich as a King should be in your shopping cart.
From my Money-fax.com review:
Tips like “Keep your eye on the goal of gaining the initiative and keeping it,” are easily applied to both chess and the stock market. The authors will tell you how the idea is useful in chess and explain the importance of the concept, then show you how to continue utilizing this skill when you are dealing with your money. The connections are smooth and effortless, and reading tidbits from Polgar’s chess career and upbringing makes the read enjoyable. Polgar’s experience with goal setting is incredible and my favorite anecdote from her was in regards to her homeschooling and how she learned to focus.
If nothing else, check out this cool action shot of Susan playing 10 simultaneous chess games in Switzerland. She’s pretty amazing.
Freelance Writing
I wish this blog was a post about me receiving one of those… see Daphne, above, a royal portable from 1930. Green, no less.
It’s not.
But it is pretty exciting.
I’m pursuing supplementing my income with freelance writing jobs. So far, I have been hired on by Money-Fax.com and I’m enjoying it quite a bit. Money-Fax has me writing about Kid & Family Budgeting, which is pretty perfect because I’m a homeschool mom chronically on an author budget. (That’s code for mommy who lives off nothing.)
Here are links to my published articles, so far:
The Economics of Cloth Diapers
How to Entertain Your Child for Free This Summer
How Much Does it Really Cost to Homeschool
The more traffic my articles get, the more people will want to have me write them – naturally. So, please, if you have someone in your life any of these articles would interest, share them.
There are more to come. Keep checking Money-Fax.com for budget friendly pets and ways to celebrate Easter. Browse through their site for other helpful articles as well. They are an education service geared toward helping the public learn to improve the state of their finances.
HPB Humble Book Club Meeting March 2013
Lords of Finance Discussion Part Three (to read parts one and two, start here)
Title: Lords of Finance
Author: Liaquat Ahamed
Publisher: Penguin
Genre: Economics/ History
Length: 508 pages
When all was said and done, Lords of Finance was a pleasant (and very meaty) read. It was definitely nice wrapping up the completion of the book with a discussion at Half Price Books among customers turned friends. The discussion definitely went down well with some home made German Chocolate Pie brought by a member.
We sat together with internet research and a handy dandy chart of all the key players in Ahamed’s book and brought up our favorite quotes as well as bits and pieces that piqued our interest.
I was especially intrigued by the dialogue between Senator Mayfield and Senator Brookhart on pages 316-317 regarding Texas wanting to pass a bill prohibiting gambling via the stock market. Apparently, there were a lot of hearings that went on “in an attempt to refine the distinction between investing and gambling.” Upon reading this I immediately wanted to hash out the distinction and research the laws with others. What a fascinating paper this would make for a young economics student to be assigned in order to both understand the inner workings of the stock market and to establish their own world view in terms of monetary ethics and morals. Honestly, have you ever wondered… What is the line between gambling and investing? Off hand, I’m not sure I have a steadfast answer to give. Do you?
At the meeting we talked about businesses that are publicly traded verses those that are not. We touched on Roosevelt and Hoover and what they had to deal with as presidents in comparison to what Obama is dealing with today, and over all what a relevant piece of history this book is. One of my favorite quotes came very late in the book on pages 438-439:
When, in August 1932, a reporter for the Saturday Evening Post asked John Maynard Keynes if there had ever been anything like this before, he replied, “Yes. It was called the Dark Ages, and it lasted four hundred years.”
That line from Keynes about the Great Depression had me smitten with him. When I got to the store, I immediately headed toward the economics section and picked out a book he wrote called The General Theory of Employment, Interest, and Money
It took us awhile to decide who would actually be purchasing the only title by Keynes in the store. Everyone, I think, likes to read titles mentioned in books they read and Ahamed mentioned Keynes work quite a bit. We are in agreement that the books (both Keynes’ and Ahamed’s) should be used as require reading for economics classes, both high school and college. As someone who actively participates in continuing education on a self-study basis, I am interested to see how the end of this book leads into World War II. So many financial agreements were made and unmade, I want to know in detail how things were handled during the war on a financial level. None of us in the group were financial historian buffs and were unable to answer our own questions, but discovering the answers in the future should be exciting.
As for our reading future as a group, we tossed around ideas for the next set of books. This isn’t quite set in stone just yet, but it’s looking like the HPB Humble Book Club reading schedule will look like this:
April: On Chesil Beach – Ian McEwan (we will probably also discuss Atonement)
May: The Heart is a Lonely Hunter – Carson McCullers
June: The Princess Bride – William Goldman (the online Half Price Books book club will also be discussing this book in June)
July: John Adams – David McCullough
August: The Color Purple – Alice Walker
Any changes to this tentative reading schedule will be made at the April meeting.
Anakalian Whims 