Financial Literacy for Millennials
by Andrew O. Smith
A modern primer on consumer finance and personal money management intended for readers aged 15 to 30, this guide can also serve as a primary text for high school, college, or adult education courses on personal finance.
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 furnish 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.
Andrew O. Smith, MBA, JD, has been advising about money, investments, and financial planning since he was a student and helped form the Pennsylvania Investment Alliance, one of the first college investment clubs in the country. As a trustee, financial advisor, and licensed attorney, he has counseled trust funds, estates, investment partnerships, limited-liability corporations, insurance trusts, real estate partnerships, and individuals. Earlier in his career, Smith was a Series 3 licensed Commodity Trading Advisor and served as the chief financial officer for a registered investment fund. He began his career as a management consultant for Booz Allen Hamilton and is currently chief operating officer of the Yenkin-Majestic Paint Corporation, a specialty chemical manufacturer. He is the author of Sand in the Gears: How Public Policy Has Crippled American Manufacturing. Smith earned a finance degree from the Wharton School and an engineering degree from the School of Engineering and Applied Science, both at the University of Pennsylvania. He also holds an MBA from the Booth School of Business and a JD from the Law School, both at the University of Chicago. In 1988, he was awarded the Olin Prize as the outstanding graduate in law and economics.
“[T]he book is comprehensive in its coverage of every element of financial planning for a young person living in the United States. . . . [T]his book would be a strong textbook for a financial planning class in high school or college where a teacher could supplement the text with some guidance. Teachers will also be able to use Smith’s website (financialliteracyformillennials.com) with lesson plans and quizzes to save time and effort in trying to find these resources elsewhere.”—BRASS Business Reference Sources [RUSA], April 24, 2018
“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.”—Arthur Brooks, President, American Enterprise Institute
“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.”—E. Gordon Gee, President, West Virginia University
“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.”—Jennifer Ciccarelli, Head of School, Columbus School for Girls
“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.”—Kent Smetters, Professor of Business Economics and Public Policy, The Wharton School, The University of Pennsylvania, and Host of Your Money on Sirius XM Business Radio
The Wise Inheritor’s Guide to Freedom from Wealth: Making Family Wealth Work for You
by Charles A. Lowenhaupt
Wealth should never consume or imprison the wealth holder, but it can. This book provides solutions to the issues many wealth inheritors encounter, including problems with trust, family wealth secrets, and family legacy.
The next generation may witness one of the largest transfers of wealth in history. By one estimate, millennials and Generation Z are set to inherit $30 trillion over the next 30 years. The sudden inheritance of significant wealth creates a variety of challenges that seem counterintuitive and can be difficult to understand and deal with, making inheritors of wealth feel isolated from friends and colleagues. Meanwhile, the wealth industry is fed by revenue paid by wealth owners, not inheritors, causing misalignment of priorities and generational conflict.
The Wise Inheritor’s Guide to Freedom from Wealth helps readers to put their new wealth in perspective, preparing them to lead inspired lives of self-actualization and freedom. As a third-generation wealth counselor and industry leader, Charles A. Lowenhaupt has helped wealth creators and inheritors to manage almost every imaginable challenge, including marital tension, family dysfunction, and addiction. Few people actually have the knowledge and experience to figure out the purpose of wealth and set it on its course. In this book, he helps wealth inheritors to develop a healthy relationship with wealth at a young age, thus enabling readers to live in harmony with both their wealth and their families.
Charles A. Lowenhaupt is chairman and CEO of Lowenhaupt Global Advisors. A recognized industry leader in managing wealth for ultra-high net worth families around the world, he is also managing member of Lowenhaupt Global Advisor’s affiliated firm, Lowenhaupt & Chasnoff, LLC, which was the first US law firm to concentrate in tax law and was established by Charles’s grandfather in 1908. Lowenhaupt has a bachelor of arts degree (cum laude) from Harvard University. He also has a juris doctorate (Order of the Coif) from the University of Michigan Law School. Lowenhaupt is coauthor with Don Trone of Freedom from Wealth.
“For those who have, or will be, inheriting great wealth, no wiser counsel or guidance can be found than Charles A. Lowenhaupt. By sharing a lifetime of stories and experiences, Lowenhaupt reveals the essential secret to leading a successful life for wealth inheritors. The secret? Being able to use your wealth as a tool in order to pursue and develop your true passion and calling. As you engage in this exciting journey, The Wise Inheritor’s Guide will prove to be an invaluable companion along the way.”–Mark R. Rank, Herbert S. Hadley Professor of Social Welfare, Washington University, St. Louis
“This book is a must-read because the reader hears true voices of the wealthy and because Charles A. Lowenhaupt has been listening―for decades. His considerable wisdom will inspire inheritors and parents alike. ‘Spoiled, entitled, unmotivated’ are what we too often hear about wealthy inheritors. Imagine the possibilities when inheritors discover how to journey from entitlement to self-actualization.”–Charlotte Beyer, Founder, Institute for Private Investors
Financial Nutrition for Yound Women: How (and Why) to Teach Girls about Money)
Melissa Donohue, EdD
A powerful resource for all women who want a better understanding of financial empowerment, this book provides an easy-to-follow approach for adults to teach girls about money—and for girls to do some learning on their own.
Women earn 78 cents on the dollar, on average, compared to men in America, despite decades of fighting for wage equality. And while it is true that women have significantly more opportunities for earning than in past eras, this improved ability for women to determine their own financial future makes it more important that girls understand the strategies for financial success.
Financial Nutrition® for Young Women: How (and Why) to Teach Girls about Money addresses the two critical levels that are necessary to truly eradicate women’s economic inequality: what to teach girls and what women need to learn. Authored by a financial educator who is also a mother and a teacher, this book is for people who care about teenage girls—parents and other family members, educators, financial advisors, troop leaders, camp directors, and community organization leaders. The talking points and independent activities are easily accessible and engaging for both adults and students. Financial Nutrition® for Young Women: How (and Why) to Teach Girls about Money can be used effectively in the home, the classroom, afterschool programs, clubs, and camps, as well as in girls’ organizations. It can also be a resource to women who want to better understand how to empower themselves financially.
Melissa Donohue, EdD, is president and founder of Financial Nutrition®, a nonprofit organization focused on girls’ financial literacy and economic empowerment, and has more than 20 years of experience in finance, financial journalism, and financial education. She is a financial literacy expert with a research focus on women and adolescent girls, and she has extensive experience creating innovative and creative financial education curricula as well as direct classroom experience teaching teens about finance. Prior to her work in financial education, Donohue worked in financial journalism for nine years as a writer, editor, and segment producer, most recently at Bloomberg LP in New York. She also has significant experience in finance, having worked in emerging market debt trading and analysis at Swiss Bank Corporation and Wasserstein Perella, both in New York, and in alternative investment analysis in Amherst, MA. Donohue earned a doctorate in education from the University of Massachusetts, Amherst; a master’s degree in international affairs with a specialization in international banking and finance from Columbia University; and a bachelor’s degree in government from Oberlin College.
2018 IPPY Award Bronze Medal in Finance/Investment/Economics category—Independent Publisher, April 12, 2018
“It is time for all of us to stop buying into the myth that women are less financially capable than men. In this book, Melissa Donohue eloquently discusses the complex reasons behind this myth and offers a solution for empowering the next generation of women to be more financially savvy and self-assured. This is a must read for anyone with a young girl in her life.”—Kathleen Burns Kingsbury, author of Breaking Money Silence: How to Shatter Money Taboos, Talk More Openly about Finances, and Live a Richer Life
“Anyone familiar with the research knows that girls learn differently than boys and that as women they will face unique financial challenges. Financial Nutrition for Young Women equips girls (and their parents) for a financial world that is still inhospitable to women throughout their lives. Melissa Donohue shows that overcoming socialization, modifying behavior, increasing entrepreneurship, and embracing investments are uniquely necessary to help girls find their financial voices and make the life choices that are best for them. Donohue’s chapter on managing your income and tips about handling mortgages are especially important.”—Andrew O. Smith, author of Financial Literacy for Millennials
“Financial responsibility and knowledge are intertwined, and women often have too little of the former and, for that reason, not enough opportunities to learn about the financial realm. This puts them at a disadvantage in their interactions with employers, partners, and with others who provide services ranging from health care to home repair. The cure lies in educating young women and girls, and Financial Nutrition for Young Women teaches readers both money management skills and confidence-building negotiating skills, ensuring that the next generation of women start with a level playing field in dealing with money matters.”—Linda Babcock, James M. Walton Professor of Economics at Carnegie Mellon University and Coauthor of Ask for It: How Women Can Use the Power of Negotiation to Get What They Really Want
“Closing the gender gap in financial capability is important for us as a country economically and socially. And it’s important for us as parents, educators, and members of civil society to foster a broader and deeper understanding of what it takes to be financially healthy. Financial Nutrition® for Young Women: How (and Why) to Teach Girls about Money is a step in the right direction toward helping women of all ages build and maintain their financial health and security.”—Jeanne M. Hogarth, Vice President, Center for Financial Services Innovation
“Financial Nutrition® for Young Women sparkles in serving up the financial info that every girl deserves to know! Encouraging and practical, this smart book offers a clear recipe for how you can provide your girl—or yourself!—the means to create a life of financial security and freedom. I recommend this book as a must-read for mother-daughter groups. Get this book today!”—SuEllen Hamkins, MD, coauthor of The Mother-Daughter Project: How Mothers and Daughters Can Band Together, Beat the Odds and Thrive Through Adolescence
The Financial Rules for New College Graduates: Invest before Paying Off Debt—and Other Tips Your Professors Didn’t Teach You
by Michael C. Taylor
From financial expert Michael C. Taylor comes a proposed means by which to not only pull oneself out of debt but to start building wealth from the first day on the job: adoption of modesty, skepticism, and optimism. The Financial Rules for New College Graduates explains that by embodying modesty, the opposite of status-seeking ostentation; skepticism, the ability to recognize scams, false promises, and the hyperbole and short-sightedness of financial media; and optimism, the belief that financial security can be yours with little to no risk, anyone can attain financial security. “This book is a gift that will keep giving. Michael C. Taylor’s sharply organized insights and clear language provide invaluable advice. Essential reading and reference for anyone who aspires not just to financial literacy but to a lifetime of smart decisions and wealth creation.” (Benjamin F. Jones, Gund Professor of Entrepreneurship, Kellogg School of Management) “Not only is Michael C. Taylor on an admirable mission to give everyone a fair shot at building wealth, he manages to make financial literacy entertaining. The book is, as the kids say, ‘unputdownable’ and readers will come away with ethical, evolved approaches to making key financial decisions with confidence.” (Callie Enlow, Editor-in-Chief, Make Change/Aspiration) “For the average investor, simplicity reigns. MIchael C. Taylor does an excellent job of describing the power of compounding interest in simple terms while addressing the seemingly contradictory requirement for investors to embrace long-term risk to build wealth. This is critically important advice in a world increasingly focused on short-term thinking and fear mongering.” (Edward A. Hart, President, Sendero Wealth Management) “The key to success in investing is demystifying the process. If you can do that, wealth should follow. Michael C. Taylor provides easy-to-remember guidelines and principles that anyone could apply.” (Lars Kroijer, Author, Investing Demystified: How to Invest without Speculation and Sleepless Nights)
Michael C. Taylor sold bonds on Wall Street, founded and closed a private investment business, and dedicates himself to the mission of teaching, consulting, and writing about finance. He writes a weekly column for the San Antonio Express News and the Houston Chronicle and founded the finance blog http://www.bankers-anonymous.com.
- The Credit Cleanup Book (Chen) —2014
- Finance Is Personal (Stephenson and Hutchins) —2015
- Financial Literacy for Millennials (Smith—Hutson)—2016 a best-seller on the list
- Working with the Emotional Investor (White and Koonce—Bykofsky)—2016
- The Emotional Life of Money (Cross)—2017
- Breaking Money Silence (Kingsbury—Lizotte)—2017
- Financial Nutrition for Young Women (Donohue)—2017
- Peace of Mind for Your Aging Parents (Doyle and Houk)—2018
- The Financial Rules for New College Graduates (Taylor—Rosenerg)
- The Wise Inheritor’s Guide to Freedom from Wealth (Lowenhaupt—Karinch)—2018
- Financial Literacy for Generation Z (Doyle)—2019
- The Wealth Creator’s Playbook (Christianson)—2019
CORPORATE FINANCE and BANKING
- Financial, Commercial, and Mortgage Mathematics (Prakash and Ghosh) —2014
- Effective Financial Management (McKinney) —2015
- How American Can Spend Its Way Back to Greatness (Striner) —2015
- Health Care Budgeting and Financial Management (Ward) —2015
- Peer-to-Peer Lending and Equity Crowdfunding (Wales—Strong)—2017
- Bernard Madoff and His Accomplices (Lewis)—2016