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Personal Finance Course/Book?


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Any recommendations on something to have a college-bound senior look at? I had been thinking about Dave Ramsey's Graduate's Survival Guide, but it gets mixed reviews on Amazon. I thought we were doing all right by addressing things as they came up, but then dd18 wanted to endorse the back of the check we wrote to her university for an admissions deposit. :huh: So, clearly, we aren't effectively teaching her the basic personal finance skills she needs.

 

Any input would be appreciated. Thank you!!

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Not a course, but I highly recommend "Your Money or Your Life" that I think EVERY person should read. Young, old, and in between. Then, after you read it, read it again.

 

ETA: Apparently I only read the preview view of the topic before I answered. Hopefully someone will have information pertaining to your real issue. I don't know of any book or course covering what you need.

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Has anyone used the Dave Ramsey Foundations in Persona Finance Homeschool ed with their teen?

 

I just finished this with my Freshman and Junior boys. I thought it was fantastic. It comes with a 45 day and 90 day syllabus. We did the 45 day one. We had to leave out a lot of the activities, but they did well on the tests and certainly have WAY more financial knowledge than I did at that age. I'd say it's one of the most useful courses we've done. The boys also found it very entertaining, so it's not a chore to complete.

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How does it differ from Generation Change?

 

Generation Change is a short overview and just gets the conversation going about personal finance. Foundations in Personal Finance for Teens is Ramsey's Financial Peace University with clips added for teens and a workbook and tests for teens.

 

Blessings,

Cheryl

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AGS has some very practical workbooks meant for kids who need to support themselves. The one my dd used I think has been changed to a series? Here is one on Amazon: http://www.amazon.co...=I1SLIHYYX917KE

 

I didn't know anything about Dave Ramsey at the time, but she did also use Larry Burkett materials. And we opened a checking account together etc. Here are some of the different focuses I saw:

 

- I'd say the AGS materials were more practical, here's a paycheck and a budget, now work it out and look at the results.

- The Burkett materials were more personal, here are some things to think about, try to make a budget in your own life. They also include giving more than the others, and the MFW lesson plans recommend using another giving book as well, if you want to teach about that.

- The Dave Ramsey I've listened to is for adults, but covers very long-term thinking rather than practice working on the checkbook and bills - lots of kinds of insurance, investment, house, retirement, etc. However, not sure how the teen one works. It's very good at debunking myths about the value of credit.

- Doing things together such as opening a checking account has a ton of value. Have the student help you do your taxes by adding up certain sections, and seeing where your money goes (giving, taxes paid, mortgage costs, etc). Have students fill out any checks you write (except the signature). Students need to learn to fill out deposit slips, learn different options at banks such as deposit by mail, ATM deposits, any transaction fees or monthly fees, the snowball effect of overdraft fees, risks such as not writing down an ATM password or not checking your account regularly, etc etc. You could spend many credit hours on these things and teach far more than a classroom class could achieve.

 

Don't be surprised if things are (or become) somewhat out-of-date in terms of how much things cost and where money goes now-a-days (e.g. cell phones and internet providers might not be in all of them, and services provided by apartment complexes or not), I'm not sure, but I wouldn't think that would actually matter a whole lot since the main idea is that you only have so much and you need to do first things first.

 

Julie

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