I was just reading an article in Money magazine aimed at recent college graduates with tips for them on saving and managing money. One of the items noted was to not be ashamed to live with Mom and Dad for awhile after graduation, as it's a great way to save money and to get on your feet as you start out in your new career and young adult life.
It reminded me of a client of mine, whose two daughters (just a few years apart in age) both graduated from college and elected to live with their parents for a few years. Both had good jobs in the financial industry, and between the two of them saved approximately $100K within 2-3 years. With that money, they purchased a very spacious, contemporary townhouse in an urban location (walking distance to restaurants/shopping/entertainment and great access to local freeways) which they share -- now their monthly living expenses are fixed, and far below what they would pay in the local rental market. What a great financial start for both of them, now in their mid-20s!
Along those same lines, a friend of mine recently wrote a book on finance, also directed squarely at young adults (although applicable at all ages) and how they have the benefit of time on their side to make great investment decisions. Disclosure: He didn't write the book to make $$ -- he's a self-made guy (software) that learned through trial/error how to successfully manage his own money. It is a quick, enjoyable (and easy to understand) read -- takes about 45 minutes -- and includes a couple of easy-to-use planning spreadsheets. I would highly recommend for any young adults that you know that are just starting out in life -- from high school, college, trade school, or the military. It is available from Amazon.com (click) in Kindle format for $2.99 (free Kindle reader software is available for just about every mobile device and PC) -- The title of the book is (click to see on Amazon.com): Look Forward: Plan, Save, and Reward Yourself -- Financial Planning is not Rocket Science by Larry Hennessey.
Update: October 26 2019 - The author, Larry Hennessey, has graciously offered to provide the booklet free of charge to readers of my blog. Click here to download a copy!
It reminded me of a client of mine, whose two daughters (just a few years apart in age) both graduated from college and elected to live with their parents for a few years. Both had good jobs in the financial industry, and between the two of them saved approximately $100K within 2-3 years. With that money, they purchased a very spacious, contemporary townhouse in an urban location (walking distance to restaurants/shopping/entertainment and great access to local freeways) which they share -- now their monthly living expenses are fixed, and far below what they would pay in the local rental market. What a great financial start for both of them, now in their mid-20s!
Along those same lines, a friend of mine recently wrote a book on finance, also directed squarely at young adults (although applicable at all ages) and how they have the benefit of time on their side to make great investment decisions. Disclosure: He didn't write the book to make $$ -- he's a self-made guy (software) that learned through trial/error how to successfully manage his own money. It is a quick, enjoyable (and easy to understand) read -- takes about 45 minutes -- and includes a couple of easy-to-use planning spreadsheets. I would highly recommend for any young adults that you know that are just starting out in life -- from high school, college, trade school, or the military. It is available from Amazon.com (click) in Kindle format for $2.99 (free Kindle reader software is available for just about every mobile device and PC) -- The title of the book is (click to see on Amazon.com): Look Forward: Plan, Save, and Reward Yourself -- Financial Planning is not Rocket Science by Larry Hennessey.
Update: October 26 2019 - The author, Larry Hennessey, has graciously offered to provide the booklet free of charge to readers of my blog. Click here to download a copy!
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