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The Richest Man In Babylon

Category: Books | Age Group: 18+ (Transition years)

TOPIC:

How to Manage Personal Finances

RESOURCES NEEDED:

A copy of the book The Richest Man in Babylon by George S. Clason

LEARNING OPPORTUNITY:

As young adults begin to venture into the world on their own it is very important that they know how to manage money. The simplicity of this story makes it an easy, fun read. The lessons in this book may be ancient, but they are timeless. It gives advice on several important financial concepts that will get a young adult off to a good start. Concepts such as:

  • Pay yourselves first
  • Live below your means
  • Make your money work for you
  • Insurance protects your wealth
  • Your home is your biggest expense
  • Have a retirement plan
  • Invest in yourselves
  • Track your wealth
THE ACTIVITY:
  • Give a copy to your teen and ask them to read it. Tell them you will also read it, as it is a good reminder of some key financial lessons that everyone can benefit from. Together, discuss the concepts mentioned in the book after both of you have read it.
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