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    Coins in the Sofa: A young adult’s guide to spending, saving, and investing wisely
    Coins in the Sofa: A young adult’s guide to spending, saving, and investing wisely
    Coins in the Sofa: A young adult’s guide to spending, saving, and investing wisely
    Ebook115 pages1 hour

    Coins in the Sofa: A young adult’s guide to spending, saving, and investing wisely

    By Larry R. Kirschner, Dahnel L and Denise Champagne

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    About this ebook

    It is never too early to learn some foundations of personal finance.

    I have come across hundreds if not thousands of adults and young adults who have no strategy around their personal financial situation, Most of them don't seem to know where to begin to learn. Worse yet are the ones who think they are financially savvy even though they are clueless. Too many people are in the vicious circles of working for a paycheck. Then spending more than their paycheck. They live their lives in an endless downward spiral that they can't escape from.

    I don't want you to be one of those people. Reading this book will give you a solid base of financial knowledge. I want you to understand the appeal and dangers of credit cards. I want you to learn why it is so important to being saving early and regularly (even if it isn't a huge amount). And finally, I don't want you to be taken advantage of by someone who will benefit from your naiveness.

    If you are a parent or grandparent, this book can change your child's life. Teaching them about how to handle their finances is much more important than giving them another electronic gadget. Things are much different than they were when you or I were younger. This knowledge will give the reader a leg up in thinking about finances that will impact them their entire life.
    LanguageEnglish
    PublisherGatekeeper Press
    Release dateMay 29, 2019
    ISBN9781642374162
    Coins in the Sofa: A young adult’s guide to spending, saving, and investing wisely

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      Book preview

      Coins in the Sofa - Larry R. Kirschner

      section.

      What They Don’t Teach

      in School

      LET’S FACE IT, money matters. It impacts nearly every aspect of your life, from where you live to how healthy you eat. Taking the time to understand the basic concepts of money management may be the best investment decision you will ever make. Ask anyone who knows anything about money and they will probably agree: the sooner you understand how finance works, the better off you’ll be in the long run.

      One thing near the top of the bad idea list is writing a book for pre-teens, teenagers, and young adults about finance. At your age, it’s hard to think about saving money for a house or being able to retire comfortably. Those things seem so far away. They are certainly less interesting than friends, music, sports and so on. However, while you may have more interesting things to think about, there are probably none as important as learning about money. Learning about finance is like taking a pass/fail college course. You may not be graded, but it’s much better to pass than to fail.

      Since I worked in the financial industry for over thirty years, I naively assumed everyone had a basic understanding of finance. It wasn’t until I started to have serious financial conversations with my own children that it occurred to me that most of this stuff isn’t taught in schools.

      Nowadays, young adults with virtually no training in handling credit are bombarded with pre-approved credit cards. You might think this is pretty exciting—you can buy clothes, concert tickets, and high-tech gadgets right now! Have you ever made an impulse purchase, only to later realize that it was a mistake? Credit cards, Amazon, eBay, and iTunes make it easy for us to get all sorts of stuff on a whim.

      But, do you know what happens when you can’t pay off your credit card bill? One or two innocent clicks on your computer or phone can quickly snowball into a dilemma that will impact you for years. You can easily start falling down a slippery slope that can hurt your chances of getting a job, renting an apartment, or even purchasing a car or home. Read on and you will learn why it’s so important to understand the realities of having a credit card.

      Over the years, I’ve seen brilliant people make huge fortunes. Unfortunately, I have also seen some of these same brilliant people make some very poor financial decisions. I don’t want you to be one of them. I want you to make smart financial decisions, and ideally get in the habit of doing so early in life.

      The other unfortunate thing I’ve seen falls into the camp of wishful thinking. People squander money away expecting some imaginary figure to intervene. At one time or another, we all hope for a raise, think about inheriting a fortune from a long-lost relative, or even dream of winning the lottery. While there is nothing wrong with hope, I wouldn’t spend too much energy on it as a financial game plan.

      Why do some adults have so much trouble with their computers and phones? They probably never took the time to learn about technology. I’m guessing you did. You may not understand how to assemble a computer or build a software program, but you do know how to post on Facebook, Snapchat, Twitter and Instagram. Understanding finance is no different. You don’t have to be a financial wizard, but it’s important to be somewhat financially literate.

      Even if you live with your parents or rely on them for financial support, a basic understanding of money is indispensable. I want you to be informed enough to make smart decisions and remember that you are your own best advocate. It’s always a good practice to seek advice from paid professionals, family, and friends. But at the end of the day, your money and financial future are your responsibility.

      Hopefully, this book will give you a solid base of knowledge about finance. I’ve tried to write in a clear and concise manner, but the finance industry tends to use lots of acronyms and lingo. When I use lingo or an acronym, I define it (often several times). Plus, there is a glossary in the back that you can refer to.

      This book begins with coins that you may keep in a jar by your bed. It will prompt you to think about paychecks, car loans, investments and budgets. By the end of the book, you may have more questions than answers. You may be inspired to search for a deeper understanding of finance by researching other books and articles. At a minimum after reading this book, you won’t be at a total loss when thinking about how your life is influenced by your financial decisions.

      As you read, keep in mind that my perspective comes from a number of personal experiences. First, I was a young adult once, and I still remember how young adults think. Second, I’m a father, so I know a little about the challenges and lack of financial direction that kids are given. Third, being in the banking industry for 30 years, I live in the world of finance, so I know a lot about how money works. So, relax, take a deep breath, and seize this opportunity to learn from a dad and finance geek who wants you to be smarter than your friends in financial matters.

      If you are a parent, relative, or friend looking for something worthwhile to give to a young adult, this book will be a lifelong gift. Countless adults admit they wish someone had helped them better understand finance at a young age. An equal number of young adults admit their teachers never touched upon personal finance topics. Hopefully, the information in this book will have a meaningful impact on a young adult in your life.

      License to Drive

      CAN WE AGREE that we all need some money in order to survive? Some of us need, desire, earn, and spend more money than others, but for all of us, basic life necessities (food, shelter, clothing, transportation) require some form of payment.

      We all know what money is—dollars, quarters, nickels and pennies. While we may not need to start with such a basic definition of money, let’s agree that money is a vehicle of exchange. If money is a vehicle, finance is your license to drive.

      Now, I want to take you a step further and talk about the difference between money and finance.

      Understanding this distinction will make a difference in how successfully you manage your money and ultimately your finances. For example, when I talk about my phone, an image of an iPhone, Samsung, Blackberry, or some other device probably pops into your head. However, your parents might visualize a landline phone, and your grandparents may even envision an old clunker with a rotary dialer. Words like money and finance can evoke different images as well.

      When we refer to money, most of us are thinking about cash. If we decided

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