By Kapil Arya, Author
Passé are the days when personal finance was just associated with adults and the elderly. The young generation, especially millennials and Gen Z are pro-active and way ahead of their age. They prefer learning about various financial aspects including mutual funds, newly launched cryptocurrency, and personal financing. Being their parents, guardians, or well-wishers, the responsibility to share the correct personal finance knowledge with them falls on our shoulders.
Inculcating the habit of reading non-fiction personal finance books amongst the students
The dire need to introduce financial literacy is essential so that during their student years, they can start saving up their money and savor the fruits of this investment in their retirement phase. One of the best ways to extend the learning about personal finance is via non-fiction books.
However, since they are students and a book with technical terms, jargon and hardcore concepts won’t be easily comprehensible; the need of the hour is to come up with non-fiction personal finance books that will not only change their perception about reading being boring but will also simplify the process of financial planning and will take them through the entire subject with the right balance of education and learning.
Some of the major reasons to motivate the students to inculcate the habit of reading non-fiction personal finance books are-
Financial literacy and financial planning
Non-fictional personal finance books will help the students understand the relevance of finances, wealth management, and planning during the early years. They will end up becoming financially independent early and won’t wait for their studies to be over to start earning money. They will also understand about spending wisely, managing debt, the difference between good and bad debt, savings, and investments, and this will go ahead with them as and when they age. Reading such books will provide them relief from the excess debt and they will be able to save a considerable amount of money for their old age years. Eventually, they will have a budget for everything and will be prepared for their retirement phase as well.
Gives them a clear picture of real-life struggles
Non-fiction books especially in the personal finance genre will help provide the students a clear picture and transparent depiction of the real world that is filled with uncertainties and specifically financial hustles. They will be saved from lifelong financial struggles as there will be awareness and education about personal finance and financial planning.
These books will bring them closer to the brutal realities of the world and will educate them about the benefits of utilizing finances wisely and its benefits along with the disadvantages of wasting their wealth and the associated aftermaths that could eventually put their very existence and future at risk. Reading real accounts and practices will enable them to understand the criticality of finance management and will prompt the students to execute them in the present so as to have a safe and secure future.
Reading personal finance books in the non-fiction category will help instill problem-solving and decision-making skills in the students. They will acquire analytical and logical reasoning skills as well. Not only will their mindsets turn flexible and agile but they will become all the more aware of the possible financial issues that could arise in the future. Eventually, they will end up thinking rationally about coping with such challenges and will start planning right from their education days so as to reduce the possibility of facing any financial crunch in their later years. They will become rational, practical, and tolerant and will also develop a coping mechanism to deal with real-life challenges.
Learning financial basics, managing debt payments, having investments and financial lessons should be taught to the kids. Extending financial literacy is extremely essential to make them understand the importance of money and the relevance of financial planning in case of emergencies or post-retirement years. Since this is not taught in schools or colleges, sharing learning and knowledge about the same via non-fiction personal finance books can be the best resort. Not only will this inculcate a reading habit amongst your children but will also create an awareness and make them realize the criticality of personal finance management and financial planning, to take care of their money, to save some, and invest some!