My blogging friend JD Roth (at Get Rich Slowly) offers some advice to an 18 y.o. who asks:
Are there any other resources you would recommend to a financially clueless 18 year-old?
JD gives some of his usual good advice:
Maybe it’s because of my own experience racking up debt during college, but I think it’s important for young adults to learn the fundamental law of personal finance: To build wealth, you must spend less than you earn. There’s more to it than that, of course. The less you spend, the more flexibility you have.
… but, I really want to be able to tell this kid:
After teaching ‘kids’ to save some / spend some (to understand that there needs to be a balance), and all those other wonderful things that JD suggests in his post, I would strongly advise any young reader to get some ‘business experience’ on the side.
Fortunately, with the internet, that is SO easy these days:
1. Start a ‘for money’ blog. Stuck for a topic?
Try this: write a blog aimed at other high school / college kids chronicling your attempts to improve your own financial situation … worst case, it could read as comedy.
2. Sell stuff on eBay; even better, find stuff in China and then sell it on eBay.
Try not to get ripped off AND make a profit. Write about it on your blog … it will DEFINITELY be funny!
3. Start a web-site selling anything; OK it may not make money (or, it COULD become the next Facebook), but you will learn heaps.
Better yet; try all three!
What financial advice would YOU like to give this 18 year old?