When family or friends come to me with a challenge, I usually send them away with a list of books. It has gotten so bad that my boys will laugh, and before I even get the words out, say, “Let me guess. You have a book that I should read?” I’ve been asked several times recently about which books would help teach personal finance. I’ve taught classes and given workshops on this topic many times and have several favorites! Enjoy!
The Toothpaste Millionaire by Jean Merrill. This book is a classic. I have four copies of it on my bookshelf to loan them out to multiple people at a time. It is written at about a fourth-grade reading level, but I’ve assigned it to high schoolers, and they enjoyed it. It tells the story of a boy who takes an idea and makes it into a business with his friends’ help. It covers all the basics of building a business.
Reallionaire: Nine Steps to Becoming Rich from the Inside Out by Farrah Gray. This is an autobiography and self-help book that is very inspiring. Farrah Gray lived in the inner city of Chicago. With the example of his mother and several mentors, he was able to do things like start a business club, co-host a television show, and at fourteen, he became a millionaire by selling his company. At the end of each chapter, he shares some valuable insight and a worksheet to learn the concept. It is an excellent book for middle school through young adult.
The Richest Man in Babylon by George S. Clason. This is another classic. It is a series of short stories that illustrate financial principles. It is relatively short, and I’ve had middle school and up read it. It is better for older kids because they will be able to relate to it better. If you haven’t read it as an adult, definitely do! I will have to make one of these lists for adults too, and it will be on there.
The Lemonade War by Jacqueline Davies. I like this book because it teaches business (and math associated with it) through a brother and sister’s story and their competition to earn money. It is a fun read for fourth through 6th grade but probably will be frowned upon by kids much older than that. A nice thing about this book is if your kid likes it, this is the first in a series of five books!
Whatever Happened to Penny Candy? By Richard J. Maybury. The author is very upfront that he has a libertarian bias, so if this is a problem for you, skip this book. I find it filled with easy to read economics principles. It is a book I include in my Economics classes as well. It is appropriate for middle school and up.
Do you have any books that you have loved? Or any other resources you can share?