Advice for the Young Adult

Advice for the Young Adult

My grandchildren are rapidly approaching adulthood. Now that’s scary since this means grandpa (and their parents) will have less influence as their peers and society at large becomes more impactful on their daily lives.

In addition, this week as I write this, I’m counseling the second son of clients who had me sit down with their firstborn five years ago as he first entered the workforce. As I looked over my notes from that original “brain drain” session five years ago, it’s surprising how little my opinions and suggestions have changed. It’s about being emersed in personal finance in the long run. I sent him an introductory email with this agenda and attached Bob Veres’ “Finances for my Daughter” that he updated in 2019. It’s a 40 page40-pageQ&A format piece you can find on Google.

Agenda:
Typical people
Successful people traits
Reading suggestions
Tools
Commitment
Consistency

Maybe this is like sending the tune ahead of time with lyrics to follow. Now that you’ve read this far, I’ll tell you what’s on my list for this and other young adults:

Blogs
o Money Under 30
o The Simple Dollar (plus subscribe to the daily email)

Two articles
o 10 tips we could have given our younger selves here
o Summary of Stephen Covey’s 7 Habits of Highly Effective People here

Books
o Winning the Loser’s Game by Charles Ellis, 7th edition
o The Bogleheads Guide to Investing by Taylor Larimore
o The Simple Path to Wealth by J. L. Collins

Apps
o Mint.com
o Vanguard.com

And finally, I will give him the advice I wrote down for my grandkids in 2016 just in case I wasn’t around to personally offer them my experience. Someday, I won’t be. You can read it here

Jim Ludwick
Jim Ludwick
jim@mainstreetplanning.com

Jim Ludwick is the founder of MainStreet Financial Planning. His varied education and life experiences have enabled him to apply his knowledge and experience into useful solutions for personal financial problems. His writing and broadcasting activities allow him to help many more than just individual clients. He loves a microphone.

Get Started with Jim

Stay updated on future articles, shows, and podcasts