How to Manage Money as a Young Adult: A Review of "Not Another Money Statistic Lessons We Wished We Learned in High School"
First, let me preface this with a few words about the authors! I’ve known Alli from FinancialliFocused.com since early 2017 and even though she’s several years younger than me, I totally look up to her for having her life together in her mid-20s. I’m so proud of her and her co-author Shelly — the genius behind the travel blog called The Eclectic Voyager.
Now you might be reading this review because you are a teenager about to graduate high school or perhaps you have started college or trade school. Or, you are a parent or relative of a teen who you want to help develop good money habits from an early age. Regardless of which group you fit into, I'm glad you're here.
This book should be on the required reading list at every high school and part of freshman welcome packets at all colleges.
But since it isn't (as yet), I'm happy to give my thoughts on why it needs to be.
Why it’s important?
As the book says, 78% percent of Americans live paycheck to paycheck. Why? It’s super easy to go down the path of making less-than-ideal money choices when you aren’t taught how to manage your money as a young adult in school. On top of this, not everyone is blessed with family members who are good stewards over their own finances to begin with. And so, help in this format is essential.
Financial literacy has huge potential to literally saves lives and I believe this book will be an excellent tool / resource to do just that.
What I loved about the book?
Authentic: This was my first takeaway after going through the book. The message comes from the best place and I love that the approach is so revolutionary — the majority of resources out there teach you how to fix money mistakes after they’ve happened but very few — I’m hard pressed think of any off the top of my head focused on teenagers and young adults — give you the tools to break the mold and avoid becoming just like everyone else struggling to get by.
Actionable: NAMS (yes, get familiar with that acronym) is more than a book — it’s a guide! It’s the perfect step-by-step primer if you’re ready to learn how to manage money as a young adult. The concepts are easy to follow with great examples as well to make sure topics are clear. I love the “take action” prompts throughout that make it personalized because the reader will need to begin thinking about what they want their money habits to look like in the no-so-distant future. And it’s something they can refer to often as they enter new stages of life e.g. how to open a savings account.
Career-Focused: Not kidding — when I got to Chapter 6, I said “Thank you, Jesus”! Fun fact — In my day job I work with a few hundred volunteers per year. Most of these are young college aged people and I’ve noticed a trend in the past few years compared to my early career. (And no, I’m not that old, I just got into managing teams very early). But I digress, my point is that it seems educators are placing increasingly less emphasis on teaching students how to behave in the “real world” as it regards professionalism. I am so thrilled that this book addresses this head on to fully prepare young people for a life they can be proud of.
The Other “C” — Credit Cards. I was literally nodding my head throughout this whole section and agreeing with everything. I so wish I had these tips not even as a high school or college student but once I started making “real” money which wasn’t until age 25, post grad-school. I would have learned that a credit card can be used as a success tool and not a financial crutch.
What could be improved?
Honestly, these gals did a top notch job. I'm super impressed with the breadth of topics covered and the way in which the information was presented. My only minor piece of feedback is that I would love this to evolve into more of a workbook or journal-style book so there are more opportunities to work on some of the action steps all in one place. That said, I loved the awesome checklist included at the end of the book.
Read more reviews — The book has a 5-star rating on Amazon! You can see what other readers have had to say so far.
Follow the Authors — You can find Alli @financiallifocused and Shelly @theelecticvoyager on social media.
Sign up for Alerts — There are more books to come in their series which will provide more tips on how to manage money as a young adult! This first book focuses on highschoolers, the next will give you advice to handle money as a college student and the third is all about good money habits in your 20s.
Get the book on Amazon — At only $9.99 this makes for the perfect graduation gift, birthday gift, stocking stuffer or best yet, an I-want-my-future-self-to-thank-me gift (to yourself). Yes, I'm trying to be cool and speak like a young(er) person with that last one! The Kindle version is also available for just $2.99.
Here’s a link to the book on Amazon: Not Another Money Statistic
Well that's it from me. I really appreciate the time you took to read this review.
Please share it on your social media networks if you enjoyed it!