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The Generation Y Money Book
By Don Silver
Adams-Hall $15.95
İMoney Magic, Inc. 9/02/00
Saturday Daybreak KATV, Chn. 7
Mary Ann Campbell, CFP

The Generation Y Money Book: 99 Smart Ways to Handle Money for Teenagers and Young Adults

Special Offer by Publisher, call:
800-888-4452
$14 total, including s&h
Mention you saw it on “KATV, or Money Magic Website”

“Before teenagers decide to spend all of their summer earnings at the mall, they should consider a radical alternative-saving some. A 15-year-old can turn $1,000 of one summer’s earnings into a $140,000 income tax-free nest egg.

How? Once they’ve worked for their money, their money can work for them. If a teenager opens a $1,000 Roth IRA with earned income that grows by 10% per year, the power of compound growth will build it up to $140,000 in income tax free dollars (that’s like $200,000 in “regular” taxable dollars) by age 65.

Do that for three summers in a row and that teenager will have over $375,000 in income tax-free dollars (equivalent to $500,000 in regular taxable dollars),” says personal finance expert and author Don Silver.
How do parents get teenagers to save?
  • First, open their eyes as to how savings can grow tremendously over time.
  • Second, consider a “family 401(k) plan. Match a young adult’s savings for a win-win situation.

    For example, if a teenager earns $1,000 and saves $500 of it, parents can agree to match the $500 of savings. It’s a win-win situation. The teenager will end up with $1,000 in savings even after spending half of their earnings. Parents will have the satisfaction of knowing they have put their young adult on the path to financial security.
A teen review reads as follows:

“The Generation Y Money Book, from Adams-Hall Publishing, is an excellent starting point for a lifetime of smart money management. The book is written in an easy-to-read format.

Among the 99 money-handling tips, you’ll also find info on debt, college, dealing with banks, growing your money with investments, working, and ideas for the future.

This book serves as a great tool for teenagers to help us learn about dealing with money. There are even tips on dealing with your parents and your allowance!

If you’re curious about money and want to get a head start on building a financial life, definitely read this book.”

Author Don Silver writes for the Internet on business and personal finance and is also the author of Baby Boomer Retirement.
 
Special Offer by Publisher, call:
800-888-4452
$14 total, including s&h
Mention you saw it on “KATV, or Money Magic Website”