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Looking for LBYM article for young adult
Old 07-08-2013, 10:38 AM   #1
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Looking for LBYM article for young adult

Rather then lecturing about LBYM behaviors, I'd like to send maybe just one article to my son on this. The ideal article would be fast reading and emphasize short term goals, not retirement. So it would not be a book.

Here is one I found: LBYM ---- Living below your means

Sometimes seeing this idea in print will impress more then coming from a parent.

Anyone have another for a young adult?
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Old 07-08-2013, 12:53 PM   #2
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Rule #1: Spend Less Than You Earn. - The Simple Dollar

This blog is pretty good, simple and straightforward, and this intro article is good on it's own, or as a stepping off point to more.
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Old 07-08-2013, 01:40 PM   #3
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When I was 22 I read "You Have More Than You Think", a book by the folks at The Motley Fool. I thought it was well done, and a great primer for how to LBYM and start saving at an early age.
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Old 07-08-2013, 05:56 PM   #4
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Not an article, but the book "The Millionaire Next Door" made an impression on me. Perhaps the title could lure jr. in.

-gauss
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Old 07-08-2013, 08:42 PM   #5
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The Mr. Money Mustache blog has been mentioned here several times. He is a young guy with an entertaining PG-13 writing style. You might point you son to one of these articles:

Getting Started #1 What am I Supposed to Do With All This Money? | Mr. Money Mustache

Frugality: the New Fanciness | Mr. Money Mustache

There are lots more. I found these two by tapping the "tags" link on the right side of the home page and selecting "frugality".
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Old 07-09-2013, 02:16 AM   #6
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I 'd vote for the Mr. Money Mustache blog as well as for the Get Rich Slowly blog.
Lots of real life examples from a good mix of people that might make a lasting impression on a young adult, like this one
Reader Story: How I Avoided Student Loans
or all in the "Best Of" file.
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Old 07-09-2013, 08:59 AM   #7
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Here's a classic: The Richest Man in Babylon.

"A part of all I earn is mine to keep"
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Old 07-09-2013, 09:31 AM   #8
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Thanks for all the suggestions and keep them coming!

Books are out for now. Some people want it short and simple and my son is one of those. Also he's just started working and so more advanced topics like where to invest, mortgage ideas, etc. are too far out there to consider just yet. Maybe I did not make that clear in my OP.

Chris's suggestion of the "Get Rich Slowly" blog looks really good. There are short topics under the Guide To Money tab like:
How Do I Create a Budget?

How do I keep from spending money?
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Old 07-09-2013, 01:12 PM   #9
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+1 on Mr. Money Mustache although his articles might be on the long side if your son has a 1-minute-and-I'm-bored approach on this subject.

++1 on Richest Man in Babylon - I've started giving this book, and others mentioned on this thread, as graduation gifts. The recipients are not usually impressed but I'm hoping it stays on the bookshelf and serves a purpose at some point in the future.

Richest Man is so much more than a money book - it reinforces the need for keeping skills up to date as well as other important life lessons.
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Old 07-09-2013, 01:19 PM   #10
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Without having a specific suggestion, as a teen, the things I like the most are relatable blog posts, especially when they have links to other posts with similar titles. I'll find myself with 10 tabs open from interesting-sounding posts.

Articles are usually very detached from reality and make claims very irrelevant to youth growing up in this economy, and so I don't find them applicable. Blog posts from people who make it cool to LBYM, turning it from something you have to do into a game, something you want to do, that's rewarding and fun, are really what pulled me in.

Also going off the topic of specifically money management. DIY or 'hacks' that teach you do to regular things in cheaper ways just for fun also push the same message, in a different way. Instead of thinking about ways to save money only, you just think of ways you can do everything at home or with raw materials, which usually ends up saving money, and keeps the, 'oh, I could do that with x,' mentality when walking through stores. Changing the lifestyle from every angle.
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Old 07-10-2013, 12:37 PM   #11
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Lsbcal, I believe your son and mine are twins separated at birth.
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Old 07-10-2013, 02:05 PM   #12
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My Dad sent me articles about how I might live my life better. Overall, not a highly successful endeavor, at least not with me.

I avoided anything similar to this with my own sons, reasoning that they would be unlikely to like it any more than I did, that it would seem overbearing and meddlesome.

If he lives with you, you could leave an article or book around where he might see it, and not suspect that it was part of a campaign on your part.

I didn't even try this, guessing that it likely would not work.

Ha
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Old 07-10-2013, 02:18 PM   #13
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Quote:
Originally Posted by gauss View Post
Not an article, but the book "The Millionaire Next Door" made an impression on me. Perhaps the title could lure jr. in.

-gauss
+1

Reading the "Millionaire Next Door" was a aha moment for me as a young adult. For someone with a short attention span, an abstract of the book might do...
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Old 07-12-2013, 09:37 AM   #14
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Quote:
Originally Posted by FIREd View Post

+1

Reading the "Millionaire Next Door" was a aha moment for me as a young adult. For someone with a short attention span, an abstract of the book might do...
I was also influenced by that book. It's an easy and engaging read.

How about this?
1. Hand him the Millionaire Next Door.
2. Show him a snapshot of your current assets, and tell him about your feeling of financial freedom.
3. Walk him to any large retail establishment and casually point out the older folks who are working very hard to pay their bills.

"Which life do you want, son? It's a decision you will make today."

Perhaps too heavy handed.
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Old 07-12-2013, 09:54 AM   #15
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I appreciate everyone's good intentions here. I've learned that each family has different dynamics and there is a spectrum of ideas about handling them. So I won't go into details of spending/living issues here.

Thanks again.
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Old 07-13-2013, 06:07 AM   #16
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For some stubborn people, like me, the lesson can only be learned in the school of hard knocks. I didn't really pick up on it until after my divorce in 1983.
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