I know that this topic has been gone over in threads before, but I'm asking for advice on a specific question. The follow up article to the Millionaire Next Door got me thinking that maybe this Forum will have some good advice.
The next generation (kids, nieces, nephews, cousins, etc) in my family (say 20's and 30's) falls into three groups.
All work hard and have jobs. First group avoids debt, lives within its income. Second group takes on debt to produce income such as business debt, real estate investment, advanced degree education. Those two groups seem in control.
Third group are the spenders who take on consumption debt and spend without control. Some are still hanging on, others are in real trouble.
I know the idea of whether or not to sit down and talk with the spenders has been the subject of prior threads, but do not recall a thread where an actual plan has been discussed. What I'm talking about is a book or tapes or CD's where a step by step program about money, control, budgeting, inflow and outflow is presented. Simple and easy to understand would of course be the best.
I think some are at the point where the would listen, but without a specific step by step guide, they would not know how to get on the path.
Any ideas?
The next generation (kids, nieces, nephews, cousins, etc) in my family (say 20's and 30's) falls into three groups.
All work hard and have jobs. First group avoids debt, lives within its income. Second group takes on debt to produce income such as business debt, real estate investment, advanced degree education. Those two groups seem in control.
Third group are the spenders who take on consumption debt and spend without control. Some are still hanging on, others are in real trouble.
I know the idea of whether or not to sit down and talk with the spenders has been the subject of prior threads, but do not recall a thread where an actual plan has been discussed. What I'm talking about is a book or tapes or CD's where a step by step program about money, control, budgeting, inflow and outflow is presented. Simple and easy to understand would of course be the best.
I think some are at the point where the would listen, but without a specific step by step guide, they would not know how to get on the path.
Any ideas?