Title: Stock Market Investing For Teens
Author: Myles West
ISBN: 9798416564322
Pages: 149
Theme Music: The FatRat Warrior Songs: Reminiscence
Ok, maybe the Theme Music was a little much, but I mainly listened to this while I read Myles West’s investment guide for teens and planned kiddo’s future. According to West, only 35% of kids 12-19 (as of 2021) had ever had a savings account, and though I agreed to read this book and leave an honest review in exchange for a free copy, I definitely sat and patted my back for having savings accounts for both my kids and choosing this particular title to review. I have always assumed helping children plan for their financial future was the norm, I did not realize how in the minority I was until this book.
While married to my oldest’s father, we suffered a lot of hardships, many that began and ended with financial irresponsibility and abuse. It was during those years that I realized how important it was to not just “agree” about money, but to understand when you are and are not speaking the same language when discussing money topics. It’s not enough to agree that it is “good to save,” questions like “how do you plan to save?” must also be answered accurately. Newsflash: “Win the Lottery” is not a good answer. Spending is a touchy subject too. Agreeing that bills should be paid on time is not the same thing as someone actually paying their bills on time, or even prioritizing those bills over their vices. And although I am grateful for the skills I learned while foraging for food in the woods when he kept grocery money from us so he could buy beer, that’s obviously not the place I want my kids to be in life. Ironically, I was reviewing financial books even then. I knew the “right” answers, but I didn’t know how to help my then spouse make the right choices. The new goal is to simply help my kids learn to make the right choices before they are married so they don’t find themselves acting like or married to someone who tackles money like my ex.
It’s not just enough to start a savings account, though, although that’s a great start. We talk a lot of about being a good steward of our finances in our house. As a homeschool mom, I have the opportunity to teach my kids all the inner workings of household management throughout the day while we tackle math, reading, history, and science. My oldest can now budget out and cook dinner once a week as part of her home economics, she’s eleven. She has been taught to save money for pets and their care and upkeep. We have a two year old puppy, a seven year old hermit crab, one year old Australian tree frogs, and she has set up a freshwater aquarium for a betta fish whose extra plant features she has to earn by doing the dinner dishes every night.
Even this is not enough.
Around 8th-9th grade I plan to add the Math-U-See Stewardship curriculum to our school days. When that happens, I’m also going to add West’s investing book to the required reading list.
As an adult, I’m familiar with most of what was discussed for Americans (West’s book also tackles actions available for Canadian citizens), so I read through the 149 page book in one sitting as soon as I took it out of its package. A teenager being exposed with the terminology and ideas for the first time will have to peruse it more thoroughly. Although West does an excellent job defining terms and laying out a thorough getting started guide, I would consider it just that––a guide to get started. A teen would (and should) take a great deal longer than a nine month old’s nap time to digest this book. It’s good stuff.
In addition to the well rounded and systematic way West approaches investing for the first time, I love how he also touches on volatile markets. Many adults pushing kids to invest don’t properly address the risk factor, but I think West handles it well. The risk is real, but these are things you look for…
The best part, West doesn’t act like his book is the end all be all of everything. In a household where our mantra continues to be “Education is a lifetime pursuit” you bet your britches I was delighted to read West write,” The more you know, the less likely you are to make mistakes. Your reading and thinking may also lead to improved investing techniques and performance.” He then continues to encourage his readers to learn about successful investors and firms as well as those who have failed. “[…]there is always more to learn…”
