Great Gift for Grads
Skip the trinkets & give 2017 graduates a real gift, financial literacy
As the Class of 2017 wrap up their final semester of classes, they are also preparing to cross the graduation stage with their hard-earned degree in hand. What these students do not realize, is that they will be unofficially inducted into the society of 44 million Americans who graduated with student debt. The latest figures show student debt in America is $1.5 trillion and climbing. With the average student graduating with estimated monthly payments of $350 or more, it’s about time people really put some thought into the perfect graduation gift for their love ones. (See source with more student loan debt stats here)
Trinkets made in China are nice but they will not really set graduates up for success with their finances. Arm your graduate with the real tools they need to survive in the real world because in four to five years of undergraduate studies many students take very few or no courses about managing their finances.
The perfect gift would be more knowledge. Give them a book that can educate them about how to move forward with paying bills, paying off debt, and saving for their retirement. Most students are so anxious to get a job; they sometimes do not spend enough time planning for anything else. Anyone can give the gift of education and financial literacy; something many millennials lack.
I recommend arming graduates with one or more of the books below. By simply reading, graduates can start their transition into the real world in a better position. If they are anything like me — reading one book may spark their interest into financial matters for the rest of their lives. My father bought me my first financial book, Rich Dad Poor Dad by Robert Kiyosaki, when I was in high school. This book inspired me to open my first retirement account at sixteen years old and I have been saving for my early retirement ever since. Personally, I love financial literacy books and read a new one every chance I get. Below are my top three reads. Check them out and purchase them for a graduate or anyone else that might benefit from the knowledge — including you.
- Rich Dad Poor Dad by Robert Kiyosaki
- The Automatic Millionaire by David Bach
- The Power to Prosper: 21 Days to Financial Freedom By Michelle Singletary
Graduates could also benefit from downloading the following apps. Both apps help users save money and with as little as $5 you can start investing in the stock market. App subscribers also get newsletters about financial literacy so they can learn while they earn.
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