{"id":2217,"date":"2008-12-11T05:00:11","date_gmt":"2008-12-11T13:00:11","guid":{"rendered":"http:\/\/getrichslowly.org\/blog\/?p=2217"},"modified":"2023-09-28T11:49:33","modified_gmt":"2023-09-28T17:49:33","slug":"personal-finance-gift-guide","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/personal-finance-gift-guide\/","title":{"rendered":"The Personal Finance Gift Guide"},"content":{"rendered":"<p>Last year, in answer to reader questions, I suggested some <a href=\"https:\/\/www.getrichslowly.org\/ask-the-readers-personal-finance-books-as-gifts\/\">personal finance books that make good gifts<\/a>. Though the list was good, I wished that there were more to it than just books. To that end, I&#8217;ve kept my eyes open for other options for financially-themed presents.<\/p>\n<p>The following list is rough. It will grow more robust and refined in time as I incorporate reader comments and suggestions. For now, it highlights some books, games, and tools that might make good gifts for certain people on your Christmas list.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"books-for-kids\"><\/span>Books for kids<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In general, young children don&#8217;t understand money and how it works. By engaging them in the actual physical presence of the stuff, it&#8217;s possible to get them to grasp an otherwise abstract concept.<\/p>\n<ul>\n<li><a href=\"https:\/\/www.amazon.com\/dp\/0689711999\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\"><i>Alexander, Who Used to Be Rich Last Sunday<\/i><\/a> by Judith Viorst. Fresh from his terrible, horrible, no good, very bad day, Alexander learns about money. Ages 4-8.<\/li>\n<li><a href=\"https:\/\/www.amazon.com\/dp\/0843177020\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\"><i>Growing Money: A Complete Investing Guide for Kids<\/i><\/a> by Gail Karlitz. Covers banks, bonds, stocks, and financial pages. Why haven&#8217;t I read this yet? Ages 9-12. (Read <a href=\"https:\/\/www.getrichslowly.org\/growing-money-a-complete-investing-guide-for-kids\/\">my review<\/a>.)<\/li>\n<li><a href=\"https:\/\/www.amazon.com\/dp\/1557047383\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\"><i>The Totally Awesome Money Book for Kids<\/i><\/a> by Arthur and Rose Bochner. Arthur wrote the original version of this book when he was 11. Now, at age 24, he&#8217;s teamed up with his 14-year-old sister to revise it. Ages 9-12.<\/li>\n<li><a href=\"https:\/\/www.amazon.com\/dp\/1894222822\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\"><i>What Color is Your Piggy Bank? Entrepreneurial Ideas for Self-Starting Kids<\/i><\/a> by Adelia Cellini Linecker. Gets kids out of the house and earning money. Ages 9-12.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"books-for-young-adults\"><\/span>Books for young adults<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>I believe that this is the most crucial stage in a person&#8217;s financial life. Begin accumulating debt, and there are years of struggle ahead. Begin saving and investing, and you can put yourself ahead of the game.<\/p>\n<ul>\n<li><a href=\"https:\/\/www.amazon.com\/dp\/0743229967\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\"><i>The Motley Fool Investment Guide for Teens: 8 Steps to Having More Money Than Your Parents Ever Dreamed Of<\/i><\/a> by The Motley Fools. It&#8217;s no secret that if a teenager can develop the discipline to save and invest, she can acquire some kick-ass wealth relatively early in life.<\/li>\n<li><a href=\"https:\/\/www.amazon.com\/dp\/0978545702\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\"><i>Debt is Slavery<\/i><\/a> by Michael Mihalik. I <a href=\"https:\/\/www.getrichslowly.org\/book-review-debt-is-slavery\/\">raved about this book<\/a> last year. Of all the personal finance books I&#8217;ve read, I think this would have been most useful to me when I graduated from college. (Read <a href=\"https:\/\/www.getrichslowly.org\/book-review-debt-is-slavery\/\">my review<\/a>.)<\/li>\n<li><a href=\"https:\/\/www.amazon.com\/dp\/1594482241\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\"><i>The Money Book for the Young, Fabulous, and Broke<\/i><\/a> by Suze Orman. This is a pretty comprehensive introduction to personal finance aimed specifically at young adults. There&#8217;s almost <i>too much<\/i> information.<\/li>\n<li><a href=\"https:\/\/www.amazon.com\/dp\/0140286780\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\"><i>Your Money or Your Life<\/i><\/a> by Joe Dominguez and Vicki Robin. A classic, and one of the foundation books for the simplicity movement. Several GRS commenters read this in high school or college, and found it excellent. HollyP writes: &#8220;I read [YMoYL] in my 20s, and what I found most enlightening about it was the link between money and energy. It really helped me clarify my priorities.&#8221;<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"books-for-adults\"><\/span>Books for adults<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>There are many great <a href=\"https:\/\/www.getrichslowly.org\/building-a-personal-finance-library-25-of-the-best-books-about-money\/\">books about money<\/a>. But how many of them make good gifts? These four offer sound advice and are easily accessible. (Be careful with the Ramsey book, however. Offering it as a gift could be interpreted as you saying, &#8220;You suck with money \u2014 read this.&#8221;)<\/p>\n<ul>\n<li><a href=\"https:\/\/www.amazon.com\/dp\/0743269888\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\"><i>All Your Worth: The Ultimate Lifetime Money Plan<\/i><\/a> by Elizabeth Warren and Amelia Tyagi. Though I didn&#8217;t care for this book at first, I respect its philosophy more with each passing year. It&#8217;s all about finding balance. (Read <a href=\"https:\/\/www.getrichslowly.org\/book-review-all-your-worth\/\">my review<\/a>.)<\/li>\n<li><a href=\"https:\/\/www.amazon.com\/dp\/0785263268\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\"><i>The Total Money Makeover<\/i><\/a> by Dave Ramsey. In debt? Living paycheck-to-paycheck? This one&#8217;s for you. Ramsey&#8217;s program is simple and sound, and includes lots of anecdotes to drive home his points. This book has a strong religious foundation, but you don&#8217;t have to be religious to get useful info from it. (Read <a href=\"https:\/\/www.getrichslowly.org\/book-review-dave-ramseys-the-total-money-makeover\/\">my review<\/a>.)<\/li>\n<li><a href=\"https:\/\/www.amazon.com\/dp\/0375752250\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\"><i>The Complete Tightwad Gazette<\/i><\/a> by Amy Dacyczyn. Though I&#8217;ve never read this from cover-to-cover \u2014 there are nearly 1000 pages! \u2014 I often browse this monster to find new ideas for frugal living. If you know somebody who likes to find ways to save, this is a great gift.<\/li>\n<li><a href=\"https:\/\/www.amazon.com\/dp\/039332639X\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\"><i>The Random Walk Guide to Investing<\/i><\/a> by Burton Malkiel. Though there are other, more comprehensive investing books out there, I believe this one is best-suite as a gift. It&#8217;s motivational, easy-to-read, and the advice is excellent. (Read <a href=\"https:\/\/www.getrichslowly.org\/the-random-walk-guide-to-investing-ten-rules-for-financial-success\/\">my review<\/a>.)<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"magazines\"><\/span>Magazines<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When I did my round-up of personal finance magazines in September, I noted that I&#8217;m a fan of the information available from the non-profit <a href=\"https:\/\/advocacy.consumerreports.org\/\" target=\"_blank\" rel=\"noopener\">Consumers Union<\/a>. I think that <i>Consumer Reports<\/i> is great, but so are its sister publications: <i>ShopSmart<\/i> and <a href=\"https:\/\/www.amazon.com\/dp\/B0001LAK3A\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\"><i>Money Adviser<\/i><\/a>. Of the &#8220;Big Three&#8221; personal finance mags, I think that either <i><a href=\"https:\/\/www.amazon.com\/dp\/B00005N7R5\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\">Kiplinger&#8217;s<\/a><\/i> or <a href=\"https:\/\/www.amazon.com\/dp\/B00005R8BA\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\"><i>Money<\/i><\/a> are good options.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"games\"><\/span>Games<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>For children, there are several games that offer an introduction to personal finance. For example, <a href=\"https:\/\/www.amazon.com\/dp\/B00134FDC2\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\">Careers<\/a>, <a href=\"https:\/\/www.amazon.com\/dp\/B00083HIJK\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\">Payday<\/a>, and <a href=\"https:\/\/www.amazon.com\/dp\/B00000IWD7\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\">The Game of Life<\/a> all offer elements of real-life money management. (I&#8217;m not convinced that Monopoly offers much in this regard.)<\/p>\n<p>Older gamers have options, too. When compiling his list of the five greatest financial board games, Trent at <a href=\"https:\/\/www.thesimpledollar.com\/\" target=\"_blank\" rel=\"noopener\">The Simple Dollar<\/a> lauded <a href=\"https:\/\/www.amazon.com\/dp\/B0006HCVYU\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\">Modern Art<\/a>, <a href=\"https:\/\/www.amazon.com\/dp\/B001AQNW2G\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\">Acquire<\/a>, and <a href=\"https:\/\/www.amazon.com\/dp\/B00008URUT\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\">Puerto Rico<\/a>. I own and enjoy all three.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"stocks\"><\/span>Stocks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>OneShare.com offers framed stock certificates for well-known American companies like Disney, McDonald&#8217;s, Coca-Cola, and more. <b>These are actual shares of stock<\/b>, and can be ordered with or without frames and other fancy doo-dads. Cost varies depending on the add-ons you choose, but will always be at least the current market price for the individual stock plus a $39 processing fee. Expensive, yes, but if you&#8217;re trying to teach a kid about investing, that $39 might be a bargain.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"bonds\"><\/span>Bonds<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Though I&#8217;ve never given or received a government bond, and I don&#8217;t know much about them. I have a friend, however, who gives them to her nieces and nephews for their birthdays. The <a href=\"https:\/\/www.savingsbonds.gov\/indiv\/products\/prod_eebonds_glance.htm\" target=\"_blank\" rel=\"noopener\">Treasury Direct<\/a> program provides all you need to know about these investment instruments, including <a href=\"https:\/\/www.savingsbonds.gov\/indiv\/planning\/plan_gifts.htm\" target=\"_blank\" rel=\"noopener\">how to give savings bonds as gifts<\/a>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"software\"><\/span>Software<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Sure, you could give Microsoft Money or <a href=\"https:\/\/www.amazon.com\/dp\/B001D1Q7PM\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\">Quicken<\/a>, but there are other options available, too. For example, I&#8217;ve heard great things about <a href=\"https:\/\/www.amazon.com\/dp\/B000QO76HU\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\">You Need a Budget<\/a>, PC-only software that does one thing, but does it well: help you build and keep a budget. (Note that I&#8217;m suggesting software only for gifts. There are many free online tools you might try on your own, including <a href=\"https:\/\/www.getrichslowly.org\/entrepreneurship-advice-from-marc-hedlund-ceo-of-wesabe\/\">Wesabe<\/a>, <a href=\"https:\/\/www.mint.com\/\" target=\"_blank\" rel=\"noopener\">Mint<\/a>, <a href=\"https:\/\/pearbudget.com\/\" target=\"_blank\" rel=\"noopener\">PearBudget<\/a>, and more.)<\/p>\n<h2><span class=\"ez-toc-section\" id=\"tools\"><\/span>Tools<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This year I became aware of a growing number of products designed to help the user better organizer her financial life. I&#8217;d actually like to find more of these, so if you have recommendations, please let me know.<\/p>\n<ul>\n<li><a href=\"https:\/\/www.amazon.com\/dp\/B000I8YWPS\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\"><i>Traditional pink pig piggybank<\/i><\/a>. We adults have our high-yield savings accounts and our change jars. For kids, I think there&#8217;s something charming about a traditional piggybank.<\/li>\n<li><i>The Money-Savvy Pig<\/i>. If you want a more modern piggybank, check out the Money-Savvy Pig, which allows kids to save for a variety of different goals all at once. High marks from every source I&#8217;ve seen.<\/li>\n<li>Personal finance flash-cards. Last summer, Nuru sent me a deck of their personal finance flash-cards. They&#8217;re great. They present a variety of essential personal finance concepts in clear, everyday language. Look for a full review sometime in the next month. (Nuru also produces decks on other topics like understanding your car and exercising anywhere.)<\/li>\n<li><a href=\"https:\/\/affairsorganizer.com\/learn_more.html\" target=\"_blank\" rel=\"noopener\"><i>The It&#8217;s All right Here Life &amp; Affairs Organizer<\/i><\/a>. I believe that organization and preparedness are essential personal finance skills. This comprehensive loose-leaf binder includes sections for every conceivable piece of information about you and your family&#8217;s circumstances. A little bulky, but still great.<\/li>\n<li><i>Cash Cache<\/i>. From the same folks who produce the Money Savvy Pig, the Cash Cache is a &#8220;beginning personal finance organizer&#8221;. This comes with a 36-page handbook and a series of templates (which you can preview in PDF form).<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"a-word-of-caution\"><\/span>A word of caution<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Though these suggestions offer great financial education opportunities, you need to be careful. Giving an adult a present as an object lesson can be a bad idea. <b>Don&#8217;t give preachy gifts.<\/b> If you give your girlfriend a copy of <a href=\"https:\/\/www.amazon.com\/dp\/0684859386\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\"><i>Why Smart People Make Big Money Mistakes<\/i><\/a>, the relationship may take a turn for the worse.<\/p>\n<p>On the other hand, a personal finance book or toy can be an excellent choice for the right person. It was because a friend gave me a copy of <i><a href=\"https:\/\/www.amazon.com\/dp\/0140286780\/?tag=grsorg-20\" rel=\"nofollow noopener\" target=\"_blank\">Your Money or Your Life<\/a><\/i> that I finally turned my finances around. But the key was that I was ready to hear the message. If I had received the same book just five years earlier, it would have gathered dust upon a shelf.<\/p>\n<p><b>What are your recommendations?<\/b> I&#8217;m particularly curious if you can suggest additional personal finance tools and toys. (I read and review many books, so I feel like i have a handle on what&#8217;s available there.)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last year, in answer to reader questions, I suggested some <a href=\"https:\/\/www.getrichslowly.org\/ask-the-readers-personal-finance-books-as-gifts\/\">personal finance books that make good gifts<\/a>. Though the list was good, I wished that there were more to it than just books. To that end, I&#8217;ve kept my eyes open for other options for financially-themed presents.<\/p>\n<p>The following list is rough. It will grow more robust and refined in time as I incorporate reader comments and suggestions. For now, it highlights some books, games, and tools that might make good gifts for certain people on your Christmas list.<\/p>\n<h2>Books for kids<\/h2>\n<p>In general, young children don&#8217;t understand money and how it works. By engaging them in the actual physical presence of the stuff, it&#8217;s possible to get them to grasp an otherwise abstract concept.<\/p>\n","protected":false},"author":3287,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[31921],"acf":[],"_links":{"self":[{"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/posts\/2217"}],"collection":[{"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/users\/3287"}],"replies":[{"embeddable":true,"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/comments?post=2217"}],"version-history":[{"count":0,"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/posts\/2217\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/media?parent=2217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/categories?post=2217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}