So here is what is the consensus / vast majority view on the contents of the Wealth Book for the youth. By definition of youth I mean the real young earners (but not those looking for student loans), setting up a family, and the early retirement thinkers. Thanks for all the emails, phone calls, FB messages, postings, ….i think I got about 100 responses, if not more..
Any major gap will be filled in…but here it is:
Philosophy of Creating Wealth (oops OMG I need to really write this well)
Road from Rich to being Wealthy
The Wealthy do not Retire
Taking Stock: Where do you stand now (Balance sheet)
Goals: setting, present value, steps to achieve them (where you want to go)
Figuring where your money comes from (easy) and where it goes (tough!) (Profit and Loss account)
Budget (also called a Reality check on the Goals)
Debt – credit cards, student loans, how to acquire the big assets, credit reports and scores
Introduction to banking (it pays to work in a bank, and hey do not be scared of it)
Introduction to Investing (Mutual funds)
Risk – and how to cover it
Stay away from Toxic products please!
Other investing / saving products
Retirement: how if you did all the above things right, you should not need this chapter!
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