Title: The Minimum Wage Millionaire
Author: Bill Edgar
The Minimum Wage Millionaire is a must read for teenagers and parents of teenagers who want to learn about how money works. The book presents a practical approach to accumulating wealth for teenagers who are just starting to earn income with a part time job. Using simple analogies to unravel complex financial concepts allows the young mind to grasp why it is important to invest early and how to start with their first paycheck.
I know I usually don't dip into the non-fiction genre, but I decided to make an exception for The Minimum Wage Millionaire. Boy was I glad; the book offers plenty of good advice for young adults (like me.) The writing was easy to follow and all the terminology was explained/defined.
I really liked how the author uses analogies to explain certain concepts of investing. Also, the voice of the narration was engaging; it felt as if you were actually talking face-to-face with another person (financial advisor, in this case.) The author also makes it a point to take into consideration the mind set of the average young adult--he notes that although saving money from a young age is a good habit, it doesn't mean that one has give up all fun activities (such as going to the movies for a treat.)
I also appreciated how the author draws from his past experiences (and the mistakes he made and lessons he gained.) That allowed readers to connect with the narrator more, knowing that he's a real live person who is offering advice from past experiences.
Several good points are also made in the book. For example, the author states that "If it's not our idea, we don't want to do it." I could totally relate to that statement--everybody wants to be independent and do things their way, but sometimes "my way" isn't the best way.
He also states that "You are responsible for what you believe, so understand the impact people around you are having on you." I couldn't agree more.
Advice for starting to invest in the future is presented in a clear way, with the author explaining the benefits of a Roth IRA and how to set up an account; he also compares and contrasts a Roth IRA different plans. Last but not least, I found this book to be eye opening when I learned that most millionaires don't drive big fancy cars or own private boats; they're normal people who don't spend money on excess things.
The only quip I had was the grammatical errors; I noticed that several of the words that end in double "l''s" (such as "all" or "well") only had one "l." Just only minor errors and the writing was still understandable; they just distracted me for 1-2 seconds while reading.
Overall, this was a quick read (under 100 pages) and well worth the time. I would recommend this book to any young adult who want to retire with $1,000,000 :)
About the Author:
Bill Edgar is the author of The Minimum Wage Millionaire: How a Part Time After School Job Can Change Your Financial Life. He is passionate about helping youth understand how to become wealthy. He lives in Elburn, Illinois, with his three nearly teenage daughters (who will all be required to read his book). Connect with Bill on Goodreads (https://www.goodreads.com/author/show/696268.Bill_Edgar) and Twitter (https://twitter.com/AuthorBillEdgar).