Thrifty Thinking: The Minimum-Wage Millionaire

Disclosure: I received complimentary products to facilitate this post. All opinions are my own.

Bill Edgar recently published The Minimum Wage Millionaire: How a Part Time After School Job Can Change Your Financial Life.

This is a great book for teens to learn more about how money works, with a practical approach to gaining wealth for teenagers who are just starting to earn income with a part time job. Financial concepts can be tricky, but the book breaks it down, using simple analogies. The author clearly emphasizes the importance of saving early - and makes a compelling case for saving enough during the first few years of working that you don't have to save anymore after that!

While that's not practical for everyone, he clearly lays out the rationale behind saving. He also points out that even if you can't save $100/week like his ideal example, that anything you save, because of the power of compound interest, will grow.

Other helpful tips in the book include never touching investments, setting up a Roth IRA, and making your money work for you instead of working for money.

The book is not for those with a solid understanding of economic systems. It's writing style is casual, and the information is fairly basic, so it's perfect for those in the 15-20 age range who are just starting to work.

Bill 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).