Life of Fred: Financial Choices for Teens (not boring)
Eliminate frustration and boring curriculums with the Life of Fred (not boring) approach to financial choices for teens.
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“If you want to wear clothes or eat or live indoors, this book may help you accomplish those goals.”
– Stanley F. Schmidt, Ph.D.
In an era where financial literacy is more critical than ever, traditional methods of teaching personal finance often fall short of engaging students and making complex concepts digestible. Enter “Life of Fred: Financial Choices,” part of a unique, educational series that merges storytelling with subjects such as mathematics, science, learning to read, language arts and personal finances.
What is Life of Fred?
Written by Stanley F. Schmidt, Ph.D. this innovative approach not only simplifies learning about money but also makes it fun and memorable. Initially popular for its unconventional approach to teaching mathematics, the Life of Fred series has expanded to cover other subjects, including this book about personal finance. Each book in the series follows the adventures of Fred Gauss, a child prodigy who teaches at KITTENS University. Through Fred’s adventures, readers are introduced to various academic concepts in an engaging and narrative-driven format.
Dr. Schmidt covers so much more than the main topic in his books. A big believer in the inner coherence among all the subject areas, Schmidt believes children and teens learn best when having fun. His complete series of books are suitable for children from age 5 right through to college graduates. Financial Choices is suitable for around age 14+ (10th grade) including adults who may not be confident with their own financial literacy. If your children are younger than 14 years, try these Life of Fred math books first. The Life of Fred Language Arts series is suited for age 13+.
“Life of Fred: Financial Choices” is designed to teach students the essentials of personal finance through Fred’s adventures. Unlike traditional textbooks, this book doesn’t rely on dry explanations and repetitive exercises. Instead, it weaves financial lessons into a captivating storyline, making the material relatable and easier to understand. Some chapters end with a “Your Turn to Play” section which can be completed on separate paper in order to keep these lovely hard cover books reusable for others. Solutions appear on the next page.
Key Concepts Covered
- Budgeting and Saving: Fred’s journey illustrates the importance of budgeting and saving. Readers learn how to create a budget, differentiate between wants and needs, net worth, compound interests and understand the value of saving money for future needs.
- Investing: Through various scenarios, Fred explores different investment options, including stocks, bonds, and mutual funds. The book explains the basics of investing, the concept of risk and return, and the importance of diversifying investments.
- Credit and Debt Management: Fred encounters situations where he needs to use credit and manage debt. The book covers how credit cards work, the implications of interest rates, and strategies for managing and avoiding debt.
- Taxes: Fred’s story also touches on the topic of taxes. Readers learn about different types of taxes, how they are calculated, and why they are essential for society.
- Insurance: Insurance is another critical topic covered in the book. Fred’s adventures highlight the necessity of insurance and explain different types of insurance, such as health, auto, and life insurance.
Conclusion
My children have had a lot of pleasure from the Life of Fred books, some of them reading the younger math books “just for fun”. Life of Fred: Financial Choices is more than just a book on personal finance; it’s an innovative tool that redefines how we teach financial literacy.
By integrating financial education into an engaging story, it ensures that readers not only learn but also enjoy the process. Dr. Schmidt’s writing is infused with humor and relatable scenarios, which keeps readers engaged and makes the material less intimidating. Whether you are a parent, educator, or student, this book is a valuable resource for anyone looking to enhance their financial knowledge in a fun and effective way.
Making wise financial choices is something you can start learning as a child, continuing into adulthood and for the rest of your life. Explore Fred’s world and make smarter financial choices along the way – because financial literacy is a journey, not a destination.
View sample lesson here!
In this book you will learn personal finance & much more:
- What Jane Austen Said about a Single Man with a Good Fortune
- The Difference Between Income and Assets
- The Difference Between Expenses and Liabilities
- Two Ways to Compute Your Financial Health:
• Budgeting vs. Net Worth
• Needs vs. Wants - Three Arguments Against Overspending
- Which Assets Lose Value Quickly
- Fiat Currency
- Figuring Future Value under Compound Interest
- Figuring How Long to Pay off a $5,000 Loan at 18% Interest with Payments of $80/month (Most College Graduates with Science Majors Don’t Know How to Compute That)
- Setting Goals for Your Life:
• Financial
• Physical
• Family
• Spiritual
• Mental - Factors in Deciding Where to Live – 16 Questions to Help Decide
- Detailed Guide to the Five Asset Classes:
• Real Estate
• Education
• Paper
• Things
• and a Business That You Own - Buying Furniture, Clothes, and Cars
- Buying vs. Renting a Place to Live
- How to Decide How Much to Spend–Fancy or Cheap?
- How to Retire in 24 Years
- Rule of 72
- Investing in Real Estate–What to Buy and What Price to Pay
- The Use of Leverage
- Investing in Education – the Seven Advantages of College and Also Reasons Not to Go
- Paper Investments:
- Stocks
- Bonds
- Mortgages
- REITS
- Certificates of Deposits
- Mutual Funds
- Investing in Things You Can Touch:
• Art
• Baseball Cards
• Rare Books
• Gems, Gold and Silver - Owing Your Own Business
- The Story of Inflation in Germany in the 1920s
- One Key to Business Success
- When to Hire–the Seven-times Rule
- Arguments for Being Employed/Going on Welfare/Owning a Business
- What It Means to Take an Oath
- How to Choose Which Business to Own
- When to Choose Which Business You Want to Be In
- The First Step after Choosing Your Business
- Reinventing Who You Are in 5,000 Hours
- How to Keep Your Drive Alive
- Money vs. Happiness
- Seven Ways to Get Startup Capital
- Dealing with Failure
- Dealing with Age/Height/Being in Prison/Ill Health
- Five Suggestions for Finding a Supportive Spouse
- Dealing with Procrastination/ Windfalls/Falling in Love/It’s-free Offers
- What Not to Talk about When You First Meet a Potential Spouse
- What to Disclose on the Third Date
- Checklist of Personal Habits for Success:
• How to Dress
• How to Talk on the Phone
• How to Make Eye Contact
• How to Shake Hands - Learning Skills in Negotiating
- Insurance–What to Buy and What Not to Buy
- The Hard Task of Making Decisions That Close off Alternatives in Your Life
- Leading a Balanced Life and Still Retiring in 24 Years
- Nine Barriers to Financial Success
- How Wealth in a Society Is Created
- Overcoming the Psychological Barriers to Sunk Costs–Deciding Not to Continue Being a Dentist.
