College students aren’t known for their financial planning. In fact, some college seniors are graduating with enough credit card and student loan debt to consider selling their diploma on eBay. In an attempt to help the next generation of college students avoid this pitfall, MainStreet has come up with a summer reading list that will help ensure a debt-free future.
So, instead of trying to cram in some classics (which you should have read already) or overdose on popular fiction (which isn’t going anywhere) this summer, incoming freshmen can pick up these tomes to help them balance their new life and their bank account.
Financial Basics: Money-Management Guide for Students by Susan Knox
Knox, a certified public account, financial planner and former university administrator, uses stories from past college students as a platform to dole out advice to prospective or current ones. The book, which has a five-star rating on Amazon, addresses your standard financial issues, such as credit card debt, student loans and post-college financial planning. It also discusses some often-ignored subjects such as how to keep up with friends who are richer than you, develop a personal philosophy on finances and prevent identity theft.
“Everyone interviewed for the book had differing financial situations and education from the financially clueless to the overly stingy and everywhere in between,” one reviewer says on Amazon. “Instead of trying to fit everyone into one black-and-white financial solution, [Knox] gave easy-to-follow, general tips on money management, credit card responsibility and savings.”
Overall, the book will help to prevent a solid foundation for a college student’s financial planning.
How to Survive Your Freshman Year by Hundreds of Heads Survival Guides
Hundreds of Heads’ annual guide advises students on more than just financial planning so readers looking for a more comprehensive view of college life should purchase the 2010 version and get reading. The book contains more than 1,000 pieces of real-life knowledge from hundreds of students who attended more than 100 colleges across the country. (There are words of wisdom from college counselors as well.)