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The Money Book for the Young, Fabulous & Broke is financial expert Suze Orman's answer to a generation's cry for help. They're called "Generation Debt" and "Generation Broke" by the media - people in their twenties and thirties who graduate college with a mountain of student loan debt and are stuck with one of the weakest job markets in recent history. The goals of their parents' generation - buy a house, support a family, send kids to college, retire in style - seem absurdly, depressingly out of reach. They live off their credit cards, may or may not have health insurance, and come up so far short at the end of the month that the idea of saving money is a joke. This generation has it tough, without a doubt, but they're also painfully aware of the urgent need to take matters into their own hands.
I first saw Suze Orman on her show on MSNBC and she has changed my life. Five years ago, I used to be financially illiterate. Due to my parent’s financial support, I was quite ok with money, but I knew nothing about credit cards, retirement and other money issues. I had no debts, but I didn’t have any emergency money or retirement savings. Reading her books, as well as watching her show made me realize I had to take charge of my financial life and stay on top of it!
Suze offers great advice to young people. The most important thing I learned from her is to start saving for retirement now! I like the way she explained stocks and mutual funds in a way that was easy to understand, even for someone as financially illiterate as I was back then. Some people don’t like her “tell it as it is” way of speaking, but I enjoy her honesty and frankness – young people (even myself) these days need to be talked to seriously. We are the generation that was nurtured too much, which is why many of us are struggling these days. Anyone who is “Young, Fabulous and Broke” (and now probably unemployed) should read this book!
Not that this book really applys to me, but I somehow found myself reading it. She describes all the things I have been told all my life since the last three or four years have gone by. Being that I'm entering college, I have heard numerous accounts from other people I know about how they've ruined their life or how they wish they would have done more with their career/family etc. I've been scared into doing good things to prepare myself, and have been warned to keep track of my money and SAVE SAVE SAVE! The author presents a growing popularity of people saving money and how hard it is. This book for me served as means of comfort though, because she could really relate to what I'm going through as a late teenager, and how to get out of debt and avoid it altogether.
Seeing as how I am part of the "generation broke" ... I jumped at the chance to read this book. It offered an overwhelming amount of information on investments, how to manage your money and finding solutions to your problems. What a God-send! I've already put some steps in place to get out of debt, and hopefully things will go well. In the future, I'll pick up this book again when it comes time to merge finances in marriage, or start saving even further. It's very user-friendly, and easy to understand (great for those of us intimidated by a lot of investment talk) There's even a glossary in the back if you come across a term you don't know. I recommend this for EVERYONE.
I requested that my boyfriend at the time, could skip the diamond necklace, skip the expensive gifts, just get me my Suze Orman book! I commande the television when her show comes on because of her ability to lay it all out there. When I read this book, I could not put it down. It's wonderful to me. I like how she lays your financial options out in chapters. There's even an entire chapter about how to make credit cards work for you! Although I love other titles by Mrs. Orman, this was my favorite.
I think that if you have a college student, a high school student, anyone under the age of 25 who you feel is going down the wrong path financially, give them this book. She made this book particularly for that age demingraphic.
While I'm big into financial fitness, my paychecks are small while my fiance and I are both in graduate school. I was looking to this book for some ideas for what we can do while things are so tight. What I found instead was sort of a "money 101" - I know I need to save for retirement and pay off credit cards. That is common sense, not to have 100 in savings at 2% instead of paying off a $100 credit card bill with 18% interest! This would be a good gift for someone in high school who's starting to work for their own money, or for a college student who's stressing about their student loans, but not for someone who already has some money sense.
They don't teach you BASIC money matters in school, so if you're in that boat, this is a great book. I got this at a time I didn't have much to money and it did help. A LOT of common sense (pay credit cards with highest interest rates) but it does give you a good sense/plan at the end of the day that you can manage your money. The over arching issue here, is not to get into a lot of debt in the first place and you'll fare much better than if you don't. Also, student loans...you die with them. You cannot declare bankrupcy and get rid of them. Good points like that in this book written in a friendly way is what makes it sell. Its a great book.
Suze Orman's latest book, The Money Book for the Young, Fabulous & Broke, is supposed to be the answer to to the generation of 20's and 30's people strapped by student loans, credit card debt, economic downturn, and the latest housing crisis. But some of her advice is nearly impossible to implement, especially considering an individual's financial state. When the credit card companies are coming after you like bloodhounds, the last thing you want to do is start investing in retirement. And if you're in so much debt that you're unable to pay your rent, you probably shouldn't be buying lattes, even if it is only once in a while. This book would have been better if it had a more thorough understanding of just how bad the current generation's financial position really is, and started from rock bottom, showing how to pull up from the side of the ledge.
This is the perfect book for people managing their own money for the first time. The book is organized around major topics such as credit and debt, purchasing a car, and investing for retirement. Under each topic, Suze covers the basics then provides advice for more specific situations. The structure of the book makes it an ideal reference, useful even after the first read.
Suze’s tone is friendly and her advice is realistic, which makes this book better than most other personal finance books that propose solutions which may seem impossible to the truly broke. Suze never forgets her audience, helping people with small paychecks to prioritize their goals and solve their money problems one at a time.
This is the perfect book for recent grads; newbies to credit, mortgages, and investing; people who want to turn their financial lives around; and anyone else who wants to learn about basic money management.