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The Money Book for the Young, Fabulous & Broke (精装)
by Suze Orman
| Category:
Personal finance, Personal wealth, Investing, Prosperity |
| Market price: ¥ 278.00
MSL price:
¥ 248.00
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| Stock:
Pre-order item, lead time 3-7 weeks upon payment [ COD term does not apply to pre-order items ] |
MSL rating:
 Good for Gifts |
| MSL Pointer Review:
Written in plain English with comprehensive information, this book is an excellent personal finance resource for young people. |
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AllReviews |
1 2   | Total 2 pages 11 items |
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Calvinnme (MSL quote), USA
<2006-12-28 00:00>
I bought this book for my college-age stepchildren, as I believe it has information that you do not necessarily have to be old enough to be a college graduate to appreciate. Suze does a good job of explaining the FICO score and pointing out that those with a score between 720 and 850 have equally excellent scores in the eyes of creditors and will both get the best interest rate on a loan. She points out that you should not close unused credit accounts if you have the discipline to stay away from them, as they help raise your credit to debt ratio, which in turn raises your FICO score.
In the arena of retirement accounts, Suze also has some very useful information. She points out that we are currently paying the lowest tax rates in the history of our country for our earned income. There is a very high chance these rates cannot be maintained when we retire and need to withdraw our retirement funds. This only makes sense given the state of the country's economy and the fact that the federal government is currently running an ever-increasing deficit. Since traditional IRAs and 401k's and other similar plans are taxed when you remove the money later, it makes sense to only invest in your 401k for what your employer will match since you should never say no to free money, and then put whatever else you would put into the 401k into a Roth IRA. In a Roth IRA, you pay your taxes now, at a lower rate. You will not pay tax on the interest or dividends earned in the Roth IRA or the money you put in when you take it out during retirement. She also points out that borrowing from 401k's are bad ideas, since you get doubly taxed. You get taxed once when the loan is repaid from your paycheck, and you get taxed on the money again when you retire and withdraw it.
I also like how Suze makes you look at your student debt as something that enabled you to become what you are, that it is an investment in yourself. Therefore your attitude toward that debt should be quite different from your attitude toward some high credit card balance brought on by a spending spree.
I think the one place where I part company with Suze is when she imparts advice to married couples regarding debt and the law. She is a little fast and loose with saying what you are or are not obliged to pay on a spouse's debt if that debt is run up during marriage. The law varies drastically from state to state. In a community property state, like Texas for instance, you are pretty much responsible for any debt your spouse runs up. However, some states only require you to pay the debt of a spouse if it is for something that he or she "needs" - the most expensive example being an emergency medical procedure. Other states go as far as making you responsible for child support for your stepchildren if your spouse does not pay - these are called "stepparent responsibility laws" - and they have financially tripped up more than a few legal-unsavvy spouses!
Finally, this book states that it is for the "Young", as specified by the title. However, the book also says it is for people in their 20's and 30's. If the cut-off target age for this book is 39, or even 35 for that matter, I would say that is pretty old to be requiring basic lessons in finance. By age 35 I know I was "old", or at least middle-aged, in the sense that I was mentally mature and had long since given up the ways of a less responsible younger person. I think it is sad that society, by constantly defining adulthood ever upward, has gotten to the point where 39 year olds require finance 101 lessons because they were treated as children until they were 21 or older - by their parents, by the law (the drinking age), and by the nanny state in general. With kids now often being required to sit in car booster seats until they are 10, I can only grieve for the future when adolescence will probably be considered ending at age 25. |
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Anna (MSL quote), USA
<2006-12-28 00:00>
This book is definitely targeted at people who have already finished college and are starting to find their way in their chosen career field (I'd say mid-to-late-twenties to mid-thirties). For a 21 year old college senior like myself, the advice is not immediately applicable, but it gives folks like me a really clear picture of what to expect very soon.
I've found this book especially helpful because my parents have always been in control of everything having to do with finances. Even with my student loans, all I heard was "Ok, you just have to sign here." Orman explains in detailed, simple terms everything I should have been involved in, as well as what kind of financial decisions I will need to make in the coming years.
One caution - you really have to commit to reading this book in its entirety. Orman's advice (especially in such a simplified, straightforward format) really cannot be taken out of context.
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Roxann Allen (MSL quote), USA
<2006-12-28 00:00>
What I most appreciate about Suze Orman's The Money Book for the Young, Fabulous, and Broke is her positive approach to helping young people manage their finances. Orman goes beyond offering a financial plan for those of us who are a few years out of college. In this book she is the YF&B's biggest cheerleader, beginning with the most helpful concept I have ever read when it comes to financial planning for the young you are your own most undervalued and important investment.
Orman begins by imparting the most important aspect of maintaining a good financial record: know your FICO score. Your FICO score is a record of your financial history, watched closely by lenders, to determine interest rates, loan eligibility, and even whether or not you can get the cell phone you desire. So we are to begin by making sure we understand our FICO score and work to make it the highest it can be.
To become and remain financially fabulous, throughout your whole life you must be working to make your FICO score as robust as you can by working on each score component. Orman says it is a good idea for parents to add their children to their credit cards (even if they don't tell them!) for them to increase their FICO score, which my brilliant mother already has done for me. Orman, however, also says, "screw budgets" and just try to keep track of where your money is going by going over your bank account statements, and my mother, still brilliant, had tried to get me to budget.
So where are we now? We are in our "due-paying years," says Orman. Orman encourages us to work hard within a career we are excited about to make ourselves invaluable and indispensable to any job we find ourselves in at this point in our careers. "Early in your career, you are looking for every opportunity to climb a rung. Money should not be your focus. Gaining responsibility and exceeding expectations are your goals at this stage. If you consistently impress your managers and colleagues, you are going to continue to step up the ladder. Eventually, that will bring plenty of opportunity for more money. But that's for later. Right now, you just want to get yourself off the ground" (59). She says quit any job you hate and get yourself into a career even if you can barely make a living at it now. If you love it, and you work hard at it now, it will pay off later. Then, years down the road, you will not have to look for a high-paying but unfulfilling job just to pay down credit card bills you built up indulging in "stuff." This is why you are your most important investment.
This is why she would "allow" us YF&B's to use credit cards to fund career development by using them to pay for necessities such as food and housing. She cautions us, though, that this is only for those who know they have the control to use the credit cards in this manner.
Orman's book also includes tips for paying off student debt, saving, retirement, investing, purchasing large items such as cars and homes, and love and money. These will be even more useful when I actually begin to have money to do such things, and I know I will be returning to this book when those times come.
Overall, Orman offers a way for us to use our youth to our advantage. Time is on our side and if we use these years to become clear on our passions and "pay our dues" by working hard to make our dreams come true, our finances will fall in service to that and build from our sense of power, how we use it, and we can grow our money at the same time we grow ourselves.
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Melissa Niksic (MSL quote), USA
<2006-12-28 00:00>
I purchased this book to read up on home buying advice and information on how to best go about saving for retirement. I found all the information I was looking for, plus a whole lot more.
The Money Book for the Young, Fabulous & Broke is a great financial guide aimed at people in their 20s and 30s who are likely struggling with large student loan debt and low-paying jobs, desperately trying to make ends meet. Suze Orman does a great job of breaking down complicated financial jargon into language that "regular people" can understand. This book is extremely comprehensive and is divided into different sections that will help you plan toward specific goals. It also contains the answers to many common questions people have about proper financial planning. Topics of discussions include an explanation of FICA scores, advice on how to eliminate debt and start saving money, a guide to credit card management, breakdowns on 401K and IRA options, and how to go about purchasing big-ticket items like cars and homes. There's even a chapter devoted to married couples that explains the different ways to go about managing and merging your money.
I think this is an excellent resource for young people who are trying to be financially responsible and live within their means but also want to be able to afford to actually DO things in life. Orman offers plenty of additional information on her Web site, which she frequently references in the book. I think that everyone should have a copy of this book handy at all times... in fact, it should be a required gift for all college graduates! I've read a lot of financial planning books before, and none of them were very helpful. "The Money Book for the Young, Fabulous & Broke" gives you all the information you need to know in language that you'll be able to understand. I'll be referencing my copy for a long time to come!
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Winston Koh (MSL quote), USA
<2006-12-28 00:00>
With recent books like Strapped and Generation Debt where many financial issues faced by Generation X are brought to light, it makes us wonder who's fault it is that we are in such a predicament. While pin-pointing who to blame is a futile exercise, with financial literacy and self-discipline, we can make light of the situation. This book stands out in helping us gear towards the right financial decisions.
I would be in much better financial state now if I was given this great financial guidebook instead of a gigantic brown company folder during my first job orientation as a young professional several years ago. I don't recall having a Personal Finance course as an elective during my college days so I would have that to blame on. Please University Administrators - Create a personal finance course (or even a full series of courses) and make it mandatory to all college seniors. Your students will be eternal grateful to you in the future.
Ever wonder why you still feel strapped even having a decent salary to count on? Well, it maybe a good time to analyze your spendings with Suze Orman's help. In this fantastic book, it covers a lot of ground from choosing automobiles (buy a used reliable car, not leasing a fancy batmobile), owning a house (good debt, build equity but watch out for interest-only loan), retirement savings (invest in 401K, IRA), to investments (buying enough stocks yet?) and credit cards/personal gratifications (paying down credit card debt as highest priority and switch to credit card with lower APR). It is essential reading and will enlighten you in more ways you know. It may well be your best investment thus far. |
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A reader (MSL quote), USA
<2006-12-28 00:00>
Suze Orman is spectacular. She doesn't sugarcoat things and she puts it all out there for us young folk. She covers all the topics that affect those fresh out of college. Everything from handling student loan and credit card debt to buying your first house and handling investments. And the online tools that you get access to when you purchase the book are great help as well. there's even a message board where you can get real feedback from Suze and her assistants. This is definitely a must read for all young people!
After reading several sections from a friend's copy, I know for a fact that this is the book on finances I've been waiting for. If you have trouble focusing and end up drifting into space before making it through a sentance in any book- let alone one about dreary finances- I think you'll be wanting your own copy of this title as well. As if she had the ADD personality in mind, Susie is direct and to the point without being crass. The book is also highlighted with coloring which is another ADD friendly technique, along with short summeries to sum up the already to the point chapters. She also gives very simplistic examples behind her reasonings to make sure even the most clueless college co-ed or financing novice can understand it, but she breaks things down in a way that doesn't make you feel like a dumb-ass for not understanding it earlier. The PERFECT gift for a high school graduate who's about to embark on to the world of college loans and credit! And great for anyone who wishes there was such a thing as financing 101 in H.S. or College. Highly Recommended. |
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A reader (MSL quote), USA
<2006-12-28 00:00>
I am a finance professional, but am often appalled by the lack of information that intelligent professionals have about finance in general. Reading a book like this one should be required reading when someone opens their first credit card account, or takes out student loans. In college, students foolishly borrow, borrow, borrow, without any knowledge of the ramifications of this.
Suze Orman sets out to provide basic and more intermediate finance essentials to those who are young enough to recover from foolish mistakes. The book begins with an explanation of FICO scores and how they can affect your ability to get loans (and good interest rates). There was some information here that I didn't even know!
Suze also explains such topics as savings, retirement savings, investing, and large purchases such as cars and homes. Again, this knowledge is so essential to every single person in America! Suze's writing style makes it easy for someone with no finance experience to understand.
I was less blown away but Suze's section on career moves - I felt it was a little out of place in this book.
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A reader (MSL quote), USA
<2006-12-28 00:00>
This is a great book for young adults, and frankly, as a new step mother of a 3rd year college student, I know she and all her friends need this, and they're not in the minority. Yes, this book rehashes stuff that we have read. But have your kids read those books? Of course not! This is the ADD generation - fast, convenience, no sense of accountability. Over the last few months, I've exhausted my search for a book for young college kids, or kids in high school getting ready for life on their own. Guess what? There isn't a single book out there for them. There are books for parents who want to teach their children about money - but this is about allowances, not accountability! Then, there's books for "us" - mortgage, diability, retirement, etc. There is a generation gap. This book fills the gap. This generation needs facts, short and sweet, and nothing more than what is in this book. I am a financial manager. I budget for client organizations. I budget my home. I borrowed this from the library to see if I would buy it. Guess what? I'm buying three for all three step kids. They're not going to read it tomorrow, but I know they'll read it. |
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A reader (MSL quote), USA
<2006-12-28 00:00>
I should say up front that I'm a bit suspicious of any financial guru with more personality and energy than could be accounted for by a strong cup of coffee.
But I read Suze Orman's Money Book for the Young, Fabulous and Broke, and I was impressed. It's solid advice, and her suggestion that using credit cards for tuition is actually a good kind of debt was surprising but reasonable.
This is a great book to give to those entering or graduating from college; if they haven't learned the basics of financial sanity, they'll learn a lot from this.
Her online planner (accessible with a code in the book) is worth the price of admission. It helped me print out useful legal forms for me and my wife, and also helped to focus our planning on the most important steps for our financial well-being.
Perhaps the best piece of advice in the book is to ask yourself whether something you want to buy on credit would still be a good deal at three times the price, because with interest charges, it may well cost that much. That's a decent, solid rule of thumb, and I use it regularly.
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A reader (MSL quote), USA
<2006-12-28 00:00>
Despite the common sense and ideas promoted in this book, nothing can hide the disgrace of it's having to be written in the first place. For generations of past "Americans," the country was an avenue of social mobility for millions of people who had "hope." Education, hard work, and self discipline was cause for celebration for parents and children alike to look forward to a future of prosperity and comfortable living. What changed, and who changed it? Wealth today, for too many, arrived through exploitation, fraud, illicit activities, lottery, or chance. The mismanagement of America is perhaps one of the saddest outcomes for a nation known throughout the world to be one of a great economy, tremendous potential, and a bright future. For the young, this stolen future can be considered little more than the worst international disgrace of human kind more as economic and psychological cannibalism than that imposed upon any generation on earth ever. If ever there was a measure of capitalism, it is the reality of the author's own experience at 29 in her own beginnings that has made this book and the circumstances of its writing as heartbreaking, unfair priorities, and a warning to everyone, of what this nation has become, through the negligence of its indulgence for failed leaders, and failed leadership. It is no cause for celebration, but the outgrowth of the wake up call that has long been denied and ignored. For too many women, the story is no different than when the author began, and which is gradually consuming also our men, most of whom are not optimistic about marriage and fatherhood because of the heavy burdens of life in America today. |
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