The Money Book for the Young, Fabulous & Broke

published	March 27th 2007 by Riverhead Trade
binding	Paperback
isbn	1594482241 (isbn13: 9781594482243)
pages	400
description	If you are tired of struggling to make ends meet but don't know a 401(k) from Special K, this book is for you. Aimed specifically at "Generation...more [close] If you are tired of struggling to make ends meet but don't know a 401(k) from Special K, this book is for you. Aimed specifically at "Generation Broke"--those in their twenties and thirties who are working yet buried in credit card debt and student loans--this user-friendly guide offers a clear introduction to practical investing and money management techniques that can turn even a dismal financial situation around. Bestselling author Suze Orman has a knack for taking the fear out of money matters, and in The Money Book for the Young, Fabulous &: Broke, she shows readers how to set priorities and achieve goals, whether it is to buy a house or save for retirement or pay for a child's education. She also offers inspiration to readers to face their financial problems and get started on a solution. After all, there is good news: young people still have the time to correct problems so that they will never be broke again. Readers who find terms such as diversification and IRA rollover scary--or worse, unimportant--will learn much from this book. In these pages, Orman clearly and succinctly explains what a FICO score is and why it's so important, offers the lowdown on stocks and mutual funds, provides career advice, and offers lots of tips on dealing with student loan debt, saving money even when times are tight, debt consolidation strategies, and the safest way for newlyweds to merge their finances. She also offers information on credit cards, including why canceling cards is not a good idea, when it makes sense to use them, and the best strategies for paying them off. It may not be the only money book you'll ever need, but it's an excellent place to start. --Shawn Carkonen <p clear="left"><font face="Verdana, Arial, Helvetica, sans-serif" color="cc6600">All About Suze Orman</font> The Money Book for the Young, Fabulous & Broke is financial expert Suze Orman's answer to a generation's cry for help. An Emmy-award winner, Orman is the author of four consecutive New York Times® bestsellers, The 9 Steps to Financial Freedom, The Courage to Be Rich, The Road to Wealth, and The Laws of Money, the Lessons of Life. The Money Book was written to address the specific financial reality that young people face today, and it offers a set of real, not impossible, solutions to the problems at hand and the problems ahead. <ul> <li>Listen to a special message from Suze Orman. <li>Visit the Suze Orman Store </ul> <p clear="left"> <font face="Verdana, Arial, Helvetica, sans-serif" color="cc6600">Suze Orman: The Bestsellers</font> <table cellpadding="4" border="0" width="100%" cellspacing="4"> <tr class="tiny" valign="top" align="left"> <td> <ul> <li>The Courage to Be Rich <li>The Road to Wealth <li>The Laws of Money, the Lessons of Life </ul> </td> <td> <ul> <li>Suze Orman's Financial Guidebook <li>The 9 Steps to Financial Freedom </ul> </td> <td> <ul> <li>Money Cards: Words That Lead to Wealth <li>You've Earned it, Don't Lose It <li>The Money Book for the Young, Fabulous & Broke, Audio CD </ul> </td> </tr> </table> </!-- end6pak --> <font face="Verdana, Arial, Helvetica, sans-serif" color="cc6600">Build Your Own Suze Orman Library</font> The Essentials </!-- begin6pak --> <table cellpadding="4" border="0" width="100%" cellspacing="4"> <tr class="tiny" valign="top" align="center"> <td> The Laws of Money</td> <td> The 9 Steps to Financial Freedom</td> <td> You've Earned It, Don't Lose It</td> </tr> <tr class="tiny" valign="top" align="center"> <td> Money Cards: Words That Lead to Wealth</td> <td> Suze Orman's Financial Guidebook</td> <td> Suze Orman's Will And Trust Kit</td> </tr> </table> </!-- end6pak --> <font face="Verdana, Arial, Helvetica, sans-serif" color="cc6600">Pep Talks: Suze Orman Audios</font> <table cellpadding="4" border="0" width="100%" cellspacing="4"> <tr class="tiny" valign="top" align="center"> <td> The Courage to Be Rich, CD</td> <td> The Road to Wealth, CD</td> <td> The Laws of Money, the Lessons of Life, CD</td> </tr> <tr class="tiny" valign="top" align="center"> <td> The Courage to Be Rich, Cassette</td> <td> The Road to Wealth, Cassette</td> <td> The Laws of Money, the Lessons of Life, Cassette</td> </tr> </table> </!-- end6pak --> <font face="Verdana, Arial, Helvetica, sans-serif" color="cc6600">Bestselling Suze Orman Books on DVD</font> <table cellpadding="4" border="0" width="100%" cellspacing="4"> <tr class="tiny" valign="top" align="center"> <td> The Laws of Money, the Lessons of Life, 2003</td> <td> The 9 Steps to Financial Freedom, 2004</td> <td> The Road to Wealth, 2004</td> </tr> <tr class="tiny" valign="top" align="center"> <td> The Suze Orman Collection, 2003</td> <td> The Courage to Be Rich</td> <td> The Best of the Suze Orman Collection, 2004</td> </tr></table> </!-- end6pak --> [close]
date added	02-19-07 edit book

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Saad rated it:

01/06/08

Ch. 1 explains FICO credit score, why it’s so important, and how you can improve it by using credit responsibly. Plus! (But there’s sort of a catch)

Reading further into the book, it presents ways to change your spending habits, how to achieve career progress – in short, things that will help one to be broke no more. There was notable emphasis (too much for my liking) on using credit to carry you over in a pinch (can’t stop being fabulous due to simple things like being short on dou...more Ch. 1 explains FICO credit score, why it’s so important, and how you can improve it by using credit responsibly. Plus! (But there’s sort of a catch)

Reading further into the book, it presents ways to change your spending habits, how to achieve career progress – in short, things that will help one to be broke no more. There was notable emphasis (too much for my liking) on using credit to carry you over in a pinch (can’t stop being fabulous due to simple things like being short on dough, after all!). Too many times a situation was presented like “Borrow money from… hey, this is why we emphasized having good credit from Ch. 1” [I may be exaggerating a bit, but this was the feeling I got repeatedly.]

Still, throughout reading, I felt like the book’s underlying assumption was for a person being a working hamster on a hamster wheel throughout their working years (25-65). It’s like the author was conditioning a new class of workers—sure, not workers going to the communist factory for grueling physical labor, but workers nonetheless—who are happy-happy smiling because they can buy things and not be in so much debt they declare bankruptcy. Negative! (major)

On investments – being actively involved in the process (not just pick fund, park money there) was highly encouraged. Plus!
Don’t recall the exact details, but investment thoughts were presented for both short-term (money for a house down payment) and long-term (retirement)

Later in the book: “Big ticket events” – car, house, marriage…

The car and house chapters are very well done, they clearly outline all the expenses you’d encounter when buying a car or getting a mortgage. Different types of mortgages are explained as well. Plus!

The chapter dealing with the ramifications of two people merging their finances is exceptional. (“I married my dream girl… but her credit was bad” comes to mind). Plus!

Summary. This is a good book for anyone interested in having good finances, and certainly those who aren’t knowledgeable beyond balancing a checkbook. In many ways, the book’s target audience (read the hook) is people who’ve spent themselves into significant debt while stockpiling fancy shoes or electronics. Beyond that, there is plenty of information for dealing with the finances of becoming a real grownup, e.g. mortgage. The major negative to this book is the mental conditioning it does: thou shalt be a worker to earn thy money. But my philosophy is unchanged: reading never hurt anyone. As long as you open your eyes to being more than just an employee, I recommend this book [a bit of the RichDad mindset, I have].
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Mary rated it:

04/03/07

I know it sounds like a total snoozefest, and to be honest I wasn't really thinking I was going to love this book either. But it caught my eye at the library one day because the jacket cover said Suze wasn't going to give a lot of the advice that I dreaded encountering: Save 8 months' expenses, etc. etc. - and a slew of other things 20 somethings living in New York typically just can't do. So, I thought I'd give it a shot, and what better time than when I'm stuck on an airplane for a couple of...more I know it sounds like a total snoozefest, and to be honest I wasn't really thinking I was going to love this book either. But it caught my eye at the library one day because the jacket cover said Suze wasn't going to give a lot of the advice that I dreaded encountering: Save 8 months' expenses, etc. etc. - and a slew of other things 20 somethings living in New York typically just can't do. So, I thought I'd give it a shot, and what better time than when I'm stuck on an airplane for a couple of hours? By the time I landed in Pittsburgh on June 30, I was already halfway through the book and had shoved half a dozen makeshift bookmarks into the pages I found most relevant to my situation.

Here are the things I loved about the book:
1. The book is narrated in a very casual voice, so it's a quick read. Any and all financial terms are explained simply and none of it seemed over my head.

2. Suze takes into consideration many different 20-something financial starting points - are you buried in credit card and/or student loan debt? Have you paid off debts, but you can't save anything? Are you trying to wrap your head around your 401(k)? Do you want to know what it's going to take to get approved for a Mortgage? How about investing in stocks or buying a car? Do you live with a boyfriend/girlfriend/fiance? Whether you need all of this advice or only some of it, it's a great reference to hang onto for a few years. I just skimmed the stuff about cars and houses for future reference, but I read the sections on paying off debt, contributing to my retirement fund, and saving up in detail, for example.

3. The book really isn't preachy except for the stuff about 401(k)s, but that advice is pretty warranted, so just take it with a grain of salt. It helps break down your goals from the point you are at right now, so getting on a better foot financially won't seem like too big of a problem for anyone to tackle.

4. Suze Orman's website has a YF&B section that accompanies the book, and the book has call-outs to point out web tools that can help you with that particular problem. Also, with a special code from the book, you can sign up for a free account wherein you can create your own targeted financial action plan, and read message boards full of advice from Suze and other "YF&Bers".

5. It was published in 2005, so it is still pretty relevant.
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Katie rated it:

02/14/08

Has a copy to sell/swap

recommends it for: Those who need an understanding of basic personal financial topics

I bought this from Amazon, hoping/thinking it would be a useful, in-depth resource for an under-30 wanting to make smart financial decisions. I have been working for almost 10 years, have savings and retirement accounts, and read/try to heed Kiplingers - certainly nothing deep, but it has all been enough to give me a bit more knowlege and experience than the audience for which this book was intended. I felt like there wasn't much new information in this book for me, and it wasn't as in-depth as ...more

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Kristen rated it:

12/26/07

bookshelves: financial

Read in January, 2008

recommends it for: all young adults

Suze has won me over! I'm almost complete and she is really speaking to me. Retirement Rules (chapter 6) is just wonderful. I logged onto her website and filled out my goals and started her action plan. I like that she only gives you the first step and when you finish that step you can go back online and move onto the next step. Feels very do-able to get the steps one at a time instead of seeing all the dauting tasks at once ;) She also gives you notes that pertain to you based on how you a...more

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Jennie rated it:

06/13/07

bookshelves: favorites, my-library

Read in January, 2007

recommends it for: every new college grad, 20 and 30-somethings particularly of gen. x or y

No matter what you think of Suze Orman, you don't know how great she is until you read one of her money books. This one should be read by every college graduate. It begins on the basic side with FICO scores and credit cards/bills, and progresses into first-time homebuying and such. I unfortunately did not read it until I had been out of college for a while, but I have found it to be immensely helpful. Orman's advice is practical, easy to take action on, and is laid out in an easy to understand, ...more

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Memito rated it:

05/01/08

Read in December, 2006

I'm a bit of a political/economics junkie, but knowing the difference between OPEC and APEC doesn't do much for my personal economics, so, despite the cheesy title, I thought I'd give this book a try. Young, Fabulous, & Broke covers a wide range of topics including the basics of how credit and interest work, making a plan for climbing out of debt, buying property, and making long term investments. As the title suggests, the book is aimed at young, middle class (i.e., no trust fund and hefty ...more

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Rachel C. rated it:

01/28/08

bookshelves: real-stuff

Read in January, 2006

I know I have all the fervor of the newly converted on this subject, but I truly believe that taking control of your finances is one of the most empowering things you can do in your life.

Ignore the last word in the title - most people, regardless of the state of their bank accounts, should find the advice inside useful. Orman is not the most sophisticated financial advisor but her book provides a good starting point for novices. Her writing style is conversational and the book is written i...more

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Kelly rated it:

02/10/08

Read in May, 2007

I checked this out from the library, so I didn't have the dvd etc., access -can't speak for that. I'm always a fan of brushing up my financial know how. This book is an easy read, especially if you've never paid anymind to investing in anything for your future. I agree with most of what she has to say, except the argument for getting credit to get good credit. I've learned the hardway that even though you pay your credit cards off every month, every so often life hits you and you have to put ...more

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Marissa rated it:

09/27/07

Read in March, 2008

recommends it for: FICO score? Buh?

OMG did you know that your credit score is how people will openly judge you FOR THE REST OF YOUR LIFE and that all your bad financial habits are only making it worse??? I am only three chapters into this nugget of wisdom and I already know SO MUCH SHIT that is (maybe?) going to keep me from being bankrupt and having crappy credit for the rest of my life (although it's debatable if I ever truly will NOT be brizzoke).

This lady is like your cool aunt who just tells it like it is, telling you al...more

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Amy rated it:

01/14/08

Read in January, 2006

I read this book often! I love reading or watching anything with Suze Orman. Abby gave it to me for my 29th birthday and she still reminds me, "That's the book I gave you for your birthday!" every time I am reading it. It explains things in simple terms and has great advice for saving for a home, paying off those lovely student loans, staying out or credit card debt, as well as lots of other stuff. I love learning about how to manage money better and ways to get out of debt faste...more

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Abby rated it:

09/21/07

Read in September, 2007

recommends it for: everyone who recently graduated college and who isn't in a career yet

This book is extremely thorough, comprehensive and informative about every aspect of how you should handle money and money-related decisions after college. The tone is casual and conversational without being condescending. The layout of the book is well-organized so you can skip around and use it as reference or you can read it straight through without getting bored. It covers EVERYTHING from school loans to renting to credit cards to combining assets with a spouse to home ownership to insura...more

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Jill rated it:

07/06/07

bookshelves: currently-reading

recommends it for: Anyone born after 1970

Being that we want to buy a house and have a family in the next 2-4 years, this was a must have!

Suze breaks the basics down - from what is a FICO score and how it is calculated to what is a Roth-IRA and then gives tips for all the big items, like the steps and what you need to buy a house. I like it because she gives honest, realistic advice to harnessing massive debt and becoming financially secure to OUR generation. She isn't telling you to make a budget or cut out the lattes. Her advice c...more

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Gayle rated it:

04/17/08

Read in April, 2008

I was surprised at this book. I like Suze Orman's tv programs but had never read any of her books. I picked this one, and was really surprised at some of her advice. (Use credit cards if you're short on money??? Isn't using credit cards what got me into this mess to begin with?)

She made a few good points, and there's an excellent couple of sections on buying a house and how to handle a less than financially stable spouse. But otherwise I disagreed with a lot of her philosophy's about d...more

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Sarah rated it:

01/29/08

Read in April, 2007

I skimmed this at my cousin's house and bought it on the way home. My fiance read the whole thing that night.

Obviously, the whole book isn't going to apply to everyone. Personally, I don't have a lot of credit card debt and tend to pay off my cards in full. I do have 30K in student loans that I'm starting to pay off. I also have a Roth IRA that desperately needs money. This book helped me prioritize everything and helped me and my fiance create a plan for paying our bills and saving as much ...more

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Brian rated it:

06/20/08

Read in June, 2008

I had a hard time getting through the information in this book, because I usually sit down and read the book, rather than picking at information or slowly working my way through a book. This book tries to be something for you to chart to your life; something to help you discern goals and the means to achieving your goals. It contains good information, but the information really doesn't apply to everyone. It applies to those who are fully capable of being conscious of their money choices, who ...more

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Miki rated it:

04/15/08

Read in April, 2008

It's interesting to me how the advice in this book is so completely different from the advice in other financial management books. But Orman's advice really was more relevant to my life than other things I've heard. For instance, most financial management books will tell you to have 6 months worth of expenses in your savings account in case you lose your job or something. Well, when one can barely pay the bills, saving $7500 isn't very realistic. At least, not within the time frame that would be...more

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Abigail rated it:

06/22/07

Read in January, 2006

recommends it for: anyone who does not have a trust fund

Suze Orman does NOT make any political references in this book, so Dems and Repubs will both benefit from this easy read.

Orman covers everything from buying a car to savings. Some topics may not be applicable, but it is easy to skip around and read the sections/chapters that interest you. Plus, you can always go back to a section (you skipped) when you face yourself in a particular financial situation (i.e. renting vs. buying a house).

She does a great job putting things into perspectiv...more

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Hope rated it:

08/22/07

Read in August, 2007

recommends it for: 20-somethings who know nothing about IRAs, 401(k)s, mortgages, etc.

My fiance's aunt (who works for the IRS, so she knows a thing or two about money) gave us this book, and before reading it I could have written all of my knowledge about 401(k)s and credit scores on a gum wrapper in 14 point font. This book was defintely suited for someone like me: a semi-recent college grad with a little bit in savings, but nothing invested in a retirement plan, and who does not own a house, but would like to someday soon. It would probably be child's play for someone who alrea...more

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Melissa rated it:

07/09/08

I have mixed feelings about this book. On one hand, I think it's useful for things like understanding good debt vs. bad debt and how to use your credit cards responsibly. Coming from a family where credit cards were not used (and in fact forbidden), I did not have much experience with the use of them until semi-recently (as hard as that may be to believe). However, she completely disregards a segment of the population that I fit into: young people who not only have student loan debt, but who ...more

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VMC rated it:

07/11/07

Read in March, 2007

recommends it for: Definitely

I love Suze Orman's financial advice and the way she delivers it! She keeps it real and breaks things down in an easy to comprehend manner. She caters discussions to topics that are relevant for that 20 something- 30 something age group. She touches on changing jobs, taking jobs for lower pay, asking for raises, getting rid of credit card debt, how to improve your FICO score, student loan info, investment options, purchasing a home, purchasing a car, going to graduate school, etc. A must read fo...more

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