Mrs. McGregor's Reviews > The Money Book for the Young, Fabulous & Broke

The Money Book for the Young, Fabulous & Broke by Suze Orman
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Apr 03, 07

bookshelves: non-fic

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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