The Money Book for the Young, Fabulous & Broke
by Suze Orman
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Book Summary Information
Author: Suze OrmanBrand: PBS
Edition: Hardcover
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2005-03-03
ISBN: 1594489130
Number of pages: 400
Publisher: Riverhead Hardcover
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- Condition: Used - Average
Book Reviews of The Money Book for the Young, Fabulous & Broke
Book Review: A good book for general information
Summary: 5 Stars
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. 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 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! 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. 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.
Summary of The Money Book for the Young, Fabulous & Broke
Be sure to catch Suze Orman's latest PBS special based on The Money Book for the Young, Fabulous & Broke, which will air the weekend of March 4th on stations across the country. Check your local listings for airtimes.
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.
The Money Book was written to address the specific financial reality that faces young people today and offers a set of real, not impossible solutions to the problems at hand and the problems ahead. Concisely, pragmatically, and without a whiff of condescension, Suze Orman tells her young, fabulous & broke readers precisely what actions to take and why. Throughout these pages, there are icons that direct readers to a special YF&B domain on Suze's website that offers more specialized information, forms, and interactive tools that further customize the information in the book. Her advice at times bucks conventional wisdom (did she just say use your credit card?) and may even seem counter-intuitive (pay into a retirement fund even though your credit card debt is killing you?), but it's her honesty, understanding, and uncanny ability to anticipate the needs of her readers that has made her the most trusted financial expert of her day.
Over the course of ten chapters that can be consulted methodically, step-by-step or on a strictly need-to-know basis, Suze takes the reader past broke to a secure place where they'll never have to worry about revisiting broke again. And she begins the journey with a bit of overwhelmingly good news (yes, there really is good news): Young people have the greatest asset of all on their side ? time.
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
All About Suze Orman
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.
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Suze Orman: The Bestsellers
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The Essentials
 The Laws of Money |  The 9 Steps to Financial Freedom |  You've Earned It, Don't Lose It |
 Money Cards: Words That Lead to Wealth |  Suze Orman's Financial Guidebook |  Suze Orman's Will And Trust Kit |
 The Courage to Be Rich, CD |  The Road to Wealth, CD |  The Laws of Money, the Lessons of Life, CD |
 The Courage to Be Rich, Cassette |  The Road to Wealth, Cassette |  The Laws of Money, the Lessons of Life, Cassette |
 The Laws of Money, the Lessons of Life, 2003 |  The 9 Steps to Financial Freedom, 2004 |  The Road to Wealth, 2004 |
 The Suze Orman Collection, 2003 |  The Courage to Be Rich |  The Best of the Suze Orman Collection, 2004 |
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