The Money Book for the Young, Fabulous & Broke
by Suze Orman
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Book Summary Information
Author: Suze OrmanEdition: Paperback
Audio: English (Published)
Format: Bargain Price
Published: 2007-03-27
ISBN: N/A
Number of pages: 400
Publisher: Riverhead Trade
Book Reviews of The Money Book for the Young, Fabulous & Broke
Book Review: "Fab" advice for the "Financial Newbie"
Summary: 4 Stars
Bestselling Author Suze Orman's The Money Book for the Young Fabulous & Broke is intended for use by financial "newbie's" (young, recent college graduates and those adults in their 20s and 30s), and it provides a basic yet comprehensive and realistic overview of money management for those members of generation "broke." Using a dynamic color scheme, direct writing tone, and in the format of a step-by-step operating manual for money management, Orman's book addresses everything from credit scores, to student loans, to first house purchases and more, with an emphasis on common problems, missteps, and actions that should be taken to help pave the way for a safe, secure, monetary future. A delightful, motivational, and relatively easy read, it is a highly recommended addition to any person's financial library, with particular benefit for one just starting out in their career and adult life.
Suze Orman is well established in the financial world, and her past bestsellers have addressed everything from money management for women to money guides for all people to follow on the paths to financial freedom. She contributes to various magazines, has a national TV program on finances, and she has won awards for her work in the financial planning arena. Orman's past record indicates that she is highly qualified to give financial advice, and her "Money Book" for the "new" generation seems to hit the mark.
The basic, overall theme of Orman's book focuses on an understanding of the true situation of recent college graduates and those entering the workplace; to put it simply, they're broke. By providing examples of her own experience as a waitress earning less than $5,000 annually, and by basing the advice in the book on actual inquiries and subject areas that youth have inquired of her, Orman allows the reader to feel comfortable and competent rather than chastised for poor money behaviors. The advice she gives is easy to follow, from how to understand FICO scores, to navigating 401K plans, buying a first home, and making first time investments, and she provides adequate examples as well as common mistakes that can be avoided. Each section of the book can be read as a stand-along unit (useful for those limited on time), and "strategy lessons" based on common issues and questions regarding money management are a part of each chapter, with a breakdown by question and location at the beginning of each chapter for easy management. An additional feature of the book is a well detailed glossary that not only defines common money terms for the reader, but it also provides a brief synopsis of the "Y, F, & B advice" that is depicted in detail back in the chapter.
Orman's book is a great, "basic" money book for financial amateurs, but it does have some areas that may raise caution flags in the minds of financial advisors and counselors. First, while the initial chapter explains credit scores, how to build a good credit history and the affects of credit scores on interest rates, in later chapters she actually recommends that young, fabulous, and broke young adults actually USE their credit cards to help finance their current situations. Although she reiterates that the use of cards should be limited to necessities (emergency car repairs, school costs, etc.) and to keep the use below 1% of annual income, her recommendation can be contrived as a "GO" for adults to use credit cards at the risk that they may not be able to responsibly control the use, thus leading to financial difficulties even greater than their current situations. While the advice on investing, home purchasing, and funding retirement is comprehensive and outstanding, it may overwhelm and confuse a money "newbie," and without the advice of a financial professional, a poor decision or one made with lack of follow through on the investor's behalf may occur. Also, Orman sees budgets as "bad diets" and feels that they are not useful; a more open mind to the benefits of structure may be a better approach when teaching good money management to young people who may need limitations to live within their means. As long as these limitations are kept in mind when reading, the book does provide a great springboard for future action and further research in all financial areas.
In all, Suze Orman's The Money Book for the Young Fabulous & Broke has great advice for not only young and inexperienced audiences, but it is also an excellent way to revisit sound money management skills for the more experienced adult set. The easy, accessible tone as well as the straightforward design of the book makes it a great way for anyone to learn how to manage their own money. Orman's ability to effectively reach an audience is quite evident in this book, and it is a recommended read for anyone who desires to learn better ways to manage their financial future.
Summary of The Money Book for the Young, Fabulous & Broke
A financial guide aimed squarely at "Generation Debt'-and their anxious parents-from the country's most trusted and dynamic source on money mattersThe 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 from 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 young people face today, and it 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, icons 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 counterintuitive (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 have made her the most trusted financial expert of the 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 readers 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.
Read by the author
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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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