The Money Book for the Young, Fabulous & Broke

The Money Book for the Young, Fabulous & Broke

by Suze Orman

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Overview

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

The New York Times bestselling financial guide aimed squarely at "Generation Debt"—and their parents—from the country's most trusted and dynamic source on money matters.

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.

Product Details

ISBN-13: 9781594482243
Publisher: Penguin Publishing Group
Publication date: 03/27/2007
Edition description: Reprint
Pages: 400
Sales rank: 75,690
Product dimensions: 6.02(w) x 10.88(h) x 0.86(d)
Age Range: 18 Years

About the Author

Suze Orman is a two-time Emmy Award–winning television host, #1 New York Times bestselling author, magazine and online columnist, writer/producer, and one of the top motivational speakers in the world today. Orman has written nine consecutive New York Times bestsellers and has written, co-produced, and hosted seven PBS specials based on her books. She is the seven-time Gracie Award–winning host of The Suze Orman Show, which airs on CNBC. She is also a contributing editor to O: The Oprah Magazine. Twice named one of the “Time 100,” Time magazine’s list of the world’s most influential people, and named by Forbes as one of the 100 most powerful women, Orman was the recipient of the National Equality Award from the Human Rights Campaign. In 2009 she received an honorary doctor of humane letters degree from the University of Illinois at Urbana-Champaign and in 2010 she received an honorary doctor of commercial science from Bentley University. Orman, a Certified Financial Planner™ professional, directed the Suze Orman Financial Group from 1987 to 1997, served as Vice President—Investments for Prudential Bache Securities from 1983 to 1987, and was an account executive at Merrill Lynch from 1980 to 1983. Prior to that, she worked as a waitress at the Buttercup Bakery in Berkeley, California, from 1973 to 1980.

Read an Excerpt

INTRODUCTION

Listen, I know dealing with the responsibility of money, especially a lack of money, may not necessarily be high on your list of priorities. But something motivated you and brought you to this page, so in some way you are telling yourself it’s time to start dealing with your financial life. It’s time to make some changes.

Most likely, you are young; I hope you feel you are fabulous; and chances are, you are also broke. I’ve talked to thousands of young people like you over the years, and, for what it’s worth, you’ve got plenty of company.

But you also have a great way out of your current situation. You have time. Because you are young, you have the time to right any missteps, and the time to build a solid financial life. I also know that you have the bandwidth to take the advice in this book and put it into action. You may be intent on feeling beaten up these days, but I’m not going to play along. I admire you for your grit in coping with a lousy job market, skyrocketing real estate values, and hefty student loans. But what I also hear when I talk to you is that you have what it takes to manage the hand you’ve been dealt.

Now, having said all that, I wouldn’t be surprised if you’re wondering if this book can really deliver the goods or if it’s going to be yet another personal finance book by someone who has no clue about the issues you’re dealing with. I guarantee you that this is definitely not your parents’ money book. I get your situation.

The advice in this book is customized to fit your life today. How do I know what you’re going through? Because you told me. You were quite blunt about what you want from me, as well as what you don’t want.

You want advice that deals with your reality—a set of solutions for the problems you have. You want to be told what to tackle first, and you want clear advice on how to get the job done. And that’s what you are going to get here, delivered as concisely as possible. I only dive into details that are absolutely crucial to your success. And you don’t need an iota of prior knowledge. I know you’ve been too busy or uninspired to figure out how a Roth IRA works, what a FICO score is, and why you should even care. No worries. I have written every section of this book so you can quickly and easily comprehend exactly what actions you need to take and why.

What you don’t want is yet another personal finance book spewing the same old advice that doesn’t work for you. I completely agree. You won’t catch me telling you to cut back on the lattes and “simply” save $10 a day. As if saving $3,650 a year when you are broke could ever be simple. Nor will I tell you that credit cards are the devil in plastic (on the contrary, I think they can be good for you) or that you must have eight months of living expenses saved up as your emergency reserve fund before you are allowed past go. Un-uh. I know that’s not realistic or reasonable for the majority of you at this point in your lives.

Besides, if you didn’t have credit card debt and you already had an eight-month emergency cash fund, why would you have picked up this book? You sure wouldn’t fit my definition of broke.

BROKE IS
relying on a cash advance on your credit card to pay the rent or mortgage, and praying that you have enough left on your credit line to do so.

BROKE IS
having a ton of student loans that make you nauseated when you think about how long it is going to take you to pay them off.

BROKE IS
not opening your credit card bills because you’re terrified to see what you owe and have no way of paying. So instead, you get hit with the late fee and finance charges.

BROKE IS
wanting to buy a home but having no clue where you can come up with the down payment. So you are stuck renting a small place.

BROKE IS
counting every coin in your change jar as well as scrounging under the sofa cushions in a desperate attempt to find the dough to cover your bounced check and the $25 fee your bank is going to slap on you.

BROKE IS
wanting to save for your kids’ college educations but not knowing how to swing it because you are already strapped trying to make the mortgage and car payment, and you haven’t even started saving for your retirement.

BROKE IS
not having one penny saved, even though you have a good job. If your car breaks down, so will you. You don’t have the money for repairs, but you need the wheels to get to work.

This is by no means an exhaustive list. I’m sure if we all met up, we could have a great time seeing who has the best “Broke is” story. But even though your specific stories may differ, you all want the same thing. You want to fix your situation so you are no longer broke.

That is exactly what this book is about. Our starting point is that you are broke, by your or any definition. Our ending point is that you are not. And we aren’t just going to get you past broke, we are going to make sure you never revisit broke. This is such an important point; I see far too many people go from being broke to finally having some money, only to slip back to broke again because they didn’t know what to do with their money. I don’t want that to happen to you.

Here’s the bottom line: You picked up this book because you are broke. Keep reading and you will discover what you need to know—and do—so you will not be broke forever.

Customer Reviews

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The Money Book for the Young, Fabulous & Broke 4.2 out of 5 based on 0 ratings. 70 reviews.
AuthorPenn More than 1 year ago
Suze Orman has already helped me stay on track financially and I haven't even finished reading the whole book. Her straight to the point approach gets to the heart of your financial questions and helps you get where you need to be.
Guest More than 1 year ago
Suze Orman's latest book gives detailed expert advice regarding all financial situations; from broke with no money to pay bills to people with 5 IRAs. If you don't know what an IRA is, Suze Orman will explain it to you, along with 401(k)s, Certificates of Deposits, in simple, easy to understand terms. Orman gives advice starting with the basics of digging yourself out of debt to the harder financial moves of buying a house. If you're unsure where to invest your money, Orman will give you several options and will include the pros and cons of each. If you're currently leasing your vehicle, you should read why Orman thinks this is such a huge mistake. The Money book for the Young, Fabulous & Broke is a casual financial book. That seems like an oxymoron, but Orman's advice is simple and easy to understand.
Guest More than 1 year ago
My husband and I are both 23 and have been married for almost 3 years. This book seems like it was written for us! We have student loan debt, credit card debt, and just can't seem to get ahead. This book addresses common mistakes made by people like us. Stop buying budgeting books and buy this book!
Kelly Zugay More than 1 year ago
Easy to read and easy to follow guidelines to help today's twentysomethings achieve financial freedom and financial literacy. I DEFINITELY recommend this book to anyone who wants to learn to navigate personal finance after graduating from high school or college.
Guest More than 1 year ago
Before I picked up this book I was a recent grad who was broke and had no idea how to arrage my debt and where to start investing for the future. I've now read this book twice and bought copies for my brother and cousin. Suze does an amazing job laying out all the options and explaining in English about money. I recommend this book to anyone who needs a new outlook on their financial situation.
Guest More than 1 year ago
My husband and I were considering buying a house we 'thought' we could afford but after reading this book we realized we were way over budget and were in jeopardy of getting into serious credit card debt. We stopped in time and now we are on our way to becoming financially fit.
RLD_NY More than 1 year ago
I've always tuned in to whatever Suze Orman was saying on TV or the radio, so I decided to get one of her books. After flip-flopping back and forth between two I chose this one. It is such an easy and fun read and it touches every question you could possibly have about your finances, especially when you're just out of college. I love how it even goes into jobs, salaries, and negotiations!! I'm 28, six years out of college, working on building a solid financial foundation. However, I've made A LOT of mistakes, gotten in over my head, and I wanted to clean things up before they got any worse, and this book was my ticket. I highly recommend this book for the prevention and treatment of any/all financial disasters you (can) make. Honestly, it should be a required read and study of all college seniors before they graduate, better yet, high school seniors : )
Anonymous More than 1 year ago
I have never been good with money but this book spoke to me.. I am a 23 yr old single female who is defintely YF&B!!!
Guest More than 1 year ago
This book is an investment in itself. Tightly-written chapters are structured in a way that make it easy to browse the book for the information you need and to find the answer to your specific question quickly. Orman doesn't assume a lot of knowledge on the part of the reader and explains the basics well before moving on to more complicated ideas. She also avoids giving the same standard -- and unhelpful -- advice frequently found in other personal finance books. When she writes, 'Screw budgets,' I almost cheered. Most importantly, Orman gives you directions on which tasks to prioritize when you have multiple goals to achieve. For example: You want to save, pay off your credit card debt, and buy a house. Which do you do first? Read this book and find out.
Stephanie_Elle More than 1 year ago
I'm 21 and definitely learned A LOT from reading Suze's Book. I knew nothing about retirement planning, managing my student loans (subsidized vs subsidized) and really didn't know beforehand what I was doing wrong. I can adamently say I now have a solid financial foundation and am ready to take back my freedom from the big banks and institutions that govern my loans and credit cards.  Extremely great book from front to back! (And I am in no way an avid reader)
Anonymous More than 1 year ago
I thought this was a decent book but I was a little disappointed with it to be honest. I was telling a friend about it and she recommended another book geared to people in my situation called Go Simple: The Playbook to Financial Security which I bought and found to be an excellent, easy to read personal finance book.
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