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Generation Debt: Take Control of Your Money--A How-to Guide (Paperback)

~ (Author) "In order to master your enemy, it's best to get familiar with its MO..." (more)
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3.9 out of 5 stars  See all reviews (24 customer reviews)

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Customers buy this book with The Money Book for the Young, Fabulous & Broke by Suze Orman

Generation Debt: Take Control of Your Money--A How-to Guide + The Money Book for the Young, Fabulous  &  Broke
  • This item: Generation Debt: Take Control of Your Money--A How-to Guide by Carmen Wong Ulrich

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Editorial Reviews

From Publishers Weekly

When the average college student graduates with $18,560 of debt, almost all of it in tuition loans, and is lucky to find a job that will pay even $28,000 a year, how is he or she supposed to make ends meet? Ulrich, a former projects editor for Money, offers a step-by-step guide on how to budget your monthly expenses, make judicious use of credit cards while avoiding the pitfalls of high interest rates, and find the best way to pay off those student loans. Later sections cover situations like choosing whether to rent or buy a home, getting a car and saving for retirement, and each chapter has links to Web sites with additional resources. Ulrich's advice is simple and to the point, but her efforts to reach a young audience with sarcasm and hip lingo occasionally risk the appearance of talking down to her readers. There's also a slight but uncomfortable strain of resentment aimed toward peers from wealthier families who don't have to grapple with these issues. Ulrich does argue for some big nationwide initiatives, like a higher minimum wage and increased credit card regulation, but she's much more concerned with providing basic solutions to individual financial crises—and delivers the goods effectively. (Jan. 5)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.


Product Description

With debt and the cost of living rising astronomically, "Generation Debt" offers the personal financial advice that every young adult must have to live a more secure life.

Product Details

  • Paperback: 272 pages
  • Publisher: Business Plus (January 5, 2006)
  • Language: English
  • ISBN-10: 0446695432
  • ISBN-13: 978-0446695435
  • Product Dimensions: 7.9 x 5.2 x 0.8 inches
  • Shipping Weight: 8 ounces (View shipping rates and policies)
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (24 customer reviews)
  • Amazon.com Sales Rank: #132,646 in Books (See Bestsellers in Books)

    Popular in these categories: (What's this?)

    #11 in  Books > Business & Investing > Personal Finance > Money Management for Young People
    #48 in  Books > Business & Investing > Personal Finance > Credit Ratings & Repair

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Carmen Wong Ulrich
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Customer Reviews

24 Reviews
5 star:
 (12)
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 (5)
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 (3)
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 (1)
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Average Customer Review
3.9 out of 5 stars (24 customer reviews)
 
 
 
 
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8 of 9 people found the following review helpful:
4.0 out of 5 stars Good book!, March 25, 2006
-- Why does Ulrich refer to those aged 18-34 as Generation Debt?
-- Why do the minimums of a college education, cell phone, good car, and the right clothes to interview in, put the average 24 year old close to $30,000 in debt while going after a $30,000-a-year job?
-- Why does this age group think of spending, rather than investing and saving?
-- And what will it take to drive back what Ulrich refers to as "the enemy": debt?

Ulrich does a masterful job of identifying not only the symptoms that tell us we're in up to our ears in bad debt, but also the root causes so that cures can be found. We're treated to up-to-date statistics that let us know that college graduates out earn their high school counterparts by almost 45% on a weekly basis, right here and right now--let alone over a lifetime. She shows that Pell grants that once covered up to 84% of one's college costs now, at most, cover 40%.

But she doesn't let the Generation Debtor off the hook. It is not circumstances that cause debt. It is decisions that cause debt. It is being labeled by lifestyle--hippie boomers, soccer Moms, Nascar dads, and bobos (you'll have to read the book to understand that one!) that causes us to believe that we need, want and deserve certain things.

Ulrich identifies where big debt can come from, correctly points out that the social stigma of debt is largely gone, but that it also starts to hurt, big time. She also points out that there are ways out, however, not as fast as one might like and certainly not as painless. But there are huge perks to getting on the other side of Debt Mountain.

The book is filled with practical helps to create a master plan for getting out of debt along with tremendous resources, many available online. It also shows how to get money working for you, instead of simply working for it.

Armchair Interviews says: For parents of 18-34 year olds, this book is a great gift--but only when you've bought it for yourself and begun applying the principles to your own debt!




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10 of 12 people found the following review helpful:
3.0 out of 5 stars It was alright..., April 29, 2006
By Janice (Arlington, VA) - See all my reviews
Carmen Wong Ulrich's "Generation Debt: Take Control of Your Money - A How-to Guide," deals with the reason why 18-34 years old Americans are in debt and the primary reason was of course credit cards. The author also provided some basic advice for people who wanted to purchase a vehicle or home, taxes, retirement funds, health insurance and others.

I thought the information in this book was quite basic and would be handy for someone who just started out, or even high school students. Carmen Wong Ulrich also provided some helpful websites for people to learn about the various topics she covered. This was an okay book and I think potential readers are better off getting this from the library.
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4 of 4 people found the following review helpful:
2.0 out of 5 stars Alright, but definitely not a must-read, May 15, 2007
I bought this book after reading some good reviews, and I wish I paid more attention to the mediocre ones. Admittedly, the book is an easy read, has a good dose of humor and the author relates well to those in their early to mid-20's (mainly because she's a member of this generation). While the book would be useful to high school students and the occasional completely clueless college student, it offers little to no new information to anyone else. (to give perspective, I'm 23 years old, am a recent college grad and am employed full time) Ulrich simply re-stated well known facts - young adults today are broke, they have too many student loans and too much college debt, etc., etc. - and offered cliche advice. There was nothing in this book that I did not already know, i.e. don't default on student loans, pay of high interest credit cards ASAP, and so on and so on. Overall, not a completely useless read, but you're better off borrowing one from the library.
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Most Recent Customer Reviews

4.0 out of 5 stars Made me feel better
Book explains some of the reasons why today's recent college grads carry so much more debt than ever before. Read more
Published 1 day ago by Avid Reader

3.0 out of 5 stars Gener@tion Debt
Great book, but I originally had wanted to order the author's more recent book, not this one from 2006. Read more
Published 1 month ago by G. Pearlman

1.0 out of 5 stars Apparently anyone can write a book....
Although the idea is good, the writing is not. It would be nice if someone who actually knew what they were talking about wrote this book. Read more
Published 8 months ago by Peri Ponzio

3.0 out of 5 stars This book is a roadmap to remaining middle class.
Carmen Wong Ulrich must work for the credit card companies,

The advice in this book isn't more than just taking a second job and struggling with high interest... Read more
Published 14 months ago by Anonymous

1.0 out of 5 stars I feel cheated!
This book is similar in some ways to <u>Strapped . . .</u>, by T. Draut, another book I have reviewed recently; however, this one is supposed to be more of a self-help... Read more
Published on September 5, 2007 by Dancing Ganesha

5.0 out of 5 stars Quick, Easy resource
I LOVED this book! As a college student facing debt from student loans and a particularly difficult case to solve this book helped me out a lot! Read more
Published on July 2, 2007 by Mindyflyz

4.0 out of 5 stars Underrated and Crucial
I am 25 and considering my knowledge of this subject matter to be above average. I wish I'd had this in college or even in high school. Read more
Published on November 11, 2006 by Christien Louviere

4.0 out of 5 stars Decent, but not a end-all
This morning I finished off Generation Debt by Carmen Wong Ulrich and I feel pretty mixed about it. The book starts of very strong by putting all the financial issues facing... Read more
Published on August 5, 2006 by Christopher White

5.0 out of 5 stars ALL COLLEGE STUDENTS - BUY THIS BOOK
I've been thinking of buying a house, but wasn't so sure about what I could afford in monthly payments. $1,300? $1,500? Turns out I could only afford about $900 comfortably. Read more
Published on July 24, 2006 by Michael Del Muro

5.0 out of 5 stars A GREAT INVESTMENT!
GENERATION DEBT by Carmen Wong Ulrich will definitely be this season's signature gift for the upcoming college graduates in my life. Read more
Published on February 10, 2006 by Anonymous

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