Generation Debt: Take Control of Your Money--A How-to Guide [Paperback]

Carmen Wong Ulrich (Author)

Book Description

Publication Date: January 5, 2006

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.

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.

About the Author

Carmen Wong Ulrich is the host of CNBC's "On the Money," a new one-hour personal finance program, and writes a personal finance blog on CNBC.com. Popular columnist, sought after speaker, blogger and former special projects editor at Money magazine, Ulrich is an authority on personal finance for CNBC, NBC's "Today" show and "Nightly News."

Product Details

• Paperback: 272 pages
• Publisher: Business Plus (January 5, 2006)
• Language: English
• ISBN-10: 0446695432
• ISBN-13: 978-0446695435
• Product Dimensions: 5.2 x 0.8 x 8 inches
• Shipping Weight: 8 ounces
• Average Customer Review: 4.0 out of 5 stars  See all reviews (25 customer reviews)
• Amazon Best Sellers Rank: #722,708 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

10 of 12 people found the following review helpful:

4.0 out of 5 stars Good book!, March 25, 2006

By 

Armchair Interviews (Minneapolis, MN) - See all my reviews

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

-- 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!

4 of 4 people found the following review helpful:

5.0 out of 5 stars the best $$ reference that's there for you, February 5, 2006

By 

cheapomaya (USA) - See all my reviews

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

ever felt depressed about college debt? or overwhelmed about what to do come tax day? or embarrased about not seeming adult enough because you don't know how credit cards work, what the hell a 401K is and a mortgage involves? when you're feeling insecure about such things, sometimes you just don't do anything about it, and that's when you get the $35 credit card charge for not knowing there was an overlimit fee, or you just let your money sit in the bank without growing much...it wasn't until i came across this book that i was finally able to have my money questions answered without feeling inexperienced and behind in the game. it is like a cool older sibling that has your back, with tons of useful information, insightful explanations, and guides you to other internet resources to seek further assistance, plus lets you make your own adult decisions. i highly recommend this to anyone who is feeling at all confused, overwhelmed, stressed out, or alone in this debt-ridden world. this book will be there for you and you'll feel like you're talking to a close sibling/friend that's there to comfort you, not judge you or tell you what to do.

6 of 7 people found the following review helpful:

5.0 out of 5 stars A GREAT INVESTMENT!, February 10, 2006

By 

Anonymous (New York, NY) - See all my reviews

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

GENERATION DEBT by Carmen Wong Ulrich will definitely be this season's signature gift for the upcoming college graduates in my life. Her financial expertise and accessible writing style make this book a must-read for young adults aspiring to obtain their goals. The specific how-to information is well organized, detailed and helpful, and her delivery is as comforting and encouraging as chatting with a trusted friend. Useful, timely, smart and witty, this book will enable present and future generations to succeed in organizing their lives in a stress-free and productive manner.