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Generation Debt: Take Control of Your Money--A How-to Guide Paperback – January 5, 2006
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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."
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Top customer reviews
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You can refer to the table of contents for the rest of my review. I liked chapters 1-4. They were easy to read and a nice refresher regarding student loans, credit cards, and spending. I didn't care for chapters 5-6 regarding housing and cars. I've seen better explanations of chapters 7-10 elsewhere. Beyond all of this, I think this book is dated and could use an update.
If this is your first personal finance book, you'll probably think it's great. For me, it is not and I prefer some other books.
I highly recommend Dave Ramsey's "Total Money Makeover" and his "Financial Peace University." His stuff is a lot more engaging and more comprehensive. If you are looking for a book targeted to high school and college grads, I recommend Ramit Sethi's "I Will Teach You to Be Rich." I liked Ramit Sethi's book better than this one. It was much easier to read and the layout of the book was more interesting. His explanations of the same topics seem a little better.
I'm giving this book three stars because it doesn't stand out from the bunch. Not a bad book but there are other better ones.
*****Also, notice how all the five star reviews of this book are the only review from the reviewer...kinda suspicious right? I kinda lose my respect for authors when I see that.*****
There is a chapter dealing with Student Loans which is very good for those who are students or who are about to graduate. I found the chapters on listing your wants and needs and on credit card debt to be the most useful. Each chapter also has a list of websites at the end which you can look into for more advice and information which was quite nice.
As for the rest, like I said, it deals with managing 401K plans, savings accounts and investments, buying a house, buying a car...all useful information for those starting out, but not helpful for those who are already in debt and seeking advice.