- File Size: 2531 KB
- Print Length: 412 pages
- Publisher: Riverhead Books (March 3, 2005)
- Publication Date: March 3, 2005
- Sold by: Penguin Group (USA) LLC
- Language: English
- ASIN: B000PC71Q4
- Text-to-Speech: Enabled
- Word Wise: Enabled
- Lending: Not Enabled
- Amazon Best Sellers Rank: #159,557 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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"Ah, how we wish we'd read something like this when we were young, fabulous, and stupid. Financial advice for the loan-saddled, credit-card-maxed-out twenty-five to thirty-five-year-old set." —The Seattle Times
"Orman does a good job of addressing in her friendly, conversational style the financial topics relevant to a younger audience." —The Kansas City Star
"Orman has made her reputation being a financial know-it-all, and she is out in full force with her latest. As always, she doesn't mince words... Orman's writing is direct, her tone friendly. Orman believes in empowering her young readers by talking to them straight... Each page draws you in with tips, questions, strategies, and lots of information. It is a lively book." —Pittsburgh Tribune Review
"Downright useful... Orman takes on the financial woes of the under-thirty-five crowd in this how-to book that tackles the mystery behind credit ratings, when to finance your dream business with credit-card debt, and how to talk to your boyfriend about his check-bouncing habit." —Publishers Weekly
"The first to target teens and twentysomethings, and she adapts her message appropriately, offering 'The Lowdown' on topics from credit scores to career moves to consolidating school debt." —Newsweek
"Written in a noncondescending manner, and Orman modifies some of the suggestions she has made for her older readers." —New York Post
"Unlike other finance books, this one is accessible and addresses real problems. In her usual passionate tone, Orman counsels how to consolidate student loans, how to squeeze a bit more money out of your paycheck if you're making just enough to get by, how to deal practically with credit-card debt, how to shop for a new or used car, what type of auto insurance to purchase, and how to focus on getting the right job." —The Hartford Courant
Excerpt. © Reprinted by permission. All rights reserved.
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. --This text refers to the paperback edition.
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This book is very well-designed, so pretty, unlike ordinary financial books. It contains real questions from real people about money, debt, 401k etc. and Suze answered them. All questions/answers are put into each category and divided by each chapter.
As I am a Thai living in Bangkok, Suze's information in this book are US oriented, not global enough. All laws, regulations, investments, are for US only. Which I found it's the wasted opportunity to reach global people.
I bought this book as a YF&B-er myself, but found much of the hard-hitting reality of life in a post-recessionary economy out of line with Suze's advice; advice like placing ordinary living expenses on credit while you're young (you can pay it off when you get a good job out of college), finance your car (you can afford the payments once you get a better job), and other debt-loading activities...all out of line with the new reality many young people like myself (22) face, even with my substantially above-average income coming from a "designer" degree (USC).
Still, I have to rate the book 4/5 stars, as you will still find a good 75% of the advice still relevant. Just slash down her high interest rates on gains such as IRAs, 401(k)s, and investing. Definitely DO NOT take her advice for loading up credit cards while you're young...with the premise that you'll have the income to pay it off later. I see so many of my fellow college graduates doing this, and now have a hard slap of reality as they settle into their $30-40,000 jobs, with twice as much as that in college debt. Focus on living as frugally as you can (don't confuse frugality with being a cheap-ass), live with your parents, minimize student loans, and ALWAYS have an emergency fund.
For a more 'up-to-date' book with the same basic advice, try Zac Bissonette's book, How to Be Richer, Smarter, and Better-Looking Than Your Parents. A self-described fan and follower of Suze, Zac's book may be a little more in line with today's realities, while keeping in line with much of Suze's amazing and time-tested advice.
Top international reviews
2. in debts
3. house loans
basically, it is based on American style but by doing research on some terms you can easily use it for other countries.
Overall it's a one time read book.