Jen Reviews The Money Book for the Young, Fabulous & Broke

Book/Author: The Money Book for the Young, Fabulous & Broke by Suze Orman
Publisher/Year:  Riverhead Books, 2005
How I Recieved It: It was a gift

Summary:

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 (from bn.com).

Review:

I'm young, fabulous (well, I like to think so anyway!) and definitely broke.  I've flipped through many different personal financial books while browsing at the bookstore and noticed most of them are definitley not for me.  They just don't currently fit my needs/lifestyle.  Things like investing in stocks and saving for my children's college education aren't relevant to me right now (the stock market is confusing and I don't have kids). 

I really enjoyed this book because it was tailored towards my age group.  The chapters on student loans and credit cards are the ones I've read multiple times.  There's no big, scary financial words (but there is a helpful glossary at the end of the book).  The tone of the book is laid back, like your favorite teacher from high school giving you advice.  While some of the information Orman presents may seem like common sense it's always nice to have a refresher!

I must say that the chapter explaining a Roth IRA vs. a 401(k) was extremely helpful.  I was clueless to the differences.  Honestly, talking about retirement scares me because it seems like I am way too young to be even thinking about it.

The book also comes with an online Action Planner (each book has a unique login code).  I'll admit, I've owned my copy of this book for over a year and still haven't logged onto the website yet.  But I do love the idea of having a the website supplementing the book!

The Money Book for the Young, Fabulous & Broke was originally published in 2005 so it is a little dated but overall still provides great financial tips.

Jess' Review: The Simple Dollar (Trent Hamm)

Image found here

Title: The Simple Dollar: How One Man Wiped Out His Debts and Achieved the Life of His Dreams

Author: Trent Hamm (Web site)

Publisher: Financial Times Press, 2010

Notes: I received this book as an Advanced Reader Copy (ARC) from the publisher, Financial Times Press. I have reviewed it honestly and personally. As part of this opportunity, I was also asked to apply one chapter from Trent's book to my life, which you can read about here.

A brief summary: Trent Hamm is best known on the Web as the man behind The Simple Dollar, a popular personal finance blog. In The Simple Dollar, Trent explores personal finance in his own life, offering many personal narratives, as well as constructive, useful techniques for readers to apply to their own lives.

My thoughts: I am a long-time reader of The Simple Dollar, and so when the opportunity came about to receive an ARC from the publisher, I jumped on it. I was curious to see how this combination memoir/self-help book differed from others, and if Trent's fantastic blogging personality would come through in the book.

Trent's book is well-written and to-the-point, which is consistent with his blog style. I like the personalized anecdotes and interesting tidbits. One thing I'm curious to see is if the aesthetic nature of the book changes with publication; it seems very textbook-like in paper, font, and plain book style. (The book is published by a subsidiary of Financial Times Press.) Most memoirs or books similar to this are published with a more reader-focused, audience-oriented feel. This is not so (though I do recognize that my copy is an ARC, so I'll have to compare after publication).

As much as I liked the book, I think it repeats a lot of what Trent already discusses on his blog. I also think that his writing is especially well-suited for blogging because he proposes questions and is able to engage the audience in a different way. Much of the same material is covered in his blog, but in fact the blog posts cover it at much greater length and with a greater number of resources.

Overall I think Trent's book is a worthy, wonderful read. It has given me new perspective on where his writing comes from, and where the motivation to get financially fit, originates. I especially think that people who have not yet read Trent's blog will benefit from the book in a major way.

Rating: 4 stars