Financially Familiar at 25: How I Did It

May 23, 2009 at 10:56 pm Leave a comment

I have a ridiculous habit of buying books with good intentions, and then letting them sit in my bookshelf until I find an extra half hour to start them. The habit then continues, as I make it about halfway through the book and then never pick it up again.

suzeormanSuze Orman’s book, Young, Fabulous & Broke*, was no different. But, it didn’t matter. Only reading half of this book gave me the goods I needed to make financially sound decisions in my post-college life.  The thing is, Suze designed the book as a guide, offering advice, lists and online resources every step of the way. You don’t have to read the book cover to cover, pages 1 through whatever in succession. You read the sections that apply to you.

I love the fact that there’s a game plan for setting priorities and achieving goals, and after assessing your own personal situation with her corresponding online action plan, you will get a step-by-step game plan outlining what your next best move is – be it investing, paying off debt, or saving for a large purchase or life change.

For instance, at any one time, my financial situation can revolve around a car payment, school loans, a mortgage and a 401k (and in moments of weakness, a little bit of credit card debt – damn you J. Crew). Even though the book is a couple years old, the online action plan stays up-to-date (and offers addenda to the print edition) and recently told me that – with our economy being the way it is – my best course of action was to scale back on my 401k contributions. DISCLAIMER: I am not advising you to scale back on your 401k contributions. It was simply the best move for ME.

Especially these days, it’s easy to be wildly confused about how (and where) to save money, whether or not to bother contributing to a 401k, and how to successfully merge finances with your fiance (a fun tlittle ask that we’re still figuring out).  The best thing about this book is that Suze speaks in our language. We’re not financeers with years of knowledge and we’re not complete idiots that hide cash in our mattresses, so learning from this book is easy and actionable.

*not to be confused with the ugly and wildly expensive (despite the name) Young Fabulous & Broke fashion line

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Entry filed under: Finances, Things I Bought That I Love. Tags: , , .

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