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The Money Book for the Young, Fabulous & Broke by Suze Orman
Sunday, January 07, 2007
My first question is this: How can you possibly feel fabulous when you are broke?
Book Overview
Suze Orman is here in her newest publication, "The Money Book for the Young, Fabulous & Broke" to rescue all those twenty somethings who sweep the credit card bills under the rug, get nauseous at even the thought of packing their money off for a retirement account and, credit debt safely festering beneath the rug, don't mind leasing a new sports car for a low monthly down payment.
No, no, no says Suze. She should know. Having spent years waitressing and even living out of a van, Suze has been there and done that. Now, the only thing she's doing currently is raking in loads and loads of money from four consecutive New York Time bestsellers and writing gigs for "Yahoo!", "Finance" and "O" Magazine. I guess if anyone can help today's debt heavy and savings lite society, Suze is the girl to call.
Her newest publications, "The Money Book for the Young, Fabulous & Broke" is presented in a unique format. After a brief introduction in which Suze assures us that her book is different from any other money book out on the market, the chapters are each presented as individual blocks of information, which can each stand alone. Think of it as a personal finance buffet. Readers get to pick and choose the components for a personalized (and hopefully well-balanced) meal. In other words, Suze allows her readers the ability to tailor their book consumption based on their unique situation. For instance, someone drowning in credit card debt and considering bankruptcy can zip through the opening chapters that deal with pulling up your credit score, paying off student loans and even finding the right job. Those who are a little more comfortable (you could say more fabulous and less broke) proceed to the chapters on saving for retirement and purchasing a house.
Suze's book has it all (at least for those taking those timid first steps down the road to balanced financial management). She runs quickly through the financial basics without leaving your head spinning. No need for a classroom lecture or vocab cards. Suze makes the normally horrific notions like IRAs and mortgage loans seem positively warm and fuzzy (that is until you actually have to cough up your own money). Some of her money suggestions are innovative - for example, she encourages the use of low interest credit cards to pay off debt or even start a new business in the right situations - others feel like the same recycled tidbits even the most basic Google search for "money tips" could bring up. Still, Suze raised my eyebrows more than once with her suggestions.
Perhaps the most appealing aspect of Suze's book is its audience: us! The new generation of computer-loving, Xbox playing, "Daily Show" watching, debt-mounting recent college grads (sure we like to wear our pajamas till noon and eat Cheerios out of the box, but we clean up nice). Most of the money books on the market spread themselves too thin trying to reach every type of consumer, and yet most of them barely give a nod to the money-less crowd. Almost all of these books make the crazy assumption that their readers already have money. Bah! Not Suze. She's got our back. She is on the side of the young, broke and definitely fabulous and her advice reflects the needs of this crowd. In fact, though many of us may be in a little financial "rut" Suze butters on the positive. Even though we might not be aware of it, our crowd possesses a great gambit that may even lead us out of debt and into financial independence some day. That little wonder weapon? Time, Suze tells us. Time gives us the miracle of compound saving (nicely explained in the book) as well as the even better benefit of flexibility. Suze is all for living our dreams. In her chapter on jobs, she tells us to do what we love even if it doesn't pay well to begin with. With that wonderful wonderful time on our side, we'll eventually rise in the ranks and the money will follow.
Of course, not all the chapters are fun and games. Some of them are necessarily boring as Suze explains about different mortgage options in her big ticket items chapters. Other chapters, generally the earlier ones, are more than a little depressing as Suze tries to pull the worst cases away from the brink of bankruptcy. In all, the chapters run the gamut: paying off debt (which Suze commends), different savings and retirement options (you'll get so sick of reading how you MUST MUST MUST match your company's contribution to your 401k that by the end of this book you might actually end up doing it), job advice, buying big ticket items like cars and houses (hint: leasing a car is a big no-no) and Suze even springs a little relationship advice on the unsuspecting reader (Romeo and Juliet never had to deal with mis-matched credit scores, but you and your significant other do).
To supplement the book, Suze also maintains a Young, Broke & Fabulous section on her Suze-filled website (warning: this website contains lots and lots of Suze Orman) filled with additional tools and advice which includes financial calendars, community message boards and even a tailored "action plan" you customize for your specific needs. Each book comes with a code and password that will unlock these extra goodies. Through this site, you can also e-mail Suze direct questions.
The Good
Suze has been there and done that. Her personal story is compelling, and her book is easy to digest even for those of us who are a little squeamish when it comes to balancing the checkbook. Suze seems to understand that most of her readers are new to the money game and need a little hand-holding and reassurance.
Particularly useful is the format of the book that allows readers to skip to the most relevant chapters. The beginning of each chapter also contains a questions and answer session. While not all the questions are going to apply to all readers, when we see our personal grievances aired ("I lost my job, and now I can't afford my student loans" or "I cosigned for a car loan for a friend, and now my friend has defaulted on the payments") there's a certain flood of comfort that we are not alone, and that Suze is here with the answer.
I also found the layout of the book appealing. It is more colorful than most books and feels brighter, hipper (dare I say more fabulous?) and more engaging than most of its dry financial advice giving brethren.
Though this wasn't a particular selling point with me, Suze also infuses her book with a positive gleam. A can-do attitude practically wafts from the pages implying that all financial hurdles can be overcome (though Suze warns that bankruptcy is rarely the answer). Those of us struggling through money hardships are burdened by these constant worries and can feel trapped and hopeless. Suze gives us a little push in the right direction, and for those who are on the brink of utter financial despair, perhaps this book can give a little dollop of sunlight.
The Bad
Suze gets it, or at least that's what she wants us to think. Of course she has a good personal story to back it up. She was once "in our shoes" and is now a successful gazillionaire. Still...she seems a little too positive, a little too insistent that with a little elbow grease all our debt can be scrubbed away. She oh-so-lightly paints over the years and years of hard work and penny-pinching this might entail.
The format of the book can be a drawback for those residing on either side of the money-success pendulum. Those who are more or less secure with a good credit score, little debt and a steady job can pretty much skip the first half of the book. Those who might have to file for bankruptcy if they so much as charge a McDonald's Happy Meal are not really going to find the second half of the book particularly useful unless they want to know the best way to save for a house just in case a wealthy and childless uncle suddenly croaks. By creating personalized chapters, Suze guarantees that much of her book won't be useful to her reads. This might lead one to ask what they paid $20.00 for a book with only three relevant chapters.? So, warning: make sure there is enough here for you to warrant the spending.
Summary
All in all, Suze presents a lot of the same information most money books offer. She explains mutual funds, 401ks, mortgages, credit score ratings etc..., which are all terms you can easily look up on line. The true value of her book is the unique concentration on those in most dire need of advice: the young, broke and perhaps not so fabulous. Some of her ideas are intriguing, fresh and smart. The writing itself is what makes this book. It is simple, repetitive and generally unimaginative, but still gets the job done in a smooth manner. I found Suze's voice a little too enthusiastic, flattering and a bit repetitive. However, this is a financial advice book after all, so the weight of the advice is slightly more important than metaphorical nuance. In my opinion, this book is a perfectly good starter financial guide for anyone taking those first wobbly steps into the real world or those who have, until now, shirked the whole balanced check book lifestyle and are just coming around to the cold hangover of debt. If you are young and broke (fabulous or not), then you have a lot of struggle ahead of you in order to get into the financial fast lane. To make that struggle a little easier, pick up this book and head for the chapter that is right for you.
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