Review of the Money Book Geared at Age 20 Something by Suze Orman
Orman’s book has some helpful tips, but in my opinion is much to basic for the real needs of the 20 something year olds. It feels like we’ve been typecast and I personally didn’t relate to much of it. Perhaps its geared towards a younger demographic than my 28 years.
The design of this book is simple and to the point, perhaps with the idea that “young” people don’t have the patience to read without quick tips? It has a reference to go on to her website for additional information such as calculators and feedback. (No thanks, too much work for me, if I’m reading a book, I want the info I need right there in the book). I appreciate that she was writing a book for a younger generation, but I felt that, at least for where I’m at in life, her advice was much to basic.
Some of the key points included:
- Make sure you have a good FICO score
- Its okay to have “some” credit card debt if you only use it to pay for necessities that you cannot otherwise cover with your measly entry-level income (helps you build credit anyway)
- Stop spending money on frivolous things like going out to dinner a lot (obviously!)
- Try to save up an emergency fund (not 8 months worth, she realizes that’s not realistic for those living paycheck to paycheck)
Take Charge and Make Sure You are in a Career not a Job
The point that I found most interesting is her recommendation to make absolutely sure that you are choosing a career that is what you want to spend the next 30 – 40 years doing. If you’ve picked a job just for the money, then why not use the time you have now, when the economy is down and out, to better your education. Not necessarily grad school or that type of pricey education either. The education that you can get from networking, exploring what truly interests you in your free time, and giving real thought and dedication to ensuring you have chosen a career and not a job.
I’m thankful that I love what I do. Perhaps I will move slightly in one direction or another, but I do feel that my career is headed in the right direction.
What about you? Do you think its okay to work for a job or is important to find a career, even if it means perhaps a temporarily financial set back?