A completely revised and updated fourth edition of the New York Times bestseller, designed to guide younger adults through the world of personal finance.
More than ever before, people in their twenties and thirties need help getting their financial lives in order. And who could blame them?
These so-called millennials have come of age in the wake of the worst economic crisis in memory, and are now trying to get by in its aftermath. They owe record levels of student loan debt, face sky-high rents, and struggle to live on a budget in an uncertain economy.
It’s time for them to get a financial life.
For two decades, Beth Kobliner’s bestseller has been the financial bible for people in their twenties and thirties. With her down-to-earth style, she has taught them how to get out of debt, learn to save, and invest for their futures. In this completely revised and updated edition, Kobliner shares brand-new insights and concrete, actionable advice geared to help a new generation of readers form healthy financial habits that will last a lifetime. With fresh material that reflects the changing digital world, Get a Financial Life remains an essential tool for young people learning how to manage their money.
From tackling taxes to boosting credit scores, Get a Financial Life can show those just starting out how to decrease their debt, avoid common money mistakes, and navigate the world of personal finance in today’s ever-changing landscape.
TV analysts and money managers would have you believe your finances are enormously complicated, and if you don’t follow their guidance, you’ll end up in the poorhouse.
When University of Chicago professor Harold Pollack interviewed Helaine Olen, an award-winning financial journalist and the author of the bestselling Pound Foolish, he made an offhand suggestion: everything you need to know about managing your money could fit on an index card. To prove his point, he grabbed a 4″ x 6″ card, scribbled down a list of rules, and posted a picture of the card online. The post went viral.
Now, Pollack teams up with Olen to explain why the ten simple rules of the index card outperform more complicated financial strategies. Inside is an easy-to-follow action plan that works in good times and bad, giving you the tools, knowledge, and confidence to seize control of your financial life.
At 19-years-old, Marilyn was one month away from marrying John, her Prince Charming. Imagine her surprise when one day, out of the blue, he asked to see her finances. After revealing this personal information, she was shocked to hear him exclaim, “I can’t afford to marry you!” This was followed by the news that the wedding was off. What Marilyn did next to save face, temporarily cost her to lose self-esteem, but put her on a path to financial righteousness. This book is a must read for all – women, men, couples, and young people-who want to minimize their mistakes, master their money and secure their financial future.
Bestselling 5 Star Graduation Gift for both College and High School grads! Why do high schools and colleges require students to take courses in English, math and science, yet have absolutely no requirements for students to learn about personal money management? Why Didn’t They Teach Me This in School? 99 Personal Money Management Lessons to Live By was initially developed by the author to pass on to his five children as they entered adulthood. As it developed, the author realized that personal money management skills were rarely taught in high schools, colleges and even in MBA programs. Unfortunately, books on the subject tend to be complicated, lengthy reads. The book includes eight important lessons focusing on 99 principles that will quickly and memorably enhance any individual’s money management acumen. Unlike many of the personal money management books out there, this book is a quick, easily digested read that focuses more on the qualitative side than the quantitative side of personal money management. The principles are not from a text book. Rather, they are practical principles learned by the author as he navigated through his financial life. Many are unorthodox in order to be memorable and provoke deeper thought by the reader. Not only an excellent graduation gift for high school and college students but also a great read for any adult! ALSO AVAILABLE IN SPANISH – “POR QUE NO ME ENSENARON ESTO EN LA ESCUELA?”
The HBCU Money™ staff also adds some commentary to the subjects of Mr. Buffett’s quotes to provide more depth and better understand the points.
- EARNINGS: There are three different types of income. Earned, passive, and investment income. Guess which is taxed the highest? The one you go to work for. Passive income (e.g. rental property, limited partnerships, intellectual property) if properly managed can be taxed at near zero income. Investment income (e.g. dividends from stock ownership) falls under 0, 15, or 20 percent based on taxable income. More importantly, these incomes are not based on you leaving the house or your boss liking you.
- SPENDING: It is not how much you make, but what you do with what you make. There is nothing wrong with having nice things, however, in an era where people do things to project a social media lifestyle, keeping up with the Joneses, Smiths, and everyone else has become even more problematic. Use personal finance tools like Mint.com or others to help you track your spending and give yourself a grade on a month by month basis.
- SAVINGS: Why is it so hard? Wages have been flat for a long time that is for sure, but we must play the hand we are dealt. The question is does pride get in the way of many people saving. Most people’s biggest expense is housing, yet how many are willing to take on a roommate or two for a year or two to save? Saving must become a habit that can start small and snowball with time with discipline. Find a friend and compete with them if that helps, but find the thing that pushes your button to do it.
- RISKS: Are you 50/50 about a coming raise and decide to buy that car you always wanted or put that foreign vacation on the credit card? Then you just failed at risk management. Risk is always about understanding the pros and cons of any financial decision and finding ways to mitigate that risk. You bought the car? Okay, so you Uber and add extra income until you get the raise. If you do not, then keep Ubering. Again, risk management is vital to one’s long-term financial planning.
- INVESTMENT: When do you need a financial advisor? When you are rich you say? Think again. The moment you have a job you need a financial advisor and probably not just one. Checks and balances (risk management). Is your only investment account your retirement account? There are multiple financial investments to consider from owning stocks, owning a stake in a small business, to even owning land. All of these make up the ingredients that is your financial pie. How one distributes them is up to your own risk tolerance, but you have never eaten an apple pie using only apples. No one thing is going to make you wealthy or preserve it.
- EXPECTATION: This is something that we must reflect on within ourselves and from those around us. We expect to be wealthy, but is our behavior matching it? Are we surrounding ourselves with likeminded people in our pursuits? We can not expect to be financially sound and surrounded by those who want to go to the mall every weekend. Are we patient with our investments? Or do we chase “get rich quickly” schemes because we have not educated ourselves properly to have the proper expectation of savings, budgeting, investing, and the TIME it takes to accomplish those goals.
Need in depth help on all of the above?
Watch this staff recommended Youtube video by Dan Griffin, CPA entitled “Saving & Investing Basics: A Guide for Young Adults” here.
Be sure to also read HBCU Money’s “Recommending Reading for African American Financial Starters” here.