Written by Brittany Shaffer, a twenty-something yuppie with a mind for finance and business
One major problem that people in their twenties and thirties are facing is the lack of knowledge about managing their finances. Advice they may (or may not) have received from their parents is not always sufficient because times, money, and economics were different, even just thirty years ago. Many individuals have received little or no financial education or advice from parents, educators, or anyone else for that matter. As an individual in my twenties, I’ve decided to study personal finance as much as I can in order to make sure that I am prepared to make the smartest financial decisions I can. In today’s post, I would like to share some advice with you, and a recommendation to read Get a Financial Life by Beth Kobliner.
I picked up this book in a book store and was at first a little skeptical because it was published in 1996. The link I’ve provided above is for a more recent edition, which I am sure is even more useful than the copy that I read. Even though it was slightly older, I was still able to find useful nuggets of truth in it.
This book is divided into sections about talks about saving money, insurance types, retirement, bank accounts, debt elimination, investing, and more. Each section offers detailed information relevant to what a twenty-something year old should be thinking about their finances. The problem lies in the fact that many are NOT thinking about them. They’ve been told to not worry about their retirement or other finances until they are older. After all, twenty is still young, right? WRONG. This is precisely the time that individuals need to be considering their financial situation and making adequate provisions for the future.
Beth Kobliner does a great job of helping you understand just what steps you need to be taking to make sure that are preparing yourself for your financial future. As someone who has struggled at times to understand complicated financial jargon (especially as it relates to areas like insurances and IRAs and 401k accounts), this book is an excellent resource at helping you sort through the jargon to understand what you need to know and how to apply it to your life.
I highly recommend this as a must read for anyone in their twenties or thirties, whether you think you have a grip on your financial life or not.