With the economy in shambles, the thought of spending $16 on a book that claims to teach readers to be fiscally responsible seems ridiculous. But as Beth Kobliner's "Get a Financial Life: Personal Finance in Your Twenties and Thirties" enters its 14th printing, the product is more invaluable than ever.
Self-help and how-to books are, more often than not, wastes of time and money. Yet the self-help industry is a multi-billion dollar industry and growing. If someone can get it together to write a book, the reasoning goes, they probably have something useful and true to say. This isn't always the case, but Kobliner is an exception and actually knows what she's talking about.
Kobliner is not some hack who just decided to write a book one day; she has credentials to back up her work. She worked for Money magazine as a staff writer and Glamour as a money columnist; she is a frequent guest on CNN, NBC, CBS, ABC, NPR and PBS; she serves on the board of the Women's Institute for a Secure Retirement; and she is a contributor to The New York Times. If this wasn't enough, "Get a Financial Life" is endorsed by a former chairman of the Federal Reserve Board, a Nobel laureate in economics and the granddaddy of them all, Jim Cramer, Mr. "Mad Money" himself.
So the book is bonafide. But what's so great about it?
Simply put, Kobliner really does tell her readers exactly how to "get a financial life." She breaks down, in detail, the various terms and ideas that are so often thrown about but not understood by everyone. Readers do not have to be economics majors to understand this book.
Don't know what a 401(k) is? What about an IRA? A Roth IRA? How about the difference between a credit card and a charge card? All of these topics are explained in the book's nine sections, covering topics that range from dealing with debt to investing wisely to buying a home and purchasing the right insurance. Even readers familiar with these topics will learn something from "Get a Financial Life." Kobliner never panders to her audience, and the book's language is consistently clear, concise and never dry. Kobliner is able to lead readers through potentially scary and confusing topics while remaining compelling and engaging.
Most 20-somethings probably don't think about their retirement plans, but one of the book's most engaging, informative and, possibly, important chapters is all about saving for retirement. This chapter covers the aforementioned 401(k)s as well as both types of IRAs. The discussion of retirement is simplified into a discussion about the ramifications of saving money in these types of accounts and, later, utilizing these savings plans before retirement.
In contrast to the important bits, the book also has some "duh" statements. Readers with different knowledge bases will no doubt scoff at different sections. Nearly all college students and young adults (or at least those so inclined to buy a book on personal finance) will understand the basic importance of saving and paying off debt, but Kobliner's book discusses alternative strategies for doing so.
Though the original "Get a Financial Life" was published in 1996, the newest edition was released only last month and has been updated with information regarding the current credit crunch and financial conditions. The subprime mortgage situation is explained in some detail, as is the recent student loan scandal and some of the new laws and government practices. It is clear that Kobliner and her editors and contributors (who are mentioned at the end of the book in a 17-page acknowledgement section) spent a great deal of time on this edition to make it a truly useful tool for young people. Also appearing at the end of the book is an extensive index, making "Get a Financial Life" a go-to reference guide for financial facts and information.
"Get a Financial Life" is perfect for anyone who has ever wondered or worried about their financial future. Sure, most of this information is available on the internet for free, or is even common sense, but having it all in one place really is helpful. While Kobliner's book won't actually solve anyone's financial problems for them, it definitely lays a strong groundwork for readers to do so themselves.
