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Smart is the New Rich: Money Guide for Millennials

توضیحات

"With Smart is the New Rich, Christine Romans has managed to turn a book about saving and investing money into an enormously entertaining read. If your plans include sleeping under a roof, eating food, wearing clothes, raising a family, and paying off your college loan, you should read this book first thing tomorrow. If you're dreaming even bigger you should read it today."
—Aaron Sorkin, American screenwriter and playwright

"Everything you want to know about money but were afraid to ask! Our children–today's millennials–badly need a smart travel guide through the value of a dollar. I myself have learned so much over the years from CNN's Christine Romans' ability to cut through the financial clutter, and her book comes not a moment too soon!"
—Christiane Amanpour, CNN chief international correspondent

It's About a Better Life, Not Just a Bigger Bank Account

It is a huge and highly-educated generation that is asking tough questions about money. Is college worth it? What's the point of owning a house? What if I don't want to work a 9-to-5 office job? Is investing really the best way to save for retirement? Smart is the New Rich answers those questions and more.

  • Is it better to rent or buy
  • Why living at home is the single best economic decision many young people can make
  • How to negotiate your first salarys
  • How to triage your loans in the smartest way
  • How (and whether) to ask your parents for money
  • Why you need to know your love interest's financial situation by the third date

Smart is the New Rich is a crash course in personal finance that answers these money questions. You'll learn about everything from budgeting and building credit to starting a business and planning for retirement.


CHRISTINE ROMANS is CNN'S Chief Business Correspondent and anchor of Early Start with John Berman and Christine Romans weekdays 4 a.m. to 6 a.m. ET. She won an Emmy award for her work on the series "Exporting America" about globalization and outsourcing American jobs overseas. She is the author of Smart is the New Rich: If You Can't Afford It– Put It Down and How to Speak Money.

Preface xi

Acknowledgments xv

Chapter 1 How to Think About Money: Budgeting Basics 1

Pay Yourself First 6

How Much Should You Save? 8

The Rainy-Day Fund 12

Roadblocks to Money Success 15

The Holiday Red Flag 15

Your Money Quiz 16

Chapter 2 College Investment 19

The Million-Dollar Payoff 21

It’s Cheaper to SaveThan Borrow 23

Four Ways to Keep College Costs Down 24

WhatDo YouWant to Be When You Grow Up? 27

Not All Degrees Are Equal 31

Chapter 3 Managing Debt 37

Paying Off the Debt 39

Interest Rate Triage 42

A Safety Net for Low-Income Grads 43

Public Service Loan Forgiveness 45

Live Like a Student 45

Chapter 4 Job Market Fundamentals 49

The Long Healing Process 51

Fastest-Growing States 52

The College Degree Advantage 54

Chapter 5 Millennials at Work 59

Resume #Fail 64

You’ve Got Two Minutes 66

The Hidden Jobs Market 67

Don’t Call Them Soft Skills 70

Keep Your Eye on the Ball 72

Lean In or Lean Back 72

Online Tools to Help Set You Apart 77

Chapter 6 House Money 81

Missing the Real Estate Rebound…So Far 84

Generation Renter 86

Get Ready to Buy 89

Mortgage Rates 91

Location, Location, Location 92

Affordability 93

Living at Home 93

Chapter 7 Family Money 97

Dating and Money 99

The “Talk” 102

What Kind of Debt? 104

Piggy Bank Parents 107

Friends and Finances 108

Crowdfund Our Wedding 109

Chapter 8 Understanding Investments 111

Getting Started: Tax-Advantaged Retirement Accounts 115

Time Is a Four-Letter Word 116

No 401(K)? Invest Anyway 120

Building Blocks 123

Chapter 9 Credit Karma 129

Debit Cards 130

Overdraft Protection 131

So You Want a Credit Card? 131

What Is the Credit Score? 133

Expensive Credit Monitoring 135

What Is the Fed? 137

Time to Buy a Car 138

Appendix A Web Resources 141

Appendix B Cover Letters: The Good, the Bad, and the Ugly 145

Appendix C PayScale 2014-2015 College Salary Report 153

Notes 193

About the Author 199

Index 201