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Thread: YF&B

  1. #1
    AudreyLeigh
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    Default YF&B

    I HIGHLY recommend this book.. Young Fabulous and Broke by Suze Orman AND I just rented the video of it from NetFlix... VERY informative for people in their 20-30s... explains about credit, credit cards, becomming an asset to companies and such...

    I think the video put things in a easy to understand perspective!



    Audrey

  2. #2
    AudreyLeigh
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    Default Re: YF&B

    A small part of the video which may be VERY helpful to others-

    To establish credit CC are good... 5-10 cards are good (15+bad).. helps with your debt to credit ratio.. you have 1 - $2000 limit CC and have used $1500 of it your debt to credit ratio is 75% = BAD on FICO -

    BUT if you have 3 - $2000 limit CC and have 2 that you dont use - i.e. cut up and DONT use just have open for credit issues you now have $6000 worth of available credit with $1500 used which is a 25% debt to credit ratio = GOOD

    Closing credit cards is BAD for your credit.. youve just closed down your CREDIT HISTORY... and made your debt to credit ratio higher.

    Smartest thing to do is get rid of the card but keep the acct open...

    Sorry for the ramble but Im just hoping people will read this and get the video... its helped me a LOT!

    Oh and it also talks about 401Ks and Roth IRAs... in easy to understand SIMPLE terms... it says step by step how you should invest $$ and when to pay off debt and stuff.. its GREAT (did i say that already)... its GREAT!

  3. #3
    Banned Melonie's Avatar
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    Default Re: YF&B

    I agree that Suze Orman covers the basics better than most, and in a very down to earth manner. However in fairness it should be pointed out that, for the most part, Suze Orman is a 'talking head' whose perceived financial expertise comes from media producers/promoters rather than a doctorate from the Wharton school of business, actual billion dollar success with past investments, etc.

  4. #4
    AudreyLeigh
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    Default Re: YF&B

    I take that to heart when I read/watch the show but if you have any common sense you can weed out the good facts... and even tho its a billion dollar empire it still helps those of us who are money stupid (like me)

  5. #5
    God/dess montythegeek's Avatar
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    Default Re: YF&B

    I agree with Melonie's assessment. Suze is a self-educated guru preaching sound advice, in an effective way. She is living proof that you do NOT need a MBA to do sound things and give good advice. All you have to so is pay attentionand learn stuff. The more you know, the easier it becomes.

    I will venture the bet that the next time Audrey reads something on the business page, or financial advise she will absorb more of it and understand more of it.this is the essence of a good TEACHER. You do not have to be able to proove the Pythagorean theorem to teach kids to add, you just have to communicate well.

  6. #6
    God/dess Emily's Avatar
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    Default Re: YF&B

    I love Suze Orman and learned a lot from her. I've read this book and I liked it. it's for people struggling to live within their means with no real direction.

  7. #7
    Featured Member lunchbox's Avatar
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    Default Re: YF&B

    FWIW, some "free" CC's have an annual fee if you don't use them, so cutting them up and forgetting about them might bite you in the ass, choose wisely.

  8. #8
    God/dess Deogol's Avatar
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    Default Re: YF&B

    I like Suze Orman. I like how she also integrates life with money because money IS a pretty important part of life in a capitalistic system.

  9. #9
    God/dess Emily's Avatar
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    Default Re: YF&B

    right....

    one of her favorite things to say is, "people first, then money"

  10. #10
    AudreyLeigh
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    Default Re: YF&B

    Quote Originally Posted by lunchbox
    FWIW, some "free" CC's have an annual fee if you don't use them, so cutting them up and forgetting about them might bite you in the ass, choose wisely.
    She did say if they have fees then dont keep them open... thanks for reminding me. I guess you have to weigh the yearly fee versus the hit youll get on your credit score... I wouldnt know... Ive never had a CC....

  11. #11
    Featured Member paintgoddess's Avatar
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    Default Re: YF&B

    Thanks for the recommendation. I just skipped over the Young Fabulous and Broke DVD last night on netflix for another one of hers. Now I think i'm just gonna have them all sent to me eventually.

    Suze Orman really humanizes the subject of money and personal finances. And she's pretty inspiring.

    On a side note, I've always believed that a person can self-educate themselves regarding money, can always learn more and do better... and in return take better care of themselves. That's what i'm all about, anyway.
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