I have been honored to get to review a book by Joseph Sangl. Joe came to Ottumwa early in 2009 to teach us about becoming Debt Free. We had a great event and learned a ton. From this I have been able to begin financial counseling for folks here in Ottumwa. He has a new book out, What Everyone Should Know About Money Before They Enter The Real World. (Find it here to purchase.) Before I start, I am a huge fan of Joe’s financial advice; so that being said, here goes.
The concept of the book is to provide young people with the tools they need to succeed once they launch into the “real world”. If you have kids no matter how old, this book is worth the purchase. First you read it then work out a plan of how you can work with your kids on these concepts. If you have kids that are already out of the house, you better get on it because time can be money.
The heart of the book are chapters 4, 5 & 6. Always Save, Avoid Debt and Student Loans respectively. If your kids are like me they aren’t able to define savings or to save. There is no concept for that in a young persons mind. This book does a great job of explaining how important saving is in the long term and it doesn’t come from you, the parent. My favorite chapter, Avoid Debt. We think debt is okay in our country and that is just not true. Debt nearly tumbled our country into a depression this year. We should be doubly aware of the treachery of debt in these days but I think quickly we forget. If you can teach your kids through this chapter and let them know it is okay not to have debt they will be leaps and bounds ahead they their cohorts.
Finally the Student Loan chapter, # 7 is truly refreshing. A degree comes on the same piece of paper no matter who’s name is at the top. Talk with your kids about the cost of the decision regarding going to school. Is the total investment (4 years of increasing tuition, room, board and books) really worth the degree your getting? It is okay to determine that it isn’t. The other part of this chapter that was awesome was the part of on finishing in 4 years. School is fun, but it is awfully expensive if you are jacking around. Joe spends some time explaining opportunity cost – if you are business major you should know this one and it applies to you too if you take 5 years to get a 4 year degree.
One critique of the book is that Joe spends some time at a level a bit higher than a young person is probably thinking about. In one section he talks about his goals of paying for his kids first house. If this book is truly for young people it will be very hard for them to connect to that point.
Overall, this book is long overdue. Get it, read it, use it with your kids, have them read it and put it into practice. The advice is clear, practical, understandable and implementable. You can’t beat that.
Well done Joe, thanks for saying what needed to be said.
Leave a Comment so far
Leave a comment
