Book Reviews
Issue 28(2)
Your
financial future: A guide to life after graduation.
(2005), Bainbridge Island,
WA: Life After Graduation, LLC. 176pp. $15.95. ISBN 097009445-0
Review
by: Erica
Richards
College
Student Affairs Masters Program
University
of South Florida
Berman
(2006) noted that an increasing number of college students are
graduating with what could be considered an absurd amount of debt.
As the overall price of obtaining a college education increases,
it is almost inevitable that the number of students getting loans
and credit cards will increase. Most college students are not
equipped with the financial know-how to manage their “new money”
and do not understand how mismanagement of funds can affect them
in the long run. Student affairs professionals, because of their
relationships with college students, are in a unique position
to help these students become more financially competent. Since
the primary role of student affairs practitioners is to promote
holistic student development, these professionals must become
cognizant of how debt and other financial issues affect college
students. It is, therefore, imperative that student affairs professionals
become knowledgeable about resources that can help students manage
their money wisely while in college so that they can take out
fewer loans and avoid the risk of bankruptcy after graduation.
Your
financial future: A guide to life after graduation is one
resource that student affairs practitioners, including academic
advisors, financial aid counselors, student activities personnel,
and housing staff, should have on hand. The book is an easy read
and a great introductory guide for just about anyone who needs
help getting on track financially. This would be a great text
for any freshman and senior transition course. One of the distinctive
features of the book is that it contains a number of worksheets
which can be used as a supplemental guide to the very popular
and more candid book by Suze Orman (2007), The money book
for the young, fabulous and broke.
Your
financial future: A guide to life after graduation
is well-organized, discussing everything from identity theft to
investing and debt management to hiring financial planners. The
book also contains a table of contents that allows the reader
to navigate the book with ease.
This
book is important because this may be the first time many college
students have made financial decisions on their own. It provides
an easy-to-comprehend introductory lesson on financial information.
However, the book does not provide much financial advice. While
it is helpful to know what an IRA or stock is, it would have been
even more helpful if the book offered tips about how to choose
stocks. For example, the book offers some very good questions
to ask when shopping for a real estate agent. One of the questions
recommended is “What kind of training have you had?” However,
the book does not tell us what we should be looking for in the
answers.
As
someone scheduled to graduate soon I found this book extremely
helpful; it has already become one of my most useful references
for anything financial. On the other hand, if you are looking
for advice this is not the right book. There are many other books
on the market that can give current students and graduates financial
advice.
References
Berman,
T. (August 23, 2006). Student debt crisis: Are there any solutions?
WireTap. Retrieved on April 8, 2008 from http://www.wiretapmag.org/education/40187/
Orman,
S. (2007). The money book for the young, fabulous, and broke .
New York : Riverhead Trade.
