In this era of the Boomerang Generation, here at last is a full and frank guide to avoiding the need to move back in with your parents.
Rob Carrick of The Globe and Mail is one of Canada's most trusted and widely read financial experts. His latest book is the first by anyone to target financial advice specifically at young adults graduating from university or college and moving into the workforce, into the housing market and into family life. Financial beginners, in other words.
Carrick offers what can only be described as a wealth of information, on the full life cycle of financial challenges and opportunities young people face, including saving for a post-secondary education and paying off student debts, establishing a credit rating, basic banking and budgeting, car and home buying, marriage and raising children of their own, and insurance.
The book is mindful throughout that parents have a big role to play in all this. It addresses young readers throughout but regularly asks them to see things from their parents' perspective. In that way, Rob Carrick is able to offer advice to both generations. He even recognizes that in these difficult times, moving back in with the folks is sometimes a short-term necessity. So there is a section devoted to such important questions as: Should your parents be charging you rent? For that and many thousands of dollars' worth of other reasons, this is a book that every parent needs to buy for each of their kids, plus one for themselves.
A quick read on how to start saving. His discussions on credit cards for students, RRSPs vs. TFSAs, purchasing a car, and mortgages were excellent. He prioritizes saving in the following order: pay off debt, create an emergency fund with a few thousand dollars, start an RRSP or TFSA for retirement savings (or both), and then start any other savings programs you may want (car, house, trip, etc.).
One thing I'm not sure about is his discussion of university. He suggests looking at the average salaries of people with your major and either changing your major or how much you want/need to make. I have always believed that a university education has value in and of itself separate from its potential to get you a job. However, as someone who recently graduate and is still looking for permanent full-time work, I'm not sure it's bad advice. It just doesn't necessarily align with my values.
Carrick is a very clear writer and explains the concepts in this book well, but it is intended for a large audience and thus covers a rather large territory. There is some very solid advice here though, and I'd definitely recommend this book along with [b:The Wealthy Barber: The Common Sense Guide to Successful Financial Planning|2674|The Wealthy Barber The Common Sense Guide to Successful Financial Planning|David Chilton|https://d.gr-assets.com/books/1387743550s/2674.jpg|1798835] and [b:The Wealthy Barber Returns : Dramatically Older and Marginally Wiser, David Chilton Offers His Unique Perspectives on the World of Money|12443235|The Wealthy Barber Returns Dramatically Older and Marginally Wiser, David Chilton Offers His Unique Perspectives on the World of Money|David Chilton|https://d.gr-assets.com/books/1331500437s/12443235.jpg|17426146] to students and new grads as a starter personal finance book.
