Book Review: Personal Finance in Your 20s for Dummies by Eric Tyson

Personal Finance in Your 20s for Dummies

Reviewed by Miracle Olatunji, Director of Innovation

Authors: Eric Tyson

Publication Year: 2011

I read this book in preparation to join the leadership team at Thrive. Eric Tyson does a really great job of making personal finance knowledge easy to understand and he presents the information in an engaging way.  His writing style makes him sound like a trustworthy and knowledgeable friend. This book is relevant to current concerns and questions that myself and fellow college students have as we enter or navigate our 20s.

 

Who is this book meant for?

College students, young professionals, anyone looking to learn and gain advice on a variety of personal finance topics in a comprehensive way

Level of Financial Knowledge

You don’t need to have extensive, prior financial knowledge to understand this book. The book starts off with a fantastic overview on the basics of budgeting, saving, and opening the type of accounts that are relevant to your goals. It is also organized in such a way that you don’t even have to read it cover-to-cover initially, it can be used as a reference book, especially if you’re looking for specific advice on a particular topic, such as how to manage your credit score or pick a health insurance plan, for instance.

Approach

Eric uses an interactive approach to keep readers engaged. For example, the book starts off by allowing readers to do an activity called a personal finance ‘check up.” This check up, similar to a health check up, helps you know what you are doing right and what needs improvement. In this activity, you actually have the chance to calculate your current net worth and from there, the rest of the book essentially provides strategies and advice on how to build it!

Content

  • Building a solid personal finance foundation: overview of personal finance basics
  • Grown-up stuff: credit, housing, relationships and money
  • Earning more (and keeping more of what you earn)
  • Insurance: health, home, auto, and other types of insurance

Style

  • 10-point lists to provide quick, useful advice
    • For example, there’s a list of “Ten Ways To Save On A Car”
  • Detailed examples of personal finance scenarios
  • Clear explanations and definitions of personal finance terms with charts to emphasize points 

If you liked this book, check out:

  • Financially Fearless book  by Alexa von Tobel
  • Worth Winning podcast for young professionals