What do you think?
Rate this book
How Not to Move Back in With Your Parents: The Young Person's Complete Guide to Financial Empowerment
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 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.
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 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.
240 pages, Paperback
First published March 27, 2012
6 people are currently reading
267 people want to read
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 17 of 17 reviews
October 7, 2020
first financial book i've ever read - should've known better, though it did teach me some things, it was boring as hell.
March 28, 2012
3.5 stars
The short review
A basic personal finance book for teens to those in their mid-twenties. Hits many important topics, but doesn't delve too deeply into any one.
Well written, clear, concise and was easy, fun and effortless to read (high praise for a finance book!).
I would recommend this for teens trying to save money for university, or for university students with questions about personal finance and money management.
The long review
This was a book I picked up on the spur of the moment because I thought the title was simply fabulous, and as someone who did move back in with her parents after I finished school I was hoping that some of the advice in it would apply to me and be age appropriate, relevant and Canadian.
How Not to Move Back in With Your Parents: The Young Person's Guide to Financial Empowerment by Rob Carrick, a Globe and Mail finance writer, is basically a book that covers general financial advice about what to do with your money from saving for university, paying down student debt, to buying a car, buying a house, getting married and having kids. It deals with all of those topics in a very general way, and is geared for the late teens to mid-twenties reader.
The early chapters on saving for university, RESP's and student debt didn't apply to me, yet were interesting and had some good info. Carrick's discussion on credit cards for students and RRSP's versus TFSA's was great.
His chapters on car leasing/buying and mortgages were also chock full of information and good advice.
His ideas behind debt (all debt) can be boiled down to one sentence: Pay it down as soon as possible!
This applies to credit card debt, student loans, mortgages, and car loans.
He is also a fan of prioritizing your saving - which I am also a fan of. His order is:
Pay down debt; create an emergency account with a few thousand dollars; start saving in either an RRSP or TFSA (or both); then start any other savings programs you may want (cars, houses, trips etc...).
I had two main quibbles with this book.
The first is in his discussion of university and costs for education. He states that one should look at how much you want to make, then look at the average salaries of people in your major and either change your major or change your perception of how much you want to make.
My issue with this is that I think education is a means in and of itself. I didn't go to university for 5 years to get a degree to make oodles of money, I went to learn and to learn how to learn, which all good arts programs should teach you. Looking at salary expectations would not have made me change my major and I think it's mercenary to assume all students will do as Carrick suggests.
However, I did do a secondary certificate program after university to help me along with my chosen career path - so that is also something students should take into account when budgeting RESP's and savings.
The money you need for school may not just be for one degree - you may need other certification for the job you want and that should be calculated (if you can) into your total estimated school costs.
My second major quibble is that I don't think Carrick emphasizes the "pay yourself first" method of saving enough. Basically, this is states that the best way to save is to have a certain amount automatically deducted from your account/paycheque for saving. This way you never have the money to spend, and it is saved without any effort on your part.
Although Carrick does talk about automatic deposits, emergency accounts and savings, I really feel like this is a topic that deserved more exposition, especially as Canadian rates of saving are low, debt is high and school costs are rising.
Carrick is a good, clear finance writer, and explains all of the ideas and concepts mentioned intelligibly and comprehensibly.
For some background: I am 26, took a year off after high school to work and travel, took 5 years for a double major social sciences and humanities degree. I then took a secondary certificate program, did 3 internships in my field and now finally have a real job in my field.
I'm directly the person who needs the advice in a book like this, and I find that many other personal finance books don't speak to me simply because I am younger, not married, don't have kids and don't own a house.
At the same time, I felt that this book was speaking to a too large audience to be able to zero in on the important issues.
The questions a first year university student has about budgets, RESP's and scholarships are far different from a graduate with a job and a car loan.
I've also read quite a few personal finance books lately and this particular book didn't cover any new ground for me. However, for a university student or someone just entering the work force this is a great introduction to the world of personal finance and for planning your monetary future accordingly.
And, as there are very few finance books out there for this particular cohort, a great finance book for the age group.
I would have probably done things differently at university if I had had some of this advice at hand then (hello student credit cards!), and I would definitely recommend this book (and The Wealthy Barber Returns) as a starter personal finance book for all young people, and will be buying a copy for each of my little sisters when they head off to university!
The short review
A basic personal finance book for teens to those in their mid-twenties. Hits many important topics, but doesn't delve too deeply into any one.
Well written, clear, concise and was easy, fun and effortless to read (high praise for a finance book!).
I would recommend this for teens trying to save money for university, or for university students with questions about personal finance and money management.
The long review
This was a book I picked up on the spur of the moment because I thought the title was simply fabulous, and as someone who did move back in with her parents after I finished school I was hoping that some of the advice in it would apply to me and be age appropriate, relevant and Canadian.
How Not to Move Back in With Your Parents: The Young Person's Guide to Financial Empowerment by Rob Carrick, a Globe and Mail finance writer, is basically a book that covers general financial advice about what to do with your money from saving for university, paying down student debt, to buying a car, buying a house, getting married and having kids. It deals with all of those topics in a very general way, and is geared for the late teens to mid-twenties reader.
The early chapters on saving for university, RESP's and student debt didn't apply to me, yet were interesting and had some good info. Carrick's discussion on credit cards for students and RRSP's versus TFSA's was great.
His chapters on car leasing/buying and mortgages were also chock full of information and good advice.
His ideas behind debt (all debt) can be boiled down to one sentence: Pay it down as soon as possible!
This applies to credit card debt, student loans, mortgages, and car loans.
He is also a fan of prioritizing your saving - which I am also a fan of. His order is:
Pay down debt; create an emergency account with a few thousand dollars; start saving in either an RRSP or TFSA (or both); then start any other savings programs you may want (cars, houses, trips etc...).
I had two main quibbles with this book.
The first is in his discussion of university and costs for education. He states that one should look at how much you want to make, then look at the average salaries of people in your major and either change your major or change your perception of how much you want to make.
My issue with this is that I think education is a means in and of itself. I didn't go to university for 5 years to get a degree to make oodles of money, I went to learn and to learn how to learn, which all good arts programs should teach you. Looking at salary expectations would not have made me change my major and I think it's mercenary to assume all students will do as Carrick suggests.
However, I did do a secondary certificate program after university to help me along with my chosen career path - so that is also something students should take into account when budgeting RESP's and savings.
The money you need for school may not just be for one degree - you may need other certification for the job you want and that should be calculated (if you can) into your total estimated school costs.
My second major quibble is that I don't think Carrick emphasizes the "pay yourself first" method of saving enough. Basically, this is states that the best way to save is to have a certain amount automatically deducted from your account/paycheque for saving. This way you never have the money to spend, and it is saved without any effort on your part.
Although Carrick does talk about automatic deposits, emergency accounts and savings, I really feel like this is a topic that deserved more exposition, especially as Canadian rates of saving are low, debt is high and school costs are rising.
Carrick is a good, clear finance writer, and explains all of the ideas and concepts mentioned intelligibly and comprehensibly.
For some background: I am 26, took a year off after high school to work and travel, took 5 years for a double major social sciences and humanities degree. I then took a secondary certificate program, did 3 internships in my field and now finally have a real job in my field.
I'm directly the person who needs the advice in a book like this, and I find that many other personal finance books don't speak to me simply because I am younger, not married, don't have kids and don't own a house.
At the same time, I felt that this book was speaking to a too large audience to be able to zero in on the important issues.
The questions a first year university student has about budgets, RESP's and scholarships are far different from a graduate with a job and a car loan.
I've also read quite a few personal finance books lately and this particular book didn't cover any new ground for me. However, for a university student or someone just entering the work force this is a great introduction to the world of personal finance and for planning your monetary future accordingly.
And, as there are very few finance books out there for this particular cohort, a great finance book for the age group.
I would have probably done things differently at university if I had had some of this advice at hand then (hello student credit cards!), and I would definitely recommend this book (and The Wealthy Barber Returns) as a starter personal finance book for all young people, and will be buying a copy for each of my little sisters when they head off to university!
June 21, 2016
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 The Wealthy Barber: The Common Sense Guide to Successful Financial Planning and The Wealthy Barber Returns : Dramatically Older and Marginally Wiser, David Chilton Offers His Unique Perspectives on the World of Money to students and new grads as a starter personal finance book.
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 The Wealthy Barber: The Common Sense Guide to Successful Financial Planning and The Wealthy Barber Returns : Dramatically Older and Marginally Wiser, David Chilton Offers His Unique Perspectives on the World of Money to students and new grads as a starter personal finance book.
May 27, 2020
Helpful overview on main financial issues that concern young people. The content was mostly useful to me and I liked the tone of the book too - will be a valuable resource over the next few years.
2nd Read: Enjoyed rereading this now that I know more about personal finance and have different goals. This time around, the most useful sections to me were on managing my investment accounts, getting the best deals from my bank, and thinking about saving up for future expenses.
2nd Read: Enjoyed rereading this now that I know more about personal finance and have different goals. This time around, the most useful sections to me were on managing my investment accounts, getting the best deals from my bank, and thinking about saving up for future expenses.
September 14, 2023
I moved back in with my parents
November 21, 2025
3.5/5
This was definitely oversold to me as the "only financial book you'll ever need" but it's a good primer and I think it accomplishes what it sets out to do. It's some good baseline knowledge for young adults, but it doesn't go into very much detail on any one topic. The most useful information was strategies with when to use TFSAs and when to use RRSPs. Wish there was more on investments and the stock market.
This was definitely oversold to me as the "only financial book you'll ever need" but it's a good primer and I think it accomplishes what it sets out to do. It's some good baseline knowledge for young adults, but it doesn't go into very much detail on any one topic. The most useful information was strategies with when to use TFSAs and when to use RRSPs. Wish there was more on investments and the stock market.
December 24, 2017
one of the most useful finance books I've ever read.
May 31, 2023
I wanted to read this to determine if it would be a good book to gift to young people. I think it is great, and I gifted it to my neice.
July 25, 2024
It is a good book to provide many advices about financial situations! Interesting for foreign workers who don’t know about it!
This entire review has been hidden because of spoilers.
Read
March 4, 2025skimed through it, would rather watch a youtube video about it to make it faster.
This entire review has been hidden because of spoilers.
February 28, 2021
This book covers everything from student loans, RESPs, debt, RRSP/TFSA, marriage, kids, retirement, and life insurance. It is so thorough and easy to follow and best of all it's Canadian!
April 3, 2021
Tomorrow is my 'grown-up' day, where I pretend I'm a responsible adult and not an under-30 who can be perfectly happy lounging around the house all day in her pjs, eating Cap'n Crunch and surfing tumblr. Also my back/shoulder/jaw problems have built up over the past month or two and have reached their tipping point. I am in breath-taking pain every time I breathe/swallow/move so it's going to be hot baths and A-535 for the next few days.
I bring that up to lead, eventually, into today's review. It'll be brief as there's no plot to it and I've got a heating pad calling my name. As the title suggests, How Not to Move Back in with Your Parents is aimed for college-aged kids who are planting roots away from home from the first time, and teaches them how to control their finances to they can afford to stay away. It's written by Rob Carrick, the personal finance columnist for The Globe and Mail.
I got this book as I was moving out, but my mother had always been on top of things financial-wise. It was the same with her father, and my sister is a CPA, so if it runs in the family it must only hit one kid per generation. So I had a bit of a jump on the book. I own my own car, I've got RESPs and a tax-free savings account, I went to a technical college and came out with a great paying job and have no student loans to pay back. And I've always been good at saving so if I lose my job I'm good for several months before my funds run low. But since I have and know about all these things I can tell you that this book explains them really well for greenhorns. The writing isn't dry, it's got lots of examples and breakdowns to help you understand better, and the tone is casual like you're not reading about finances but chatting with a friend who happens to know about this stuff and is willing to take the time to help you understand it too.
The best part of this guide is that it's written to follow you for a few decades. It teaches how to afford college, basic budgeting, breakdowns of the things you'll hear when you pop in to your bank to check on your RESPs, how to afford a wedding and honeymoon. It talks about pension plans, what you should know about your parents' savings, buying a home, kids, insurance, wills. It's not a big book (222 pages) but it's got a little of everything you can think of and a lot that never would have crossed your mind, and it's enough to give you a grasp of what you have to look forward to as a new adult.
THE VERDICT? My mum always used to come with me to visit our consultant to talk about my RESPs and TFSA (tax-free savings account), but our consultant talks so much and so fast that mum admitted to only ever understanding half of what she says. After I read this book we had to pop in for a visit and I not only understood much more of what she was saying, but I was able to ask questions. If it's good enough to give a basic understanding of your finances, then it's done its job.
I bring that up to lead, eventually, into today's review. It'll be brief as there's no plot to it and I've got a heating pad calling my name. As the title suggests, How Not to Move Back in with Your Parents is aimed for college-aged kids who are planting roots away from home from the first time, and teaches them how to control their finances to they can afford to stay away. It's written by Rob Carrick, the personal finance columnist for The Globe and Mail.
I got this book as I was moving out, but my mother had always been on top of things financial-wise. It was the same with her father, and my sister is a CPA, so if it runs in the family it must only hit one kid per generation. So I had a bit of a jump on the book. I own my own car, I've got RESPs and a tax-free savings account, I went to a technical college and came out with a great paying job and have no student loans to pay back. And I've always been good at saving so if I lose my job I'm good for several months before my funds run low. But since I have and know about all these things I can tell you that this book explains them really well for greenhorns. The writing isn't dry, it's got lots of examples and breakdowns to help you understand better, and the tone is casual like you're not reading about finances but chatting with a friend who happens to know about this stuff and is willing to take the time to help you understand it too.
The best part of this guide is that it's written to follow you for a few decades. It teaches how to afford college, basic budgeting, breakdowns of the things you'll hear when you pop in to your bank to check on your RESPs, how to afford a wedding and honeymoon. It talks about pension plans, what you should know about your parents' savings, buying a home, kids, insurance, wills. It's not a big book (222 pages) but it's got a little of everything you can think of and a lot that never would have crossed your mind, and it's enough to give you a grasp of what you have to look forward to as a new adult.
THE VERDICT? My mum always used to come with me to visit our consultant to talk about my RESPs and TFSA (tax-free savings account), but our consultant talks so much and so fast that mum admitted to only ever understanding half of what she says. After I read this book we had to pop in for a visit and I not only understood much more of what she was saying, but I was able to ask questions. If it's good enough to give a basic understanding of your finances, then it's done its job.
July 9, 2014
there was some useful information in it, but a lot of bad advice as well. For example, he recommends GICs for both RRSPs and RESPs. He also seems to think that RESPs are the most important thing in financial planning (to the point where parents who don't provide them for their kids are "negligent", and if you have to choose between saving for your retirement or your kid's RESP, you should choose RESP!). There is a heavy bias towards "mom and dad will help you out". Also, everyone in the financial industry is out to get you. My recommendation to young people is to talk to an actual financial advisor about your specific situation rather than taking generic (and over-generalized) advice from an author who is not actually a financial planner.
August 18, 2012
This book wasn't all that I thought it would be. The title, to me anyways, suggested the book applied to those just finishing university. Rob Carrick covers a lot of pre-post secondary and afterwards when your trying to buy a car or house. I took this book out of the library hoping it would be advice on finances while in university and once the dreaded student loan repayment starts, but this is only covered by one chapter in the whole book.
May 3, 2012
This book should be a must read for young adults. Carrick does an excellent job at not blaming young adults of today but tells us how to fix the mistakes we've made and how to make better, more educated decisions in the future.
Carrick explains everything from credit cards and interest rates to mortgage and RRSPs.
A must read for everyone under 30.
Carrick explains everything from credit cards and interest rates to mortgage and RRSPs.
A must read for everyone under 30.
July 20, 2013
Good advice
November 24, 2016
The book isn't bad but most of it is not for me. Guess I'm just a bit past much of the content.
For someone ending high school or post secondary this would be a worthwhile read.
For someone ending high school or post secondary this would be a worthwhile read.
Displaying 1 - 17 of 17 reviews