You're So Money: Live Rich, Even When You're Not

by Farnoosh Torabi, Jim Cramer (Foreword)

Your Good Life Starts Now

Live beyond your means but spend within them.
Take your steady out for that $350 dinner after the big promotion. You might just have to eat PB&J for a week to make it happen.

Splurge when it makes sense.
Buy the designer jeans you can’t live without in your size, at full price. But you better walk away from last season’s must-have sweater, even if it is 75 percent off!

Make more money with your money.
Invest in stocks to make the big bucks and start saving for retirement now.
You want to be debt-free in your swinging sixties.

Have it all . . . just not all at once.
Want a Mercedes more than anything in the world? You can make it happen . ..but probably not while sharing a summer beach house with your friends.

Finally a savvy, realistic finance book for those of us who love our Starbucks mocha lattes and Razr cell phones but don’t want our Jimmy Choo shoes or Bose headphones buried under a pile of burgeoning debt. Twenty-something financial reporter Farnoosh Torabi tells you that you can satisfy your sophisticated tastes and achieve financial bliss.

The prioritizing your expenses according to what you want the most—splurging when you can and saving on other things. From sensible grocery shopping (yes, you can have your organic yogurt and eat it, too!) to cyberbanking, empower yourself to live a guilt-free, Gucci- and gadget-clad good life without sacrificing financial security.

Genres: Money, Finance, Personal Finance, Nonfiction, Self Help, Business

251 pages, Paperback

First published January 1, 2008

About the author

Farnoosh Torabi is a personal finance journalist, author and TV personality. The New York Times calls her advice “perfectly practical.”

In 2008 she published You’re So Money – Live Rich Even When You’re Not, a tell-all for young adults searching for financial independence.
Her second book, Psych Yourself Rich, arrives September 2010.

Farnoosh recently wrapped SoapNet’s new series “Bank of Mom and Dad,” coaching young women struggling with piles of debt. Previously Farnoosh appeared in REAL SIMPLE. REAL LIFE., a makeover series on TLC, where she helped busy women better understand and manage their financial challenges.

Her work and advice has been profiled in numerous national magazines and newspapers, including Real Simple, Glamour, Marie Claire, Cosmopolitan, Money Magazine, People, Entrepreneur, The New York Times, The Wall Street Journal, The New York Daily News and The New York Post. You've seen her on Larry King Live, The View, Good Morning America, MSNBC and the Today Show.

Reviews

[Karisa · Rating 3 out of 5]

My sister's best buddy from high school wrote this book! (I feel enormously proud, for some reason...) It is a finance book geared towards young professionals, and it was very helpful to read. The author (Farnoosh Torabi) is a financial correspondent for some of the morning news shows, so I see her pop up on TV every once in a while. I usually almost choke on my cereal when this happens.

I wish this book had existed a decade ago! I'm sure I would have avoided a bunch of dumb money mistakes if I had understood this stuff better. I am now ready to be quizzed on 401Ks, IRAs (both Roth and traditional), rollovers, the difference between index funds and mutual funds, how to get into the stock market (and how your approach should differ depending on your age), value stocks vs. growth stocks, the S&P 500, and dozens of other money terms. Other finance and economics books that I've tried always put me to sleep, but this one was down-to-earth, funny, and it almost had the same flippant-yet-surprisingly-smart tone as the Shopaholic novels. (Well, minus a plot, and minus a shopaholic.) It was easy reading for complex topics.

In my opinion, the first several chapters scored 4 stars, and I learned a ton. The last few chapters contained a bunch of Farnoosh's money-saving tips, and even though they were very savvy, some of her ideas seemed more like shifting the cost to parents/friends/retailers, etc. I just didn't feel comfortable with some of those ideas. But the first half of the book was excellent! And now, watch out world, I'm ready to hit the stock market! (I almost bought a few shares of Panera Bread today until my husband and my dad talked me out of it! Oh well. One day.)

[Dorrie · Rating 2 out of 5]

I found some of the advice in this book motivational but a lot of it was completely irrelevant to anyone living outside of the USA. There were whole sections I had to skim through because the info just wasn't applicable (e.g. mobile phone deals, medical insurance).

I was also slightly disappointed with the section on home buying. I knew before I purchased the book that the author owned her own apartment in Manhattan aged just 28 (which is quite an achievement considering the price of property there). I was intrigued at how she had managed this on a salary of less than $50,000 pa only to discover that her parents helped her buy it. I am sorry folks but as far as I am concerned, that just doesn't count as having purchased your own property. I feel cheated!

[Josh Hovance · Rating 3 out of 5]

This was very eh. I don’t know if it’s just because I’ve been reading a bunch of finance books lately and have more to compare it to, but she really doesn’t give sound advice or anything stellar to work with. Also, the book really assumes you are willing to manage stocks on a weekly/monthly basis which is tricky for new investors. I liked some aspects, but this was just a very blah finance book.

[Ellen · Rating 2 out of 5]

Fast read so far, though I've stopped in the middle of the investment chapter because I don't think I've got it yet. I met Farnoosh at Loyola earlier this semester, and she is really on top of her game. Enjoying the book so far...

[Ashley Pavek · Rating 5 out of 5]

This book was excellent! The author breaks a lot of simple and complex stuff down about finances without boring you to death. She's down to earth and straight forward with her advice. Anyone wanting to know the basics (or even a bit more) about finances no matter what age should start with this book.

[LaToya Carter · Rating 4 out of 5]

This book has some gems that will stand the test of time. Learning the basics of investing and health insurance is a must. Farnoosh helps the reader (mainly 20 something’s) you can live the good life by knowing what important to you and spend/save according to those values. This is a great intro into personal finance.

[Angela · Rating 3 out of 5]

had some good sense advise regarding stocks and credit card, but it seemed dated in its understanding of student loans. she generalizes that most people have around 20k in loans when most of the people i know have 100k

[Ruben M. · Rating 4 out of 5]

Read this book when I was in college, got good advice on spending and saving smartly.

[Krista Tolstedt · Rating 3 out of 5]

It’s a decent book that has good core ideas. It is a bit outdated and gets a bit dry about halfway through.

[Lindsey · Rating 4 out of 5]

A great for college students or people who just graduated.

[Melissa · Rating 2 out of 5]

For American readers this book is excellent, I’m sure. For everyone else around the globe, there aren’t too many takeaways from this book.

[emily · Rating 3 out of 5]

After a thoughtful reread, I'm moving this to four stars and taking it off the must-reads shelf. Back in 2008 this was an amazingly relevant and helpful book. I still find a lot of Torabi's tricks and tips useful, but post-recession, there's a lot less that's practical for the average person. The entire section on real estate as an investment, for example, I pretty much laughed through the first half of it and then skipped to the next chapter. It's just not realistic anymore. But her advice about prioritizing your expenses and general guidelines about living within your means are still tools I turn to regularly. For a newcomer to the book, finding the useful parts will take some weeding through (both the no-longer-relevant information on the stock market, and the no-longer-relevant pop culture references... Razr phones? I lol every time). That said, I really like Torabi's no-nonsense attitude. She refuses to let anyone shame themselves for the things they want to splurge on, no matter what they are, while simultaneously refusing to let anyone bullshit themselves about where they're spending unwisely. A great starter for learning how to budget and take control of your money-- and a fast read, too.

[Danielle · Rating 3 out of 5]

Not my favorite personal finance book for young people (Ramit Sethi's I Will Teach You to Be Rich takes that title), but it was fun, and a good intro for those who have only read personal finance literature that put them right to sleep. I like how Farnoosh tailors her message to young professional females who want to live their version of a "good life." Some of the tips interspersed within the book are a bit unrealistic for your typical young woman (example: Farnoosh tells how about how she once arrived early to a fashion designer's sale and got 40% off her swanky threads...doesn't apply to everyone; she also skimps on savings tips on food, since she doesn't cook and almost always eats out. Saving money on food can be one of the big wins for young people!) With that said, I think a lot of the advice was solid, and was a good match for the intended audience. The style of writing was flippant and kept my attention. She also went to my alma mater, so she gets my vote on that score!

[Emily · Rating 4 out of 5]

This book is very cute and informative. It is totally geared toward young adults and the way it is written made the information very understandable. Torabi uses a lot of slang so as you read, you feel like you're talking to one of your friends instead of reading a finance book. Even the chapter about investing in stocks made it pretty simple. Also, she gives great tips for saving money on clothes, electronics, etc. She even includes tips for saving on planning a wedding. Now, I know about 10 new websites that will help me cut down costs on various expenses!

[Molly · Rating 4 out of 5]

I really liked this book because...well, I think that even if you only learn one thing from a personal finance book, it's been worth your time to pick it up. And if you ENJOY reading it, then it's totally worth it. I enjoyed the author's tone and style and found the advice realistic and straightforward. The segments by Jim Cramer were especially compelling, but it was Farnoosh's no-bullshit observations and advice that make me want to recommend this book to all my 20-something friends who don't have their financial shit together (which is pretty much all of us, right?).

[Virginia Elder · Rating 3 out of 5]

I liked the book for its many many tips for those who are brand new to managing money and getting things together. This would be great for an 18-25 year old or someone who just got out on their own. Basics like car shopping, insurance, savings accounts, automation, and different types of retirement accounts are explained. Not for me, a 40 something whose been married for 12 years, two kids, already on the debt free train and already knowledgeable about investing. Thus the 3 stars. On the flip side, I love Farnoosh, I listen to her podcast religiously!! Find that and tune in!

[Vincent Aurelio · Rating 3 out of 5]

Torabi has a pretty good podcast in 2015, so I thought I'd check out this book she had written in prior to the Great Financial Crisis. Packed with her and friends' anecdotes about splurging this is thin on personal finance philosophy and more closely resembles a list of discount tips. It's fine to be young and ready to party in a high-cost-of-living city, but don't let this be the only book you read on the subject. At least it didn't take very long to make it to the back cover.

[melissa · Rating 2 out of 5]

farnoosh is endearing, and her writing is pretty witty, but her advice is not for you and me...unless you happen to have a glamourous, highly-paid job in NYC. she tells lots of stories about her friends, but they all happen to be ad execs, doctors, stockbrokers, and the like. even in NYC, i could figure out how to live on $6,000/month.

[Connie · Rating 5 out of 5]

An intelligent yet easy to read guide to fiscal responsibility and beginning investment. It's written primarily for young, professional singles and does a great job of staying realistic to the desires and goals of that demographic. I enjoyed reading it and will continue to reference it for a good while to come.

[Britney · Rating 2 out of 5]

Farnoosh Torabi may not be rich, but she sure has more disposable income than I do if she can afford to eat out every night. Sure, some of her advice does make sense, but I have the feeling that we exist on different wavelengths, which is a shame because I love her financial advice on Bank of Mom and Dad.

[Robin Gonzalez · Rating 4 out of 5]

Great little refresher with decent investing tips. Easy to read (written by a 28 yr old) and touched on a broad range of financial topics...downside is that because it covered so many things, there was little depth to each topic.

[Christina · Rating 4 out of 5]

This is a good book for people in their twenties and the beginning of their careers. The chapters are well organized and there are a lot of great websites referenced. I would follow this book up with one of David Bach's Finish Rich books.

[Renee · Rating 2 out of 5]

I am too poor and boring for this book. Have also heard very mixed things on Jim Cramer (whose advice features prominently; she was a correspondent for his TheStreet.com TV show), and the organization/layout could have been more effective.

[J · Rating 4 out of 5]

While this book was interesting and useful it did not give as much guidance as I had expected it would. Still a quick read and something I will probably reference at later stages of my life; but overall I would recommend "psych yourself rich" as the more useful book of hers.

[Tatiana · Rating 4 out of 5]

Pleasantly surprised. It really isn't just another slap on the risk book. I've read many books on finances and they all say the same thing. I would recommend this to anyone still in high school or college with no kids.

[Heydi Smith · Rating 4 out of 5]

This book is incredible. It should be given to every young person (and many who aren't) who get a job or has any money to keep track of.

The advice in this book was short to the point and would directly impact your finances if you applied it.

It's told in a relaxed and conversational manner.

[Michelle · Rating 2 out of 5]

I like her voice. Farnoosh made it fun. However, except for chapter one and two, her advises do not speak for people outside of US. Also, her supposedly average monthly income is so much more than I made for half a year.

[Alexis · Rating 1 out of 5]

So many problems with this book... factual errors regarding IRS rules, millennial homebuyers featured all had help in some capacity from their parents, and the entire chapter on investing was complete hogwash! Steer clear!

[Elena · Rating 3 out of 5]

i'm only on the second chapter and i've already learned that i'm not saving enough for retirement. also, i qualify to file my taxes for free. you probably can too

[Alice · Rating 4 out of 5]

Solid financial advice for your twenties, not to mention engaging and amusing.