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    Moneylicious; A Financial Clue for Generation Y
    Moneylicious; A Financial Clue for Generation Y
    Moneylicious; A Financial Clue for Generation Y
    Ebook113 pages1 hour

    Moneylicious; A Financial Clue for Generation Y

    By Ornella Grosz

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    About this ebook

    “How do I get the most out of my money?”
    “Can I splurge if I want to?”
    “Where do I find my credit score?”
    “How do I improve my credit and deal with debt?”
    Spend and invest your hard earned dollars in an effective way in this easy-to-understand guide about money and personal finance. Twenty-something Ornella Grosz will help you recover
    from, or better yet avoid, the slippery slope of debt!
    “For Gen Y...written by Gen Y...Moneylicious provides a great financial roadmap. Ornella’s willingness to share her own stories not only engages the reader but creates a learning environment where the basics of money and investing are not only explained . . . but shared in a way that is entertaining as well as experiential. This book should be required reading for all young people in high school and college. Armed with the knowledge that Ornella shares, the readers will be prepared to not only survive...but to thrive in the financial world they face.”
    Sharon Lechter, Founder and CEO of Pay Your Family First, member of the first President’s Advisory Council on Financial Literacy, the AICPA Financial Literacy Commission and co-author
    of the National Bestseller Think and Grow Rich—Three Feet From Gold

    LanguageEnglish
    PublisherTransformation Media Books
    Release dateFeb 5, 2011
    ISBN9781452405698
    Moneylicious; A Financial Clue for Generation Y
    Author

    Ornella Grosz

    Ornella Grosz unceasing passion for financial literacy began at home. Coming from a household that lived paycheck to paycheck, she watched as her parents navigated through the murky waters of finance through trial and error. As she grew up, she made the conscious decision to educate myself to every aspect of financial and money management, so she could be prepared for the road ahead. Although her interest in financial literacy flourished in college, she noticed many young adults were falling between the cracks when it came to managing their own money after college. In addition, she understands young adult’s need of feeling empowered when making their own decisions. Many young adults don’t like being told what they have to do. She understands all to well the apprehensiveness of young adults when told what they have to do. Furthermore, she has seen how people in her generation are getting more and more interested in their own finances, but don't know where to begin. Ornella Grosz understands that as long as young adults have gathered the proper information, they will be well equipped to make an informed decision on their own.For the past 5 years, she has been working in the financial industry. She holds a BS in Finance from California State University of Northridge. Since graduating, she has received her Series 7, Series 63, Series 65 and life insurance license. She is well versed in the ins and outs of the financial world pertaining to young adults. Currently, her experience has qualified her for a new role as a Retirement Planner with the Teacher’s Retirement System of Georgia.

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      Book preview

      Moneylicious; A Financial Clue for Generation Y - Ornella Grosz

      …great, not only informative, but witty and funny. …for anyone who is looking to jumpstart, restart, or just get some perspective on finances! ~ Sheena Anderson, Assistant Vice President, Store Manager, Wachovia, A Wells Fargo Company

      "Moneylicious is fun, upbeat, with a "Sex and the City" style approach to finances. It taught me how to enjoy my bank accounts, not fear them." ~ Jaclyn Fauls, College Student

      This is just what I needed, a fresh approach… ~ Christopher Bowman, Powerhouse Payments, Director of Business Development

      …a head start to financial freedom! ~ Shonte Tepper, Store Manager, Wachovia, A Wells Fargo Company

      This book is like spending an afternoon having coffee with a friend who works in financial planning. … a useful introduction to key concepts and many useful websites for further study. ~ G. Michael Phillips, Ph.D., Professor, Finance, Real Estate, and Insurance, California State University, Northridge

      "Moneylicious…I am recommending it to my friends!" ~ Jyoti Jennings, First Year Law Student

      MONEYLICIOUS

      A Financial Clue

      for Generation Y

      Ornella Grosz

      Published by Transformation Media Books, USA

      http://www.TransformationMediaBooks.com

      Bloomington, Indiana

      (812) 837-9226

      info@TransformationMediaBooks.com

      Copyright © Ornella Grosz

      All rights reserved.

      Smashwords Edition, License Notes

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

      Cover photograph of the author by Lennard Devlin

      Cover design and text layout by Jane Hagaman

      ISBN: 978-0-9845751-1-4

      Library of Congress Control Number: 2010933446

      Dedicated to my family

      Who taught me to appreciate my hard-earned dollars

      Table of Contents

      Acknowledgments

      Foreword by Chellie Campbell

      Introduction by Ornella Grosz

      Chapter 1: It’s My Prerogative

      Deciding How You’ll Spend Your Money

      Chapter 2: Check Up on It!

      Understanding credit and credit scores. Paying off credit card debt

      Chapter 3: The Talented Mr….?

      Identity Theft and Fraud

      Chapter 4: To Be or Not To Be Investing?

      Stocks, bonds, mutual funds, and more

      Chapter 5: Back to the Future

      Retirement planning for individuals and business owners

      Chapter 6: Uncle Charlie and the Chocolate Factory

      Understanding life insurance and disability insurance

      Chapter 7: Home Sweet Home

      Purchasing Your First Home

      Chapter 8: You Can Bank on It

      Banking

      Chapter 9: Hiring a Financial Planner

      Parting Words

      Appendix A: List of companies in the Dow Jones Industrial Average

      Appendix B: Resources: useful websites, suggested reading, and more

      Appendix C: Glossary of Terms

      About the Author

      Acknowledgments

      Writing my first book was a challenge. With a glass of Moscato and my fingers glued to my laptop, my weekends were dedicated to writing my manuscript, and little room was left to spending time with friends. My brother, Aryk, inspired me to create something out of pure determination and passion. It required a lot of work and, above all, patience. His inspiration with his own endeavors has lead me to continue to believe in myself that I would find a publisher. That’s why I have to thank my publishers Ginny Weissman of Transformation Media Books and Paul Burt of Pen & Publish, Inc. for taking a chance on my work. Thanks, to my first editor, Carolyn Lawrence, for assisting me with book proposals and query letters.

      First and foremost, I am thankful for the loving support my parents provided. My parents were my constant reminders of paying yourself first mentality. The key points were to have cash on hand and money invested toward retirement. They encouraged me to begin investing in my 401(k) when I was eighteen years-old. Foolishly, I cashed it out when I changed jobs; hence, I learned my lesson the hard way.

      Thank you to William Jennings, Dean at California State University of Northridge (CSUN) College of Business; and, Professor G. Michael Phillips, Ph.D. for the support and valuable feedback.

      Special thanks to my colleagues and friends for enlightening me with their financial mistakes as an inspiration and providing beneficial input throughout this process to create Moneylicious: A Financial Clue for Generation Y. Shonte Tepper, I appreciate your support and belief in my work. Sheena Anderson, this time around, I wore pants instead of a skirt. Christopher Bowman, you take forever, but, I’m thankful for your assistance. To my adopted sister, Kendra Fordham, thank you for your honesty and support; and, more importantly, my confidante. Thank you all for your positive enthusiasm.

      I hope ya’ll enjoy the read!

      Foreword

      Congratulations for buying this book! Or for having someone who cared enough about your future to give it to you. Oh, how I wish I had had this book when I was in my 20s and 30s! I would be so much richer now.

      The first time I ever met with a financial planner, she told me I would need to save $800 a month in order to retire comfortably. At the time, I was only earning $2,400 before taxes, so I just figured I was never going to be able to retire, so why bother saving at all?

      What a mistake. That one decision would cost me a gazillion dollars because I didn’t get into the habit of saving.

      When I graduated from college, my standard of living plummeted 70%. My parents had graciously paid my way through school, but now I was on my own. After I paid my rent, car payment, utilities, and food, there wasn’t much left over for nights out on the town, designer clothes, shoes, and handbags, but that’s where my extra money went when I had some. Saving for retirement seemed so far removed from my current reality. I wanted to enjoy life now! There was always some new bright shiny object I wanted…

      In time, I became a business owner, speaker, and author teaching Financial Stress Reduction®. It was then that I finally understood the magic of the habit of saving. Albert Einstein, when asked what he considered the most powerful force in the Universe, answered: Compound interest!

      That’s what kills you with credit cards—but what makes you rich when you invest. The secret of compound interest is time. Get started now while time is working for you—don’t wait until you’re in your 40s or 50s. It will be too late. When your friends are retiring, enjoying cruises, and vacationing in their second home, you want to be able to join them. Don’t let Do you want fries with that? be your retirement plan.

      Ornella has written a fun, upbeat, and uplifting book to help you mind your money without losing your mind—and still have room to splurge, too! Use her tools to help you master your budget and the savings and investing game.

      You can never buy enough cars, shoes, or bar tabs that will make you feel substantial and secure. Having a savings and investment plan and Moneylicious will guide you to true wealth.

      Wishing you joy, prosperity, and a glorious future!

      Chellie Campbell

      Creator of the popular Financial Stress Reduction® Workshops which now has licensed Coaches throughout the country, Chellie Campbell's first book was The Wealthy Spirit: Daily Affirmations for Financial Stress Reduction (Sourcebooks, 2002) Her publisher asked her to write her second book, Zero to Zillionaire: 8 Foolproof Steps to Financial Peace of Mind, which was released by Sourcebooks in April, 2006.

      Introduction

      At the end of 2008, I had a wishful desire to close my eyes and click the heels of my red shoes three times so I could go back several years to a time when real estate prices were appreciating. I'll rephrase that: when

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