Nancy Doyle presents a primer for young people just beginning their financial journey in her thorough and well-written guide, Manage Your Financial Life: Just Starting Out.
Doyle has a host of high-level qualifications on the subject of finance, including an MBA from the University of Michigan, a CFA (Chartered Financial Analyst) designation, and 30 years of experience in the field. She also previously published the book Manage Your Financial Life: A Thoughtful, Organized Approach for Women. In Just Starting Out, she focuses specific attention on not just explaining the basics of finance, but on how to establish good habits that will have a substantial positive effect when maintained over a lifetime.
The author covers essentials like the compounding power of money and how to evaluate investments, but to her credit, she also remembers her audience, many of whom, as beginners, would have no idea how to implement these methods if not given detailed instructions. Thus, she first advises on the basics: how to set up a filing system to store statements, tax returns, and other important information; preparing an ICE (In Case of Emergency) plan; managing passwords securely; the simple but vital workings of the net worth calculation.
The book is arranged smartly, with plenty of examples; it distills elements of introductory college-level finance courses into plain language or easily-referenced tables, summarizing the relationships between supply and demand, or the yield and price of a bond. Some readers may not need or want all the information Doyle provides, but her explanations are always clear and concise, and if a section is skimmed rather than studied, it will still benefit neophytes, while also serving as a handy go-to reference when needed.
A solid, personal financial guidebook for anyone, Manage Your Financial Life: Just Starting Out lays out a roadmap for success, and would make a perfect gift for any college graduate or young person taking the first steps toward adult responsibility.
Also available as an ebook.