YOUR FUTURE IS NOW

Financial adviser Panik offers a comprehensive action plan for gaining financial literacy.

When it comes to making personal-finance plans, simply “hoping for the best won’t work,” the author says early on in this guide. What’s required, he says, is a clear blueprint for building a solid financial foundation. Panik aims much of his advice about planning a financial future at readers who are on the younger side, like he was when he entered the military as a method for student-loan forgiveness and received a crash course in financial responsibility. Over the course of this book, Panik breaks down what he’s learned about the basics of money management, from sensible budgeting and managing debt to the elements of banking and taxation. In short chapters, broken into many segments with numbered lists, he goes into detail about all kinds of financial subjects that younger readers need to know—especially those who may be encountering all these things for the first time. He discusses the arcana of loan repayment, for instance (including income-contingent repayment plans), and home loans, always stressing the need to deal with the details—even when they’re boring: “We may not always see it as a fun part of the process,” Panik writes, “but taking the time to understand the details is key to success.” In scenario after scenario, he illustrates the advantages and disadvantages of basic approaches to monetary challenges, as when he advises younger readers to build their credit rating by acquiring a secured credit card.

Panik’s tone throughout is both encouraging and firmly realistic. He resolutely maintains that his readers can take advantage of even highly complicated financial options, and while he lays out their possibilities, he also lays out their realities, such as that it’s “unrealistic to think that managing current credit card debt, buying a car and buying a home can happen at the same time.” His hypothetical situations, which feature fictional characters, help to illuminate such topics as improving a personal credit score or safeguarding financial information from identity theft. The sheer amount of information that the author manages to fit comfortably into this brief work—just over 200 pages—is nothing short of amazing; he even manages to work in miniature history lessons on things such as the United States’ tax system. Readers who are just starting to grapple with life's financial realities will find his explanations helpful. In his practical advice on buying a first car, for example, he once again strikes a pragmatic note, stressing the importance of understanding the buying process and providing 10 steps in extensive detail. (It starts with “The Most Fundamental Step and Tip is to Understand Your Budget First” and concludes with advice to avoid being “blindsided by any surprise transfer costs or other issues” when signing a contract.) Panik avoids doublespeak, and he takes the mystery out of various money matters in ways that even older readers, with some experience in these matters, are sure to find helpful.

A brisk and authoritative financial blueprint for beginners.