Pennies to Power

A great insight into financial management for anyone in their twenties. 
I'd recommend it to anyone who is not just twenty years old, but if you are going into college too- and even if you are out of it, this book has some great tips on savings and explains best what credit is and how to avoid it. Thanks NetGalley for the eARC.

One’s twenties tend to be associated with immense growth, exploration, and, above all, possibility. In his new book, Pennies to Power: How to Use Your Twenties to Gain Financial Independence for Life, Tom Graneau illustrates the ways in which new adults can utilize their income to enjoy their twenties and beyond—and no, this does not involve spending every dime that comes into their pocket! On the contrary, Graneau painstakingly demonstrates the many temptations that lead even the most responsible to mismanaging their money, sending many into crippling debt before even realizing what’s happened. Pennies to Power aims to educate a new generation on money management in order to halt unhealthy habits sooner rather than later. The result is a wonderful overview of personal finance that fills a void in financial literature written and directed to adults aged 18 to 25.

From its opening pages, Pennies to Power unveils the grim reality of the American public’s financial situation. Sometimes feeling like one, well-researched scare tactic, the book is riddled with examples, diagrams, and anecdotes, some even from Graneau himself, all pointing to an overarching message: resist the urge to spend and save instead. American culture, of course, tells consumers the opposite: buy as much as possible and as often as possible. Graneau understands these cultural norms often win out despite good intentions, leading to bonuses, pay increases, and tax refunds being spent or used to accrue more expenses. A rich man or woman, this does not make; such is Graneau’s point.

Since Pennies to Power is directed towards young people, it’s language can take on a preachy air, and Graneau occasionally reveals some outdated assumptions on gender roles, family life, and religion. However, his professional advice speaks much louder than his personal opinions. Pennies to Power overflows with valuable lessons, many of which are supplemented with history and context (think things like credit and taxes), providing a holistic view of one’s place in America’s current economic system.

Graneau himself immigrated to the U.S. at the age of 17 and began his schooling two years later at the second-grade level. He graduates from high school, joins the military, and eventually graduates from college, shattering all expectations set for him in the process. His own inspiring story infuses Pennies to Power with gusto atypical to other financial help books, and the result is a forceful introduction to personal finance that every young person ought to be equipped with. For readers on the brink of or in the midst of their twenties, this book provides the information necessary to take action towards attaining financial freedom; only then can the world of possibilities truly be unlocked.

This book is such a gem! 

Not only is this fantastic for someone in their 20s, but I really feel like it could be beneficial at any age to help motivate us to think differently about spending money and the necessity to save it.  This book was so motivational to me and I plan on reading it again with my husband so we can try to make some changes to help us increase our net worthy and have enough money to live comfortably. 

I especially enjoyed the part where the author talked about hoarding stuff and how much money spent is on non-essentials. I have always been able to admit that I am a book hoarder...but who can have too many books? There isn't too much of a good thing, right? Well, I have learned that is not true as I easily filled up our wall to wall bookcase in our office and have enough books downstairs to do it again another time at least, even with stacking them to fit more. As I reflect on things, I realize it isn't just books though. It is toys for the kids, movies, board games, clothes, shoes, food storage, so many things. While some things are accumulated because of finding amazing deals at yard sales and secondhand stores, it is still money spent, and even more causes emotional stress. This book has definitely motivated me to go through those things and get rid of more and try not to be spending money on these nonessentials that decrease our savings and stress us out as we try to find room for everything. 

I am excited to utilize the tips and information I have learned from this book to take control of our financial situation. This book is both empowering and freeing- Definitely a must read!! 

I received this ARC from NetGalley in exchange for an honest review.

Well written and interesting. Lots of useful advice here. I only have one complaint: I wish I'd read it in my twenties so that I could have put that advice to good use..