Broke Millennial: Get Your Financial Life Together

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Inside: all the personal finance education you needed but didn't get in high school. Broke Millennial.

I was extremely fortunate to have parents that taught me lots of money lessons growing up. I was encouraged to save from a young age. When it came time to buy things like car insurance, they made me shop around so I could find out for myself how much cheaper it would be to just add me onto their policy. I also learned that I never wanted to be in debt, and, conversely, that a credit score was an extremely important tool to be kept pristine.

Unfortunately, I was a young adult when the Recession happened. Even though I knew about investing, the stock market’s plunge scared me out of my wits. My aversion to debt led to a delayed education so I could do it debt free, which may have been a wise decision, but definitely led to a lower income as a young adult.

The things I learned at home, and the things I didn’t, could have easily been addressed in a personal finance class, which didn’t exist back then–at least as far as I was aware. I’m not alone in my lack of a formal education. A lot of millennials struggle with their money as they face their generation’s unique financial challenges.

Enter a book so new that you can’t even get your hands on it until tomorrow: Broke Millennial.

Really Real Financial Education

The book’s author, Erin Lowry, and I had some similar fortunes in our at-home financial education. Though I’d argue her parents addressed the topics of investing and debt with a lot more finesse.

In Broke Millennial, she passes on this education to the masses. She’s spent a good portion of her adult life as a financial writer, which has allowed her to learn even more about the nitty gritty of the financial world, and she shares her insights with humor, slang and pop culture references that keep a Gen Y audience engaged and paying attention.

It is way too easy to talk down to millennials. After the Recession, hoards of young adults returned home when they couldn’t find employment after graduation. The participation trophies we got in soccer when we were six somehow make us fair game for derogatory adjectives like “entitled” and “whiny.”

While those adjectives may be accurate in some cases, Lowry gives a nod to the stereotypes while simultaneously addressing the very real issues this generation faces like crushing student loan debt and retirement savings without Social Security benefits. While it’s void of patronization, there is no whining, either–it’s all about getting the financial knowledge you need to take charge of your situation and get your financial life together.

Not Just for Novices

While this book may be best suited for millennials, or even older members of Gen Z who are headed out into the real world with no background in personal finance, it’s not purely for novices.

In the third chapter, Lowry gives readers the option of either reading the book straight through, picking and choosing chapters as they’re interested, or choosing which chapters to read based on level of experience.

I chose to read the entire thing through, and found myself learning new little tidbits as I went. Some examples of things I didn’t know, despite what is now a pretty decent background in personal finance:

  • When a collection item shows up on your credit report, it doesn’t hold the same weight for the entire time it’s on there.
  • “Opt-out” or auto-enroll 401(k)s may not offer you the full employer match. You may have to “opt in” in order to take full advantage.
  • Mathematical formulas for how much you should have in retirement savings per your age.

Order Early, Get a Freebie

When you pre-order Broke Millennial, you’ll get a free bonus chapter simply by emailing your receipt to info {at} brokemillennial {dot} com. Today is the last day to pre-order, though, as copies hit shelves tomorrow!

 

 

*I was provided with a free copy of this book for review purposes. Regardless, all opinions are 100% honest and my own.*

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4 thoughts on “Broke Millennial: Get Your Financial Life Together

    1. femmefrugality Post author

      No problem—truly loved the book! Takes some talent to make credit reports interesting and humorous. 🙂

      Reply

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