1 SENTENCE SUMMARY: In Broke Millennial, Erin Lowry provides readers with the essential tools and confidence to take control of their finances, so they can stop living paycheck-to-paycheck and start building their own financial security.
“Stop waiting for permission to take control of your money and start writing your own financial story.”
Quick Info
Category: Personal Finance
Publish Date: 2017-05-02
# Pages: 288
ISBN: 0143130404
Where to Get It:
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Table of Contents
Overview
Broke Millennial: Stop Scraping By and Get Your Financial Life Together is a comprehensive guide for young adults looking to get their finances in order.
Written by Erin Lowry, a certified financial educator, the book gives practical and straightforward advice on how to deal with common financial issues facing young adults and how to better manage money.
Lowry emphasizes the importance of taking control of one’s finances and provides a step-by-step guide on how to do so.
With her relatable and straightforward approach, Lowry provides a clear path for young adults to transition into the world of personal finance.
4 Key Lessons from Broke Millennial by Erin Lowry
1. Establish an Emergency Fund
An emergency fund is an essential financial planning tool that can help you protect yourself from unexpected financial setbacks.
This fund should consist of at least three months’ worth of living expenses that you can access if needed.
Having this cushion of cash will ensure that you aren’t blindsided by unexpected expenses and can reduce the stress of financial instability.
2. Monitor Your Credit Score
A good credit score is essential for getting the best interest rate on loans and credit cards, as well as for qualifying for rental housing.
Monitoring your credit score regularly and understanding what affects it will help you make the most of your finances and keep your credit history in top shape.
3. Set Financial Goals
Setting financial goals is an important step towards achieving financial success.
Identify your short-term and long-term goals, and make a plan for how you will achieve them.
This will help you stay focused and motivated as you work towards your financial goals.
4. Take Advantage of Retirement Accounts
Retirement accounts such as 401(k)s and IRAs are a great way to save for retirement.
Investing in these accounts early on in your career can help you take advantage of compounding interest and tax benefits, so you can create a secure financial future.
Who Should Read It
This book should be read by millennials who are struggling to manage their finances, such as those who are living paycheck to paycheck, dealing with student loan debt, or trying to save for the future.
It would also be beneficial to those who are just starting out in their careers and want to get a better handle on their finances.
Where to Get It
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About Erin Lowry
Erin Lowry is an award-winning personal finance blogger and author of the bestselling book, Broke Millennial.
She is a Certified Financial Education Instructor, and her work has been featured in publications such as The New York Times, Forbes, CNBC, and USA Today.
She is also the host of the podcast, Broke Millennial Talks Money, which provides advice and resources to help millennials build a solid financial foundation for their future.
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Other Personal Finance Books you may Like:
- Best Personal Finance Books
- Broke Millennial Takes On Investing by Erin Lowry
- Cashing Out by Julien Saunder
- Clever Girl Finance by Bola Sokunbi
- Everyday Millionaires by Chris Hogan
Over to You
If you already read Broke Millennial by Erin Lowry, please take a moment to rate it and maybe write your feedback in the comments. You’ll help other readers make the best choice.
Thanks a lot,
Simon
Welcome to DailyBitsOfWisdom.com, my passion project inspired by my own battle with depression. Here, I share resources on journaling, positive affirmations, self-help insights, and book summaries, creating a nurturing space where we can connect, learn, and grow together on our journey to self-discovery and personal growth.