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1-Page Summary of Broke Millennial
Overview
If you’re out to dinner with a large group of people, it may be awkward when the bill comes. You can either fight over who’s paying for what or offer to pay for part of the bill yourself. In that case, other people will gladly divide up the rest of the bill among themselves.
Money can be a scary topic for young people or those who are struggling financially. They’re worried about paying their bills and putting money aside, so they don’t have enough saved up to live comfortably in retirement.
The journey to financial success begins with a single step, such as saving $10 from your paycheck every month. You can also move your banking online for better interest rates.
Personal finance expert Erin Lowry will show you how even the poorest millennial can become financially successful. She’ll also explain why budgeting is different for everyone, and how much money you need to save in case of emergencies.
Big Idea #1: Many people in their 20s and early 30s find money stressful. They don’t understand how to manage it, or they’re scared of it, which is holding them back from living the life they want.
Erin, the author, and her friend Lizzie went out for drinks one night. After a long night of drinking they woke up over coffee to talk about their lives. Erin had come to New York City hoping to pursue a creative career but she’d gotten stuck in a boring job that was not what she’d dreamed of doing.
Erin asked Lizzie why she didn’t just quit her job. After all, she was 23 and debt-free, so it would be a good time to find another job while pursuing your passion.
When Lizzie was asked about her financial situation, she replied that it stressed her out and never checked the prices of anything. She hoped there would be money at the end of each month to make ends meet. The main idea is that many people in their twenties and thirties don’t manage their money well because they’re afraid or unsure how to do it; however, they need to learn how.
Lizzie was a young woman who had the means to live comfortably, but she didn’t know how to manage her money. She’s not alone; many millennials are struggling with their finances as well. If they can’t handle their money properly, what hope do other people have? Erin, however, has come up with a solution that can help everyone manage their money better.
Yes, it’s a serious business to get your finances in order. It can be crippling for many people. However, if you break out of this anxiety trap and avoid it altogether, you’ll be better off.
It isn’t hard to improve your relationship with money. It’s a series of small steps, which when combined together, can make a big difference.
Big Idea #2: If you want to change your relationship with money, you need to figure out what’s holding you back.
Money management isn’t rocket science; it’s pretty straightforward. It makes sense to save for a rainy day, but people don’t always do that because there are deeper issues involved. People need to dig deep and figure out why they aren’t saving money.
The key message in this passage is that changing your relationship with money begins by finding roadblocks. In order to change your behavior, you have to go back to when the patterns holding you back were established.
It’s possible to trace your relationship with money back to your childhood. Maybe you were raised in a family that didn’t talk about money, or maybe you were food-insecure. Whatever the case, there’s a good chance that your current feelings about money can be traced back to those experiences.
The first step to financial freedom is identifying the roadblocks that have prevented you from achieving your goals. To get started, think back over your life and answer these questions: What was the first memory of money for you? How does it make you feel? Did you work hard or did someone else provide for your needs? What kinds of things did you buy when growing up? How did others talk about money around me as a child? Do I still have those same concerns today?
