Mini Book Review – Broke Millennial

IMG_3602

This month, Veronika at Debts to Riches invited followers to read Broke Millennial: Stop Scraping By And Get Your Financial Life Together by Erin Lowry. I read through the book pretty quickly, and read some chapters more in depth than others. I think I’m on the cusp of being a millennial, but the book was still applicable to me since I feel like I got a late start on earning a standard salary in my field since I finished my education later.

The first couple chapters touch on the basics like building a budget, picking the right financial institutions to house your hard earned money, your credit, paying off debt and student loans. If you’re already on your debt free/financial independence journey, this is probably stuff you already know. Still, it was a nice easy read to review the basics.

The next couple chapters I thought were more informational – and would have been beneficial to me say maybe, 5 years ago or when I accepted this new position almost a year ago with my new certification and master’s! These chapters focus on how to get out of awkward social events where someone shorts the tab, splitting the tab, talking finances with your significant other and negotiating a salary. Social events and work have a direct impact on your money (duh) so I thought the information on how to navigate these areas was useful. Again, maybe would have been more useful for me prior to me taking the job I have now, or back when I was single and enjoyed being social and going out…

Lastly, it wraps up talking about investing, saving for retirement, hiring a financial professional and homeownership. For me personally, these chapters proved the most useful as I am getting a late start on saving for retirement, and learning for investment. I’m not at the homeownership bit yet but I’m hoping to do so in the next 10 years or so, so the information was useful and shed more light on how much we’ll actually need to save for a downpayment on a home in CA (Hint: a buttload).

I didn’t want to bore you by explaining every detail of the book. That might also motivate you to not read it! Overall, I thought the book was a refreshing outlet for anyone who is just getting started with getting their finances in order. I’m now trying to figure out a way to send it to my younger sister without sounding like a bitchy older know-it-all sister (even though I am smarter). If you’re getting started with paying off your debt, or even budgeting I would recommend reading Broke Millennial: Stop Scraping By and Get Your Financial Life Together.

Overall (Subjective) Rating: 7/10 Ice Cream Cones

 

September Goals!

Hello friends! So, I’ve been lagging on blogging but that doesn’t mean that I’ve completely given up all together. I will admit that my spending has been looser, but I’m still doing my best not to acquire new debt and pay off what I already owe. It’s also my husband and my birthday week! Here are some goals for this month specifically, and I’ll probably post again on some goals I want to hit in my last year in my early 30s.

  • Get Capital One back to “Bills Only” – I haven’t stopped using my credit cards. I have a cash back rewards card that I designated to automatic payment of bills. I pay it off each month so it doesn’t accrue interest and so that I can maximize the benefits of earning a little bit of cash back. However I did use it a little in the past month for non-bills, and also had some larger ticket bills (our dog got fixed, and our electricity bill for 2 months was over $300!) so this month’s statement did get a little crazy. I want to pay it off, then resume it’s job as a “bills only” card and keep it out of my wallet.
  • Get Discover under $7k – Currently it’s a little under $7500. Getting this debt in the $6k range makes it more possible that I can be done paying this off this year!
  • Earn an extra $400+ from side hustle
  • Donate unwanted stuff to Goodwill
  • Get caught up on training protocol at work – The sooner I finish this, the sooner I can make more money and also start my year commitment. Not that I have immediate intentions on leaving, but it’ll be nice to not have a time commitment.
  • Get weight back down under 130 – I feel like a broken record but my motivation to diet has been really low this year in general. I’d like to get back down under 130 by the end of this month, and work on maintaining that through the holidays and end of year.

That’s it for now! I’ll be back with more goals for my 34th year as well as updates on my progress!