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