Broke Millennial: Stop Scraping By and Get Your Financial Life Together

Title: Broke Millennial: Stop Scraping By and Get Your Financial Life Together 

Author: Erin Lowry

Paperback: 288 pages

Publisher: TarcherPerigee

Publishing date: May 2, 2017

Who is this book for? 

  • Cash-strapped 20- and 30-somethings who are always stressing about money.
  • Anyone looking to take control of their financial health.

What’s inside this book?

  • A step-by-step guide to take you from broke to financial master.
  • Tips and tricks for tackling every kind of money situation, in addition to basics, like investing, credit card debt and budgeting.
  • Anecdotes from Erin’s own journey from a debt-crushed millennial to a money master who successfully negotiated a 40% raise.

 4 lessons you’ll learn from this book:  

  1. How to understand your personal relationship with money.
  2. How to manage student loan debt without falling into a panic.
  3. How to successfully navigate social outings in which you’re the only broke one among your friends.
  4. How to find out about your partner’s true financial health.

4 questions this book will answer for you:  

  1. Should I treat money more like a Tinder date or a marriage?
  2. Is it possible to conquer a mountain of debt without getting a massive windfall?
  3. How can I learn about money on millennial terms?
  4. How can I get on the same money page as my partner?

What people are saying about this book: 

“Broke Millennial takes the typical preaching and finger-wagging out of money lessons and replaces them with humor, empathy and a fun, pick-your-financial-path twist, while offering helpful and practical advice to successfully navigate all the financial questions you’ll face in the real world.”— Farnoosh Torabi

“Rich with specific advice to guide readers on the path to financial wellness. Millennials who may be overspending because of #FOMO need to read this book stat!”— Bobbi Rebell

“Thinking about money, especially when you don’t have much, can be painful. But Erin Lowry shows that you don’t need to be a mathematical genius to get on the right track. She makes it easy for people to build a financially healthy plan for life. Spend some time with this book, and your financial decisions and confidence will improve, no doubt.”— Nicholas Clements

“If you’re looking for a book to give to a recent grad, your friend who has no idea what a budget is, or just want to read a personal finance book from someone like you who’s been there…you absolutely need to grab a copy of Broke Millennial.” — Jessica Moorhouse

Your Turn: What did you think of Broke Millennial? Share your opinion in the comments. 

Paychecks & Balances

Rich Jones and Marcus Garrett are a dynamic duo on a mission to help struggling millennials learn to manage their money and pay off debt. Together, the pair launched Paychecks & Balances, a podcast with more than 5K followers where they share insightful tips and advice on all things financial.

Jones brings his background in human resources to the P&B community, but it’s his journey toward a debt-free life that enables him to really connect with his audience. Likewise, Garrett has paid down $30,000 in debt and understands the financial challenges facing millennials.

The finfluencers’ interview-based podcast is super popular with millennials looking to learn more about money and/or seeking actionable tips on improving their finances.

Here are the core beliefs of Paychecks & Balances:

  • Money does not have to be complicated — or boring. When Jones wanted to broaden his financial knowledge, he found the podcasts and blogs available online to be incredibly boring. He’s therefore determined to keep his own podcast jargon-free and entertaining while still providing the audience with valuable information.
  • Freedom looks different to everybody. We each have our own version of freedom. To some, it can mean being excited to go to work. To others, it can mean having the ability to travel anywhere on a whim. At P&B, no one is shamed for having a day job and answering to a boss, so long as it brings them personal fulfillment.
  • Mental health matters. Jones and Garrett are big believers in mental wellness. They freely sprinkle conversations about mental health throughout their content.
  • Diversity isn’t just a buzzword. The duo believe that diversity is key to financial inspiration and education. The P&B podcasts feature a range of guest speakers from all kinds of backgrounds and demographics.
  • Good career decisions lead to good financial outcomes. You’ll find lots of advice on acing interviews, negotiating salary and choosing the best career path on P&B.

You can tune into the P&B podcast episodes on a broad range of financial topics, check out their blog  for easy-to-read articles that pack a real punch and follow the duo on Twitter , Instagram and/or Facebook.

Your Turn: Are you a P&B follower? Tell us about it in the comments.

Learn More:
paychecksandbalances.com
izea.com

Millennials Hit Hardest by Coronavirus Recession

The coronavirus recession hasn’t been easy on anyone, but millennials may have been hit hardest.

According to many economic experts, the 73 million millennials in the U.S. could experience financial setbacks from COVID-19 that have a longer-reaching impact than those experienced by any other age group.

Here’s why the coronavirus pandemic has been especially hard for those in 25- to 39-year-old age bracket.

Another recession for millennials

Economic recessions are nothing new for this demographic. They already lived through the Great Recession of 2008, and for many, the impact of the last recession is still being felt today.

The Great Recession hit millennials when they were still in college or just starting out on their career paths. For some, it meant the choices for their first post-college job were very slim. For others, it meant dropping out of college when there was no longer a guarantee of a degree netting them a higher-paying job. Regardless of how they were impacted, many millennials are still playing catch-up from the recession of 2008.

“For this cohort, already indebted and a step behind on the career ladder, this second pummeling could keep them from accruing the wealth of older generations,” says Gray Kimbrough, Washington, D.C. economist and American University professor.

Job losses across the board

More than 40 million workers in the U.S. have filed for unemployment since the beginning of the pandemic, but this is another area where millennials have been hit harder than most.

According to a recent report by Data for Progress, 52% of respondents under age 45 have lost jobs, been furloughed or had their work hours cut due to COVID-19. In contrast, just 26% of respondents over age 45 have suffered a job loss of some kind during the coronavirus pandemic.

Millions of millennials have lost jobs that are impossible to do while adhering to social distancing mandates. At the height of the economic lockdowns in April, the economy shed a staggering 20.5 million jobs. Of these jobs, 7.7 million were in the leisure and hospitality sector — a sector that is dominated by millennials. An additional 1.4 million lost jobs were in health care, primarily in ambulatory services — another field that employs a disproportionately large number of millennials.

No nest egg

Many millennials who are still on the rebound from the Great Recession are carrying piles of debt and have minimal savings — or none at all.

According to surveys conducted in 2018 by the Federal Reserve, 1 in 4 millennial families have a negative net worth, or debts that outweigh their assets. One in six millennials would not be able to find the funds to cover a $400 emergency. For these young employees, a relatively mild setback from the coronavirus can be devastating to their finances.

Millennials also tend to neglect their retirements. A recent report by the National Institute on Retirement Security found that 66% of millennials in the workforce have nothing put away for their retirement.

Can millennials recover?

Millennials had still not fully recovered from the Great Recession when the coronavirus pummeled the economy. They have shouldered a large share of job losses and have little or no savings to fall back on.

But there is hope. Millennials may not be as young as they were during the Great Recession, but they still have time to bounce back. They can use the unique challenges presented by the coronavirus pandemic as an opportunity to reevaluate their career track and move onward toward a brighter future.

This age group, also known as Gen Y, is famous for its resilience and can-do attitude. They’ve gotten through the Great Recession of 2008 and they’ll beat the coronavirus recession, too. With hard work, perseverance and small steps toward a better future, millennials can pull themselves up and regain their financial health.

If you’re experiencing financial difficulties, we can help. Call, click or stop by Advantage One Credit Union to speak to a member service representative today.

Your Turn: Are you a millennial who has been impacted by the coronavirus recession? Tell us about it in the comments.

Learn More:
politicalwire.com
wsj.com
npr.org
investopedia.com
foxnews.com
wsj.com
cnbc.com