Ep3: Get Your Finances Together – Erin Lowry
Today I talked with Erin Lowry, Author of Broke Millennial Blog. Erin shares the money lessons of her childhood. Thinking that it was normal, Erin went into the world and realized how much of a stress money was for those around her. Broke Millennial came about as a solution.
Erin also has a brand new book that officially releases next week! Broke Millennial: Stop Scrapping By And Get Your Financial Life Together!
- Erin’s money story
- Living in NYC for a year on $23,000
- Where Broke Millennial blog came from
- The Stress of Money in Relationships
- What’s inside “Stop Scrapping By And Get Your Financial Life Together”?
- Seeing what you value, based on your spending
- Taco Tuesdays are important (Tangent haha)
- Ways parents can teach children money skills through proactive engagement and setting expectations
- Proper Goal Setting for Finances
- Accountability Partners and Methods
- Behavioural Finance: Multi-Banking benefits
- Common Millennial Money Mistakes
- The power of habit in saving and investing
“What You Spend Your Money On Shows What You Actually Value, Not What You Think You Value” – Erin
Read Erin’s new book! Here’s a link (special bonus chapter if you buy it before May 2nd!)
Open a second bank account and put savings into that, so you can’t see it! (makes it harder to spend your savings)
Check your bank/credit card statements and see what you truly value. What does your spending say about what you value?
Parents: talk with your children about money and how it works! Teach them principles of finance so they can have healthy relationships with their money
Parents: give your children some skin in the game. If they want to buy a new game, or get on soccer team, make them pay for part of it. Give them ways to make money, or guide them to achieve, but hold them responsible.
Couples: Be open with your spouse about all your finances. Money Fidelity is important to have trust in each other.
Start saving now! If you’re a college kid, start with $5 dollars each month, because of the power of habit.
Contact and Links from Show
Send proof of purchase to [email protected] for a free bonus chapter (purchase before May 2nd!) amazon or Barnes and Noble