Review of Broke Millenial by Erin Lowry

Here we go again for another book review/educational moment ! Let me say I was blown away by this book, also it made me freak the hell out. Us, millenials does not know how to manage our money…it is the sad truth. The good thing, though, is that we can learn and start conversations around money with our peers. Yes, let’s stop making money such a taboo because it is really what is holding us back. We are afraid of comparing, judging, and so on but what if we started those conversation for improving and helping. This exactly the purpose of this book.

Erin Lowry admits that her parents give her some knowledge about finances and wrote this book to help us, and she is doing it with brillance ! Like my previous review about Good Morning, Good Life, I loved the practicality. (I already talked about the cash diet !). She does not just to tell you what she knows, she tells you how to do it. It is written in a light tone, so you will not get bored to death while reading it. Yes, it talks about finances, but if you care about YOUR money, you definitely want to read this book. Again, not a page turner (self-help book) are just not, but definitely a book I recommend to all the young people out there. It took me three days to read, skipping the chapters about debts (just because I have none) and making notes for later. And here I am to share some knowledge, but if you want more than that, you can always get yourself a copy 😉

First of all, you need an emergency funds !! As the name indicates, it is money that you are saving into an account you have easily access to and that you can withdraw money from only in case of emergency. The money you should collect must be around 3-6 months of your living expenses (yep, I am far from it, it is one of my sub goal of one of my main goal…remember I want to save at least 800 euros/month). Super important !! Do not even think about implementing what is written below before having an emergency funds. Unless you have debt, and in that case repaying them should be the priority (in this case, Lowry advice to try to reach an emergency funds of only 1000 euros).

Secondly, you are not to young to start saving up for retirement. About this one, it seems that the Americans are the lucky one having a 401k that they can join with their company and save (well, it is literrally investing, even if you do not know it) from the day they start working there and then get that money for retirement. In Europe, the system is different, and since I am not currently working where I technically live, it is messed up but anyway….saving is always a good idea. For people who think it is not for them, and that they are to young…look at the increase of life expectancy year after year, and you will understand that it is more likely for you to live until you are old, than to die tomorrow. Of course, this must not mean you need to stop everything and put every pennies into a saving account. However, just think that this little extra will be helpful during your golden years.

Now, if you thought it was not a lot already….saving is barely enough. Saving will barely bring you money, which is utterly unfair as banks take this money to invest themselves, win a lot of money and recompensate with 0,15% (if you are lucky, a whole chapter about choosing the right finance product, the book is worth it for that alone) of interest IF you manage to keep your saving for a whole year while they are playing with it and win a lot more than those interest. Anyway…you need to start to save yourself and make YOUR money works for itself while you are sleeping. (How cool is that ?)

Those are the three main points that I will definitely remember, and try to put in place. I know it can seems like a lot, but the younger you start, the better. Also take it slow, you can allow yourself to do that, precisely because you are young. My emergency funds is only going to be complete in 6 months, and that it is if I respect strictly my budget, which let’s be honest is probably not going to happen.However, it might take you way longer, but even if it is just putting 30-50 euros aside each month, it is already so much more that what the majority of our generation does. When I will have this emergency fund, I will probably switch banks, start a saving account and then finally start investing. It is a long process, there is no shortcut or quick way (ok, maybe winning the lottery), but that’s it.

Taking this book into your hands or just reading this lines means that you have acquired some knowledge, and what you are doing with it now is up to you.

Wishing you the best of luck,


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