What will I learn about: how your childhood experiences shape your current financial mindset and learn to identify inherited vulnerabilities in your relationship with money?

Discover how your childhood experiences shape your current financial mindset and learn to identify inherited vulnerabilities in your relationship with money.

What will I learn about: the three millennial money archetypes and master essential financial basics like calculating your net worth, debt-to-income ratio, and emergency fund?

Understand the three millennial money archetypes and master essential financial basics like calculating your net worth, debt-to-income ratio, and emergency fund.

What will I learn about: how to choose a budgeting strategy that works for you by exploring methods like the cash-only approach, the 50/20/30 percentage system, and the zero-sum budget?

Find out how to choose a budgeting strategy that works for you by exploring methods like the cash-only approach, the 50/20/30 percentage system, and the zero-sum budget.

What will I learn about: maximize your savings by switching to fee-free online banks that offer significantly higher Annual Percentage Yields (APY) than traditional institutions?

Learn how to maximize your savings by switching to fee-free online banks that offer significantly higher Annual Percentage Yields (APY) than traditional institutions.

What will I learn about: the crucial elements of financial security by ensuring your bank is FDIC-insured and carefully navigating the risks and rewards of credit card perks?

Master the crucial elements of financial security by ensuring your bank is FDIC-insured and carefully navigating the risks and rewards of credit card perks.

Broke Millennial

Stop Scraping By and Get Your Financial Life Together

Erin Lowry

★ 4.0 / 5(164 ratings)

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Categories:

Money & Investments

If You're Curious About These Questions...

You should listen to this audiobook

💡Have you ever wondered how your "money story" from childhood is secretly sabotaging your ability to save today?
💡What if you could master the art of talking about money with friends and partners without it being awkward or damaging your relationships?
💡What’s the secret to moving beyond just "scraping by" and finally building a financial plan that actually fits your real-life millennial lifestyle?

Listen to Broke Millennial — Free Audiobook

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Key Takeaways from Broke Millennial

✓Discover how your childhood experiences shape your current financial mindset and learn to identify inherited vulnerabilities in your relationship with money.
✓Understand the three millennial money archetypes and master essential financial basics like calculating your net worth, debt-to-income ratio, and emergency fund.
✓Find out how to choose a budgeting strategy that works for you by exploring methods like the cash-only approach, the 50/20/30 percentage system, and the zero-sum budget.
✓Learn how to maximize your savings by switching to fee-free online banks that offer significantly higher Annual Percentage Yields (APY) than traditional institutions.
✓Master the crucial elements of financial security by ensuring your bank is FDIC-insured and carefully navigating the risks and rewards of credit card perks.

Learning Tools

Reinforce what you learned from Broke Millennial

Mind Map

Broke Millennial

Mindset & Psychology+

Budgeting Strategies+

Banking & Credit+

Saving & Emergency Funds+

Social Finances+

Quiz — Test Your Understanding

Question 1 of 9

According to the book, what is the first step to changing compulsive financial behaviors?

A. Creating a strict 50/20/30 budget
B. Examining childhood experiences and memories about money
C. Switching entirely to a cash-only diet
D. Investing a portion of every paycheck into stocks

Question 2 of 9

What is a primary benefit of using the 'track every penny' budgeting system?

A. It automatically improves your credit score.
B. It allows you to find previously hidden spending patterns.
C. It prevents credit card companies from charging interest.
D. It requires less time and effort than the cash diet.

Question 3 of 9

In an ideal world, what is the recommended percentage breakdown for fixed costs, financial goals, and flexible spending, respectively?

A. 40% / 30% / 30%
B. 60% / 10% / 30%
C. 50% / 20% / 30%
D. 30% / 20% / 50%

Question 4 of 9

Why do internet-only banks typically offer much better Annual Percentage Yields (APYs) than traditional brick-and-mortar banks?

A. They invest their deposits in high-risk stock portfolios.
B. They charge higher fees for basic checking accounts.
C. They don't have to pay for land, branch offices, or property taxes.
D. They are subsidized by special federal government programs.

Question 5 of 9

How does the author recommend using a credit card to benefit financially without falling into a debt trap?

A. By paying only the minimum due amount each month to build credit slowly.
B. By never charging more than you can afford and paying the full balance every month.
C. By using it exclusively for large emergency expenses.
D. By carrying a small balance month-to-month to show credit utilization.

Question 6 of 9

What does the personal finance rule 'pay yourself first' mean?

A. Putting a portion of your paycheck into savings immediately before spending on anything else.
B. Buying yourself a small reward each month to maintain budgeting motivation.
C. Paying off your student loans before paying your rent.
D. Negotiating a higher salary before accepting a new job offer.

Question 7 of 9

How much should a debt-burdened, underemployed millennial aim to have in their emergency fund as a starting minimum (assuming no dependents)?

A. Three months of living expenses
B. Six months of living expenses
C. $500
D. $1,000

Question 8 of 9

Where does the author suggest you keep your emergency fund?

A. Tied up in high-yield stocks and mutual funds
B. In an accessible bank account with an APY of at least 1 percent
C. In a physical safe hidden inside your home
D. In a retirement account to avoid the temptation of spending it

Question 9 of 9

What strategy does the author suggest for handling a group restaurant bill when you are on a strict budget?

A. Refuse to go out to dinner with friends until your debts are fully paid off.
B. Ask the restaurant to split the check evenly among all guests to avoid awkwardness.
C. Volunteer to calculate and carve up the bill yourself to ensure you only pay for what you ordered.
D. Quietly leave cash for your meal on the table and exit before the bill arrives.