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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Millennial Money summary
Patrick O’Shaughnessy
How Young Investors Can Build a Fortune
15 mins
Brief summary
Millennial Money by Patrick O’Shaughnessy provides actionable advice for young adults navigating the financial world. It covers topics such as paying off student loans, investing, and building wealth.
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Millennial Money
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To secure your financial future, start investing in the stock market as early as possible.
Imagine yourself in 50 years: What kind of life would you like to have? Do you want to live comfortably, with lots of money saved, or would you rather be dependent on a tiny pension, feeling pangs of anxiety with every purchase?
The choice between these two realities is an obvious one. So what can you do to achieve lasting financial stability?
Although many believe that creating a savings account is the best way to prepare for the financial future, unfortunately, that’s not the case. The truth is, interest rates on savings accounts are typically lower than the rate of inflation (annual price increases). Meaning: Money parked in a savings account actually loses value, in terms of its real world purchasing power.
So if not savings accounts, then what? Well, you should invest in the stock market as early as possible.
Don’t underestimate the potential rewards of starting to invest early in life. After all, when you start young, your money has more time to multiply in value.
For instance, if you invest $10,000 every year on the stock exchange with an annual return of seven percent, you’ll earn $4.7 million by the time you’re 65 – if you started investing at age 22. On the other hand, if you made the initial investment only at age 40, you’ll end up with just $1 million.
Although the advantages of investing young are clear, many Millennials aren’t doing so, partly because they entered adulthood in the midst of the 2008 financial crisis – the worst downturn since the Great Depression of the 1930s.
And as a consequence of the financial collapse, Millennials tend to be more risk-averse than their parents’ generation. For example, a 2014 survey on risk found that only 28 percent of Millennials’ money was invested in stocks, compared to the 46 percent invested by other generations.
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What is Millennial Money about?
Although technological advances have made it easier than ever to invest in the stock market, today’s Millennials (young adults born between 1980 and 2000) tend to be risk-averse. But this kind of thinking is misguided. Given that benefits like Social Security and retirement pensions are imperiled, it has never been more important for young people to start investing in their future financial security.
Millennial Money Review
Millennial Money (2021) by Patrick O’Shaughnessy provides insightful advice on managing money and building wealth for the millennial generation. Here's why this book is worth reading:
- It offers a refreshing perspective on personal finance, tailored specifically to the unique financial challenges faced by millennials.
- Through relatable anecdotes and case studies, the book demystifies complex financial concepts, making it a practical and accessible guide.
- Empowering and motivating, the book encourages readers to take control of their financial future and pursue a path of financial independence.
Who should read Millennial Money?
- The “Millennial” generation
- Anyone who wants to become a successful investor
- Anyone who wants to build a secure financial future
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Millennial Money FAQs
What is the main message of Millennial Money?
Millennial Money encourages young people to take control of their finances and build wealth for the future.
How long does it take to read Millennial Money?
The reading time for Millennial Money varies depending on the reader's speed. However, the Blinkist summary can be read in just 15 minutes.
Is Millennial Money a good book? Is it worth reading?
Millennial Money is worth reading as it provides practical advice on personal finance for millennials.
Who is the author of Millennial Money?
The author of Millennial Money is Patrick O’Shaughnessy.
What to read after Millennial Money?
If you're wondering what to read next after Millennial Money, here are some recommendations we suggest:
- The Little Book of Common Sense Investing by John C. Bogle
- The Intelligent Investor by Benjamin Graham and comments by Jason Zweig
- I Will Teach You To Be Rich by Ramit Sethi
- The Richest Man in Babylon by George S. Clason
- Losing My Virginity by Richard Branson
- Secrets of the Millionaire Mind by T. Harv Eker
- The Most Important Thing by Howard Marks
- Outlive by Peter Attia
- You Are a Badass at Making Money by Jen Sincero
- The Millionaire Next Door by Thomas J. Stanley and William D. Danko