Who is the author of Millennial Money Makeover?

The author of Millennial Money Makeover is Conor Richardson.

Money & Investments

Millennial Money Makeover Book Summary - Millennial Money Makeover Book explained in key points

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Millennial Money Makeover summary

Name: Millennial Money Makeover
Rating: 4.4 (137 reviews)
Author: Conor Richardson

Conor Richardson

Escape Debt, Save for Your Future, and Live the Rich Life Now

4.4 (137 ratings)

25 mins

Brief summary

Millennial Money Makeover by Conor Richardson gives practical advice to help millennials gain control of their finances, eliminate debt, and start building wealth. The book offers a step-by-step plan to transform your financial life.

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Retirement

Table of Contents

Millennial Money Makeover
Summary of 8 key ideas

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Key idea 1 of 8

What’s in it for me? Make your money work for you.

Getting on top of your personal finances can be tricky. For millennials, it’s a trickier proposition still, because this generation faces a unique set of economic and financial challenges.

But if your financial situation poses a problem, avoiding that problem will only make it worse. It’s time to rip off the band-aid, bank-account-wise. The sooner you learn to budget, start to save, and educate yourself about investment options, the sooner you’ll achieve financial success.

Being debt-free and financially autonomous has a positive knock-on effect that you’ll notice in every aspect of your life. Taking control of your finances means being able to pursue your passions, hone your confidence, and broaden your career options – it might just be the ultimate form of millennial self-care.

In the following blinks you’ll learn

how to create a personal budget without giving up indulgent purchases;
the best way to tackle your credit card bills; and
why finding your financial flow is so important.

Millennials need to adapt to a changed economic landscape.

Millennials are a generation often stereotyped: They’re addicted to Instagram! They love queuing for cronuts! Such stereotypes, though, are far too narrow to accurately apply to all millennials. After all, this generation of people, born between the late 1970s and the mid 1990s, is the largest and most diverse generation in history. Unfortunately, there is one thing most millennials do have in common, especially in the US. They face unique challenges on the road to achieving financial success.

Previous generations since the 1950s have enjoyed relative economic stability throughout most of their working lives. As a result, they trod a fairly uncomplicated path to financial success. Let’s call this path the success sequence. It starts with acquiring a steady, life-long job, followed by purchasing property, acquiring assets, and finally, retiring with a healthy nest egg.

In the wake of the 2008 global recession, however, the economic landscape changed. The job market became volatile right at the moment many millennials were trying to enter the workforce. A steady job, the first step in the conventional success sequence, became hard to find.

Post-recession, many millennials are still scraping by: The cost of living continues to rise, whilst at the same time, wage growth is sluggish with salaries unable to keep pace with inflation. Housing prices are through the roof, which means millennials struggle to get onto the property ladder. And, finally, when it comes to securing a decent retirement, 72 percent of millennials have less than $10,000 saved for this purpose.

It’s clear that millennials face obstacles to achieving financial security. Worryingly still, many millennials currently lack the knowledge and confidence necessary to overcome these obstacles. A 2014 study by The George Washington School of Business surveyed over 5,500 millennial Americans between the ages of twenty-three and thirty-five. It found that 76 percent were financially illiterate, meaning they were unfamiliar with even the basic concepts of personal finance.

No wonder then that, according to a 2015 Gallup study, 70 percent of millennials report feeling financially stressed! The conventional success sequence that worked for previous generations is no longer applicable. This doesn’t mean, though, that millennials can’t achieve financial success on their own terms.

You’re not bad with your finances – you just lack confidence.

Forget stocks, bonds, and equity. Your greatest financial commodity is your confidence.

Financial confidence is the secret ingredient that empowers you to take control of your money and start making smart financial decisions. It’s not tied to how much you earn, either. You could be earning a lot of money but lack the financial confidence to convert your salary into monetary freedom. Conversely, you could be making a moderate wage except, with financial confidence, are able to convert your income into real, lasting wealth.

The main obstacle to financial freedom is debt.

Being in debt can be an isolating experience. Your peers are out there flaunting new purchases on Instagram, while you’re up at 3am wondering if you’ll ever be able to pay off your credit card bills. Rest assured, if you’re in debt, you’re not alone.

Take credit card debt, for example. In 2017, according to the Federal Reserve, US consumers put $1.021 trillion worth of purchases on credit. Additionally, roughly half of millennials report having debt spread across more than three credit cards.

Sticking to a budget doesn’t mean giving up life’s pleasures.

Millennials, or so the stereotype goes, would rather spend their hard-earned cash on avocado toast than into savings. If they budget right, though, millennials can have their avocado toast and save, too.

It’s all too easy to equate budgeting with cutting out purchases that, while inessential, bring passion and meaning to our lives. But, guess what? The secret to budgeting doesn’t lie in living ascetically, it’s in prioritizing purchases that bring you pleasure.

Buy big-ticket items strategically to get the most out of your purchases.

Sick of taking the bus to work every day? Ready to stop lining your landlord’s pockets with rent checks? If you’re on the brink of making a big-ticket purchase, like buying a car or investing in property, be smart about it.

Here’s the thing about investing in a car – it can’t be done. That’s because a car isn’t technically an investment. An investment appreciates, meaning its value grows over time. A car is an expense that depreciates, or loses value year after year. According to a survey by Carfax, the typical new car depreciates by 10 per cent the minute you drive it out of the dealership.

Three easy steps to saving will set you up for life.

Thinking about how to fund your future can be stressful. But don’t get overwhelmed – take control! Meeting three simple savings objectives will get you on the right track.

Your first savings goal should be an emergency fund, with enough in it to cover any unexpected expenses that might otherwise push you into debt. As a rule of thumb, the typical millennial should aim to have about $3,000 stashed away. Make sure this money isn’t tied up in investments. It should be easily accessible in the event of an emergency. This is, after all, what it’s there for.

Investing might be more accessible than you think.

You work hard for your money, but does your money work hard for you? When you invest, you put your money to work. As a result, you can quickly grow your capital.

But how does investing work, exactly? Here’s the basic principle. Money has utility, or buying power. When it’s sitting in your account, untouched, you’re not accessing that potential utility. Lending your money to a third party, like a bank or a fund, allows them to use your money to turn a profit. In exchange, that third party offers you a rate of return, or a percentage of any profit they’ve made with your initial investment. There’s a catch, though. If that third party doesn’t make a profit, you won’t see a rate of return. You might even end up losing your initial investment. Nevertheless, investing wisely is the surest way to grow your finances.

Streamline savings and invest efficiently by embracing technology.

Now that you’ve given your finances a makeover by paying off your debt, streamlining your savings, and started investing, it’s time for the finishing touch: setting your accounts and investments to autopilot.

To begin, find your financial flow. Every month, as your salary comes into your checking account, it’s up to you to divert that stream of money so that it flows to meet your financial goals. Establish how much of your monthly income you want to put towards paying off debt, bulking up savings, and growing investments. If you’re tackling a student loan, set aside 15 percent of your monthly income for making loan repayments. To do that, set up an automated payment for that amount which will go from your checking account to your student loan account every month. Do the same for savings and investments. With your financial flow established, you don’t have to think about how to allocate your finances each month.

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What is Millennial Money Makeover about?

Millennial Money Makeover (2019) is essential reading for millennials who want to get a grip on their finances. In this accessible guide to money management, Conor Richardson offers straightforward financial solutions for the unique economic challenges and stressors that many millennials experience.

Millennial Money Makeover Review

Millennial Money Makeover (2019) by Conor Richardson is a book that provides millennials with practical guidance on achieving financial success and building a stable future. Here's why this book is a worthwhile read:

It offers real-life, relatable examples and actionable steps that millennials can implement to improve their financial situations.
With its focus on moneysaving, investing, and budgeting, the book equips millennials with the tools they need to take control of their finances.
Written in an engaging and accessible style, the book makes complex financial concepts easy to understand and apply, ensuring that readers stay engaged and motivated throughout.

Who should read Millennial Money Makeover?

Millennials who know they should be saving but don’t know where to begin
Graduates struggling to pay off student loans
Anyone on the brink of making a big-ticket purchase

About the Author

As a Certified Public Accountant, Conor Richardson knows the ins and outs of budgeting, money management, and sound investment strategy. As a millennial, he also has a personal insight into the unique financial challenges his generation faces. Richardson’s mission is to educate his peers on the best strategies for achieving financial success through, for example, his popular website, Millenial Money Makeover.

Categories with Millennial Money Makeover

Money & Investments Personal Development

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