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Millennial Money Makeover

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

By Conor Richardson
15-minute read
Audio available
Millennial Money Makeover: Escape Debt, Save for Your Future, and Live the Rich Life Now by Conor Richardson

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.

  • 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

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.

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Millennial Money Makeover

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

By Conor Richardson
  • Read in 15 minutes
  • Audio & text available
  • Contains 9 key ideas
Upgrade to Premium Read or listen now
Millennial Money Makeover: Escape Debt, Save for Your Future, and Live the Rich Life Now by Conor Richardson
Synopsis

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.

Key idea 1 of 9

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. 

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