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

Conor Richardson

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

4.4 (133 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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    Millennial Money Makeover
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    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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    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.

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    Millennial Money Makeover FAQs 

    What is the main message of Millennial Money Makeover?

    Take control of your finances and build a secure future with Millennial Money Makeover.

    How long does it take to read Millennial Money Makeover?

    Reading Millennial Money Makeover will take a few hours, but the Blinkist summary can be read in just 15 minutes.

    Is Millennial Money Makeover a good book? Is it worth reading?

    Millennial Money Makeover is a valuable resource for millennials looking to improve their financial situation and make smart money decisions.

    Who is the author of Millennial Money Makeover?

    The author of Millennial Money Makeover is Conor Richardson.

    What to read after Millennial Money Makeover?

    If you're wondering what to read next after Millennial Money Makeover, here are some recommendations we suggest:
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