Like many millennials, I learned about money the hard way. Growing up, everyone said I should save for retirement and stay out of debt, but I didn't learn how. My parents did their best, but didn't have credit cards when they were young, and went to college when it was affordable - and now they have pensions! Millennials were in a whole new world. As for me, I attended college in the early 2000's, just in time to be part of the growing student loan crisis - in fact, I financed about $150k of my education. Six months after I graduated, those monthly payments started coming due, sucking up over half of my then entry-level income. My best friend and I, both struggling to find better jobs, couch-surfed for a few months until we eventually found a small two bedroom we could afford (ahem... we lofted our beds in one room and rented out the other on Craigslist). Even still, my finances were a disaster. I felt stuck and overwhelmed. One month, I sold my guitar to pay my bills. I took odd jobs whenever I could. Through it all, though, my family and friends had faith in me - they constantly reminded me that I would figure things out.
And I did. Over the next few years I reached out to a dozen or so financial advisors, believing my "future assets" would get me a meeting. I was wrong. The internet, at the time, hadn't yet birthed the many personal finance blogs we have today, or the robo-advisors so many of us desperately needed. But when you're broke, you obsess: I read about money every day, every night, and eventually learned that I could consolidate my student loans, negotiate lower interest rates on my credit cards, and save money on just about everything I bought. I built an emergency fund, dutifully contributed to my Roth IRA and 401(k), bought low cost stock ETFs. I saved my bonuses, commissions, and tax returns. While people around me ate fancy dinners and bought new cars, I focused on working and saving, living modestly as my income grew. Fifteen years later, those moves have paid off more than I had imagined they would.
I've been talking about personal finance for a decade, and started Millennial Money Mentor as a way to help twenty-somethings tackle their money challenges. Although I'm now a management consultant with degrees in engineering and business, most of this stuff is pretty easy to understand and simple enough to be explained on a napkin.
And I did. Over the next few years I reached out to a dozen or so financial advisors, believing my "future assets" would get me a meeting. I was wrong. The internet, at the time, hadn't yet birthed the many personal finance blogs we have today, or the robo-advisors so many of us desperately needed. But when you're broke, you obsess: I read about money every day, every night, and eventually learned that I could consolidate my student loans, negotiate lower interest rates on my credit cards, and save money on just about everything I bought. I built an emergency fund, dutifully contributed to my Roth IRA and 401(k), bought low cost stock ETFs. I saved my bonuses, commissions, and tax returns. While people around me ate fancy dinners and bought new cars, I focused on working and saving, living modestly as my income grew. Fifteen years later, those moves have paid off more than I had imagined they would.
I've been talking about personal finance for a decade, and started Millennial Money Mentor as a way to help twenty-somethings tackle their money challenges. Although I'm now a management consultant with degrees in engineering and business, most of this stuff is pretty easy to understand and simple enough to be explained on a napkin.