Tackling Personal Finance and Facing the Numbers with Erin Lowry Founder of Broke Millennial

Alright, so it's time. It's time to get your financial life together. There, I said it! Whether you are a money maven or a personal finance newbie - today's conversation will be just the dose of inspiration you need to get in control of your finances.

Meet Erin Lowry, Author, Personal Finance Expert, and the woman behind Broke Millennial. Her goal is to provide practical advise to Millennials so you can navigate pesky financial questions and challenges.

Tune in below as we talk about misconceptions in saving money, best practices to pay off debt and loans, how to start investing, and more! 

SHOW NOTES:

Having started her career with a degree in theater and journalism, Erin learned you don’t have to be a mathematical servant to make it in the financial world (0:40.)

Money was discussed frequently in Erin’s household growing up, but not as a topic of stress as she later discovered monopolized other people’s lives. Despite making minimum wage through three jobs, Erin found herself less stressed out than some of her friends who still even had their parents' support (1:40.)

Broke Millennial, an early blog of Erin’s, empowers others through her storytelling of how she has managed to figure out her finances while living in New York City. Shortly after, due to its success, Erin received book deals and launched her career into personal finance (2:50.)

The biggest misconception Erin finds in the finance world is the belief that you have to be wealthy or have reached an arbitrary level of financial stability to start investing( 4:05.)

Erin shares that the common phrase, “Save for retirement” really should be, “Invest for retirement”. This means you are the investor and that you have access to the market  to make your money work and grow for you (5:00.)

A good first step Erin recommends to get started is to face your numbers and really understand where you stand. How much debt do you have? How much do you earn after taxes? Then ask yourself, what are your goals? (6:00.)

When it comes to debt, Erin finds it is important to understand what form of loan you are working with so you don’t get caught off guard by the interest. Make sure it is affordable for you to pay off or set up a repayment plan if necessary (9:10.)

Erin believes it is absolutely okay to talk about finances in the workplace and actually writes about how to do so appropriately in one of her books (14:00.)

Erin finds it’s beneficial to ask your LinkedIn connections for guidance (colleagues that are at a similar level as you) when determining comparable salary ranges (17:25.) 

There’s now wrong way to run finances at home with a significant other. But, it is important to expose all finances prior to any engagements so you find a fair balance (21:00.)

When it comes to savings, Erin finds it is important to write your goals down with a timeline and work financially backwards (24:00.)

Try not to tie your self-worth to your paycheck. Ask yourself what will keep you happy in the long term (25:40.)

Interested in learning more and continuing to follow Erin’s journey? Follow Broke Millennial here! Need a hand in getting started with your finances? Checkout her bundles, workshops, and shop here!

Keep an eye out for Erin’s latest book, Broke Millennial Talks Money, released on December 29th, which provides stories and advice to navigate awkward money conversations.

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What from our conversation inspired you today? What do you hope to hear next? Tweet or message us on Instagram @BravaPodcast to tell us what you want to hear, even if it’s your own story!