How Broke Millennial Stopped Being Broke | The Financial Diet

The Financial Diet blog:

[soul]

She doesn't sound like a broke millennial, more like a well planned/disciplined millennial

[tahirisaid]

Financial books have been so helpful. I’m 54 and my wife 50 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. No longer putting blames on FED for our misfortunes. Saving and investing lifestyle in the stock market made it possible for us this early, even till now we earn weekly.

[AbroadonaBudget]

This is a perfect example of why financial education is so important- this person was set up so well from an early age with discipline, instruction, and knowledge. Those habits get laid down early and the roots go deep. This is often ignored in personal finance- people want to shame others for "lack of discipline" but many of those people probably never had direct financial instruction. I don't begrudge her this privilege- I just wish more children had such great foundations for finance.

[writeap]

My parents never taught me anything about money. I never paid the bills on time because I did not know the real consequences of having bad credit. I got my first credit card at 19 and promptly ruined my credit even more. It took me years to learn how to manage money. We need to have a better dialogue with children and young adults about money. It would save people are lot of pain and anguish.

[geofferypmeyers]

I have to give a huge shoutout to TFD!! You saved my butt this year! I don't remember when I found this channel, but it was sometime this fall and I immediately started my emergency fund and starting saving 20% of my take-home pay. I'm so glad I did because I was hit with $1600 worth of unexpected car costs (tires and snow tires) and if it wasn't for my emergency fund I would have been in huge trouble! Love this channel and I share it with everyone I know!

[smashthepatriarchy]

Love the tips, but am I the only one who thinks the title "broke millennial" is a little off? I don't see how having $10, 000 in savings, no debt, and no student loans qualifies you as "broke".

#saltyactualbrokemillennial

[c.]

I can see Erin from B.M. is smart, capable, and has good advice. However, I believe it's a mistake to pay for all of her BF's living expenses. For one thing, even though her BF is probally honest and well--intentioned, relationships do end all the time, even serious long-term ones. And secondly, Erin's dad helped her financially because he loved her, but he also made sure she paid for half of everything because he loved her. She clearly means well but she may be upsetting the balance of the relationship and robbing him of the dignity of being responsible for himself.

[lillymcsniff]

Sorry this woman seems really sweet but I can’t help rolling my eyes and feeling envious of someone with no student debt.

[Volcfom]

Great interview!

Being "financially naked" is the key to avoiding a lot of problems later on. My husband is debt free but has bad credit; I have student loans but great credit. I cover my loan costs and we split living expenses, but I like what Erin and her boyfriend do. Now that my hubby makes a decent amount more than I do (used to be reversed), I'm hoping to have another conversation about reallocating funds. It's tough while also saving for a house, but every year gets easier.

[laurenconrad]

23k in NYC. I just heard my jaw hit the floor. I mean, good for you. That's fantastic that you made it work. But whew. NYC on 23k.

[soccerchick]

As a ''Milennial' I think it's important to understand there is a time and place to spend money.
Something I've been working on, is asking myself do I need it? Do I want it?

I agree with a lot of these comments.
She had help from her parents, to cover college expenses.
Not everyone is fortunate enough to have that.
Some college students have to work for everything,
they have and have no outside help.
She was able to graduate from college debt free because she had help.

Find a college student, that works 2-3 jobs, goes to college full time
and has no outside help with expenses.

[MsJudiXO]

I'm binge watching TFD but had to stop and echo people's sentiments. I would rather take advice from someone who has BEEN broke and gotten out of it. They have a first-hand experience on the subject. Erin Lowry was never broke; in fact, she was undeniably privileged/lucky/fortunate. I do appreciate that prefaced some of the story by telling us so, but, I can't relate to her. :\

[TheRDGuarantee]

It's great to see some financial transparency. Somewhere along the line, talking about money and finances became taboo and it's really hurt the millennial generation as we are growing up!

[laurenconrad]

Fantastic interview. I hadn't heard of broke millennial, which surprised me. I thought I would have. Going there right now.

[UltraHuman]

My fiance's idea of managing money used to be (and sometimes still is) too stress about it until all the bills are paid. We used to butt heads because he wouldn't sit down to look at a written budget but he finally started to realize that his stress often lead to spending more money (ie that beer after work, etc) and half the time it wasn't at all necessary because the money was there to cover things when it was all laid out. It was such a strange habit to me at first, but I started to realize he was NEVER talked to about money at home, and after his father passed away when he was 17 his Mom didn't even know how to manage money and blew through more money than I can comprehend. People's pasts with money shape their futures so drastically, I'm super happy for Erin that her parents taught her such excellent money habits 💕👍

[TeganES]

I really liked the advise on the financial aspects of a serious relationship. Looking forward to reading the book and I hope this topic is discussed further.

[sangaysherpa]

I usually don't comment on videos but seriously this is the best YouTube channel. It has helped me alot from being broke .😅

[MISSPHOTOGENICBABY]

Damn I really like her lol does she have a channel?

[HangNguyen-ihrf]

Most people graduate with debts. How many people graduates have plenty of saving in their bank and debt free?

[bitgirly]

Graduating from university without debt was a goal I was able to meet but it didn't come without some personal sacrifices. Everyone has to look at their lot and decide what is best and most important to them. Grateful for this channel and others like it that help us with being as informed as possible to avoid "rookie" financial mistakes.