Episode 003: Erin Lowry on Millennials, College Debt and Asking for the Order

Erin Lowry is a double major in journalism and theatre and writes on finance and money related matters for the millennial generation. She lives in New York and is founder of brokemillennial.com where she is on a mission to explain financial concepts and money saving tips to her fellow Millennials using a little humor along the way. Erin is also a freelance writer for both Daily Finance and US News and World Report. Erin has deservedly been recognized for her astounding contribution to the finance and money industry, being voted ‘Top Finance Blog’ and winner of the ‘Best Personal Finance Blog for Young Adults’. Erin has also been featured on Forbes and Reuters, as well making appearances on TV, radio and other podcasts for her advice.

Economics and Finance Themes:

In this interview, Erin mentions and discusses: millennials, Generation Y, student loan debt, credit card debt, savings, habits, business startups, money, returns, net profit, incentives and perfect competition.

Erin’s Influencers: 

Her Mum and Dad, Warren Buffett, Bill Gates, Mark Cuban and Magic Johnson.

Find out:

• how a Krispee Kreme gave Erin her biggest lesson in understanding finance, money and net profit at the tender age of seven.

• how living in Japan and China during her childhood developed a different money mindset to her fellow consumer-led American peers.

• how Erin left college debt-free.

• who are millennials, if you are one and, if so, are you narcissistic and lazy?

• about the massive student loan and credit card debt taken on by this generation and what you can do about it.

• the money-saving tips that you can use in college or at work.

• how saving a little, even $2, from a paycheck now will develop into a powerful life habit.

• the importance of having a mentor in your life, particularly as a young adult.

• the importance of networking for millennials.

• how ‘Asking for the Order’ can help you succeed.

• some money-saving dating tips.

• how you can use your free-time between college classes or in the evenings to become creative and generate supplementary income.

• how to manage your credit card and to use it to your advantage.

• about the importance of list-making and how this can empower you.

• about the ‘Snowball Method’ and how it can make you feel good.

Advice:

• If you felt an outcome was unfair, ‘Ask for the Order’.  If you don’t tell people what you want, they can’t read your mind and the worse someone can tell you is ‘No’..

• I find that list writing helps me organize my thoughts and then when I cross something off, it’s just such a satisfying feeling.

• If you are having debt problems, talk about it to your loved ones, to your closest friends, to a credible financial planner or to a priest.

Personal Habits:

A respect for money was instilled in Erin at a young age by her father, which she carried right through into her adult life. As a head-strong decision-maker, Erin was faced with an ‘economic’ choice in adolescence which resulted in her finishing college debt-free! These traits, coupled with her mother’s mantra ‘Ask for the Order’ has given Erin enough social and financial clout too pursue her love of personal finance and helping fellow millennials to straighten out their finances.

Takeaway:

• ‘Your relationship with your parents and how they treat money is huge because we started learning about money from an incredibly young age’.

• ‘I find very fascinating… men and women that are able to go out and start their own companies and start with very little money and even not necessarily a lot of knowledge about something, and they teach themselves and they just go out and work really, really hard and I think that that’s the realization of the American dream and that it still really is possible.’

• ‘Put yourself out there, develop contacts and network with others. You can be successful this way.’

• ‘Never just make the minimum payment on your credit card. Pay it off in full. Banks will earn high interest on outstanding credit card debt.’

Recommended Books:

• Personal Finance in Your 20s For Dummies by Eric Tyson
• The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich by David Bach
• The Ascent of Money by Niall Fergusan

Favourite Internet Resource:

• Twitter

Where to Find Erin Lowry:

• brokemillennial.com
• magnifymoney.com

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