YOUNG adults face a number of challenges when taking ownership of their finances — and there are several myths millennials should know about.
To help, Erin Lowry, a personal finance expert, has debunked them and offered tips so young adults can take their financial life to the next level.
Erin was inspired to write Broke Millenial to help young people take control of their financesCredit: CreativeLive and Casey Cosley.
Erin, 32 and current resident of New York, told The Sun about one of her first experiences with money.
She was just seven years old, and she wanted to earn some cash.
So, Erin decided to sell Krispy Kreme donuts at her mom’s yard sale.
Her dad agreed to be her backer and cover the initial cost of the donuts.
Then, Erin hired her four-year-old sister, and the two of them sold glazed donuts for the marked-up price of $0.50.
Erin always had a drive to earn her own money, even as a kid.
Her parents also taught her financial lessons growing up and talked about money on a regular basis.
She said: “I remember my dad driving home the importance to me and my sister when we were fairly young.”
She even jokingly described her childhood as the financial “School of Hard Knocks”.
Yet, thanks to her yard sale experience and regular money talks at dinner time, Erin already had knowledge of value-based spending, how to save and how to budget entering her adult life.
But when Erin graduated college, she realized that not everyone had this knowledge, even people who came from privileged backgrounds.
Because of this, she was inspired to write Broke Millennial to share this information and help young people take control of their finances.
She also wanted to make conversations about budgeting, financing and investing easier to have with other people.
Erin has noticed that one of the biggest problems young people have when they are trying to become financially independent is that they are not asking questions.
Erin explained: “Young people don’t want to be vulnerable and [be intuitive] because they are afraid to be perceived as less than.
“If young people aren’t asking questions, there is no way to learn.”
So to help, Erin has decided to debunk a few finance myths.
Myth #1: Investing takes a lot of time
The first myth Erin has decided to debunk is that investing takes a lot of time. It …….