When you start writing a blog about money, people want to know your thoughts on all sorts of finance related topics. For those new and old to mastering money, the question of what books to consume always seems to make its way to the top of the list.
Well, last week I was sent The Millennial Money Fix. This book, written by Douglas Boneparth (@dougboneparth) and Heather Boneparth (@averagejoelle), offers a glimpse into some of the major financial issues facing Millennials today.
Douglas is a Certified Financial Planner (CFP) with his own boutique wealth management firm, and his wife, Heather, is a lawyer. The Millennial Money Fix seems to be their creative outlet for telling their story about dealing with what many Millennials face today – massive student loans. The Millennial Money Fix is a cathartic work that aims to help Millennials win the battle over their debt.
One of the main themes the Boneparth’s highlight early in the book is how Millennials face a different work environment than their predecessors, which requires a change in attitude and outlook. There seems to be a different playing field and rulebook needed for success.
Millennials never had an institution to begin with. We don’t need to reinvent ourselves to survive – we need to invent ourselves to thrive. No templates. No pathways to partner.
My favorite point of the book, as a self-proclaimed debt eagle (read the book), is that you must accomplish the basics of personal finance before you begin investing.
You need to earn the right to start investing.
In other words, have you done the work necessary – through setting goals, paying off credit cards or students loans – to begin investing? Have you truly earned the right? The process by which you build your financial bedrock will define your progress. Savings and building up an investment portfolio is only part of personal finance, albeit an important one.
Lastly, the Boneparth’s tackle the idea of financial independence.
Maybe our retirement is not retirement at all. Maybe it’s called financial independence: the pinnacle of our ability to do what we want.
They highlight a fear among many Millennials, that traditional retirement may be a fleeting concept. The Boneparth’s argue that financial independence should be the new goal and the idea of stopping work altogether may be outdated, or unachievable, for many people.
Overall, The Millennial Money Fix is written in a quick-to-read conversational style. I would recommend this book to anyone who is entering college, seriously contemplating graduate school, or financing any type of continued education. It will serve as a cautionary tale and hopefully encourage you to pause and reflect on what could be the biggest financial decision of your life.