Broke Millennial Book Review [2021] Is This The Sure Book For You?

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Welcome to my Broke Millennial book review! 🙂

If you’ve checked out my best personal finance books list, you would know that Erin Lowry’s Broke Millennial book is one of them. She gives simple explanations with her quirks written all over the book on how to master your finances.

Or in her words, “Get your financial life together”.

If you’re a millennial (or even if you’re not), this is probably the book that you wanna get just to have a better sense of where you’re currently at right now.

I want to give a very thorough review of this book – because I didn’t get to read any before I purchased the book and I thought someone out there might need that little push aka this review, to grab and give it a read.

So if you’re one of them, let’s see how this book can change your financial life.

Who’s Erin Lowry & Why Do You Need To Listen To Him?

Before we get started on the book, let’s take a look at the author, Erin Lowry.

broke millennial book review

Now, I need to put a disclaimer here that I don’t know who Erin Lowry is before I picked up the book. But she does give a bit of her background on the book for you to understand why you need to listen to her.

She started just like any other millennial, like you and me, but instead of being very careless with money, she’s been instilled to be excellent at managing money by her parents.

And she’s started to write about finances on her blog

To give you better comfort, Erin Lowry is not just another personal finance blogger. She did get a CFP (certificate of financial planning) so rest assured, she knows what she’s talking about.

Yours truly here is also on her way to get herself certified as a financial planner too *wink wink*.

When her blog got bigger, she came to the opportunity to write this awesome book as a guide to the millennials out there when it comes to managing finances.

Alongside my other all-time favorite personal finance books, Broke Millennial has been the go-to checklist that I refer back to whenever I came to a financial standstill.

And I’m sure, this book will guide your personal finance journey too. So let’s take a look at what the book is all about.

Broke Millennial Summary

broke millennial book review

Yes, I only read from my Kindle. You can get a Kindle Unlimited here too: Kindle Unlimited Membership Plans

Broke Millennial isn’t a story book – I mean we all know that already.

But you will still get some insights into Erin’s life experience as well as other qualified financial advisors. So the book isn’t just very theoretical and dry. Depending on your humor level, you might find this book entertaining too.

Treat this book as a guide to different financial forks that we usually face. This can be from the basis of saving money to the decision of buying a house.

Erin provides a simple checklist in every chapter of the book so you can always go back and see where you’re currently at right now and what other boxes that you have to tick.

If you’ve never established your relationship with money, this is the book to grab.

What’s Inside Broke Millennial Book?

Chapter 1: Money Isn’t the Worst! Seriously.

Erin shares her own childhood experience or story with us on how her father teaches her the concept of money. This is just an opening to how she’s become who she is now – someone who aims to get her money foundations right.

She will also explain on why you need to continue reading the book and which chapter you will need to skip to depending on where you are with your money.

2% of the content is towards this chapter.

Chapter 2: Is Money a Tinder Date or Marriage Material?

Basically whether your relationship with money is a hit-it-and-forget-it kinda relationship or it’s something that’s actually long lasting.

She also touches on why our understanding of money is much more important than having it. This is something that I have now instilled in myself and will forever advocate. Our personal finance knowledge is far more important than actually having millions and don’t have the appropriate skills to manage those millions.

Other than that, Erin covers the relationship with money that we have, based on our family relationship and by the end of the chapter, you will get some activities to do in order to get your mindset right.

2% of the content is towards this chapter.

Chapter 3: Do You Have a Gold Star in Personal Finance?

This is something that I write as well on my blog – learning the financial formulas and the benchmark to analyse your current financial standing.

You will get some benchmarks including but not limited to emergency fund and your debt-to-income ratio.

So once you’ve achieved those benchmarks, you’ll get yourself a gold star.

4% of the content is towards this chapter.

Chapter 4: Dealing with the Dreaded B-Word

Budgeting! 😊

Budgeting is a vast topic simply because there are a lot of budgeting techniques that you can try. This is when you’re still new to money but once you’ve become more comfortable, you are more than welcome to create your own budgeting technique.

Erin actually writes down every budgeting technique that I know and she also mentions some software that you can use. If you’re interested, you are free to choose whether to use them or not.

Mind you that this chapter is not just listing down different techniques, Erin actually goes through step-by-step on how to start budgeting for each technique.

5% of the content is towards this chapter.

Chapter 5: Picking the Right Financial Products (aka The Chapter in Which This Book Pays for Itself)

I wish I’d picked up this book much earlier because I needed someone to teach me this.

If you just grandfathered a bank account simply because your parents use those banks not because they are actually good for you, you might want to go through this chapter in detail..

Erin has a checklist on what you need to know when choosing financial products like your bank account. This includes the fees that you need to be aware of, FDIC insured and many more.

She does give bank recommendations and she touches a bit on credit cards and how to find one that works for no one other than you.

4% of the content is towards this chapter.

Chapter 6: Credit Reports and Scores: The Report Card for Life

No one teaches about credit in school.

I didn’t know about them until I wanted to buy a house. But it’s not too late to learn about credit – both credit score and credit report.

By the end of this chapter, you will understand the importance of credit, what are credit score and credit report and how you can know your own score and report of your financial history.

And of course, if your credit history isn’t that stellar, Erin teaches different ways you can do to fix them and a few things that you do in your daily life that can affect your credit score.

This chapter is really in detail, it cover collections and what you need to do if this happens to you, as well as the myths surrounding the topic of credit.

8% of the content is towards this chapter.

Chapter 7: Wait, I Shouldn’t Just Pay the Minimum Due on My Credit Card?

You will learn what happens if you just stick to only paying the minimum balance amount every month – which spoiler alert, is not good.

But other than that, you will learn about credit card from start to finish. From how to choose a credit card, what the promotional rate means to a handy dandy checklist on how to handle a credit card.

This is the book and chapter you will want to read as soon as possible because I do wish that I’ve gotten this book much earlier before getting swamped with all the credit card fees.

3% of the content is towards this chapter.

Chapter 8: Yikes, I Already Have Consumer Debt. What Now?

First, you’ll understand what consumer debt is really all about and 3 ways that can help you ditch your consumer debt fast. Some of them are already being covered in this blog, but I hate to say that the book goes through them in a lot more detail.

There are a lot of step-by-step guide here, so don’t worry if you’re currently stuck with debt. Erin is amazing at showing you the way without overwhelming you.

Once you know how to get your consumer debt under control Erin teaches on what to look for when getting loans and what kind of loans you need to avoid.

Last but not least, if you’ve found yourself to be drowning in consumer debt, it’s time for you to be naked with your habits and try to nip it in the bud.

8% of the content is towards this chapter.

Chapter 9: Student Loans: How To Handle Them Without Having a Full-On Panic Attack

One of the reasons why I really advocate for students to grab this book is mainly because of this chapter. This is probably the most thorough content on students loans I’ve seen in a personal finance book.

From learning the different student loans that are available out there to handling those loans when you’re still in school (yes, when you’re still in school) and after you graduate.

You will learn about the grace period, forebearance, income drive repayment and many more. All the things you need to know about students loans perhaps even before you start going to college.

9% of the content is towards this chapter.

Chapter 10: I’ve Got Debt, So Why Should I Care About Saving? (Pay Yourself First)

This is one of the parts of personal finance that I’ve personally struggled with and I’m sure I’m not the only out there.

This is a good guide for you to know on how to start saving even with very low income.

You will first learn how to squeeze some money to save and then find ways to start earning more money, which includes asking for a raise.

There’s a checklist as well for you to use to change yourself from being a spender to a saver.

3% of the content is towards this chapter.

Chapter 11: I Can’t Afford to Split This Dinner Bill Evenly! (Navigating Finances and Friendship)

This chapter is gold.

Many personal finance books don’t actually cover this topic. And it’s more like a reassurance on why it’s okay to act a certain way in social settings to care for your wallet.

Learn the dos and don’ts!

2% of the content is towards this chapter.

Chapter 12: Getting Financially Naked with Your Partner

If you’re getting serious with someone, this chapter will give you sort of a checklist on how to break the ice on each of yall personal finance standing.

This is a must exercise to go through so that your finances won’t be in the way of your relationship.

4% of the content is towards this chapter.

Chapter 13: Paying Rent to Your Rents: Overcoming the Emotional and Financial Battles of Living at Home After College

I came from a family with a culture that it’s okay to live with your parents until you get married. Actually many of my friends didn’t get to move out of their parents place before getting married – and yes, that’s a thing. I’m Asian and many parents are still conservative.

That said, if you find yourself homeless after graduation, Erin shares her journey on going back to living with her parents and basically the dos and don’ts.

2% of the content is towards this chapter.

Chapter 14: How To Negotiate Salary (or Anything Else) by Learning to Ask for What You Want

I personally learn this art from Ramit Sethi but Erin does share a fair share of good tips on how you need to re-evaluate your worth and get yourself a better paying job.

This is suited for both traditionally employed people are well as freelancers.

3% of the content is towards this chapter.

Chapter 15: Investing: No, It Isn’t Gambling!

I personally not exactly sure why the investing topic is at the back of the book but no worries, Erin still goes through this chapter in detail.

If you don’t really know how to start investing OR if you think you haven’t really invested before, this is the chapter you really need to read.

Erin also covers on how to start investing even when you’re in debt.

5% of the content is towards this chapter.

Chapter 16: Retirement: Can It Ever Happen for Me?

Not everyone think they can retire, and to those people who think they do have enough to retire, many of them don’t actually have enough.

This chapter basically goes hand in hand with Chapter 5 but this is more of a guide on how you can start saving for your retirement now.

The different investments you need to know, how to get started and how the investments you’re making can affect your taxes.

Again, this chapter is for both traditionally employed people as well as freelancers, like moi.

4% of the content is towards this chapter.

Chapter 17: I’m Not Rich Enough to Hire a Financial Planner

First thing you will learn is the difference between a financial advisor and a financial planner. In my opinion, because the term is often used interchangeably, this shouldn’t be something that you will need to know more of.

That said, there are things you will want to make sure your financial advisor/planner has. And Erin will share the checklist with you in here.

You will also know how to go about hiring a financial professional – if you choose to do so.

3% of the content is towards this chapter.

Chapter 18: But My Broker Said I Can Afford This Much House

Last but not least, a chapter on when you’re ready to buy a house.

There are a lot of things that I wish to read and know before buying my first house. That said, this chapter isn’t exactly the most detail. You will still need to perhaps pick up another book specifically on this topic if you really want to study this.

Erin does not talk about rental properties as much though – only from the point of view on buying a house for your own stay.

3% of the content is towards this chapter.

Who Should Read Broke Millennial?

Anyone who’s new to building a relationship with money should read this.

What I meant by that is, yes, millennial, but also gen Z who are going to or in college right now could definitely benefit from reading this book.

I don’t think money maturity comes with age. If you’re in your 30s, but you’re still not sure how to get rid of your credit card debt, you probably still want to grab this book and give it a read.

Even though you think you might know many of the topics already, you can always learn something new from this book.

How Do Books Make You Rich?

In the book, Erin even mentioned that the best empowerment when it comes to money is not necessarily by having a lot of them – but to actually know and understand them.

And books are the next best thing you can have instead of paying for your own personal financial advisor.

And from my experience, personal finance books have been THE ones that have truly shaped my mindset when it comes to money. Broke Millennial book is definitely one of them.

So, if you’re still on the fence, not knowing what you should do with your money, let this book be your guide.

Get the book here on Amazon: Broke Millennial: Stop Scraping By and Get Your Financial Life Together (Broke Millennial Series)

Or opt for an audible book instead: Try Audible Premium Plus and Get Up to Two Free Audiobooks

broke millennial book review

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4 thoughts on “Broke Millennial Book Review [2021] Is This The Sure Book For You?”

  1. This a a great review of the Broke Millennial. Although I am not a millennial there is much in this book that would apply to me as well.

    I also do have millennial kids, I might have to pick up this book for them. The sections on not just paying your min payment and also paying back student debt are important things for people to know.

    It is a shame that the school system does not teach these things to kids, but this book will be a great help.

    Thanks for the review.

    • This book would be a great gift to your millennial kids! 🙂
      I hope they will get to learn a lot of things to get their finances in order early with this book.

  2. Hey,

    This is an interesting article and sounds like an interesting book too. I am not a millennial but I do have a niece and nephew who are millennials and I know a few more millennials who might find this book interesting. They will find this article interesting too, so I am going to share this article with them. I will encourage them to read it thoroughly and leave you a comment too.

    If they have any issues or burning questions then I will advise them toe get in touch with you, if that is OK with you?

    Thank you for sharing and keep up the great work.

    All the best,


    • Hi Tom, of course! Feel free to share this with your niece and nephew.
      This book would be perfect for any millennials out there 🙂


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