Who Are You?
Erin grew up learning about money early on in life. Her parent’s made it very clear that they wouldn’t pay for anything that wasn’t a necessity unless she was willing to pay for half. One of Erin’s fondest memories was when she sold donuts during a yard sale. She made $20, only for her dad to take $8 (his costs for buying the donuts) and $2 for her sister (who helped her sell them). Erin recalls that being her first experience with money.
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After living in Japan and China from the ages of 10-18, Erin went to college, and her parents helped her pay 50% of it. She considers herself privileged to have had her parent’s help, but she did compromise by going to the school of their choice, even though it wasn’t her top pick. Even though it wasn’t her top choice, Erin was able to graduate debt free, and then moved to New York City. Money management as a millennial is an important topic for Erin, and she tries to share her knowledge with those in her generation.
What is “Candy Tax”?
When Erin was a child and would go trick-or-treating for Halloween, her father would take a few pieces away and tell her about candy tax. For Erin, it seemed unfair, but her father would explain that he helped take her out and chaperoned her, so she owed him. As Erin got older and started paying taxes, she understood what her father was trying to teach her.
What advice do you have for people who didn’t grow up learning about money the way you did?
Erin believes the first thing you should do is recognize what your psychological roadblocks with money. While she understands that you may never fully get over your roadblocks mentally or emotionally, by knowing that they’re there, you can start to create systems that protect you from yourself.
Money management as a millennial can be hard, and Erin agrees. She knows everyone has their own money baggage. But that doesn’t mean you can’t break the cycle and still come out on top with your money.
How do you handle money management as a millennial when it seems like everyone is spending their money and doing better than you?
Erin thinks that everyone should block the noise and figure out what works best for them and their budget. Keeping up with the Joneses seems to be in your face more with social media, but that doesn’t mean you have to deal with it. Erin recommends a social media detox for a short term solution, but also learn that everyone has a different walk of life so you don’t always have to do that.
Erin also believes in transparency, and showing more behind the scenes. This includes the hard work she put in for her book “Broke Millennial”, and also how hard she works as an entrepreneur to get the things that she has.
Ultimately, Erin knows that you should put value on the things that are important to you, not what society thinks is important. So if that means having a family, or focusing on your career, if it works for you and helps you with money management as a millennial, then go for it.
As a millennial, what do you think about attending weddings and moving back in with your parents?
Even though millennials are pegged as the generation of never getting married, many still are. And money management as a millennial can be hard when you are attending multiple weddings, especially when you have to travel. Erin prefers to turn down invites that she considers financially irresponsible for her to attend, but she does send a gift to show her appreciation of the bride and groom.
Erin and her boyfriend have been together for 7 years, and Erin believes that if they ever decide to tie the knot, she wants it to be low-key. She’s not a fan of paying for a bunch of “things” that she doesn’t really need or care for. This goes towards what she values as well. She values her relationship more than just having a wedding.For friends getting married, Erin knows that if she really wants to attend a wedding, she will save for it in advance.
Erin also doesn’t see a big deal with moving back in with your parent’s as an adult. She believes that if it works for the whole family, and if you are contributing, then it doesn’t matter. She has lived in a culture where multi-generation families are the normal, and she believes it can be beneficial for quite a few reasons.
What is one financial tip you have that could help the readers improve their finances right now?
Erin’s tip is that you should know your cash flow, and have a budget. She recommends sitting down with pen and paper and write down how much money you have coming in and out. She also recommends adding in a 100-dollar buffer in case you forget something.
How do you make money your honey?
Erin makes money her honey by having regular money meetings with herself and knowing her budget. Erin believes money management as a millennial is important, and recommends every millennial have regular check-ins with their money, even if they aren’t making or spending much money.
Where can listeners go to find out more about you?
Email to get a free bonus chapter. Subject line should be “Money Honey”
Resources that are mentioned or add value to this episode:
- Betterment – Get 30 days free!
- Acorns
- Personal Capital – My go-to tool for tracking my net worth.
- The Desire Map by Danielle LaPorte