About the book
The Millennial Money Fix sets out to equip the average person with financial advice catered to prepare its readers for the different stages of life. Its authored by Douglas and Heather Boneparth, founders of Bone Fide Wealth LLC, and the creators/authors of bonefindewealth.com. That’s not to mention they are both fellow Millennials. In their book, they both share their knowledge and real-life experience in how they view the Millennial Money Problem.
In this book, you will learn about the burdens of student loans. Sure most of us already feel the burden, but they talk about the wide-scale burden student loan debt truly is. The book goes deep into how the Millennials are in uncharted waters compared to the financial issues of past generations. And it’s because of this unique burden that it’s important to get modern financial advice. Advice from someone who has survived the woes that the younger generation is going through. If you are in need of financial advice, you could reach out to a financial consultant like Freedom Advice.
Who is it for
This is a book for beginners. It’s finance 101 as it’s primary purpose is to distill down complex concepts into easy to understand vernacular. If you are a financial advisor, you may not find the content to be necessarily groundbreaking. But for everyone else, you will find something to help you with your financial situation.
The book first dives deep into student loan debt. With such a widespread issue, it seems like an appropriate place to start. The book jumps into the classifications of student loans as well as the differing methods of repayment. Some of this information may be googleable (if this isn’t a word it should be), but where the book really stands out is its chapter solely dedicated to the choosing of a college. The authors teach you how important it is to look through the lens of a financial advisor when considering your future. While reading these chapters I couldn’t help but see all the mistakes I made as I chose my college, and the mistakes I’m currently making as I repay my current loans.
The book then goes on to discuss several other topics ranging from W-2s, employee benefits, understanding cash flow, when to invest, how to invest, and family budgeting. While reading, I quickly realized that the authors ordered the chapters in a mostly chronological order of your life. It starts off with picking a college, then considering taxes, then investment education, followed by family budgeting. I noticed that because when I first started reading the book, I wasn’t learning much that I could improve now. Most of the early learning I had either missed my opportunity (college/loan selection), or I had learned the hard way (W-2s and employee benefits). But then I got to the chapter of where I am in my life “earn the right to invest” and I immediately learned a ton. Right now I’m in the process of asking myself, when and how should I start investing. So this read was timely. The book explained things in a very practical way, so I have a better understanding of what I need to be thinking about. From that point in the book on, I felt like it equipped me with tools that I plan to start using today. To get more information on investing money wisely, take a look at articles over at Stocktrades.
I recommend this book. As the name would suggest, Millennials, no matter where you are in your career progress, will find value in this book. Older generations possibly less so but there is wisdom to be absorbed here. If you have had to deal with these concepts for most of your life, you may find its content a good refresher. Where the book is really going to shine is for the people early in their journey. Even though the name suggests this is a book for Millennials, don’t be fooled. It’s more suited for the youngest generation. I think that the authors have crafted an excellent book that will allow for younger generations to learn from our (Millennial) mistakes. For someone to get the most out of this book, you need to be in the Gen Z category. The oldest Gen Zer is 18 right now, which means they are just now starting to look into colleges. If you are in this position, you will find value in this book cover to cover. Reading this book now is going to save you thousands of dollars in the future. Not to mention the soft dollars you will save by not allowing yourself to be consumed by financial stress. If purchased at the beginning of your “adulthood,” this book is a small investment that will have an incredibly high return.
Purchase This Book: The Millennial Money Fix