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Millennial Money Makeover: Escape Debt, Save for Your Future, and Live the Rich Life Now
Over half of Millennials are freaked out by their finances. Luckily, with Millennial Money Makeover readers now have a guide to help them navigate the financial issues of their time. Certified public accountant Conor Richardson offers a refreshingly helpful and elegantly designed program to tackle essential money matters. Millennial Money Makeover takes readers on a six-step journey to transform their financial life and set them up for lifelong success. From learning how to pay off student loans insanely fast to optimizing a financial ecosystem, Millennial Money Makeover teaches readers how to reclaim their financial future and jump-start the path to the rich life. Built for readers in their twenties and thirties, this book gives Millennials a proven playbook. Learn new hacks like how using robo-advisors can increase your returns and how leveraging delayed gratification when buying your first home can save you thousands. Whether you are planning a passion budget, figuring out how to finally purchase that big-ticket item, or thinking about taking your first dip into investing, Conor will show you the way.
240 pages, Paperback
Published January 1, 2019
68 people are currently reading
325 people want to read
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Displaying 1 - 30 of 49 reviews
March 28, 2019
Practical advice
Richardson gave very practical timely advice geared towards millennial who are looking to get their finances in order. I would recommend this to anyone looking to get out of debt or want to be financially responsible
Richardson gave very practical timely advice geared towards millennial who are looking to get their finances in order. I would recommend this to anyone looking to get out of debt or want to be financially responsible
December 12, 2019
Pretty good tips an advice for personal financial management.
Six-step journey to transform their financial life like putting some money towards retirement.
How to make a balance between cost,debts and savings with a practical formula.
Six-step journey to transform their financial life like putting some money towards retirement.
How to make a balance between cost,debts and savings with a practical formula.
March 4, 2019
Useful as a very basic overview but some terrible advice for a more sophisticated millennial with a basic understanding of personal finance. For example, he advocates using cash and debit cards, but never mentions the protections of credit cards against fraud vs debit cards. He also suggested closing credit card accounts but doesn't mention how that can hurt your credit score because of length of credit history. No mention of how credit scores are used in determining mortgage interest rates. Probably the most egregious thing to me was the total lack of mention of index funds and a treatment of how fees hurt your investment returns in the investing chapter. There's talk of roboadvisors and investing professionals. No discussion about asset allocation for investing. What's the point of defining a whole bunch of terms but never actually explaining how to use those things in practice?
June 7, 2020
The one positive thing that I took away from this book is the advice I’ve been hearing all around me for years: start a savings account, even if you don’t have extra money.
Aside from that I found nothing helpful or positive on this book, and in fact, it really led me astray.
The book contains some horrible advice that will deliver some serious hits to your credit rating and leave you without a safety net. I was keeping afloat, but worried about my growing debt. This book advised to pay off and close extraneous credit card accounts so you won’t be tempted to spend. I did that and immediately dropped into a lower credit rating because my “ratio changed.”
It looked bad on me for closing those accounts, and I still haven’t recovered.
In fact this book made me swear off financial advice books — I’ll stick to talking one-on-one with professionals in the field.
Aside from that I found nothing helpful or positive on this book, and in fact, it really led me astray.
The book contains some horrible advice that will deliver some serious hits to your credit rating and leave you without a safety net. I was keeping afloat, but worried about my growing debt. This book advised to pay off and close extraneous credit card accounts so you won’t be tempted to spend. I did that and immediately dropped into a lower credit rating because my “ratio changed.”
It looked bad on me for closing those accounts, and I still haven’t recovered.
In fact this book made me swear off financial advice books — I’ll stick to talking one-on-one with professionals in the field.
February 11, 2019
I wasn't going to put this on my reading list because I thought I would just skim it, but I ending up reading the majority of it and skimming just a few parts. I actually feel like this gave me some good tips and more of a plan of which things to tackle first and in what order. Also I liked how it was giving me affirmation in that if you are a millennial and have a 401(k) or at least are putting some money towards retirement - we are doing well. YES :) But really, first is to tackle any debt (aka student debt) and to get that emergency fund back in order. I have my plan, now hopefully I can stick to it without sacrificing the life I enjoy living!
January 12, 2020
I liked the basic overview of retirement accounts, the tips on dealing with credir card companies, and some of the mental tips for financial planning. But he gave basically no advice for dealing with debt other than "pay it off!!" and overall had stuff that is kind of a no brainer. Might be worth a read if you have no background in personal finance but definitely more of a skim read for the better tips.
January 29, 2020
The first couple of chapters does not really provide help! Then there is momentum. He gives some useful tips on how we could accumulate wealth. Just remember that book is mainly targeted people living in the US. I believe it was necessary to bring out the specifics of certain tactics. Overall, not a bad book.
February 13, 2020
Good info, though easier said than done.
March 26, 2020
This book had some fairly decent advice, but it became very repetitive and a lil bit preachy in parts.
April 23, 2020
I would recommend this book to people that are just starting a debt free journey and feel overwhelmed with financial concepts. Specific strategies and websites are listed in this book that mostly target those new to finance.
Not a terrible book, but not that useful either if you have read other finance books or are out of debt. I took about 4 nuggets of wisdom from a book that has 200+ pages. It takes me a few days to read 200 pages. Not a good return on investment.
Where I found some gold:
Chapter 4 is pretty useful (and probably the most useful in the entire book, spoiler: the author says this section is the most useful! Isn't that ironic)? I liked learning about why purchasing a new car is a waste of money.
The studies peppered throughout this book are interesting. I liked his idea about how to better understand larger numbers (also in chapter 4).
This book pales in comparison to other financial authors. Dave Ramsey is the next author I would recommend a person reads after they give this book a chance. I did have some moments of frustration when reading:
I feel like this author read several finance books, took the basic premise from each, and made a formula to target millennials. It isn't a bad idea, and he does give credit to the author's he borrows from, but MMM lacks originality. There isn't much new here, other than a fancy title, and some statistics that argue against buying stuff. I also disagreed with his perspective on house buying and did not enjoy being generalized as “that millennial that buys into the housing market late cause we are transient” But, I understand Richardson operates from a datapoint and draws conclusions from a statistic.
Most of this book’s content can be read online. I did also enjoy soaking in Richardson’s perspective. It was interesting to read how one should tackle debt, and compare his strategies to Dave Ramsey’s Baby Steps.
Not a terrible book, but not that useful either if you have read other finance books or are out of debt. I took about 4 nuggets of wisdom from a book that has 200+ pages. It takes me a few days to read 200 pages. Not a good return on investment.
Where I found some gold:
Chapter 4 is pretty useful (and probably the most useful in the entire book, spoiler: the author says this section is the most useful! Isn't that ironic)? I liked learning about why purchasing a new car is a waste of money.
The studies peppered throughout this book are interesting. I liked his idea about how to better understand larger numbers (also in chapter 4).
This book pales in comparison to other financial authors. Dave Ramsey is the next author I would recommend a person reads after they give this book a chance. I did have some moments of frustration when reading:
I feel like this author read several finance books, took the basic premise from each, and made a formula to target millennials. It isn't a bad idea, and he does give credit to the author's he borrows from, but MMM lacks originality. There isn't much new here, other than a fancy title, and some statistics that argue against buying stuff. I also disagreed with his perspective on house buying and did not enjoy being generalized as “that millennial that buys into the housing market late cause we are transient” But, I understand Richardson operates from a datapoint and draws conclusions from a statistic.
Most of this book’s content can be read online. I did also enjoy soaking in Richardson’s perspective. It was interesting to read how one should tackle debt, and compare his strategies to Dave Ramsey’s Baby Steps.
July 9, 2019
The problem with books like this is that they are unrealistic for a great swath of the population. The advice is good, but a lot of people are living paycheck to paycheck, not because they're wasting money on frivolities and could redirect that money elsewhere to pay down debt or build savings, but because their take-home pay does not adequately cover monthly bills, groceries, gas, unexpected medical bills or emergencies, etc.
I have read plenty of finance books and understand the steps. I do not have the base income to follow through. And the advice to simply look for a better career is naïve at worst and condescending at best. If I could have leveraged my degrees into a better career with a higher salary, I would have. I live in a relatively poor area with a lack of jobs, my degree field is small, and moving isn't an option.
So again, the advice is solid. Just not for those who are truly living paycheck to paycheck.
I have read plenty of finance books and understand the steps. I do not have the base income to follow through. And the advice to simply look for a better career is naïve at worst and condescending at best. If I could have leveraged my degrees into a better career with a higher salary, I would have. I live in a relatively poor area with a lack of jobs, my degree field is small, and moving isn't an option.
So again, the advice is solid. Just not for those who are truly living paycheck to paycheck.
July 4, 2019
The book is very reminiscent of your standard financial advice blog but without a lot of the attention grabbing or wit (so like page 3 of google search material). While it was nice to have an up-to-date financial book that talks about what the 20/30 somethings are facing today a true beginners book would need way more hand holding and a number of the more advanced concepts are just as hand-wavy and unexplained as in the “traditional” financial scene. That being said this is not a deep dive book by any means. It would have also been way easier to reprint the few satire cartoons (mainly from the New Yorker) than to try and explain them with words.
(Unrelated to the review if you need a successful people deterrent at a 4th of July party you don’t want to be at this book does wonders.)
(Unrelated to the review if you need a successful people deterrent at a 4th of July party you don’t want to be at this book does wonders.)
May 30, 2023
Thought parts were really good and I hadn’t heard before but it didn’t really give tons of “ok you know the theory. here is how to do it” which is what i was looking for
December 8, 2019
“Many millennials feel overwhelmed by the economic challenges they face, and are often ill-equipped to get their finances together. But this doesn’t need to be the case! Simple steps like learning to budget with passion, structuring your savings account, and taking the plunge and investing in homes, stocks or bonds, can set the typical millennial on the road to financial success. If millennials can cultivate the confidence to establish sound financial habits, they’ll soon start to reap the rewards.
Actionable advice:
Get (financially) naked.
Thinking of getting married? Then, you and your partner need to bare all, financially speaking. Financial stress is cited as one of the leading factors in divorces. That’s why your “happily ever after” begins with laying numbers on the table. Sit down with your partner and compare your respective debts, savings, and credit scores. Awkward as it may seem, having a frank conversation about your financial status, spending habits, and savings goals will set you up for a healthy financial partnership with your future spouse.”
Actionable advice:
Get (financially) naked.
Thinking of getting married? Then, you and your partner need to bare all, financially speaking. Financial stress is cited as one of the leading factors in divorces. That’s why your “happily ever after” begins with laying numbers on the table. Sit down with your partner and compare your respective debts, savings, and credit scores. Awkward as it may seem, having a frank conversation about your financial status, spending habits, and savings goals will set you up for a healthy financial partnership with your future spouse.”
August 26, 2021
For someone staring out, it’s mostly good advice. There’s a few questionable things … referring to paying the rent ahead of savings goals as a “haphazard way of managing your finances” stands out most. If you assume that all readers have enough money if they can control consumeristic tendencies then it corrects most of the bad advice … but that’s not a universal assumption & if the assumption was stated, i missed it.
The section chapter on money + relationships was interesting. Something not always discussed, but important.
The section on how worrying about how money makes you look older …. Less important …
There’s a lot of decent, if mostly uncreative advice. But basic money management shouldn’t be novel or different so uncreative is okay. There’s lot of nice quotes & stories, and they’re usually even mostly applicable to the material. I would suggest the book for my less financially literate friends if they asked for advice as a starting place, though likely not as my first choice.
The section chapter on money + relationships was interesting. Something not always discussed, but important.
The section on how worrying about how money makes you look older …. Less important …
There’s a lot of decent, if mostly uncreative advice. But basic money management shouldn’t be novel or different so uncreative is okay. There’s lot of nice quotes & stories, and they’re usually even mostly applicable to the material. I would suggest the book for my less financially literate friends if they asked for advice as a starting place, though likely not as my first choice.
March 9, 2022
An excellent book about money, how to gain financial freedom, and what to do once you have done so.
Basically it is a watered down, entirely relatable version of Total Money Makeover (Dave Ramsey). A kinder, gentler version of TTM.
If you, or someone you know, was never taught about taking care of your money once you start earning it, then this book is for you. It provides basic and practical advice about paying off debt, how to buy big ticket items once that debt is paid, and how to save for retirement.
If someone gave you Total Money Makeover or Financial Peace (also Dave Ramsey), and you can't quite relate, or it is too "in your face", then Millennial Money Makeover can help you do the same in terms of finances, but in a more relatable way.
Basically it is a watered down, entirely relatable version of Total Money Makeover (Dave Ramsey). A kinder, gentler version of TTM.
If you, or someone you know, was never taught about taking care of your money once you start earning it, then this book is for you. It provides basic and practical advice about paying off debt, how to buy big ticket items once that debt is paid, and how to save for retirement.
If someone gave you Total Money Makeover or Financial Peace (also Dave Ramsey), and you can't quite relate, or it is too "in your face", then Millennial Money Makeover can help you do the same in terms of finances, but in a more relatable way.
March 7, 2019
Nothing here that Dave Ramsey hasn't covered, other than catering to some of the issues that millennials have (lots of student debt, must have everything now attitude to spending).
What I really didn't like about the book is how text-heavy it is. For a book catering to millennials, there are very few charts, graphs, images, etc - nothing to stand out and make the text more readable. In fact, there are even descriptions of cartoons in it - I'm guessing that getting the reprint rights for the cartoons was just too much to ask for.
All in all, there's decent advice in here, but you have to wade through all the text to find it.
What I really didn't like about the book is how text-heavy it is. For a book catering to millennials, there are very few charts, graphs, images, etc - nothing to stand out and make the text more readable. In fact, there are even descriptions of cartoons in it - I'm guessing that getting the reprint rights for the cartoons was just too much to ask for.
All in all, there's decent advice in here, but you have to wade through all the text to find it.
December 31, 2020
Those who read finance help books are generally either desperate for help in their own situations or very well-versed and desperate for even more information. This book liens to the former as it explains financial concepts on a basic straightforward level. It’s a good one as it serves as an overview for many other popular financial books such as “The Richest man in Babylon”, and provides a summary for different financial concepts. Very user-friendly and the author was nice enough not to make too many jabs at millennials jokes.
February 25, 2020
Some helpful tips, but it felt like the later chapters were short on depth. I didn’t agree with some of his suggested savings amounts (I would put the emergency fund amount much higher). Plus the idea that those of us in expensive cities should just move elsewhere (despite the many factors that may make that difficult) seemed privileged and out of touch. Glad I read it, but I suspect there are better books on personal finance out there.
January 24, 2022
It was...fine. Like a lot of personal finance books there's an enormous emphasis put on "getting rich" or "living the rich life" which presumes that's something I even want (it isn't), but the advice regarding IRAs and 401Ks is solid, as is the general budgeting chapter. Worth buying? No. But a perfectly acceptable library find for someone in the early stages of learning to manage their finances.
March 9, 2019
This book covered more than your typical get out of debt book, I particularly liked that it included topics such as marriage/weddings and buying a home in the big ticket purchase section. I also liked that in the end it covered more on investing than your typical finance book of allocate 15% to a 401k.
August 16, 2019
For once, a book on financial literacy that isn't actually boring. I felt a lot more compelled to tidy up my financial habits and excited to step into the investing world. I love that he makes things much clearer with step-by-step guides.
The advice given in his book is also relevant and easy to follow!
The advice given in his book is also relevant and easy to follow!
January 8, 2020
DNF. I've tried this book twice and it just isn't holding my interest. I'm not sure if I'm the audience for this book or if the writer just isn't appealing. It featured a lot of advice I already have read in other books in the first 2 chapters alone. He also suggests the snowball debt action from a different author but does not give any credit.
October 20, 2020
For someone who grew up with parents who didn’t know a lick about investing or money management, this has been an absolute godsend. I see a lot of reviews calling this basic, but if you’re like me and your fam never taught you how to not live paycheck-to-paycheck, this info will change your life! Super grateful :).
January 21, 2019
This is a must-read for any Millennial. Sound financial advice for anyone looking to “turn professional” with their finances.
Similar in many ways to Dave Ramsey’s advice, but MMM is updated for 2019 and tailored specifically to Millennials.
Similar in many ways to Dave Ramsey’s advice, but MMM is updated for 2019 and tailored specifically to Millennials.
December 8, 2019
A quick start guide for the youth of today. Helpful for anyone who has no clue about managing their finances or are confused about what needs to be done. A good first step novel to be financially responsible!
January 9, 2019
Almost the same as Dave Ramsey's The Total Money Makeover, and almost exclusively targeted at US citizens.
January 10, 2019
Picked this up in a Barnes & Noble. Already implementing some of the steps to pay off my student loans! Going for debt free this year.
February 6, 2019
Awesome except it keeps saying that rent/mortgage is 20% of your pay which is unrealistic now (especially since this is a new book). And I would have liked to learn more about the investing part.
August 31, 2019
Pretty basic stuff, but good beginner guide.
Displaying 1 - 30 of 49 reviews