She Strengthens

Money Matters: Getting Real with Erin Lowry of Broke Millennial

The Power of Open Conversations

In the world of personal finance, it’s refreshing to find individuals who aren’t afraid to talk openly about money. Erin Lowry, the brilliant mind behind Broke Millennial, is one such person. Her dedication to breaking down financial barriers and promoting honest discussions about money is truly inspiring.

A Childhood Lesson in Financial Literacy

Erin’s journey with money began at a young age. Her parents, who were open and honest about family finances, taught her the importance of budgeting and earning her own money. This early education laid the foundation for her future success as a personal finance writer and speaker.

From Krispy Kreme to Net Profit

At just seven years old, Erin learned about net profit when her dad used her Krispy Kreme donut sales as a teaching opportunity. This early lesson stuck with her, and she continued to develop her financial literacy throughout her childhood.

Financial Independence

Erin’s parents never fought about money, and their willingness to talk about it made her feel comfortable discussing financial matters. This openness helped her develop a strong sense of financial independence, which she carries with her to this day.

Debt and Marriage

When it comes to debt, Erin’s approach is straightforward. She and her boyfriend, Peach, have created a plan to tackle his student loans once they get married. By using her salary to cover base needs and his salary to focus on debt repayment, they aim to pay off the debt within two years.

Career Path

Erin’s career journey has been anything but traditional. From working as a page for The Late Show with David Letterman to building her personal finance brand, Broke Millennial, she has consistently pushed herself to pursue her passions.

Negotiation 101

Erin’s first experience with negotiation came from haggling at markets in Asia during her childhood. This skill has served her well, particularly when she negotiated a significant salary increase after researching industry standards and presenting her case to her employer.

Money Regrets

One of Erin’s biggest money-related mistakes was waiting too long to invest. She wishes she had started investing earlier, especially since she was already saving aggressively. This experience has taught her the importance of taking action and not letting fear hold her back.

Big Financial Goals

Erin’s ultimate goal is to beat her dad to becoming a millionaire by 35. To achieve this, she’s living below her means, aggressively saving, and investing regularly. She also conducts monthly net worth updates to track her progress.

Overcoming Financial Setbacks

When faced with financial setbacks, Erin takes a step back, assesses the situation, and identifies ways to prevent similar mistakes in the future. By practicing forgiveness and self-reflection, she’s able to move forward and continue working towards her goals.

Defining Success

For Erin, success is about living life on her own terms. As a freelancer, she values the freedom and flexibility that comes with being her own boss. While she acknowledges the uncertainties of self-employment, she feels successful in her current state and is committed to continuing her journey towards financial independence.