The Millennial Money Fix: What You Need to Know About Budgeting, Debt, and Finding Financial Freedom
Paperback: 224 pages
Publisher: Career Press (2017)
Douglas A. Boneparth, seeing how the recession affected family and friends, wanted to invest in them so he founded Bone Fide Wealth, LLC, a boutique wealth management firm in New York City which specializes in helping millennials achieve their goals. That passion earned him a spot in the Investment News Top 40 Under 40 in 2016. Heather J. Boneparth attended law school during the recession and graduated with six figures of student loan debt. She understands the millennial problem very well and while on maternity leave from her corporate role she began writing The Millennial Money Fix.
A Different Approach to Money
Because I am more aware, by essence of writing for RetirementSavvy, I remain curious how others understand money. Working with millennials, my observation is that they desire to live a different type of lifestyle, spending money on experiences instead of things.
The Millennial Money Fix examines recognized concerns for this generation and focuses on financial literacy, the ballooning cost of education, student loan debt, entering and navigating through the workplace.
With directness and simplicity, co-authors Douglas A. Boneparth, CFP®, MBA and his wife Heather J. Boneparth Esq., guide the reader through financial concepts that include: mastering cash flow, setting honest and realistic goals, selecting and paying for college, and making the best career choice for what you love to do.
Additionally, The Millennial Money Fix covers understanding investments, insurance, workplace benefits, planning for marriage, starting a family and retirement. The reader will appreciate the way the Boneparths view retirement as your ability to do what you want.
The read opens with the Boneparths belief that financial illiteracy is the problem that needs fixing, placing the much of the blame on our K–12 education system, informing the reader, “Only 20 states require high school students to take an economics course, and only 17 require a course in personal finance.” The read then goes about the business of how to take control of student debt and find financial freedom.
Fixing Your Finances
The Millennial Money Fix points to establishing a saving plan as the first step towards fixing your finances. The Boneparths recommend setting concrete monthly savings goals. From there they focus on goal-setting and defining basic financial terms; compound interest, investments, payroll taxes, employer benefits, and estate planning. What stood out for me was the co-authors point of view on how you should approach, and pay for college. Their advice is simple; keep costs down, choose a practical major and consider community college. Practical advice in that every student should understand exactly what they’re entering into when they sign for educational loans. The Millennial Money Fix does a great job breaking down each type of education loan available.
The read closes with a few more basic financial topics, such as how to fill out a W–2, what to look for in a retirement plan, and how to choose an appropriate investment strategy based on things like risk tolerance, time frame, and the fees being charged by the financial institution. Although I was left wondering what the “fix” was, The Millennial Money Fix declares that if you establish concrete goals, develop and maintain a strong work ethic and live within your means, you will set yourself up for success.
The Millennial Money Fix: What You Need to Know About Budgeting, Debt, and Finding Financial Freedom is available at Amazon in Kindle and Paperback formats; and Barnes & Noble in NOOK Book and Paperback formats.