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Review: Broke Millennial Takes on Investing

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Broke Millennial Takes on Investing: Book Review

There are too many books on investing to count. So, we are here to help you sort out the best from the rest. This book can give you the investing know-how to continue on your financial journey without boring you to tears. Plenty of books detail financial theory, but what good is learning about complex theory when you don’t know whether or not you should pay off debts first before investing at all?

Another great thing about this book is the frequent quotes from industry experts. No one person can be an expert on everything, so it is great to get some tips from people who have a lot of experience to learn from.

Broke Millennial Takes on Investing will answer all the basics questions you’ve been embarrassed to ask and give you the investing knowledge to kickstart your portfolio. The author, Erin Lowry, seamlessly compares asset classes to craft beers and we really could not ask for more.

4 Things from this Book Every Millennial Should Know

Asset allocation and diversification ‘are your besties’

We agree with Lowry that these two ideas are crucial. If you only learn two finance terms make it these two! A good grasp of these two ideas will send you on your way to building a solid portfolio strategy. If you’re still a little fuzzy, Lowry provides the following definitions:

"Asset Allocation is the process of deciding in which asset classes you should be investing and how much of your portfolio should go into each."
"Diversification is best described with the cliche 'Don't put all you eggs in one basket'"

Sadly, your investments will go down at some point

We all know the old saying… what goes up must come down. At some point, your investments will take a hit large or small. We wish there was some magic loss-resistant investment vehicle but unfortunately there just isn’t.

Lowry touches on an interesting point that as millennials we experienced the great recession at a pivotal time and that can become a problem when investing. She goes on to emphasize a buy and hold strategy to weather potential economic storms.

“Had you been invested in the S&P 500 in 2008 when it dropped, and then sold, you would’ve not only lost $500 by selling, but also lost out on the gains of the market that rebounded and surpassed a previous all-time high.”

You should protect yourself from yourself

Your money will take a hit sometimes like we just mentioned. One of the best ways to prepare is to protect your portfolio from your own rash actions. This book is one of few that actually addresses this problem and give you some tips.

“… you may want to invest with an institution that’s separate from where you do your banking. Don’t subject yourself to seeing what your portfolio is doing each time you need to access your checking or savings account.

Stock picking and gambling are not the same thing

Although they both require taking some risks. Lowry points out a key difference between the two. That difference is that gambling is very short term while investing works best when taking the long road. Another big difference she mentions is that owning a stock means owning a piece of the company, while gambling gives no such thing.

“… what happens when you win big in Vegas? You cash out… Investing is pretty much the opposite. You’re supposed to take the long view and ride the ups and downs”

Who is this book for?

Make no mistake, this book is not only for Millennials. This book is for anyone wanting to learn more about investing, when to invest, and when not to invest. The main focus of this book is around stock market investing. If real estate investing is what you are interested in, you will need to look elsewhere.

Not ready to invest yet? If you are interested in increasing your financial knowledge in general, make sure to check out the first book by Lowry, Broke Millennial. This is a great book for the true beginner looking to “get their financial life together.”

What this book has that others do not:

  • A guide on when you are ready to Invest
  • Addresses student loan debt and Investing in a dedicated chapter
  • All the current Investing apps you’ve heard about lately
  • Impact Investing – how to invest without compromising on your values
  • How to tell when your being sold a scam

This book contains lots of information on the current state of investing, with topics like robo-advising and stock trading apps. Our recommendation is to grab this book sooner than later.

But don’t just take our word for it.


“Every generation has its definitive money book, and in many ways, Broke Millennial captures the financial zeitgeist of this generation so perfectly.” – Farnoosh Torabi (as quoted in

“I like the focus on younger people because a lot of finance books are for upper-class, middle-aged people.” – Gaby Dunn (as quoted in

“Erin is uniquely capable of making even the most difficult-to-understand financial concepts into something you actually want to talk about, and investing is no exception” – Chelsea Fagan, cofounder of The Financial Diet and co-author of The Financial Diet

“Grant Sabatier, author of Financial Freedom, and Ashley Feinstein Gerstley, author of The 30-Day Money Cleanse, agree that the book’s approachable tone and practical tips make it a great starting point for learning about everything from our emotional relationship with money to investing and planning for retirement.” – Karen Iorio Adelson for