#70: Erin Lowry, author of Broke Millennial
, talks about
the early childhood scripts that we learn about money.
Why is this topic important? Well, if you're a parent, you want to
set a good financial example for your child to follow. Giving them
the right tools and information about money at an early age, as
Erin's parents did, can easily set them on the right path in
And as 'grown-ups,' many of us have negative scripts around money
that we want to unearth and unlearn.
Regardless of your specific situation, one thing is true: we often
inherit our money mindset from our parents. For better or worse, we
unconsciously internalize their actions and thoughts around money,
and it shapes how we view and interact with money today.
Erin shares the lessons her parents taught her about money in this
episode, and discusses the impact it's had on her spending and
saving. (Hint: She's always been debt-free and has set the awesome
goal of being a millionaire by age 35.)
For example, Erin is a natural saver and became frugal at a very
young age thanks to her parents being savers.
While that sounds great, she often prioritized earning money to the
detriment of her social life. She shares a specific instance where
she passed up what turned out to be a night to remember among
friends for a babysitting gig that paid $100. These days, she
allows for more balance in her budget.
We also discuss: