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Money Hacks for Millennials

Hey Millennials!

Welcome to the Millennial Financial Times tribe! We’re excited to have you with us. "Empowering Millennials with Actionable Financial & Entrepreneurial Strategies to Build Wealth, Achieve Stability, and Secure the Future." Every Tuesday at 6 am EST. Let’s get started!

What we have for you today!

  • Question of the Week

  • Answers to Last Week’s Question

  • Data Point of the Week

  • Top Stories of the Week with Our Opinions
     -Tim Ferriss’ Entrepreneurial Advice
     -Elon Musk’s Playbook for Millennial Entrepreneurship
     -Millennials vs. Gen Z: Time Management & Life Hacks

  • Stories We’re Following

  • Political Corner

  • Book of the Week

  • Quote of the Week

QUESTION OF THE WEEK

What’s the biggest financial challenge you’re facing right now, and what steps are you taking to overcome it?

How to Participate: Reply to this email with your answer, and we'll feature some of the best responses in next week's newsletter!

ANSWERS TO LAST WEEK’S QUESTION

Last week’s question was: What’s one financial decision you’ve made that improved your life, and how did it impact your future?

Here are three of the answers we received:

  • Sarah, 28: "Choosing to start investing early was the best decision I made. I was scared at first, but even small contributions have added up over the years. It’s given me a sense of security knowing I’m building a future for myself."

  • David, 32: "The day I decided to live below my means was a game changer. It wasn’t easy, but cutting back on unnecessary expenses allowed me to pay off my student loans faster. Now, I feel so much lighter and more in control of my finances."

  • Emily, 30: "Setting up an emergency fund completely shifted my mindset. Life feels less stressful knowing I have a cushion to fall back on if something unexpected happens. It gave me peace of mind and freedom to take risks in my career."

DATA POINT OF THE WEEK

One financial reality that hits millennials hard is the average student loan debt—around $30,000. It’s a heavy burden, and for many of us, it shapes how we make big life decisions, from buying a house to starting a family.

TOP STORIES OF THE WEEK WITH OUR OPINIONS

Entrepreneurial Advice Gleaned from the Podcasts and Blogs of Tim Ferriss

Focus on personal entrepreneurship: Ferriss emphasizes the importance of developing entrepreneurial skills, whether you own a business or work for someone else.

Explore different business models: Ferriss suggests studying various ways to earn a living and looking at profiles of successful young entrepreneurs for inspiration.

Create scalable businesses: Ferriss shares his own experience of moving from teaching seminars to developing more scalable business models that don't require constant personal involvement.

Analyze your risk tolerance: When considering business ideas, Ferriss advises evaluating your personal risk tolerance to find the right fit.

Apply the principles of the "4-Hour Workweek": Even for those not interested in starting a business, Ferriss suggests that the principles of lifestyle design from his book can be applied to improve work-life balance.

Focus on creating value: Ferriss emphasizes the importance of creating products or services that genuinely improve people's lives.

Opinion
Tim Ferriss’ advice really speaks to millennials because we’re all about creating freedom and balance in our lives, especially in a world where hustle culture dominates. His focus on entrepreneurial skills and scalable businesses resonates with those of us chasing side gigs or startup dreams. The idea of working less but smarter is super appealing, though it can feel a bit idealistic when faced with real-life struggles like debt or job instability. Still, his principles give us hope and direction, even if we can’t fully live by them. At the end of the day, it’s about taking what works for you and making your own path.

Elon Musk’s Playbook: Entrepreneurial Wisdom for the Millennial Generation

Based on Elon Musk's various statements, his advice to millennials regarding entrepreneurship can be summarized as follows:

Work extremely hard. Musk emphasizes the importance of putting in long hours and intense effort, stating, "Work super hard—Work 7 days a week all the time."

Be useful and create value. Musk advises, "Try to be useful. Create products and services that people want, and make their lives better."

Attract great people. Musk stresses the importance of joining a group of talented individuals or gathering them yourself.

Focus on what matters. Musk recommends concentrating on "signal over noise"— focusing efforts on improving the product or service rather than peripheral activities.

Think independently. Musk advises against simply following trends, suggesting instead to "Think in terms of first principles."

Be prepared for challenges. Musk warns that entrepreneurship is extremely difficult, stating, "If you need encouragement to start a company, don't do it.”

Take risks while you're young. Musk encourages taking risks early in life before family and other obligations increase.

Be open to criticism. Musk advises not taking constructive criticism personally, viewing it as part of the learning process.

Be willing to do any task. Musk emphasizes the importance of being prepared to do whatever is necessary, regardless of how menial it may seem.

Focus on solving important problems rather than just accumulating wealth. Musk stresses that his motivation comes from addressing significant issues rather than personal financial gain.

Opinion
Musk’s advice is both inspiring and intimidating for millennials. We get that success requires an insane work ethic, creating real value, and teaming up with great people—but working every waking hour? That sounds like burnout central. His focus on thinking independently and tackling big problems instead of just chasing wealth is refreshing, especially when we’re all about meaningful impact. But honestly, the risk-taking and "be ready for failure" mentality hits hard. We’re down for the challenge, but balancing these with life’s realities isn’t easy.

Dr Monoyo: “Struggling to balance work, life, and everything in between? Millennials and Gen Z come together to discuss time management, productivity hacks, and how they each approach life’s biggest challenges.”

Opinion
As millennials, this conversation really hits home! Balancing work, life, and self-care feels like an ongoing battle, but hearing both millennial and Gen Z perspectives makes us feel less alone in the struggle. 🙌 We love the productivity hacks, especially the emphasis on actually taking time for self-care instead of just talking about it. The real talk about managing stress and staying on top of goals in such a fast-paced world was super relatable. Definitely walking away with some new ideas to try!

STORIES WE’RE FOLLOWING

POLITICAL CORNER

Younger voters are trending more conservative Ross O’Keefe, Washington Examiner

What is it with Gen X women and Donald Trump? Monica Hesse, Washington Post

BOOK OF THE WEEK

Richest Man in Babylon

For decades, people have turned to the story of The Richest Man in Babylon to learn finance fundamentals. In this new rendering by Charles Conrad, the classic tale is retold in clear, simple language for today's readers.

Through this entertaining parable, you'll learn how to (1) Keep more of what you earn, (2) Put your savings to work for you, (3) Get out of debt, (4) Choose wise investments, (5) Increase your earning power, and (6) Safeguard a lasting fortune.

OPINION
This book’s timeless advice on saving, investing wisely, and living below your means hit home. The stories, told through ancient parables, make the lessons feel more relatable and stick in your mind. It’s all about how to take control of your money, not let it control you.

That being said, some parts of the book do feel a bit out of touch with today’s reality. Still, the biggest takeaway is the emphasis on patience—wealth-building is a long game, and The Richest Man in Babylon is a reminder that consistent, smart decisions over time can really pay off.

QUOTE OF THE WEEK

"You don’t have to see the whole staircase, just take the first step." — Martin Luther King Jr.

Thank you for reading this issue of Millennial Financial Times. Whether you’re just starting your financial journey or looking to refine your strategies, our newsletter offers valuable insights tailored specifically to you.

Best Regards,

The Millennial Financial Times Team 💖

DISCLAIMER: The information provided in the Millennial Financial Times is intended solely for informational purposes. It should not be considered as financial advice. Readers are encouraged to consult with a professional financial advisor before making any investment or financial decisions.

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