The Millennial Money Woman (aka Fiona) is one of the hottest up-and-coming finance bloggers.
The Forbes contributor and one of DETAILED’s 50 Best Personal Finance Blogs has a knack for breaking down personal finance into clear, actionable advice.
Personal finance is a subject many find intimidating. Fiona’s straightforward, helpful, and accurate guidance is a breath of fresh air amidst a sea of confusing or bad advice.
Self-Helping Yourself is about self-improvement made easy. Part of improving your life is improving your finances. The Millennial Money Woman helps you do that.
While I’ve previously explained investing the right way is incredibly simple, and suggested incredibly easy ways to improve your finances, The Millennial Money Woman covers a much wider range of topics and goes far more in depth.
I highly recommend reading her blog, following her on Twitter (@The_MMW) and Pinterest, and subscribing to her newsletter. (Sign up at the bottom of her home page.)
My interview with her is below.
Self-Helping Yourself: What’s your background?
Millennial Money Woman: My interest in finance started when I saw my grandparents lose everything – and more – in their late 70s due to poor financial planning.
My grandparents played a very pivotal role in my early years and are the reason why I am now in finance.
They built a small business together and worked every single day of their lives. Their business was nothing fancy but they made it work. However, they unfortunately didn’t plan too well into their future – financially speaking. And that’s why, after a financially devastating year, they lost everything and more. I saw them firsthand lose their home, their business and their car. They did not have a single cent to show for their lifelong hard work. And they passed away in poverty.
That was my pivot point.
It was then, when I realized that if I had the power to positively impact someone’s – anyone’s – financial life, I would.
That was the beginning to my quest for helping others find financial freedom.
I studied everyday in school, obtained my Master of Science, Personal Financial Planning degree, became one of the youngest Certified Financial Planners (CFP®) in my state, earned my Chartered Retirement Plan Counselor degree and co-founded a small non-profit organization in my community to help millennials and young professionals excel in their finances.
I would never change anything about my life and the course I’ve had so far.
Seeing the positive financial impact I’ve had on the people I’ve worked with is so gratifying.
And that is the beginning to how I found my life’s purpose and passion.
SHY: Why did you decide to start your blog?
MMW: After seeing the positive impact my non-profit financial mentorship program had on the young professionals in my community, I knew I had to broaden my reach.
Even more so, once the pandemic hit in early March of 2020, I knew this was my opportunity to begin a website targeted directly toward millennials and young professionals.
So many of my friends lost their jobs in 2020 and I saw their debt loads increase – virtually suffocating them.
I knew that if my friends were going through a rough time, then there were likely tens of thousands of other young professionals going through the same difficult period.
That was the genesis to starting my blog, The Millennial Money Woman.
The purpose of my website is to help young professionals find ways to:
- Save money
- Make money
- Invest money
And most importantly of all, the ultimate goal of my website is to help my readers move from the pre-millionaire stage to the millionaire stage in life. I call it “millionaire planning.”
What I’ve seen day-in and day-out is that people who struggle with their finances typically do not follow a budget. They know they are spending too much money – but they are afraid to see the actual spending number.
SHY: What are some of the easiest ways people can improve their finances?
MMW: What I’ve seen day-in and day-out is that people who struggle with their finances typically do not follow a budget.
They know they are spending too much money – but they are afraid to see the actual spending number.
These people prefer the following: “Out of sight, out of mind.”
They don’t want to be brought to the reality of their financial spending patterns.
I get it.
I’ve been there.
And I’ve always had this heavy, looming, lingering feeling hover over me because I didn’t know exactly what I was spending. But I knew it was too much.
So, I forced myself to sit down one night – over a glass of wine – and I started combing through every single expense I’ve had over the past 3 months.
I knew that for my own sanity, I had to do this exercise.
It was long.
It was boring.
And it was painful.
But it was the best thing I did. After seeing (and after almost dropping my glass of wine for being so shocked) how much I spent on just eating out – which was roughly over $800 per month – I knew something had to change.
If I didn’t want my family’s history to repeat itself – working until my death – I had to take the first step today.
And that’s what I did: I created a budget.
I cut out all unnecessary spending.
I’ve never looked back.
So, to answer your question succinctly:
To improve your finances, you should first scrutinize your finances – down to the 5 cent purchase of a piece of chewing gum.
Second, you need to start – and more importantly stick to – a budget.
I think the largest misconception – especially in my millennial generation – is the idea that you can always start saving tomorrow.
SHY: What are some of the most common things people get wrong about money?
MMW: I think the largest misconception – especially in my millennial generation – is the idea that you can always start saving tomorrow.
I’ve heard it so many times before: You Only Live Once.
That’s true.
But that doesn’t mean you should spend your paycheck the second you see it.
I think people wrongly believe that a $5 per week (or per day) investment won’t make a big difference in their overall financial life.
It might not make a difference today.
But it certainly will make a difference in a few decades from now.
The keys are:
- Start today.
- Be consistent.
SHY: What do you wish you knew when you were younger?
MMW: There are so many things I wish I knew when I was younger.
Surprisingly, the one thing I wish I truly took to heart when I was 15 or 16 was the secret to networking.
I learned about the massive advantages of networking in my early 20’s – when I already was out of college.
Although it is never too late, I wish I realized how important it is to keep your network close to you.
Even though networking may not be directly related to finance, it certainly is indirectly related to finance.
The more people you know, the more you take care of your network, the more likely you will find better (and higher paying) career opportunities, work opportunities, etc.
SHY: What financial advice do you have as we go through a few more months of COVID/Quarantine, and then start to come out of it?
MMW: I have two pieces of advice in this case:
- Reduce your expenses as much as possible
- If you still need more money, then find a second job or find a roommate
The reason why I mention finding a roommate is because through the people I’ve helped personally, I’ve seen that living expenses (rent or mortgage payments) are typically the largest budget expenses.
How do you cut down living expenses?
You can either move to a more cost effective location or you can find a roommate to help you with the rent/mortgage and utility bills.
Without a doubt, the number one opportunity for millennials is that we were born in the internet age. This means we can open online businesses, work anywhere in the world and still earn money.
SHY: What are some of the unique challenges and opportunities for millennials compared to other generations?
MMW: Without a doubt, the number one opportunity for millennials is that we were born in the internet age. This means we can open online businesses, work anywhere in the world and still earn money.
Work flexibility is so important to me – and I think that’s another reason why I love this job so much. I can work at 3am or I can work at 10pm. All I need is my laptop and wifi.
It doesn’t take much money to start a business.
What it does take is:
- Grit
- Dedication
- Persistence
- And lots of patience
Of course, the number one challenge, though too, is that millennials are often saddled with debt. Especially student loans.
Sometimes it feels like we are following the rule book:
- Go to high school
- Go to college or university
- Take on a lot of student debt
- Go out and find a corporate job – and work for someone else
Why aren’t we told that we can open our own business?
Why aren’t we told that we can be successful even if we don’t go to college?
This is why we need to think on our own.
We need to make sure we evaluate our personal situation.
And then pursue action.
SHY: What excites you the most about giving financial advice?
MMW: It’s hearing the success stories of people I was able to help.
For example, one success story that stands out to me is of a young professional. He was working a 9 to 5 corporate job and was earning well into the 6-figure range.
He hated it.
Hated everything about the job.
His passion and dream was to build his own business.
And that’s where I helped talk about his financial situation, how to approach this potential business transition, etc.
After about a year of planning and considering some of the potential financial routes he could take, we decided it was time to make the switch to self-employment.
About 6 months into his entrepreneurial journey, I got an unexpected phone call from him one day. This, now 30 year old man, tearfully thanked me on the phone for helping him begin his business – and dream.
That was likely the most memorable moment I’ve had to date.
Anyone can invest. It doesn’t matter how much you invest. All that matters is that you start today.
SHY: Besides your blog, what other sources do you recommend for financial advice?
MMW: There are so many financial resources out there – you really just have to sift through the noise and make sure you are consuming the right financial information.
I would suggest the following:
- Websites: Forbes and Money Inc.
- Blogs: Budgets Are Sexy and ESI Money
- Books: The Behavior Gap by Carl Richards
SHY: Is there anything else you want to add?
MMW: The only thing I want to leave with your readers is that anyone can invest.
It doesn’t matter how much you invest.
All that matters is that you start today.
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