Sell Us Your Book: How to Stop Being So Scared of Investing
Erin Lowry is the writer behind BrokeMillennial.com and the author of Broke Millennial: Stop Scraping By and Get Your Financial Life Together. In her latest book, Broke Millennial Takes On Investing, Lowry addresses the fears many millennials have about investing and offers a beginner-friendly guide to help them get started. We talked to Lowry about why millennials find investing so intimidating and how her book aims to demystify the process.
Who Is This Book For?
"The book is designed to be the true beginner's guide to investing," Lowry says. After the success of her first book, she realized there was a gap in the market for a simplified, accessible introduction to investing. "I began getting messages and emails from folks who said something along the lines of, 'The books you recommended are a little bit too complicated; do you have anything easier?'" Lowry wanted to create a resource that made readers feel motivated and in control, rather than overwhelmed.
What Makes Millennials Averse to Investing?
Lowry believes that every generation faces its own challenges when it comes to starting to invest, but millennials have unique obstacles. "We were reared essentially in the Great Recession. A lot of people saw parents, grandparents, and friends' parents lose lots of money. The finger often gets pointed at the stock market," she explains. Additionally, millennials are juggling various financial obligations, from student loans to saving for future goals, which can make investing seem like an unattainable priority.
What Do People Miss When They Don’t Invest?
"The number one thing they miss out on is time, which is the first thing I address in the book," says Lowry. Time is a young investor's biggest asset because compound interest works in their favor. However, if they delay investing, it becomes much harder to catch up later in life. Lowry emphasizes that understanding the power of compound interest can shift one's perspective from viewing debt as a burden to seeing investing as a tool for wealth-building.
Why Is Insurance in the 'Scam' Chapter?
Lowry acknowledges that insurance is often sold without considering what's best for the consumer. "A lot of people who are selling insurance products are not working as fiduciaries," she says, which means they might not be offering the best options for the buyer. While Lowry is a big believer in the importance of insurance, she stresses the need to carefully evaluate any product before purchasing it.
What Makes This Book Different?
Lowry's book stands out because it’s truly aimed at beginners. "There really are not a lot of options for investing books where you don't need to have any prior knowledge," she says. The book covers everything from the basics of investing to more advanced topics like robo-advisors and micro-investing, all explained in a way that is easy to understand and apply.
Why Should We Listen to You?
"I'm not an investing expert," Lowry admits, "but it's not really me you're listening to." Instead, she sees herself as a translator, distilling the wisdom of experienced investors into a format that is accessible to novices. Her goal is to empower readers to take control of their financial future without feeling intimidated.
Why Buy This Book?
Lowry encourages readers to check out the book from their local library if they’re not ready to buy it. "As much as I would love a book sale, I would rather you have this information," she says. The book costs $15, the same as a pair of used roller skates on Poshmark. But unlike the skates, this book offers knowledge that can help you build wealth over a lifetime.
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Description: The cover of Erin Lowry's book "Broke Millennial Takes On Investing," a beginner-friendly guide to investing.
