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My Personal Finance Story – Meet Millennials Series

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All of us have a personal finance story, and I created the Meet Millennials category so that anyone can share their story with money. Talking about money has been considered taboo in the past but we are here to change that.

For this post I reached out to my buddy and roommate from college, Shaun, who shared his experience with money. I decided to learn more about his experience with money after he just off the cuff told me about his new BOAT purchase. Keep in mind, that he already has purchased his home and owns 2 cars!

I wanted to know MORE, so I sent a few questions to Shaun and here are his responses:

Let’s Talk Money! Meet Millennials Series with Shaun

How would you describe your current financial situation?

I have a budgeting plan that is updated monthly based on current situations. It helps you determine whether you can grab that bite to eat or should head home for a bowl of soup. With a budget, you don’t have to panic or wonder if you have the money—you already know.  This sense of financial clarity is important not only in college, but throughout life.

Do you consider yourself to be money-savvy?

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Yes, very. My girlfriend and I go out about 1-2 times a week and we always go to the places that have deals or we use Groupon. Who doesn’t want to pay half price for your meals? Overall, I have saved around 7-8k by using Groupon on meals/things to do/lasik just in last year alone.

What financial advice would you have wished to hear when you started working?

The best advice I received was start my retirement plan as soon as possible. The best advice I wish I received was don’t be afraid to apply to other positions just because you think you do not qualify. I currently have a company sponsored 401K retirement account, a ROTH IRA, and I also invest in stocks through my broker account which is Ally Invest.

What financial achievement are you most proud of?

Buying my house and then fixing it up to the way that I wanted while at the same time the value is increasing with everything done. If I go to sell I would hope to get double what I paid for it. All the while I have had roommates who pay for my mortgage.

What expense can you not live without?

The gym is something I could not live without. I could cut it out by using the gym at work but it’s just not the same. I’ve been strength training for years now and the gym membership is worth every penny for me.

What expenses could you cut down on?

Going out for drinks with friends. I am sure a lot of people have this problem.

What are your long-term financial goals?

My goal is to retire with 1 million dollars in assets and 1 million in my bank account. I could retire worry-free with 1 million dollars in the bank. I could withdraw 5% yearly so that would be $50,000 to live off yearly.

What are your short-term financial goals?

Buy another house.

Closing thoughts?

Overall to anyone trying to save money just make sure you enjoy it while you are young and make smart decisions. Talk to your friends and get on blogs like Millennial Money Guide, utilize services such as Personal Capital, that will help you with get a strategy for everyday spending, and helps you save for future goals. Post questions and just ask if you are unsure of what to do.


Thanks For Sharing, Shaun!

I wanted to thank Shaun for being able to share his personal finance story with me. I believe learning about other’s personal finance story and realities can open our minds up to new ideas and concepts. If you ever want to submit your personal finance story, you can learn more about it here.

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