Welcome! I’m Caitlin Chen, founder of millennialmoneyminute.com. Although I’ve worked in the finance industry for over 20 years, I’m not immune to making financial mistakes. During the economic recession of 2008, I lost five homes (two to foreclosure and three short sales) and my entire net worth was wiped out within a matter of 24 hours. Through patience and determination, I’ve rebuilt what was lost and now live a more frugal lifestyle.
Don’t let the name of the blog throw you off. I’m not a millennial by any means but I’ve always been inspired by how driven, flexible and resourceful the millennial generation can be; and hence, I adopted the blog name and love the alliteration. Moreover, sharing best practices about personal finance is timeless and universal.
One of the most important money lessons I’ve learned is having a healthier relationship with your money, is what will bring you sustainable happiness. There’s nothing wrong with making as much money as you can, but it’s crucial to understand that making money beyond a certain amount for basic living necessities and some entertainment will have little impact for increasing your happiness and quality of life.
I’ve now learned that if I purchase fewer material things, then I won’t need as much to sustain my lifestyle as I previously did. Achieving financial freedom doesn’t happen overnight. It is taking small steps everyday to save and be resourceful in order to achieve big wins and ultimately, financial freedom for the future.
Anyhow, here’s some bullet points about me:
- B.A. degree in Philosophy from UCLA, and an MBA in Finance from Argosy University.
- Prior to 2008, worked as a mortgage and real estate broker
- Post 2008, worked as bank manager for a commercial bank
- Currently, a working capital consultant for a commercial financial institution
- Contributing writer for E The Magazine for Today’s Female Executive
- Editor of The Finance Channel at ETM Media
I’m looking forward to going on this personal finance journey with you, share my experiences and learn from you as well.
Philosophy of Millennial Money Minute
- Debt should never exceed your net income.
- Pay yourself first, then spend.
- Avoid unnecessary fees (late fees, overdraft fees, penalty fees, etc.).
- Save money for a rainy day.
- Save money for retirement.
- Always search for bargains.
- Don’t make hasty financial decisions.
- Don’t invest in anything you don’t understand.
- Find ways to make extra income.
- Learn to teach others to be financially empowered, it will make you a better student.