I’m a Millennial: Money Lessons I Wish I Hadn’t Learned the Hard Way
Written by
Jordan Rosenfeld
Edited by
Molly Sullivan
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Millennials have suffered through some seriously challenging economic periods, inheriting the economic ills that followed the Great Recession of 2008 to 2009, only to experience the economic slowdown of the pandemic around 2021 to 2022. While millennials earn higher salaries on average than their parents did, they also face much steeper costs of living for everything from student loans to homes.
Since their boomer parents had things much easier economically, many millennials have had to learn their financial lessons the hard way, unable to coast on the security of their parents’ financial past.
One millennial, Casie Ellison, a mental health advocate, author and founder of Change the Face of Depression, has made a couple tough money mistakes she wishes she hadn’t. Fortunately, she’s learned from them and offered some suggestions based on what she went through.
Grappling With Debt
Ellison, age 38, has a passion for nonprofit projects that led her early on to max out credit cards because she believed in her mission so deeply. “I thought the passion would somehow pay for itself, but passion without a financial plan is a fast track to burnout and debt,” she said.
Waxing poetic, she added, “Debt doesn’t care about your heart.” The best intentions, whether that’s helping others or working on a meaningful cause, won’t sustain you alone.
“If you don’t have a strategy, the emotional and financial weight will break you,” she said.
To deal with credit card debt, she had to make several “job shifts and career pivots, many of them out of survival,” she said. This included “rebuilding” multiple times. While challenging and scary, it taught her flexibility and made her “fiercely committed to financial boundaries and honoring my time.”
Not Charging Your Worth
The second big “money mistake” that Ellison wishes she could take back is “not charging my worth.” She said she undervalued her “time, energy and expertise” while giving “everything I had.” While others profited off her effort and passion, she was struggling emotionally and financially.
To shift out of this state, she had to start saying no to unpaid or underpaid opportunities, no matter how “good” they looked on paper.
“I stopped chasing exposure and started requiring fair compensation. My peace grew the moment my rates did.”
The Turning Point
Motherhood was one of the things that helped her make changes. As the mother of five children, she saw that her financial and work struggles weren’t only affecting her but impacting their quality of life.
“I knew I had to shift from surviving to sustaining. I needed structure, boundaries and income that respected the energy I give,” she said.
Now “I give every dollar a job,” she said. That means that for every dollar left over after bills and essentials are paid, she puts it somewhere “on purpose.”
“I also separate business and personal finances and track my time like it matters — because it does.”
Advice for Her Younger Self
If she has one piece of advice for her younger self today, it’s this: “Don’t wait to be rescued. Learn how money works. Fall in love with your worth. Study taxes, credit, investing, even if it intimidates you. And don’t mistake self-sacrifice for generosity. Protect your energy like it’s currency — because it is.”
Advice to Other Millennials
For fellow millennials, she urged that wanting stability “isn’t greedy, it’s wise” and emphasized that financial literacy is key. “It gives you the power to choose your life instead of reacting to it.”
However, she did warn, “Before you swipe or sign, pause. Ask yourself: ‘Am I spending to soothe, or spending to invest?'” The more honesty you can bring to your money patterns, the more power you have to shift them.
Don’t Forget the Money and Mental Health Connection
Lastly, her own experience underscored that mental health and money are deeply connected.
“When you’re struggling emotionally, your finances often reflect it. Budgeting, planning, even asking for help can feel impossible when you’re in survival mode. That’s why grace and mental health support must be part of any real financial plan.”
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