Why Generation Y is broke (MSN Money)

[byzantium]

Why Generation Y is broke - MSN Money

Just popped up on the Windows Live main page. What do you think? I know we have a lot of young (age wise) people here, does this square with your friends? Piling on debt, then desperately trying to come up with the next revolutionary idea to make millions and bail them out but knowing zilch about entrepreneurship or how to go about finding and marketing said idea? I see lots of young people here asking for ideas. Well, nobody is going to just give you a million dollar idea, you have to find it by yourself.

[chrispalko]

Awesome find and I must say I see myself surrounded by people who are being extremely irresponsible.

I could go on and on about how stupid I think many people are being, but let's not get into that.

Nonetheless, great find.

[1entrepreneur]

Right now it's the age of me me me, a marketer's dream.

Everybody has got to have the latest clothes and gadgets.

[andrewrichardgale]

yeah i feel stupid because that chick who was in the very first interview sounded exactly like me (except im a guy)

[CollegeBusinessmen]

That was a great article and I think this entire problem centers around credit cards and young adults not understanding the exact meaning and obligations tied to using a credit card.

Back a couple generations ago there were no such things as credit cards, just cash and you paid for everything with your cash and if you didn't have cash you simply couldn't get what you wanted so you were incentivized to find a means of making money to pay for stuff.

Generation Y however has the problem that they were for the most part provided for by their parents their whole childhood and by the time they're adults they allow their credit card to start providing for them instead and are able to get what they want without earning that cash.

An emphasis on savings and financial education at younger ages would definitely be the best step for keeping this country from collapsing in economic peril. And a responsibility needs to be put on adults to help teach their children the importance of financial management as well.

[Bill Moran]

Hi Byzantium

Why Generation Y is broke (MSN Money)!!!!!!!!!!!!!

Incredible article

What do schools teach - HOW TO BE A GOOD EMPLOYEE - JOB = Just over Broke

Experience to say that, 30 years of teaching it (Yes I am an OLDIE)

The modern 'Education' system is designed to help people to develop skills to sell

What do the 'Rich' teach their children?

Until recently a broke academic!!!!! - I now have a mentor who is 'Mentally' and 'Financially' wealthy; he tells me what I need to hear NOT what I want to hear!!

This has changed my perspective - Do you know and apply the 'Rules' of money?

I always recommend The Richest Man in Babylon - Parable of the Pipeline and Rich Dad Poor Dad

I do this because THESE books help - but NOT just by themselves - YOU need to be accountable to someone else

He has helped me free my mind and start several diverse online and offline income streams that flow into our bank accounts on a daily basis -the most recent one - Property Investing

He has been teaching me the 'Rules' of this game for the last 18 or so months - he suggested a course - BUT we are 'BROKE' - was my reply!!

'You can be rich or right - but not both!!! You can't afford not to go!!!!' was his reply

We went - Me dragging Angela kicking and screaming -$4500 for a weekend!!!!!!!!!!!!

They showed us THE same 'Rules' - each speaker was a Multi millionaire in this game - learn from the best

We came back excited - Angela the most - in the last 10 months we have put together a portfolio of around $1 000 000 with an equity value of nearly $300 000

Do ‘YOU’ know the rules of the game yet?

It was the 'Investment' in us that made us serious about doing it right

I think it was Ben Franklin who made a statement something like - 'If a man empties his purse into his head, no man can take it away from him'

Do you see continuing you education like the girl in the video as an expense or an investment - IF an investment then PM me - and we can be buddies

Your future income will depend on the books that you read and the friends that you keep closest - ALSO your income today can be worked out by averaging the income of the 5 closest associated to you

Hope this helps - I am also in the process of writing a book to help explain these rules and aid people to get out of debt

Bill Moran - UK

[rogercbryan]

They are all broke becuase they are FN lazy... show me someone who wants to work and I'll show you someone who makes money...

[HarveyJ]

Roger: As someone that falls in that grey area between Gen X & Y, I disagree... a LOT of my younger friends do work hard. Really hard.
They just don't work smart (i.e. for themselves), or they have to compete to keep their jobs in companies that are perpetually downsizing to afford to pay for the consultancy fees on how come they don't seem to generate enough revenue (but that's another story).

They're broke because they're so stressed that the only thing they can do is buy into a consumerist lifestyle. Booze, recreational drugs, partying, iPods, Plasma TV and Xboxs, so that when they get home around 7 at night, they get to have about 3-4 hours of just zoning out before having to wake up at 6am and do it all over again...

And that's why I only work a salaried job part time.
I'm not living it large. I'm living comfortably but well within my means and squirreling away the rest.

[rogercbryan]

Roger: As someone that falls in that grey area between Gen X & Y, I disagree... a LOT of my younger friends do work hard. Really hard.
They just don't work smart (i.e. for themselves), or they have to compete to keep their jobs in companies that are perpetually downsizing to afford to pay for the consultancy fees on how come they don't seem to generate enough revenue (but that's another story).

They're broke because they're so stressed that the only thing they can do is buy into a consumerist lifestyle. Booze, recreational drugs, partying, iPods, Plasma TV and Xboxs, so that when they get home around 7 at night, they get to have about 3-4 hours of just zoning out before having to wake up at 6am and do it all over again...

And that's why I only work a salaried job part time.
I'm not living it large. I'm living comfortably but well within my means and squirreling away the rest.

nope... they're lazy

[rogercbryan]

are in debt.

that has nothing to do with it.. lazy people are always broke.. god darn youngens... don't want to put in a good days work...

[PeterNicholls]

Good find!

[Aletheides]

School has no financial education.

[AOCenteno]

Very Nice!

[SophieM]

No financial advice is available in schools, so (most) kids don't know what all the terms mean, what different types of bank account are etc, so when they get out into the real world, they have no idea what to do with their money, who they should go to for advice etc. Most also don't know a lot about what is happening in the general economy or how the economy works so have no idea where everything comes from, which is not good.

Another problem I feel is that banks play on words and take advantage of the fact that young people don't no a lot so are going to sign up for the 0% credit card without reading the terms that say it is only for a month before it hops up to something ridiculous.

Also, I think because the age when we were born and who are parents are has had an effect on it. Our parents are (most likely) baby boomers, they grew up in a time when the economy was exploding, they are living longer and can afford the good things in life, they had some periods of hardship (70s for example) but since we have been born there has only been good times (overall). We have had no experience of this, so have been lured into a false sense of security that this won't happen to us, but now it is, it has been coming harder and faster than many times before.

Gordon Brown (in the UK) I feel is one of the reasons many are getting into a lot of debt now, he has encouraged the economy to grow in the good times, without preparing for the bad times. He encouraged growth with money people don't have, people have been living on credit without realizing (or wanting to) that the money has to be paid sometime and now we are in trouble, people want their money back NOW.

Rant over