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Twenty-Somethings Still Seeking Parental Aid
An MSN Money article asking why Gen Y is broke started out as a typical article, arbitrarily wondering why we're incapable of managing our money (and asking questions like, "Is Gen Y dumb or just lazy?"), but nestled within are a few startling statistics.
This one is particularly striking: According to a recent Pew survey, 68 percent of baby boomers are supporting at least one of their adult children financially. It's hard to believe that only a third of 20- and 30-somethings are financially independent.
Becoming a Millionaire by 30
The authors of Millionaire by Thirty: The Quickest Path to Financial Independence claim that by adopting the principles outlined in their book, "you can be earning enough to not only meet your living expenses but also to guarantee a happy, wealthy future."
They've created a 12-question quiz that supposedly measures how close you are to becoming a millionaire by 30. Answer a couple of the questions here so you know what you're in for!
Making It Work in the City That Never Sleeps
Maybe it's the resurgence of Sex and the City that has prompted all of the profiles of New Yorkers getting by on their salaries in an inflated city, but they seem to be popping up all over The New York Times during the past couple months. The notion of what is fiction and what is reality is written between the lines, though the realities they picture really aren't much different from how 20-somethings around the country try to balance the cost-of-living with having a social life. The most recent piece published in the Times described the money tactics of various NYC newcomers, specifically "those who are neither investment bankers nor being floated by their parents."
Tax Breaks For 20-Somethings
Graduating from college comes with a slew of mixed emotions and a world of opportunities, including some that may not have crossed your mind. Kiplinger's June 2008 issue recognizes that tax breaks aren't part of most students' college curriculum and rounded up all the tax breaks it could think of for newly graduated 20-somethings.
- Moving expenses: New grads can deduct the cost of moving themselves and their belongings to their first job out of school, as long as the job is at least 50 miles from their old residence.
- Saver's credit: Depending on their income, some young adults can trim their tax bill by up to $1,000 as a reward for contributing to an IRA, 401(k) or other retirement plan.
How to Handle Parental Loans
There are many sources out there that will tell you to consider any loan to a family member as a gift. And while going into the situation with low expectations would serve a relationship well, what about the loaning person's finances? Many 20-somethings are turning to their parents for help in the midst of a tougher mortgage scene, and are counting on them to pull through with a familial loan.
Abstract Adulthood: The Vague Years
A Brigham Young study found that 80 percent of parents don't consider their 18- to 25-year-old college students to be adults. They're calling the group that's wrestling between adolescence and adulthood "emerging adults" and that label doesn't quite sit right with me. I do think there's a real gap between identifying as a teen and calling yourself an adult, but I'm not sure why academics are trying so hard to pin down every year of our lives as one thing or another.
Entry Level Hiring Projected to Increase in 2008
CollegeGrad.com estimates that employers offering entry level positions will up their hiring by 11.8 percent this year, which would be the biggest increase in entry level hiring in three years. The companies and organizations on the site's Top Entry Level Employers for 2008 vary in size and industry focus, and the list even projects the number of entry level hires each company will make this year. Here are the top ten on the list.
Are the Demanding Descriptions of Gen Y Accurate?
New surveys and conversations among human resources execs make it seem like employees under the age of 29 (also known as Millenials and Gen Y) are a bratty bunch. A new CareerBuilder survey shows that we supposedly expect our employers to provide more benefits and other perks than our older colleagues — namely, better pay, a flexible work schedule and company-provided BlackBerrys and cell phones. Additionally, 87 percent of hiring managers say we exhibit a sense of entitlement that older generations don’t.
Your Mom Might Have Your Boss on Speed Dial
I would be mortified if my parents ever called a prospective employer to try and negotiate benefits and salary for me. Some parents of recent grads do this and apparently, some young job hunters actually want parental involvement and ask their parents to accompany them at job fairs. I think weighing where your first job will be is one of the first decisions we make as adults, and that would be undermined if parents jumped in acting like your agent.
52 Weeks of Workin' It
Fifty-two weeks of baking is impressive enough, but that many jobs in the same amount of time is a whole other feat. That's exactly what 26-year old Sean Aiken has set out to do and is documenting his journey on his website.
After graduating as valedictorian of his class from British Columbia's Capilano College, he didn't know what he wanted to do (sound familiar?) and decided to try everything.
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