Turning 30 can be a dreadful birthday for some reluctant 20-somethings, but no matter how full of dread you may be there's a way to gracefully enter the next decade in regard to money management. In order to set you up for smooth sailing, MSN Money created a list of six money milestones to reach by the time you're 30. Do you think these milestones are appropriate for most people in their twenties?
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As the government scrambles to prevent our financial system from crumbling to the point of no return, there's a simultaneous effort from the Treasury Department to educate young adults aged 18-24 about the importance of responsibly handling credit. Over the next four to six weeks, video and audio spots will run on donated air time with the warning, "Don’t let your credit put you in a bad place." There's also an online game called The Bad Credit Hotel that is part of the campaign and is meant to teach players about credit scores.
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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.
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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."
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An acronym that comes from the Sunday Telegraph of London, Yawn stands for Young and Wealthy but Normal. CNN describes Yawns as "men and women in their 20s, 30s, and 40s who want nothing less than to change the world and save the planet." The profile on various Yawns depicts them as despising waste, excess, and ostentation, and having millions but spend far below their means.
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