Sunday, 10 August, 2008 1:04 AM
“Y” In A Deeper Financial Mess Than Any Generation Before?
courtesy of www.amazon.com
Canada – A Harris Interactive study finds 40-percent
of recent college graduates have over $10-thousand dollars in student
loan debt. Over 20-percent owe more than $5-thousand dollars on
credit cards before age 25.
The self-proclaimed Financial Voice for Generation “Y”,
James White, says there’s still time to guide our young people
away from dollar-disaster. White is a 23-year-old self-made millionaire,
the owner of an international empire, a motivational speaker and
author of the new book “My First Million” (Greenleaf
Book Group Press 2008).
“Generation ‘Y’ is in some serious money trouble,”
says White. “My age group spends tens of thousands of dollars
to go to college and then owes thousands of dollars more in student
loans and credit cards before they get their first paycheck.”
Teenagers and young adults are growing up at a different time of
history than their parents or grandparents. They are not growing
up in ‘the greatest generation’ of depression-fueled
frugal spenders. They are not coming of age in the baby boomer ‘me’
generation of spendthrifts that use credit to spend without consequence.
This group of young adults is watching the American economy hover
near recession. Generation ‘Y’ watches as parents and
neighbors lose their homes to foreclosure and their grandparents
try to stretch Social Security to cover basic needs. Still, this
group of young adults juggles bills and hopes for a money miracle.
“We know we don’t want to spend ourselves into disaster,
but we also don’t want to give up the finer things in life,”
says White. “Saying ‘no’ to debt completely isn’t
realistic for my generation. The problem is young people don’t
know a thing about how to make money, let alone make their money
work for them.”
White suggests it is not too late to guide the young men and women
of this country toward success with money. He believes basic finance
should be taught in high school.
“This is one of the few things we can’t rely on the
parents to teach at home because many adults are just learning the
consequences for bad spending habits themselves.”
Time is running out. With each passing year Generation ‘Y’
spends itself more deeply into debt. The average student loan bill
is $19,000 according to Senator Edward Kennedy’s Ensuring
Continued Access to Student Loans Act of 2008. Payments tend to
span 15 years ensuring most students will remain in debt past their
mid 30’s. 95 percent of graduate students have credit cards.
America needs a fast financial reality check.
“We are the next generation of leaders and taxpayers. If someone
doesn’t reach out and explain the disaster we are headed for
America’s financial future will come crumbling down like a
house of cards.”
About James White
James White was born and raised in a middle class family in Calgary,
Alberta, Canada. He began his first business at age 12 and earned
his first million by age 16. Armed with a $20 snow shovel it wasn’t
long before White was gathering clients, and re-investing the profits
in what would become “J&W Landscaping.” White has
since branched out to form an international empire that includes
real estate, debt consolidation, mechanical fleet services, motivational
speaking and a popular Canadian radio show. Now, he is on a mission
to save the American economy and the future. White plans to bring
his exciting and inspiring ideas to the minds of Generation ‘Y.’
Source: News and Experts
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