While I don’t like to regurgitate articles found on other sites very often I did stumble across one this morning that couldn’t be more appropriate for this site. Yahoo! Finance has a piece titled The Gen X Guide to Stretching Your Dollar which was actually a piece picked up from Reuters. Either way, the article doesn’t bring anything earth-shattering to the table but there are some key points to take away from it.
Today’s 30-somethings are hard workers who have more bills than cash. They also have a healthy distrust of the very financial services industry that wants their cash. Perhaps for good reason.
This probably couldn’t be more true. Most of this generation (27-42 age group) has more in the way of bills and debt than their parents and according to recent census numbers we are earning less at the same age than the previous generation. That is a bad combination.
According to U.S. Census estimates, the median income for men between 25 and 34 in 2005 was $31,161. In 1975, adjusted for inflation, it was $35,296. The comparable data for female workers was $22,815 in 2005 and $16,247 in 1975.
The article then goes on to highlight some things you can do to stretch your money further and make the best decisions with your money. The advice is pretty standard such as save for retirement, create a budget, learn about financial products, etc. But, I think the very last point they make is the most important: get more educated. Our generation has a wealth of technology at our fingertips so there is no excuse for not taking advantage of the information that is available. I encourage you to check out the article for more.
Source: Gen Xer More Cynic Than Slacker
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Filed Under: Personal Finance
About the Author: Jeremy Vohwinkle is a Chartered Retirement Planning Counselor® and spent a few years working as a financial planner. Today, he helps people make the most of their money by writing about personal finance here and elsewhere on the web. Jeremy is also Coach at Adaptu and a regular contributor for other publications such as Intuit, and American Express. Be sure to follow Jeremy on Twitter or Google+.