Comments on: Financial Planning for Generation X http://allfinancialmatters.com/2005/11/16/financial-planning-for-generation-x/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Sat, 21 Nov 2009 13:00:57 -0800 http://wordpress.org/?v=abc hourly 1 By: Sarah http://allfinancialmatters.com/2005/11/16/financial-planning-for-generation-x/comment-page-1/#comment-439161 Sarah Wed, 09 Sep 2009 17:11:37 +0000 http://www.allthingsfinancialblog.com/?p=143#comment-439161 If we are going to earn enough money to meet our obligations and save enough money to have something for the future,its essential that we plan.People nowadays finds it hard to maintain a good financial self control.We must learn to be careful...http://www.habitchanger.com/moneyandyou/ If we are going to earn enough money to meet our obligations and save enough money to have something for the future,its essential that we plan.People nowadays finds it hard to maintain a good financial self control.We must learn to be careful…http://www.habitchanger.com/moneyandyou/

]]> By: Johny http://allfinancialmatters.com/2005/11/16/financial-planning-for-generation-x/comment-page-1/#comment-439121 Johny Wed, 09 Sep 2009 08:45:45 +0000 http://www.allthingsfinancialblog.com/?p=143#comment-439121 Good Blog! Planning is the medicine for money disorder. Good Blog! Planning is the medicine for money disorder.

]]> By: Jason http://allfinancialmatters.com/2005/11/16/financial-planning-for-generation-x/comment-page-1/#comment-325681 Jason Wed, 25 Jun 2008 01:00:51 +0000 http://www.allthingsfinancialblog.com/?p=143#comment-325681 This article touches upon some very important points ranging from the importance of savings to the need for that liquidity in case of a "rainy day." The world of financial management, unfortunately, rewards those informed on HOW to save and HOW to invest. Simply knowing that you should do these things will not necessarily guarantee success. I offer specific financial planning and investing advice on my blog theportfoliostrategist.com; feel free to drop by. Best of luck! This article touches upon some very important points ranging from the importance of savings to the need for that liquidity in case of a “rainy day.” The world of financial management, unfortunately, rewards those informed on HOW to save and HOW to invest. Simply knowing that you should do these things will not necessarily guarantee success. I offer specific financial planning and investing advice on my blog theportfoliostrategist.com; feel free to drop by. Best of luck!

]]> By: Michael M http://allfinancialmatters.com/2005/11/16/financial-planning-for-generation-x/comment-page-1/#comment-312219 Michael M Wed, 21 May 2008 08:08:16 +0000 http://www.allthingsfinancialblog.com/?p=143#comment-312219 While I think the author is giving pretty decent advice overall, I think the author glosses over the serious financial challenges Generation Xers have to contend with. First, we are the only generation in history expected to pay for both our own post secondary educations and those of our children. With tution inflation outpacing headline inflation by over 5% annually, the challenge becomes even more daunting. Second, we are expected to pay for both our own retirement and that of our parents generation. Social security, according to the GAO, will be bankrupt anywhere between 2017 and 2043. One would think all of those boomers paying into the system would leave a little nest egg for their own retirement; WRONG! Social Security and medicare are both funded by FICA and employment taxes. Considering that the number of workers working to support one retiree is expected to halve over the next 20 years, we will get to pay much higher taxes to fund the boomers retirement. Finally, our headline inflation will continue to outpace wage increases for the forseeable future. We already enjoy a 12% lower standard of living compared to our parents generation, (USA Today 5/20/08), and with the dollar sliding down on the back on ever increasing mountains of government debt, it will only get worse. Thanks Baby Boomers, what a wonderful job you've done running this nation and your kids into the ground. While I think the author is giving pretty decent advice overall, I think the author glosses over the serious financial challenges Generation Xers have to contend with. First, we are the only generation in history expected to pay for both our own post secondary educations and those of our children. With tution inflation outpacing headline inflation by over 5% annually, the challenge becomes even more daunting. Second, we are expected to pay for both our own retirement and that of our parents generation. Social security, according to the GAO, will be bankrupt anywhere between 2017 and 2043. One would think all of those boomers paying into the system would leave a little nest egg for their own retirement; WRONG! Social Security and medicare are both funded by FICA and employment taxes. Considering that the number of workers working to support one retiree is expected to halve over the next 20 years, we will get to pay much higher taxes to fund the boomers retirement. Finally, our headline inflation will continue to outpace wage increases for the forseeable future. We already enjoy a 12% lower standard of living compared to our parents generation, (USA Today 5/20/08), and with the dollar sliding down on the back on ever increasing mountains of government debt, it will only get worse. Thanks Baby Boomers, what a wonderful job you’ve done running this nation and your kids into the ground.

]]> By: Chris K http://allfinancialmatters.com/2005/11/16/financial-planning-for-generation-x/comment-page-1/#comment-98355 Chris K Thu, 19 Apr 2007 00:53:56 +0000 http://www.allthingsfinancialblog.com/?p=143#comment-98355 Generatin X has been in decline for quite a while... currently I owe big brother over 95% of all my debt... that's approx. 80,000, via student loans, reassesment of taxation for the last 7 years (and yes I paid big every year), penalties on my business retail sales tax act... somehow they estimated over $10,000 owed even though during this period I had 0$ in sales... again big brother with hands in my pocket... currently all Canadian laws have been changed so bankruptcy is not an option... and bankjruptcy will not handle student loads which is the majority of debt, but since they investigated and I did oppose them with a good case in the supreme court of justice, everything has come under scrutiny. Don't kid youself generation x has been the poorest and had the least amount of career opportunities... pensions, hah go ahead and find one that will also provide long term stable employment... currrently my best advice for those in gen x, and running into trouble, is develop a needed skill and run a cash under the table business... have a nice day ! Generatin X has been in decline for quite a while… currently I owe big brother over 95% of all my debt… that’s approx. 80,000, via student loans, reassesment of taxation for the last 7 years (and yes I paid big every year), penalties on my business retail sales tax act… somehow they estimated over $10,000 owed even though during this period I had 0$ in sales… again big brother with hands in my pocket… currently all Canadian laws have been changed so bankruptcy is not an option… and bankjruptcy will not handle student loads which is the majority of debt, but since they investigated and I did oppose them with a good case in the supreme court of justice, everything has come under scrutiny. Don’t kid youself generation x has been the poorest and had the least amount of career opportunities… pensions, hah go ahead and find one that will also provide long term stable employment… currrently my best advice for those in gen x, and running into trouble, is develop a needed skill and run a cash under the table business… have a nice day !

]]> By: dave http://allfinancialmatters.com/2005/11/16/financial-planning-for-generation-x/comment-page-1/#comment-94956 dave Fri, 06 Apr 2007 00:31:47 +0000 http://www.allthingsfinancialblog.com/?p=143#comment-94956 It's incredible that parents think having their children take on $50k for college is normal. I for one probably would never have attended college if not for my parents financial support. Sure I had student loans as well, but not the full amount. Then again, when I went to college tuition for a year was only about $3-4,000. It's a good thing that now parents can start Education IRA's or 529 Plans for their children. Unfortunately, the average US citizens savings rate for the past two years have not exactly been stellar. Wasn't it a negative savings rate? It’s incredible that parents think having their children take on $50k for college is normal. I for one probably would never have attended college if not for my parents financial support. Sure I had student loans as well, but not the full amount. Then again, when I went to college tuition for a year was only about $3-4,000. It’s a good thing that now parents can start Education IRA’s or 529 Plans for their children. Unfortunately, the average US citizens savings rate for the past two years have not exactly been stellar. Wasn’t it a negative savings rate?

]]> By: wj http://allfinancialmatters.com/2005/11/16/financial-planning-for-generation-x/comment-page-1/#comment-89562 wj Tue, 20 Mar 2007 22:37:00 +0000 http://www.allthingsfinancialblog.com/?p=143#comment-89562 I think the parents of Gen Y are the Boomers, hence Boomers and Gen Y are a huge segment of the population. Gen X is squeezed in between and tend to have less 'power' due to its smaller size. I think the parents of Gen Y are the Boomers, hence Boomers and Gen Y are a huge segment of the population. Gen X is squeezed in between and tend to have less ‘power’ due to its smaller size.

]]> By: Russell Bailyn http://allfinancialmatters.com/2005/11/16/financial-planning-for-generation-x/comment-page-1/#comment-51846 Russell Bailyn Wed, 06 Dec 2006 05:04:45 +0000 http://www.allthingsfinancialblog.com/?p=143#comment-51846 What about generation Y? I think this is an age group of genuine uncertainty. The above four points apply at an even greater level for them. Especially the idea of getting out of debt. Credit is incredibly loose right now and the lending industry has gone haywire. I speak to parents all the time who think having their child take on $50,000 in debt for college is normal. Somebody needs to have a little pep talk with these younger people about the uncertainty that lies ahead. What about generation Y? I think this is an age group of genuine uncertainty. The above four points apply at an even greater level for them. Especially the idea of getting out of debt. Credit is incredibly loose right now and the lending industry has gone haywire. I speak to parents all the time who think having their child take on $50,000 in debt for college is normal. Somebody needs to have a little pep talk with these younger people about the uncertainty that lies ahead.

]]> By: JLP http://allfinancialmatters.com/2005/11/16/financial-planning-for-generation-x/comment-page-1/#comment-497 JLP Mon, 21 Nov 2005 01:18:21 +0000 http://www.allthingsfinancialblog.com/?p=143#comment-497 Sam, Yeah, Dave calls me all the time asking for ideas and what I think. Sam,

Yeah, Dave calls me all the time asking for ideas and what I think.

]]> By: sam http://allfinancialmatters.com/2005/11/16/financial-planning-for-generation-x/comment-page-1/#comment-484 sam Thu, 17 Nov 2005 18:40:30 +0000 http://www.allthingsfinancialblog.com/?p=143#comment-484 Sounds like you have been reading Dave Ramsay's Financial Peace book. Or maybe he has been reading your blog . . . Sounds like you have been reading Dave Ramsay’s Financial Peace book. Or maybe he has been reading your blog . . .

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