First, a disclaimer or two...I'm definitely not a member of the "younger set" at 62 and retired, so a lot of this isn't too relevant to me. Secondly, I'm not familiar with METAR's age demographic, so there's a possible preaching-to-the-choir issue.What seems bad news can be turned into good. The talk about the faltering economy seems to fall into the bad-news category. Housing prices had the biggest decline ever, the U.S. and international stock markets had some dark days, 17,000 U.S. jobs "disappeared," and many experts feel we're heading into recession. But there's reason for young people to look on the bright side. Beginning your financial life during economic downturn can be preferable. The 1-pg. article has 3 sections. Under "We Won't Expect to Get Rich Quick," I see:..your grandmother, who experienced the Depression, is probably still saving rubber bands. However, if you're in your 20s-early 30s, your memory consists of a nearly unprecedented runup in stock market values -- the tech bubble of the 1990s [...] if you buy a house these days, you'd better love that city and neighborhood, not buy more than you can afford, and be prepared to hold on it for a long, long time.Under "We'll Get Real About Consumption":Consumer spending increased every year for the past 16 years, the longest buying binge Americans have ever gone on [...] Young people have been spending 16% more than they earn in recent years-- not sustainable.Last, under "We'll Buy On the Cheap" (mostly abt. home-buying):The current scary environment should not cause you to stuff your money under a mattress. The stock market may not be the best way to make a fast buck, but is still the best long-term investment for your money; market returns average 7-10% over the long term. And "long term" means decades, not a few years.http://finance.yahoo.com/expert/article/generationdebt/66424;_ylt=An1FngH_JQQUCeh8IhwJMAC7YWsAIt's that last bold that concerns me. I don't know when 'InstaGrat' began, but there's a huge Joystick Generation out there. I wish them financial success as the result of a commodity that's perhaps foreign to them but which they'll acquire: it's called patience.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra