Why Gen Y is Broke

Here is an interesting link to an MSN internet article
http://articles.moneycentral.msn.com/Investing/HomeMortgageSavings/WhyGenerationYIsBroke.aspx?GT1=33011


The quick summary is that many in generation Y are being swallowed in debt, student debt, credit card debt, expensive car loans, etc. They often don't know how to budget and they are not saving. It seems to be that this is a generation largely characterized by "I want it now, and I'm entitled to it" Please understand I know that not every one in this generation is so materially focused! I know that many are committed to worthwhile causes and volunteer efforts. However in general there is a spoiled attitude.

The cartoonist Stahler for the Columbus Dispatch pointed it out in a cartoon on July27th.
Two young Generation Y ladies are walking by a newspaper vending machine. The papers headline reads "Americans Don't Know how to save" The two ladies are carrying bags full of miscellaneous stuff the just bought at their favorite designer stores. One says to the other
"But I've got necessities: iphone, Wii games, My latte with a double shot..."Etc

I know of one young high school student that has wrecked 3 cars in under two years. Why would a parent continue to provide cars for that irresponsible idiot child? The child isn't paying for the cars. Why would there be a need for so many Starbucks stores selling overpriced $4-5 coffee drinks. Within 2 miles of where I am writing this there are at least 5 Starbucks locations. Who needs Starbucks at that price with 5 locations within 2 miles?

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