McKenzie's Challenge Blog: Can We Act Our Wage?

Editor's note: We challenged all of our finalists to write a blog post. "From your own experience, what are the top 3 financial issues facing your generation?"

We’ve all had those conversations with our buddies about how much money we have in our pocket “right now” or how we have no clue how we’re going to pay the rent. It’s because we rarely have any money to spare or anything positive to say about our financial situation!

Before we get into the main issues that Gen Y has with money, we must first understand key personality traits of this generation. Jason Dorsey, aka the “Gen Y Guy,” has come up with a few characteristics to get your ol’ noodle working:

1. Gen Y often has a feeling of entitlement.
2. Gen Y is known for having big expectations.
3. Gen Y loves instant gratification.

That is just to list a few! If those don’t sound spot on, I don’t know what does! From my personal experience, these characteristics have a whole lot to do with the top three struggles our generation has with finances.

1. Living within our financial means.
   Because we are all about instant gratification, we tend to be a bit impulsive. Budgeting? That word is not in our dictionary. We live day-to-day, moment-to-moment, on the money we currently have in our pocket. This also has to do with that feeling of entitlement (I deserve this expensive dress. I deserve to have the awesome new stereo for my car). I know the word entitlement sounds harsh, but if we’re honest with ourselves, it’s widely true for the majority of Gen Y.
2. LOANS (student loans to be exact) and Payments.
   I can remember being a young kid and tween hearing my mother complain about paying her student loans. I knew she had graduated from college years ago, and could not figure out why she still had to pay for it (remember that instant gratification thing?)! The idea of paying regularly for something and only getting a receipt for it was foreign to me. We also have HUGE expectations of post-school life; we get excited for the “real” world until we realize that jobs and steady pay don’t just fall into our laps. To keep money aside for regular payments such as student loans is rarely in our thoughts or plans.
3. Media-Pressure
   We’ve all heard of peer pressure, but have we ever thought of how much media influences us financially? The very last thing MTV, E! News, or any other television programs are concerned with is the amount of money their viewers spend. We get fed all of the “this is what’s cool” ads, and the “money is no object” lifestyles. Media and popular marketing is taking advantage of young people. We need to be strong-minded enough to understand that we are more than likely not going to be featured on Vh1’s The Fabulous Life anytime soon.

*Author’s Note:

Dear Gen Y,

We are completely capable of overcoming these financial burdens by simply being aware and informed about saving and budgeting. During these difficult economic times, we’ve got to stay ahead of the game. I believe in us! Like the little engines that could, I THINK WE CAN.

I’ve just given you the reasons why we have such difficult financial problems. All you have to do is recognize the issue, and find ways to resolve it! To learn more about Gen Y, visit Jason Dorsey’s site: www.jasondorsey.com

To find out tips on budgeting and staying out of debt, check out financial guru, Dave Ramsey or the Young & Free blog: www.daveramsey.com or http://www.youngfreealabama.com/blog/

McKenzie