Comments on: Ignoring Finances When Young is a Risky Game

By: Carnival of Personal Finance #239 – Hot Money Trends of 2010 Edition | Darwin's Finance

Wed, 10 Feb 2010 22:04:54 +0000

[...] Kevin from My Dollar Plan presents Ignoring Finances When Young is a Risky Game. [...]

By: Young Money « All Things Financial

Young Money « All Things Financial — Thu, 14 Jan 2010 03:42:19 +0000

[...] By kbgunman MY DOLLAR PLAN shares good advice for YOUNG people managing [...]

By: Griff with debt solutions

Griff with debt solutions — Thu, 14 Jan 2010 01:36:51 +0000

Totally agree with you! I think it is critical for young people to start investing (even if it’s just $100 per month) and saving their money like crazy! If they have debt, then they should definitely try and get rid of that, but not neglect investing and saving.

The inflationary tidal wave is coming soon- congress can’t hold it back any longer!

Thanks for the post.

By: Money Management First Edition

Money Management First Edition — Tue, 12 Jan 2010 05:48:57 +0000

[...] presents Ignoring Finances When Young is a Risky Game posted at My Dollar [...]

By: The Personal Finance Blog » Personal Finance – First Edition

The Personal Finance Blog » Personal Finance – First Edition — Tue, 12 Jan 2010 05:48:16 +0000

[...] presents Ignoring Finances When Young is a Risky Game posted at My Dollar [...]

By: Carnival of Personal Finance #239 – Hot Money Trends of 2010 Edition | HighYields.com

Mon, 11 Jan 2010 10:23:33 +0000

[...] Kevin from My Dollar Plan presents Ignoring Finances When Young is a Risky Game. [...]

By: Best of The Rest: Reverse Jinx Edition

Best of The Rest: Reverse Jinx Edition — Sun, 10 Jan 2010 13:35:27 +0000

[...] Kevin guests posts on My Dollar Plan that Ignoring Finances When Young is a Risky Game. [...]

By: Lauren

Lauren — Mon, 04 Jan 2010 12:18:44 +0000

I agree with some points of this article, although all are though-provoking. I do believe many young people are beyond unprepared when they leave both HS and College. I know personally even thing I have learned about finance and saving is entirely self-taught. With the help of using my parents as an example of exactly what NOT to do. (getting caught in the “rat-race” as Robert Kiyosaki puts it.) In this century we need to find positive $ mentors and become more responsible for learning the power of money.
And in responsible to moneymanleo…thats why I dropped out…I have absolutely NO college debt and I feel it will only benefit me. Having a college degree has almost lost its validity.

By: Chris

Chris — Mon, 04 Jan 2010 06:38:51 +0000

Young people have more time than money…they are Timeionnaires. Prevent overspending by getting a 2nd night/weekend job because it’s not like bosses are giving big raises to keep up with big life goals.

By: Weekend Linkage – January 3, 2010

Weekend Linkage – January 3, 2010 — Mon, 04 Jan 2010 04:16:56 +0000

[...] Ignoring Finances When Young is a Risky Game [...]

By: TheMoneyMan-Leo

TheMoneyMan-Leo — Sun, 03 Jan 2010 04:34:21 +0000

Good article Kevin. I think a lot of people get out of college these days with so much student loan debt they are discouraged from the start.

Social work majors getting out of school with $100K debt is crazy!

Of course getting rid of that is not impossible but with the desire to live like mom and dad immediately and get a fancy car a sad spiral is started and very hard to get out of.

By: daddy paul

daddy paul — Fri, 01 Jan 2010 17:29:56 +0000

“Most people are aware of the numbers, that if you start saving X amount of dollars when you’re 25, it will result in substantially more money when compared to someone who started saving when he or she is 35.”
So well said. I quit smoking twenty years ago but if I had quit 40 years ago and invested the money wisely instead it would be worth a million today.

By: Ken

Ken — Thu, 31 Dec 2009 13:47:54 +0000

You are spot on with your assessment of young adults in our country. What can be done to get them to start saving now. That is the 64,000 dollar question.

By: Rimaye

Rimaye — Wed, 30 Dec 2009 22:22:08 +0000

Kevin, fears of inflation are largely overblown. I have yet to see any credible evidence that we are running the risk of sustained inflation beyond the Fed’s target level of 2-3%. Commentators pointing to the large amounts of money that the Treasury and Fed are pumping into the system miss the point – the infusion of cash represents an effort to stave off deflation, which is far more destructive than modest inflation (hint: deflation makes those crushing debts even more crushing).

Lower returns are a real risk; however, as you note, the risk is primarily in investing in U.S. securities. There is plenty of growth potential in emerging markets, provided one has the appetite for the extra risk. The young have the luxury to take on that risk.

By: Daniel

Daniel — Wed, 30 Dec 2009 14:26:19 +0000

Instead of focusing on the amount of money young people are putting away now, we should focus on percentages of income. Of course, a $1,000 investment now won’t be that significant in 40 years, but by creating good habits now, the 10-15% retirement savings now can have a large effect down the road, so when we do earn more money, we won’t be forced to cut back because we’ve already created a solid base over the past 5 or 10 years.