Why Gen Y Is So Financially Frustrated

The challenging job market has led to marriage and parenthood delays, along with career stagnation

March 20, 2012 RSS Feed Print

"Parents can be an enormous source of support. If your parents were born in the late '50s or early '60s, they graduated right into a recession, too," says Funk. She adds that the high-profile success of Gen Y entrepreneurs, such as Facebook's Mark Zuckerberg, give young people inspiration to create their own careers instead of endlessly job hunting.

As Bissonnette puts it, "We have technological skills that give us a huge advantage over older people—who are often competing with us for entry-level jobs."

Twitter: @alphaconsumer

Tags:: young voters,; young professionals,; personal finance,; money

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In response to Firefoxgs, the federal gov't already allows student loan interest to decrease AGI; however, what Melody was saying was that do to her and her husbands AGI they are completely phased out of being able to take that deduction.
As to your loss; if you had purchased it as an investment property you could have taken the loss; as it was a personal residence you already had the tax benefit of not having to report any gain if you had sold the property above your original investment. You can't have it both ways.

BCZ of VA 3:29PM May 08, 2012

In response to Melody's comment, after the Feds allow students to write off the interest on their student loans, then I want to be next in line. Back in '96, I suffered a $40k loss on a condo in L.A. (foolish me, I thought back then that California real estate only went up!). Anyway, whatever, I still (like) feel punk about it after all of these years (you, like, wouldn't believe the trauma/emotional distress!), and if the IRS would just allow me to write off the $40k, then I also could (like) go out and help boost the economy also! Maybe even replace my 2001 Pontiac Grand Am! I'm sure this is not too much to ask!

Firefoxgs of VA 2:51PM May 04, 2012

I'm a member of Gen Y and I believe that if you take out a loan, you should pay the d**n thing off. Don't look to Obama to save you and don't blame Bush for it. You're the one who majored in art, humanities, law, or gender studies -- and you actually EXPECTED to be handed a fantastic job. The game has changed. College, grad school, law school, and med school are shams. Because you believed things would always increase -- home value, income, etc. -- you're left with the realization that you were lied to. Such is life. Get over it. Figure it out. Stop complaining. Invest in income-producing assets, start a business, pay off your debt, and stop wasting future earnings on another meaningless piece of paper.

Dave of PA 1:24PM April 10, 2012

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