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I had the opportunity of speaking to Christian Youth Group last Satuday and i was especially thrilled in the fact that these ones can avoid most of the mistakes that the older generation have made about money. Actually if i knew, at their age, what i know and teach now, i would have turn out  better financially – earlier in life.

Generation Y – Who Are They?
Born between 1978 and the year 2000 (give or take a couple of years). They are called the Internet/Net Generation or “The Millenials”. Generation Y (Gen Y) members are currently in their teens and twenty-somethings.  At this stage of life when people are beginning or finishing college/university, starting a career, finding or marrying their life partners or starting a family. Lots of decisions that shape the lives of young people are usually made at the stage in life. The choices they make now will determine the choices you will have in the future.

Characteristics of Gen Y
Most members of the Gen y had “cuddled” upbringing in contrast to what their parents went through. They have the confidence instilled in them by parents or the internet  most things. This make them opinionated in dialogues – they think they know everything. One thing i can give to Gen Y members is that they are open to change if you can present your ‘case’ well.

Financially?
Gen Y sucks! They have bought wholly into the ‘but now, pay later’ culture. They buy expensive high-tech gadgets with credit cards in addition to increasing student loans.
Generally speaking, Gen Y seems to portray: huge debt and no savings and still they think nothing of it.

The main goals of nearly every member of the Gen Y is to have Fame and Fortune. They all want to be rich and famous as portrayed by the media. Reality TV and programmes like X-Factor, Britain’s Got Talents, American Idol and even Big Brother are all fanning the fantasy of “making it big” for these young people.

Being Rich or Having Riches?
There is difference in having riches and being rich. We have often heard of lottery winners who blew millions in a few year with nothing to show for it. They had the riches in their hands but were not in their minds. in my opinion you need to BE rich in your first (i.e. be financially intelligent) before you begin to acuire or HAVE riches!

Many young people want to begin their independent lives having what their parents have now. They need to know that it took their parents 20-40 years to acquire what they possess at the present. To match you parents in possessions, you may have to go into debt to have that now or you may wait for the right time. th ebible says in Proverbs 24:27 “Prepare your outside work, Make it fit for yourself in the field; And afterward build your house.” (NKJV)

“You can have it all. Just not all at once.” — Oprah Winfrey

Tips For A Solid Financial Foundation

1. Begin Early – you have time on your side.
2. Know that debt-free life is possible.
3. You are ultimately responsible for your financial well-being.
4. Don’t spend beyond your means.
5. Monitor and control your spending.
6. Establish some good financial habits right now.
7. Begin building your Net Worth.
8. Stop trying to impress other people.
9. Take good care of your stuff and you will get more out of them.
10. Find and work toward your true passions.
11. Improve yourself every chance you get.
12. Talk about money (and be honest).
13. Give without strings or regrets.

If a young person can follow these tips above and not just follows the crowd, his or her financial outlook will be better in the long run. By the way, if 13 is not your number add more tips.

Niyi Adeoshun
Money Management Coach

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About The Publisher

Niyi Adeoshun – the Money Management Coach specialises in inspiring and motivating people to strive for a debt-free life in order to fulfil their life goals. Niyi is the author of “Milestones of Financial Freedom” – Simple steps for conquering debt and building wealth.

Related posts:

1. Youth Money Management at Christmas
2. What My Father Taught Me About Money Management
3. Money Myth #4: I’m young, I still have time.