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Between a Rock and a Hard Place

Between a Rock and a Hard Place

The Great Recession has been a challenging time to be a young person, as can be seen through the prism of two recent New York Times articles. In “Battling College Costs, a Paycheck at a Time,” the writer explains that although many students have jobs while in college, the escalating cost of tuition makes it almost impossible for them to work their way through school in the customary four – or even five – years it takes to get a degree. The vast majority will have to take out loans. Or stop attending.
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The Road Ahead is Booming

The Road Ahead is Booming

Each day 8,000 or so members of the Baby Boom generation turn 65. And it will go on for another 18 years. But just because these people have hit retirement age, it doesn’t necessarily mean that they are going to retire. Baby Boomers are looking at this crossroads differently than they did two or three decades ago. Gone are the days when this generation followed the well-carved-out path of starting a vineyard and spending their days in rocking chairs. Now, they are interested in transitioning to other jobs or becoming consultants instead of retiring.
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The 411 on 529s

The 411 on 529s

I was at a birthday party for a friend of my son a few weeks ago and the topic of discussion among parents turned to saving for college. Higher education has always been costly and, historically, considered well worth the price. Despite savings, grants and scholarships, Millennials and their parents (who, for the most part, are Baby Boomers) bore the brunt of those escalating costs in real time. Now the most educated – and debt-burdened – generation in American history is beginning to have children of its own. Possibly, the only way Millennials are going to avoid prolonging the education loan cycle is to start saving for their children’s education the minute they are born.
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Tragic Motivation

Tragic Motivation

It’s an unfortunate truth: sometimes bad things happen to good people. And not being in any way prepared only compounds and extends the pain and loss. Such was the case of Chanel Reynolds, reported in the New York Times. Chanel lost her 43-year-old husband in a bicycling accident and was consumed by the enormity of the financial tasks ahead of her. The challenges she faced veered from the simple (knowing the password to the checking account) to the complex (what would happen to their unsigned written wills?).
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The Sums of Education

The Sums of Education

Millennials, people born after 1980, who went to college in the early years of the 21st century, now have young families or are starting to think about it. Considering the oldest Millennials are currently cresting 30, the timing seems right. But what sets them apart from other generations is this age group’s indebtedness to education loans. It’s not just a possibility that they will be saving for their children’s education while they pay off theirs, it’s a fact.
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