Generation Y – An Opportunity for a Fresh Financial Start
CFP Board Presents First Phase of “Lifelong Financial Strategies: 25 Tips over 25 Weeks
Washington, DC, August 23, 2010 — Just starting out? You need to make smart financial decisions – and a plan. That’s the message from Eleanor Blayney, CFP®, the consumer advocate for Certified Financial Planner Board of Standards, Inc., in the first segment of the non-profit organization’s Lifelong Financial Strategies initiative.
The first stage – “Starting Out” – focuses on ways Generation Y can avoid some of the pitfalls of earlier generations by making smart financial decisions today and establishing smart financial habits for a lifetime.
“Young people today face significant financial challenges – and opportunities, especially in this economy,” Blayney said. “Most start out their adult lives with more debt than assets. At this stage, it is crucial to set goals, get out of the negative, and create a sound financial plan.”
The initiative is part of CFP Board’s ongoing 25th anniversary commemoration. Tips for this phase, which focuses on people 18-25 years of age, cover such topics as:
- Fight the Urge to Splurge
- Understand the New Rules
- Do the Car Math
- Keep Score
- Commit Now to Good Credit Habits
The content is being delivered over multiple platforms. Blayney introduces these concepts in videos, gives a lesson on an audio podcast and provides detailed advice in tip sheets. All presentations for each phase can be found on CFP Board’s web site at www.CFP.net and the consumer advocate page on Facebook. Videos are available on YouTube in addition to other social media Web sites.
“Whether it’s buying more car than one can afford, maxing out credit cards or not understanding how credit scores impact their lives, the decisions young people make today have significant consequences for their future. We hope these tips will help them get started on the right financial foot,” Blayney said.
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