According to a recent
survey, a majority of the American public believe it is more difficult for
young adults today to afford their college education, find a job, purchase a
home, or save for the future, compared to their parent’s generation.
Experienced financial engineer James F. Pomeroy sheds some light on the recent
study and offers some tips to better save for the future.
The new survey conducted by the
Pew Research Center found that those between the ages of 18 to 34 believe the
economic slowdown has affected a wide range of decisions about their future
including marriage, career, education and parenting. Furthermore, nearly half
of the surveyed young adults said their age group is having the hardest time in
today’s sluggish economy, yet their long-term optimism remained intact.
James F. Pomeroy believes that
while young people are less likely now than they were before the recession to
say they have enough income, their level of optimism is undiminished from where
it was in 2004. Among those aged 18 to 34, 88 percent said they either have or
earn enough money now or expect they will in the future.
James F. Pomeroy offers several
money saving pointers to help young adults better save for their future.
Pomeroy suggests young adults clear their credit card debt, cut the costs of
their fuel bills, and cut the costs of their home phone and cell phone bills.
In addition, James recommends people make shopping lists when venturing on food
shopping trips. He suggests people buy only what is written on the list and
that way they won't be tempted to buy additional, unneeded items.
Lastly, James F. Pomeroy
recommends setting savings goals. He explains that for short-term goals, this
is easy. If a person wants to buy a videogame, he should find out how much it
costs; if he wants to buy a house, he should determine how much of a down
payment he’ll need. For long-term goals, such as retirement, a person will need
to do a lot more planning (figuring out how much money he’ll need to live
comfortably for 20 or 30 years after he stops working), and he’ll also need to
figure out how investments will help him achieve his goals.
Bottom line, even though the
sluggish economy is leaving a damper, nearly half of the young adults who
participated in the survey remain optimistic. In order to survive the economic
downturn, financial engineer James F. Pomeroy recommends following the pointers
listed above.
More About James F. Pomeroy
Former Detroit Tigers shortstop
James F. Pomeroy works with young baseball players as well as with professional
baseball players to improve their pitching velocity. James Pomeroy is the
founder and CEO of Velocity Sports and Education, a non profit that trains,
teaches and empowers young baseball and softball players nationwide
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