Today’s twentysomethings have been called many things – Generation Y, Generation Debt, Generation Next, Millenials, etc. Now personal finance columnist and author of US News’ Alpha Consumer Kimberly Palmer adds another (more positive) label to the mix: Generation Earn.
In her book Generation Earn, Kimberly addresses young adults’ money topics in three key life sections:
The first section centers on the self, covering professional goals, personal spending, debt, and investing. The second focuses on creating a home, including renting, mortgages, marriage, and saving for baby. The third focuses on community and the world at large, including green spending, sustainable donating, and supporting nonprofits.
I am really excited to see a book that talks about young people’s money issues in such a holistic manner – from self, to family, to community. Here’s what Kimberly adds:
The bottom line? We don’t need to resign ourselves to lives defined by debt. We can earn more, save more, and live more richly – largely because we’ve redefined what “rich” means.
Thanks to Kimberly, I have 3 copies of Generation Earn to give away on this blog. I will also be hosting a Question & Answer session with the author next week.
To enter the giveaway, please do one (or all!) of the following:
- 1 entry: Leave a comment here with a question for Kimberly to be featured on the Q&A.
- 1 entry: Follow me & tweet about it @wellheeledblog with this message: RT to win Generation Earn @WellHeeledBlog see http://tinyurl.com/349sgk9 for details
- 1 entry: Subscribe to my RSS Feed (please leave me comment to let me know)
- 1 entry: Become a Fan on Facebook (please leave me comment to let me know)
- 1 entry: Write about this giveaway in your blog (please leave comment w/ URL to blog post).
Everyone can submit up to 5 entries. Deadline to enter is 12 midnight PST Sunday, October 31.
I’ll do a random drawing to come up with the winners, and announce the 3 winners and Kimberly’s answers to your questions on Monday November 8.
image source: generationearn.com
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Hi! Lurker de-lurking for my love of books and the personal help / personal finance genre!
Question for Kimberly: Is your book mainly descriptive or prescriptive? Did you do interviews with people of this generation and does this book detail their strategies, or are these theoretical suggestions for strategies we should employ? If the latter, how many have you tried out yourself?
Ok, in addtion to my question above, I just retweeted this, subscribed to your RSS feed (offically de-lurked), wrote a post about it on my blog, and became a fan on FB.
I think it's safe to say I really want the book
Ok, in addtion to my question above, I just retweeted this, subscribed to your RSS feed (offically de-lurked), wrote a post about it on my blog http://yumipuff.blogspot.com/2010/10/this-is-get-… and became a fan on facebook. Hope one of my 5 entries is picked!
Yumi.
sounds like an Interesting book! I wonder what the most common obstacle is for getting out of debt? Thanks for sharing wellheeled, I hope I win!!!
WellHeeled, I subscribed to your RSS feed a while ago.
Looks like a great read!
How did Kimberly first become interested in personal finance?
Hi. A question that I have for Kimberly is how do you choose between renting and owning. When do you know that you're ready?
I just became a fan on Facebook and subscribed to the RSS feed!
Question for Kimberly:
How do you know when you're "Set"? Everyone has a different number for what you need to do to build a healthy financial future, but how do you know what you will be comfortable with? I know I need to put money aside to save for retirement, but how much is "ok"? I have other things I need to save for as well – house, marriage, emergency fund, etc, and I still want to enjoy life!
For example, I have around 35% ($750) of my take home pay available for saving to different areas. Is it fine to put $325 of that to retirement, and the rest to other savings (vacation, home, emergency fund, wedding), or do I need more money going into that retirement fund? If it matters, I'm 25 and with no debt.
Hi Emma , I love this question. That is great you are saving so much of your take-home pay. It sounds like you are suggesting putting about 15% of your take-home pay into retirement savings, right? That is a good number- I recommend shooting for 20% of your pre-tax income for retirement. Do you have access to a 401(k) so you can do it with pre-tax dollars? Okay I guess I'll save the rest for the official Q&A!
Hi Kimberly, I'm in Canada, so I put that money into an RRSP, which means I get money back that I paid into taxes once I file my taxes in March.
The other money goes into a tax free savings account (we can put up to 5000/year into a savings account – after we pay taxes on our income – and any interest that we earn does not get taxed. If you take any money out of the account, you can put it back plus your next 5000 into the account the following year).
Oh I see- thank you for educating me on the Canadian system! I am answering your question for the Q&A now too…
Hi , My questions for Kimberly:
We know we have to save for retirement, build our nest egg, pay our debts and invest, but sometimes it feels so diffcult to tackle all those things with a recently-grad paycheck. Is there a hierarchy of importance as to which of these aspects we should focus more money into? should we do it proportionally instead?
Also, If we're planning on investing, but only on moderate amounts (im thinking on $100 monthly for the first year and then review it) which is the safer (yet at elast mildly profitable) long-term choice? Should we invest in the housing market or wait a little longer?
Thanks a lot! (and yes, pleeease I'd like to win that book!
)
Great blog, WH! I'm a lurker but like some readers above, have come out of hiding for my love of books and free things
My question for Kim: How did her growing up influence or shape her views on Personal Finance?
Oh, I also subscribe to your feeds~
Sounds like a valuable read! I just became a fan on Facebook and subscribed to the RSS feed.
Question for Kimberly: Any advice or tips for putting aside money for large purchases (car, home, etc), without the temptation to draw money from those accounts when in a bind?
Hi. I subscribe via RSS and am a fan on Facebook. Thanks!
I just "liked" your page on facebook – and I've been suscribed on the feeds for a while!
Also – my question for Kim would be, what is her advice regarding planning for taking care of parents for Generation Earn, since many of them will have parents whose retirement plans were hit by the recent economic downturn, and may not fully recover in time for their retirement?
This is so true and something so many of us are thinking about! Thank you Jennifer- I look forward to answering this in the Q&A too!
I would like to know if the author has any suggestions for 20-somethings who are feeling discouraged and jealous of their peers who are better off. I am making serious progress paying off my student loans, but then I look at my friends who own houses and make $$, and never had to deal with student loans, and it makes me really jealous. I try to focus on my own blessings, goals, and progress, but this still pops up from time to time. Thanks!
I already subscribe to your RSS feed.
I'm subscribed to your feeds
Tweet: http://twitter.com/OneFrugalGirl/status/284451669…
I subscribe via RSS.
Here is a new peppy 1-minute video giving people advice on the responsible use of debit, ATM and credit cards.
"Card Tricks Revealed: How Not To Burn Money" http://www.youtube.com/watch?v=rKRHiA0tYCc
Hi. My question is, what is the difference between our generation and our parents (or previous) that made us generation consumer/debt/spoiled.
+ 1 for subscribing to your rss feed (via google reader)
I would love to win this book- looks like a great read
My question for Kim is:
- in your personal opinion (and after doing the research you did) so you think our Generation (Generation Y, or as you call it Generation Earn) will be one of the most successful generations or one of the worst in terms of saving money, being financially savvy, etc?
Thanks for this awesome contest Well Heeled!
I tweeted
My question is: Are you part of generation Earn or are you
Older and this book is based on observations?
Thanks!
These questions are so great, I can't wait to answer them! I am 30 to answer Laura's question, so yes I am part of this generation!
I've previously subscribed to your feed.
Hi Kimberly– do you think that Generation Earn can undo the bad financial habits we learned from our Baby Boomer parents, and find happiness within our means?
I subscribed via RSS/Google Reader!
And I've liked you on FB ;D