Issue #51
In this issue:
Why is there so much month left at the end of the money?
John Barrymore
There is only one class in the community that thinks more about money than the rich, and that is the poor. The poor can think of nothing else.
Oscar Wilde
Money was never a big motivation for me, except as a way to keep score. The real excitement is playing the game.
Donald Trump
All money means to me is a pride in accomplishment.
Ray Kroc—Founder of McDonald’s
If a person gets his attitude toward money straight, it will help straighten out almost every other area in his life.
Billy Graham
Money without brains is always dangerous.
Napolean Hill—Author of Think and Grow Rich
Many of the things you can count, don't count. Many of the things you can't count, really count.
Albert Einstein
Gambling with cards or dice or stocks is all one thing. It's getting money without giving an equivalent for it.
Harriet Beecher Stowe
I remember getting lost in the woods and being afraid that I would have to eat Tippy. But eventually I found my way home, and I put Tippy back in the refrigerator with all my other sandwiches.
Jack Handey—Author
of Deep Thoughts
See
Eric in Action!
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for a video preview of Eric's
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Links of Note...
The answers are just a few clicks away...
Getting
Them to Give a Damn: How to Get Your Front Line to Care About Your Bottom Line
the
new book by Eric Chester reveals the management techniques that leading-edge
employers are using to get these quirky, book-smart, and streetwise employees—Eric
calls them 'kidployees'—to contribute in innovative and entrepreneurial ways.
Available now. Order your copy today! -more-
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Deal, or No Deal
What if I said to you that I would give you $150,000 with no questions asked? Just say the word "DEAL!" and it's yours. Now what if I said that you could take a chance at $250,000, but there was a thirty percent chance that you would lose everything. Would you take the sure thing, thank your lucky stars, and go on your way? Well, for most contestants on the new hit game show Deal or No Deal, the answer is a resounding "NO DEAL!"
Is the issue simply greed, or do the bright lights and cheering crowd simply cause the contestant to suffer a temporary lapse in their appreciation of how hard it is to earn a buck in these turbulent times? Well, this certainly provides for interesting table talk and a highly rated prime-time television show, but one thing is for certain; money that is earned through hard work and lots of elbow grease is always valued more highly than when it's given for little or no effort.
Unlike some European countries, in America, you are not guaranteed a job for life. So when you work hard for a paycheck, common sense tells you to put some away, because you might not always be able to work.
Unfortunately, for most Gen Why's there appears to be a real disconnect between effort and money. And why wouldn't there be? They routinely see rap stars and ball players coming into quick money as they flash their "bling" and drive their "pimped-out rides." In their world, the money comes fast and the attitude is furious; and what you have is infinitely more important than how you got it. Lay your hands on some cash, go blow it, and then rush to the magical ATM down the street to reload.
Today's high school and college graduates are entering a world that, for them, has always been hell-bent on separating them from their money. Without question, Generation Why is the most affluent young generation in history, and they pump billions and billions of dollars into our national economy each year. Marketers know this and have coined the term KAGOY (Kids Are Getting Older, Younger) as they are pulling out all stops to connect with this key demographic. They've long ago abandoned the practice of appealing to mom or dad to buy for the child. They know a million ways to bypass the parents and go directly to the kids with their marketing messages, and they're feeding on the instant-gratification mentality of youth like the paparazzi at a Brad and Angelina sighting.
Gen Whys are street-smart and sophisticated buyers who know what they want, where to get it, and how to get it in a New York second. Unfortunately, this "gotta have the latest and greatest new thing right now" mindset not only has them in a perpetual buying mode, but also in serious debt. One third of all high school seniors use credit cards, and a 2004 Nellie Mae study revealed that 76% of all undergraduate college students have at least one credit card carrying an average balance of $2,169. The disturbing trend has people under the age of 25 now accounting for more than 7% of all bankruptcies in America. These unfortunate quarter-lifers will have to work the next ten years just to get back to flat broke!
Within three miles of my office, fourteen check-cashing businesses have sprung up in the past 24 months. It breaks your heart when you see a young teen or twenty-something kid walk in to one of these joints, knowing they are going to get hit with an outrageous fee for cashing their paycheck, or to get a payday advance.
Sadly, fiscal responsibility is not a value Gen Whys have internalized. Obviously, boomer parents have worked overtime to give their kids a lot of stuff, but have been remiss in teaching them how to manage money, avoid debt, and save for the really important things.
What can you do to help them?
(Find out how you can help and read the rest of the article online at GenerationWhy.com)
SPRING BREAK-IN: While his schoolmates went to beach communities for spring break, Drake University sophomore Skyler Bartels went somewhere else. The student from Harvard, Nebraska camped out in a Wal-Mart store in Des Moines, Iowa, living there for nearly three days straight, catching a few hours of sleep in the garden department or the men's room. Late at night "it's just me and the stockers," he said, "and every once in a while somebody who needs a Swiffer at 2:00 in the morning." He killed time by putting out-of-place items back on the right shelves, figuring "at least I was being productive and beneficial to the store." He had planned to stay longer, but after about 41 hours he noticed that managers were on to him, and left when managers called a meeting apparently to discuss what to do about him. "I should have stuck it out, at least to see what the meeting was about," he said. (Des Moines Register)
Look for the new MTV video release “Guys Gone Aisles!”
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