Sunday, December 16, 2007

Writeup in Times Business Section

I OWE, I OWE

The article in Fast Company on Mint, a Web site that focuses on young adults who need help in managing their money, is worth reading for quotations like this from the 26-year-old founder, Aaron Patzer: “Your parents say ‘balance your checkbook,’ but you don’t have to anymore,” thanks to all the online tools available.

But what is more compelling are the statistics that the author, Anya Kamenetz, has included in the article. Consider these:

¶On average, “Americans under 35 spend 16 percent more than they earn.”

¶The median household income for people under 34 in 2005 was $48,405. From 2000 to 2005, that figure fell nearly 6 percent, according to the Census Bureau.

The average credit card debt for college seniors in 2005 was $2,864.

“This demographic, in sum, is sorely in need of an easy-to-use solution to their ample money woes,” Ms. Kamenetz writes. That explains why a number of money-management Web sites — Geezeo, Spendview and Wesabe among them — have started recently.

4 comments:

Anonymous said...

Being the parent of a 23 year old Gen Y college grad, my advice to him on this subject was simple - spend less, live within your means and work harder (or more) to make more money.

Yeah, life kinda sucks now for this generation - partially due to the policies of the current administration over the last seven years. It also sucks because this generation has a horrible set of tools to cope given to them by their helicopter parents.

But these are not excuses which relieve this generation from the hard truth that the harder you work the luckier you get.

Time to forget about vacations, sabbaticals, gadgets, and home ownership much before age 30 right now. It's time to learn that these are things that are earned and saved for, and not entitlements. In short, it is time to grow up.

apatzer said...

Anya,

Thanks for writing such a tremendous article on Mint.com in FastCompany. I especially like the Axe Body Spray (Mint) vs Old Spice (Quicken) comparison. That the Times picked up the piece is a testament to its quality.

Aaron Patzer
Founder & CEO, Mint.com

cdenny said...

Anya & Co.

This is the best piece yet. My generation is out of control! Some how so many of us think if we keep spending, everything will just work out.

To the first anonymous commenter, you are dead one. Well said, I am in the generation and all I keep thinking is, "when the hell are we all going to cut the crap and grow up?" So many of my friends expect $70K a year jobs with no degree and no experience. And can’t seem to connect that fact that hard work is required for success.


and to Aaron:

I found Mint.com a few months back. It is a life saver. Since fully started utilizing it 3 months ago, I have restructured my budget. Got rid of hemorrhaging expenses. And as of yesterday I am almost completely out of debt. I've taught my fiancé, roommates, parents, even my boss how to use it!

Thank you, thank you, and thank you.

It is tools like yours that have the ability to change the tide with America's excessive spending and debt.

Chris.
dennychris@hotmail.com

kate said...

Sure. The author if this blog has written article there? can you gave me a link of his works?