We live in a country where our consumer-based economy sensationalizes and commercializes many aspects of life. The young (12-22 year old) demographic also makes it necessary to have whatever novelty item or product that is popular at a certain time to fit in with the social community. This object being whatever big business media convinces them (the young demographic) they need. Saving money presents a challenge to today's youth because they have been brainwashed by the corporate media from an early age to have a "now" attitude, or one of instant gratification. This does not leave room for saving, managing, or investing money; for how can you save your money if you're giving it all to "them"? We must educate today's youth so they understand the importance of securing their financial future.
The attitude of expecting instant gratification leaves today's youth open and susceptible to many financial traps and schemers, one of which being the credit card companies.
A ten thousand dollar limit on a card is designed to fool you into thinking you have ten thousand dollars. If you buy something you know you cannot afford, you might figure it is not that big of a deal because you can pay it off in increments. Young people look past the fact that due to astronomical interest rates, credit card companies have you paying ten times as much as your purchase; and making late payments digs you farther into the hole. The solution to this escalating problem is educating today's youth on this and other similar economic traps created by big companies.
Another pocket breaker is a recent and very expensive fad of buying shoes. Not just any shoes of course, I am speaking of Air Jordans. Two pairs of shoes are released monthly, prices range from $120 to...