Debt: A Deal Breaker in Millennial Romances?

We heard through the grapevine about a boomer couple upset because their son, who graduated from a prestigious college and professional school without loans, was marrying a young lawyer with tens of thousands in educational debt. The parents feared that paying off this financial burden would delay the couple in buying a house and starting a family. Wisely, they chose to say nothing. Their concern is not unwarranted. Millennials who are able to get ahead financially by owning a house …

The Truth About Your Adult Child’s First Year After College Graduation

They’re back! With costly college diploma in hand, thousands of 20-somethings have returned to the nest. Some will be starting jobs, while others ponder their next move. No matter which category, odds are most parents will provide some financial support to their adult child for a year or two — or more. A recent Upromise Sallie Mae poll found that 65 percent of parents expect to support their children for up to five years after college graduation, including those with …

The Passcode to Hack Most Credit Card Readers

About 90 percent of checkout payment card readers, like those implicated in last year’s string of retailer data breaches, currently use the same password. Reason: The default setting hasn’t been changed – either by its manufacturer, middlemen vendors or retailer clients that purchase the devices. That’s the stunning conclusion after researchers from cybersecurity firm Trustware examined point-of-sale (POS) card readers at 120 retailers nationwide. “No one is changing the password when they set this up for the first time; everybody …

Three Simple Lifesaving Strategies for Good Health

Updated May 4, 2015 A recent survey conducted by AARP found that the top concern on the minds of African Americans over 50 is staying healthy. With that in mind, I want to spotlight health disparities in the black community and how we can stay healthier and live longer. According to the CDC Health Disparities and Inequalities Report — United States, 2013, here are some of the disparities: African American adults develop diabetes at twice the rate of white adults. African Americans …

What Will Retirement Look Like for Our Adult Children?

For decades, the three-legged stool was the metaphor for funding retirement: Social Security, pensions and savings/investments. Because of the recession and drop in pensions, the stool started to shake. That hasn’t escaped the notice of our adult children as they watch parents head into retirement. The upside of those watchful eyes is that many millennials have begun saving for their own retirement. At an unprecedented age of  22, some 70 percent of working millennials are socking money away, according to …

Millennials Are Spending Less and Saving for a Rainy Day

While waiting in line last week at Starbucks, I realized that I was the only “guest” ordering black coffee — not a grande, no-foam macchiato concoction — and the only person using cash. The mostly millennial customers were flashing a smartphone app or swiping credit or debit cards. The way our adult children spend and save money is very different from their boomer parents. “I want it fast, and I want it now” is the millennial mantra when it comes …