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Financial Literacy Should Be the Norm for Millennials, But Why Isn't It?

My mission was to develop new methods to engage the millennial generation in their personal finances, which took understanding how my peers currently managed their student loans, credit cards, credit scores, and budgeting.

Not many internships for college students list “travel across the United States on a train with a group of entrepreneurs” as a part of the job description. This past summer though, I got to do just that as an intern at Affinity Plus Federal Credit Union in St. Paul, Minnesota.

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Uncredited: I Don't Have a Credit Card, and Maybe You Shouldn't Either On Credit Cards and Avoiding Debt in a Debt-Ridden Nation

As our nation comes to terms with the possibility of its credit score being downgraded, a reflection on never having credit debt in the first place.


Though America is a deeply religious country, as of late it seems like our normal sins—greed, pride, etc.—have taken a backseat to a more secular offense: debt. As everyone knows by now, Washington is in the throes of a major battle over debt: how much of it we have and how much more of it we’re willing to take on in the years to come. With Republicans standing obstinately against any plan that would ask corporations and the country’s richest citizens to pay more taxes, the United States is approaching a very real precipice: It’s unlikely that we’ll default on our loans, but it’s very possible that Standard & Poor’s, the world’s foremost credit rating agency, will downgrade America’s impeccable bond rating. Basically, we’re going to get bad credit, and, as any doting mother will tell you, that’s a disaster.

My mother is certainly worried about credit. I know because she tells me constantly. “There’s nobody your age like you, son,” she says whenever my finances come up. “What are you doing?”

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White Americans Now Have 20 Times the Wealth of Black Americans The Racial Wealth Gap Grew Significantly in the New Recession

When the housing bubble burst, a lot of blacks and Latinos took a big hit that's left an extra-wide gulf between them and whites.

We've known for a while now that the wealth disparities in this country are inextricably linked to racial disparities. Sadly, the new recession is only augmenting that problem. The median wealth of white households in America is now 20 times that of black households and 18 times the wealth of Latino households, according to a new study from the Pew Research Center. And in case you're thinking that means whites have $1 million while blacks only have $50,000, think again: The typical net worth of a white household is $113,000 while the typical net worth for a black household is a paltry $5,600, not even the cost of a new car.

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