Finance/Economics
Date Published: September 22
Publisher: Acorn Publishing
Alexander Baima graduated college with $80,000 in student debt at the age of 23 from one of the top 25 business schools in America. After college he went to work as a financial planner and serviced fortune 500 clients. He created the financial plans that brokers took credit for, and while they grossed millions a year, he made minimum wage.
At 29, his parents had a house with an $80,000 mortgage and a child – and they lived on one income. At 29, Alexander still had over $50,000 in student debt. How could previous generations have so much more than most millennials who still struggle with little hope for the future?
Young, Broke and Educated investigates the decline of purchasing power among young people, especially over the last generation. It explores in basic, easy to understand terms, how economic systems have evolved to hinder the financial success of millennials and the incentives that government, big business and banks have to prevent progressive change.
Alexander Baima, a master in the field of eCommerce and early adopter of blockchain technology, walks you through, step-by-step, what the issues are and what needs to change to ensure that millennials and future generations have access to the same type of success that previous generations took for granted.
Excerpt:
For the last 150 years or
so, parents of each generation have had the simple goal of providing a better
quality of life for their children than they experienced. The millennials are
the first generation in this modern era in which the majority of Americans expect
they will have a lower quality of life than the generation that preceded them.
Suicide has surged to the
highest level in nearly 30 years, [1] and between 1988 and 2008,
America experienced a 400 percent increase in the use of antidepressants. [2] Children
are now being raised in daycare, by strangers, and by their electronic devices
more than by their actual parents.
In an age where young
people experience being “triggered” and needing “safe spaces,” and when century
old confederate monuments are now being branded as hateful and being torn down,
someone has to ask, What on earth is going on? Throughout history, we
have always experienced times where there were great periods of change, but we
are perhaps experiencing some of the biggest changes today. In addition to
evolving technology and differing attitudes, the past 50 years also created and
separated the richest and the poorest generations in American history. This
generational wealth gap will be fueling most of the changes in America driving
forward, as well as most of the discussion in this book.
I grew up in what most
would call an upper middle class family. When I was young, both my father and
mother worked fulltime jobs, and then later, my father became the sole income
provider. Every year my parents and grandparents would go on lavish vacations
to exotic destinations where they would spend a week enjoying an amazing
experience. Almost weekly, my parents would dine at high quality restaurants,
buy expensive jewelry and live a relatively grandiose lifestyle. I was
programmed along with millions of other millennials that if I went to college
and worked hard, this would be my life too. Six years removed from college at
the age of 29, I had never been on a vacation, and I still considered In and
Out a high quality dining establishment. When my parents were 29, they already
owned their first house.
Unfortunately, in most
discussions about generations, many of us receive only the viewpoints of older
people who are generally more financially established and are the primary
consumers of luxury services in America. Business owners and the media are more
prone to represent only these consumers, limiting their focus on their most
profitable customers. When you see millennials getting upset about the unequal
distribution of wealth, this is one of the reasons why. I aim to provide a view
from their side.
I graduated college in 2012 with a four-year liberal arts degree in business administration from what was said to be one of the top 25 business schools in America. Truth was, I never wanted to go to college, but like many young people in America, I endured significant pressure from just about everyone. How many times in your life have you seen a TV commercial telling you not to go to college? Like many, I was told that if I didn’t get a college degree, I would never amount to much of anything. The plan was that I would go to college, make tons of money, and live happily ever after in a mansion overlooking the beach. At least, this was what the commercials, the college itself, and my parents suggested would be the reality.
About the Author
Alexander Baima received his bachelor’s degree in Business Administration from the University of San Diego. By profession, he has excelled as both an analyst and project manager. He currently holds a CAPM, MOS and SSGB certification in the field of project management. Alex is a talented entrepreneur who specializes in 19th and 20th century porcelain as well as modern innovative computing.
Alex is a firm supporter of Cryptocurrency and believes that this technology will revolutionize the way all countries function within a matter of a few years. He is currently invested in Bitcoin, Ethereum and EOS with the expectations that decentralized applications and smart contracts will be a major contributor to our future.
He has published over 150 articles between LinkedIn and a new social media platform called Steemit. As a millennial, his desire is to help solve many of the great challenges that are plaguing today’s society and engage in intellectual exchanges to help create a better world.
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