Why Generation Y is broke

Emma Johnson:

What makes Sophia Wallace a typical member of her generation?

The 28-year-old New York resident has a master's degree from a prestigious university, a successful career in photography, stamps in her passport from around the globe and, until recently, personal finances that were out of control. "Oh my God, I overspent!"

When Wallace graduated with a student-loan debt of $60,000, she found herself overwhelmed to the point of financial paralysis. She tore through a $5,000 loan from her dad as bills stacked up. She had no idea where her money was going -- despite making what she defines as a good salary. The sense of powerlessness crippled her.

When friends recommended she hire an accountant, Wallace packed a FedEx box with bills, receipts and mail and sent it off.

Posted by Jim Zellmer at May 1, 2008 12:11 AM
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