I’ve spent the last two days with a man named Bill from Kansas City – or, as he referred to it, “Toto Land.” Bill served 30 years with the U.S. Air Force before taking a position as a trainer for Skillpath seminars. Now he travels 200 days of the year, teaching courses on project management and leadership.

I liked Bill. He won me over when he said he’d read the Kansas City Daily Record, one of our sister publications. I learned a lot from him in just two days (in some cases, fighting an urge to roll my eyes at his antics – reminiscent of Chris Farley as a motivational speaker in the infamous SNL skit).

Yesterday Bill talked about the differences between the generations in the workplace – a topic that’s been on our minds on this blog and in our paper lately. Bill talked a lot about how companies are adjusting to fit the needs of Millennials. Naturally, I thought of him tonight when I read about a new study on Generation X in USA Today.

OK, so the study‘s first finding isn’t that surprising, though still alarming: Gen Xers (ages 27-43) aren’t saving enough for retirement, largely due to consumer debt. In a recent Charles Schwab study of more than 2,000 Gen Xers, 45% said they had too much debt to think about saving.

No, here’s the reality check: The current standard of living that Gen Xers have achieved falls short of their parents’ standard at the same age. Yes, the median income for men in their 30s, once adjusted for inflation, is 12% lower than what their dads earned three decades ago.

From the story:

Why did income decline just as Gen Xers began their careers? A key reason is that pay had risen so steadily while many of them were children — thanks to women entering the workforce in greater numbers — that pressure for wage growth had declined by the time the Gen Xers began working.

….Gen Xers also had the unfortunate timing of becoming adults in a period when the share of income that Americans spend on what most people see as essential needs, such as a home, health insurance and cars, has soared. Elizabeth Warren, a Harvard law professor and expert on middle-class finances, has concluded that the soaring inflation-adjusted price of such necessities has negated the extra spending power that female workers provided.

Are you surprised? Or do you think the concerns about Gen X’s finances are overblown?

JACKIE SAUTER, Web Editor

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As owners lose their homes to foreclosure, their pets, too, are losing shelter, the Chicago Tribune reports. The newspaper found several animal shelters that have seen an increase in pets given up for adoption after the owners are forced to find new, un-pet-friendly living situations. In some cases, the animals are left to starve when the owners walk away from a foreclosed property.

The Humane Society even issued a public statement this month about the situation. “This isn’t the first time we’ve seen people abandoning their pets,” Stephanie Shain, director of outreach for the Washington-based humane group, told the Trib. “But with this increase in foreclosures, we’re going to see more of it.”

Some former pets may be lucky enough to end up in the care of people like Robin Moro, a Cincinnati artist who created ForeclosureCats.org after adopting two abandoned cats last spring.

JACKIE SAUTER, Web Editor

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Have you heard about Geezeo? It’s certainly gotten enough press in financial circles. The site – er, “web-based application” – allows users to aggregate all their finances in one location and set monetary goals with other users for support.

And this week, the site launched “Confessions,” a section where users can spill their guts about guilty indiscretions. For example: “I have too much credit card debt” or “I’ve got to stop buying coffee at work.”

And since the site accepts Google logins, you needn’t set up a new registration if you have a Google account.

Do you think it would help you to have community support to reach a shared retirement goal?

Would you feel safe inputting all your financial accounts into one secure site?

JACKIE SAUTER, Multimedia Editor

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Soaring gold prices have lifted Duckburg’s Scrooge McDuck to the top of the Forbes’ “fictional 15″ this year.

Even Forbes notes that the duck’s hoard of coins and bullion – estimated at almost $30B – is “more than you can shake a tail feather at.” It’s worth following this link to read the rags-to-riches story of the Scottish-born duck.

Here’s the list:

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Rap mogul Russell Simmons is a genius at diversification. After co-founding Def Jam records more than 25 years ago, he’s become quite a businessman. He’s used his entrepreneurial spirit to launch a clothing line (Phat Farm), bring spoken word poetry to HBO and Broadway (Def Poetry), and even held a political reception last year for Maryland Republican U.S. Senate candidate Michael Steele.

To say Russell Simmons (pictured at right) wears many hats is an understatement. Over the weekend in Greensboro, N.C., an organization Simmons co-chairs called the Hip-Hop Summit Action Network (HSAN) held a financial investment seminar entitled “Get Your Money Right.”

The organization’s mission statement says, “The network is dedicated to harnessing the cultural relevance of Hip-Hop music to serve as a catalyst for education advocacy and other societal concerns fundamental to the empowerment of youth.”

The summit featured current rap music artists including Jim Jones and Lil’ Mo explaining the benefits of home ownership, investing intelligently and trying to avoid debt.

I wonder if the current real estate crisis couldn’t have been avoided if there were more organizations like Simmons’ talking about the benefits of smart investing or trying to appeal to people through their current favorite celebrities.

Imagine if Madonna did a public service announcement saying: buy a home, settle down, invest your money wisely and retire when you’re 50. Or maybe if Britney Spears did one saying: I really love playing the stock market. Invest your extra pennies and you’ll always be able to take care of yourself.

It’s time we start demanding more from our celebrities and public figures. You wouldn’t expect sound financial advice from rapper Lil’ Mo, but at the summit she made a very sage comment:

“Everybody wants to make it rain, but they never have enough saved up for a rainy day.”

The phrase “make it rain” is taken from rapper Fat Joe’s album entitled “Me, Myself & I” and means to let dollar bills fall from the sky like it’s raining money.

So listen to Lil’ Mo, and hopefully others will follow her lead in offering sound advice for those of us who really want to “make it rain” common financial sense.

What favorite celebrity of yours would you like to see offering financial advice or investment tips?

-TODD ZIMMERMAN, Presentation Editor

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