Millennials and Gen Ys – YOYO – you’re on your own when it concerns money.  Everyone needs money and it is critical that you save for expected and unexpected events.

It is also important that you become financially literate.  You do not need to become a financial wizard, but you do need to learn to make sound financial decisions.

Studies have shown that Gen Ys and Millennials are woefully under informed about basic financial concepts with serious implications for managing your finances.  So I plan to blog to improve your financial literacy.

A recent paper by Professors Fernandes, Lynch and Netelmeyer concluded that financial education is not very helpful, but three efforts may be useful.

*First is just-in-time education.  My blog will rarely deliver information just in time.

*Second is delivery of rules of thumb and this blog will use them regularly.

*Third is to make the financial system more user-friendly.  I will try  to make it easier for you to understand the financial world. (NYT Oct. 6, 2013 Economic View, Thaler)

I will use my hard and fast rules, general rules of thumb and direct you to financial resources to help you become financially literate.

Why me?  I worked in the financial services industry for 30 years. I have two daughters who are 29 and 31 and hear first hand how they and their friends should know much more about financial matters.

Fact:  Last week the Nasdaq closed above 4000 for the first time in 13 years.  This stock index is up 33% for the year. (WSJ Nov. 26, 2013)

Comment:  YOYO comes from my friend, Tim.  He and his siblings would come home and ask Mom, “What’s for dinner?”  Mom would occasionally reply, “You’re on you own.”  Those nights became YOYO meals in Tim’s family.