Opinions expressed by Entrepreneur contributors are their own.
Popular opinion portrays Generation Xers as slackers concernedonly with cappuccinos and CDs, but two recent studies paint a verydifferent picture of young adults.
In a recent poll conducted by research firm Louis HarrisOrganization for the Lutheran Brotherhood, about 50 percent of the18-to-29-year-olds questioned said they "sometimes" or"always" have trouble sleeping or relaxing because offinancial worries. Saving for retirement (cited by 59 percent) wastheir number-one worry, followed by a fear of not being able toafford long-term care (21 percent).
"Their concern about saving for retirement suggests thatthe confusion and uncertainty about Social Security has impactedthem," says Todd Gillingham at the Lutheran Brotherhood, whichoffers life and health insurance, annuities and other financialproducts and services.
The good news: Xers are taking steps to deal with their fears. A1996 study by mutual fund trade association Investment CompanyInstitute (ICI) shows Xers have 38 percent of their householdfinancial assets invested in mutual funds.
Where is the money invested? Seventy percent of the Generation Xshareholders participated in equity funds, 44 percent in bond andincome funds, and 52 percent in money-market funds. The typical Xershareholder was a 28-year-old married, employed college graduatewith a household income of $50,000 and assets of $16,000.
Many Happy Returns...
Nothing can eliminate the sting of paying taxes, but a new Website may make the operation a little quicker.
Using SecureTax, created by Rome, Georgia-based Universal TaxSystems Inc., taxpayers can significantly cut the time it takes todo their taxes. According to company CEO Randy Tullos, anuncomplicated 1040 for a family of four with a home and child-carecosts could be processed in 30 to 45 minutes.
"When you first go into the site, there is a generalinformation work sheet where you tell us some basic things aboutyourself," explains Tullos. Then after asking you a series ofyes-or-no questions, the site
automatically determines which tax forms you should file, saysTullos.
The site allows users to choose from 950 tax-preparation forms,including 45 state forms. As you fill out the forms on screen, allthe calculations are completed for you automatically. Onceyou're finished, you can copy the information onto your ownforms free or print it out for $9.95 per return. Electronic filingis also available for an additional $4.95.
SecureTax bills your credit card for the printouts andelectronic filing and, according to Tullos, guarantees the accuracyof all mathematical calculations. For more information and toaccess SecureTax, visit (http://www.securetax.com).
High-Tech Help
Computer equipment can be the key to getting a small business onthe fast track. Now, IBM Credit Corp. helps entrepreneurs financeor lease a variety of equipment from personal computers andsoftware to mainframes.
The program, called Preferred Rate Financing, offers terms from12 to 60 months for new or used IBM equipment and support services.Entrepreneurs who qualify can lease or finance selected computersystems, IBM peripherals and services at interest rates rangingfrom 5.9 percent to 9.9 percent.
"When you lease with someone, you want them to bespecialists in what they do. You want people who understand theproduct, and you want someone who can service you from soup tonuts," says Stephanie Carmel, IBM's director of worldwidegeneral business financing, of the advantages of leasing from thecompany.
For more information on IBM's Preferred Rate Financingprogram, call (800) IBM-CALL, or access the IBM Web site at(http://www.financing.IBM.com).
Contact Sources
IBM Credit Corp., 1133 Westchester Ave., White Plains, NY10604, (800) IBM-CALL;
Investment Company Institute, 1401 H St. N.W., #1100,Washington, DC 20005, (202) 326-5800;
Lutheran Brotherhood, 625 Fourth Ave. S., Minneapolis, MN55415, (800) 365-4012, ext. 6023;
Universal Tax Systems, 6 Mathis Dr. N.W., Rome, GA 30165,comments@securetax.com.
