NYU Student Wants to Change How Young People Manage Money

Scott Gramm Facebook
Scott Gamm FacebookScott Gamm is the author of "More Money, Please."
By Mandi Woodruff

At 21 years old, NYU undergrad Scott Gamm is not your typical co-ed. Since the ripe age of 17, Gamm has been an avid student of all things finance.

He launched a blog, HelpSaveMyDollars.com, soon after the recession took hold as a way to help people his age grow into conscious, responsible spenders and savers.

"You know, my parents' finances were one of the main causes of their divorce, and right after that [happened], there was the recession," Gamm told Business Insider. "Those were two reminders within a few years of each other that finance is a serious topic and it's not something I want to leave up to trial and error."

Gamm released his debut personal finance book, "More Money, Please: The Financial Secrets You Never Learned in School," last week. We asked him to share a few tips that every 20-something should learn to master their finances early:

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Not all prepaid cards are evil. Debit cards of all kinds including those connected to a checking account do not contribute to a credit score. Prepaid cards can be much safer and affordable than a checking account. Most prepaid accounts do not allow for overdrafts, thus eliminating overdraft fees. Many have very flat, predictable fee schedules. Some have great reward earning and money management tools. Then again, some are expensive and inflexible. Like anything, you owe it to yourself to shop around and pay close attention to the features and fees for any financial product you use. This author's rash generalization is unhelpful and inaccurate....

May 02 2013 at 2:29 PM Report abuse rate up rate down Reply


May 02 2013 at 2:11 PM Report abuse rate up rate down Reply