10.16.19 Cell phone plan deals; 401k early withdrawal changes; Financial advice for different generations

Of the 4 major cell carriers, Verizon, AT&T, T-Mobile & Sprint - all the growth over the past 4 years has gone to T-Mobile, steadily taking market share. But all 4 also have captive discount brands on their networks, at a lower cost. The price points have kept moving. Total Wireless is a joint venture on Verizon's network, The 4-line family plan shares 100 gigs of data per month, starts at $100 a month, and it is available for $95 with auto-refill.. Available at Walmart and TotalWireless.com. Verizon's second discount brand, Visible is geared toward young adults, offering a single line at $40 a month - unlimited data - available only through Visible.com via their app. Metro PCS - now Metro by T-Mobile has gone up from 4 lines for $100 to $120 per month, including Amazon Prime and hotspot. Cricket Wireless - AT&T's captive brand - offers 4 lines for $100 a month with speed limitations, but adequate for most basic surfing and video. 

Starting in January, people with 401ks will have a much broader hardship latitude to make withdrawals under new regulations issued by the IRS. Clark HATES this. It's very difficult to ever restore retirement money taken out of a 401k. Statistically, those who take out loans end up with way less than those who never do. Just because you can, doesn't mean you should. Just say NO! Consider the money off-limits.

Young adults now face more difficult money choices than prior generations. Over a full lifetime, 3/4 of kids end up more successful financially than their parents. That's a slowdown from 90% historically. There's a lot of uncertainty today and new challenges for young adults. Student loans are brutal for students and parents alike. Many in retirement are still burdened by parental loans. There are so many college choices, this can be avoided with planning and attending less expensive schools. Clark's tuition per year was $2400 in the '70s. Heavier burdens today require new decision making. Buying a home involves geographic considerations for affordability. Pensions no longer exist. Young adults are choosing no-car lifestyles in walkable communities. No car expense makes for a lot more financial breathing room. 

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