Turn off your iPods: Sound advice for Gen Y

Peter Dunn’s heard it all from young consumers: “Save, invest and live debt-free. Okay. Thanks. We get that.” The author of “What Your Dad Never Taught You About Budgeting” and award-winning comedian, “Pete the Planner,” has some tips for Gen Y.

First, contrary to what you might think, he advises against accepting money from family and friends, because it’s a “quick fix that never works long term. You need to learn how to get out of a financial pinch on your own,” he says. Next, don’t expect a 10 percent raise per year for life. “It doesn’t happen that way,” he explains. And don’t take your savings and bet on outsmarting the investment world. “If you are wondering if day trading is a good idea for the average young American, the answer is no,” he says bluntly. Lastly, “Stop competing with your friends … You may think that your friends like your new car, house or handbag, but they’re secretly questioning your financial acumen,” Dunn explains.