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Are you Young and Penniless? Get an iPhone! Posted on September 15th

iPhone held by Steve JobsRamit of I Will Teach You to Be Rich pointed out a great stat from a recent Time Magazine article:

Yet as of last week, the income segment with the highest percentage of visitors to the iPhone site was 18 to 24 years of age, earning less than $30,000 per year. Could Steve Jobs have been aware of that when he lowered the price of the 8GB iPhone to $399 on Wednesday? We can only guess.

This is startling, considering an iPhone is 1.6% of your salary if you make less than $30k a year. Gen-Y has never been good with money, but Ramit’s advice to them is that they should pay attention to this calculation (percentage of income) when making large purchases.

What makes me chuckle is that when I speak to fellow Gen-Y peers about their iPhone (I own one too, company write-off though!) most don’t use all the features. They’re a status symbol, hottest product on the market, eye opener — they don’t use it for music, e-mail is to complicated for most, surfing the web is to slow (except the perfect iPhone Facebook), and the stock ticker is a joke.

However, in Seth Godin’s words, Apple created “a product that people actually want to buy–and talk about,” which was definitely laking in the cell phone industry and in the Gen-Y market.

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