Millennials are not as financially screwed as previously thought. The youngest among them are receiving the best graduation gift ever: a good paying job. That's welcome relief to those who comprise the generation that is defined as being born between 1980 and 2000, who have long complained that their incomes were depressed and they were so burdened by student loan debt, that they were forced to live with their parents and would never be able to fund retirement, let alone buy a home. The tide appears to be turning: the average base pay for college grads is up 3 percent this year to $49,785, according to executive-search firm Korn/Ferry International.
Read MoreSoon after donning their caps and gowns, recent college graduates should develop their first (of many) financial plans. Here’s how to start: Create a cash flow: No, not a budget, but a process that will allow you to track what's coming in and going out. This may sound annoying, but think of it as a way to find the money to fund your various financial priorities. Most banks offer apps or you can try Mint, Digit or You Need a Budget.
Read MoreForget job creation, tax cuts and returning any sector back to its glory days. After running into (read: stalking) former Federal Reserve Chair Ben S. Bernanke in the CBS This Morning Green Room last week, he reminded me that the REAL key to boosting economic growth and more importantly, your living standard, is labor productivity. The reason is easy to understand: “In the long run, what we can consume as a nation is closely tied to how much we can produce,” wrote Bernanke more than a decade ago.
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