The Below Average Millennials
We are living in the age of the nouveau rich, sharp couture, daper fits and #TravelNoire. Every semester breeds a new batch of college grads who hope to start at $60,000+ or more with a C-suite career in the city.
Unfortunately for all of us and especially Digitals jumping into the market, the pandemic changed the entire game. Businesses will slim down on staff, benefits, bonuses and salaries. It will definitely get worst before it gets better. However, these disruptions will give way to a new generation of innovators. For example, pre-2008 recession even Instagram, Uber, Doordash did not exist.
So don’t fight it (change), lean into it.
In 2019, Investopedia published Millennials: Finances, Investing, and Retirement. Tackling the patterns of the rich and affluent set to inherit over $59 — $68 trillion dollars in the next several years, it’s basically a survey which reflects the greatness and success of the elite few.
I was there in the front row at #FinCon19. Five minutes into the session, it became obvious that millennial households making less than $100,000 per year, weren’t included nor on the radar.
Fodder for slaughter, the non-affluent millennials otherwise known as the normal poor folks who already feel excluded from the economy, education and politics while swimming in student loan debt, credit card interest expenses, and living paycheck to stress, are in for a roller-coaster ride filled with Instagram jealousy, joblessness, depressed incomes, and social distancing measure until 2022.
These normal poor folks who makes up at least 70% of society and skew toward being people of color will have to deal with the blunt hammer of the global economy. There is no true economic parity relief.
The pandemic didn’t just uncover racial injustice, it displayed the center wealth and opportunity inequality. While some continued to received steady income with nominal interruptions, others found themselves out of work, unemployed, confused and angry. Hope for systemic changes but don’t hold your breath and devalue your time. Here are four things you can do today, which the financial experts call “evergreen” information:
1. Figure out your own priorities.
Grandma was right, “We are all born to say and do something uniquely special.”
Find out what your own priorities are. If you love to paint, sing, dance, read books, write code, etc. Make a top ten list. Now pick out your top five. Those are your life priorities.
Find a way to maximize your priorities and cutting out the useless time killers ie social media roaming. It saves you money, hones your skills, clears your mind, and makes you marketable long term.
Rich Millennials know what they want. You should too.
2. Run and don’t walk to start a side hustle.
This is where you find out what sparks your mood and creativity. It will teach you discipline and setting expectations through failure. This is the real world work you need. Think of Etsy. There are rich people willing to pay for your crap aka creativity. It’s your time to shine.
For example, create an e-book on cooking. You can put in a weekend of effort for a lifetime of passive income.
3. Stay Ready
Thirdly, I can’t stress it enough, “Don’t get ready but stay ready”.
Most Millennials (affluent or not) are struggling to maintain their lifestyle. You wouldn’t have to maintain it if you never raised it up so high, to begin with.
I know it’s hard to save for a rainy day while you are going through hurricane season but we have to. Sacrifice here and there, if you can’t save six months’ worth of expenses, save three. If you can’t save three, save one. Just save. Image if your favorite celebrity crush wanted to meet you in six months if you have at least one month of expenses saved. You would do whatever it takes.
4. (Pay) Attention and Get started Today
Pay attention to your money. If you can’t remember where your last paycheck went or if your next paycheck is already promised to something else, you know it’s uncomfortable. Let’s make the change. It is time to put pen to paper. Use Mint.com to track and know where your problem areas are.
Check out the financial literacy tools and resources provided for free by the Consumer Financial Protection Bureau. Stop trusting the scammers. Go to verified experts.
Final Thoughts:
These rich and affluent millennials are getting ready to live their best lives. Let’s get ready to get rich off of them. We know what it is like to be hungry. Have faith. Do it for yourself, your friends, and your family.
Free resource Money Management estimator available at the Neighborhood Finance Guy website.
