Baby Boomers vs Millennials, A Serious Disconnect Regarding Money
Spending Christmas hanging out with my primarily Baby Boomer family has given me something of a newfound perspective on the differences in money, in perspective, in relaxation time, and in the outlook on life that has been allowed based on their own personal life experiences. I am realizing that the lives of most millennials, as well as the environment that they are living in and the type of financial situation that they were in throughout their lives were completely different. Among the major differences that I find between say my grandparents and my own outlook on life in general, just as working a 9 to 5 goes in this day in age (not even talking about how different my philosophy is on being an entrepreneur than theirs is) I notice some major opinion differences on how you ought to live your life. The amount of times I hear “you need to take more vacations” or “it’s Christmas why are you working” or “your job is taking advantage of you” is crazy, and it makes me realize that I am somewhat different from other people in my goals and in my obsessions, in that to some extent, I am very relentlessly driven to succeed and I really want to make myself a success in the fields of Wealth Management and in Internet Marketing. And so, in this blog post, I’ll explore the Baby Boomers vs Millennials debate, and will give headings as to some of the stark differences that their lives have in comparison to what Millennials are experiencing day to day.
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Baby Boomers vs Millennials, Some Of The Top Differences In Perspective That I Have Seen
Once again, spending the weekend with my older parents and grandparents for Christmas eve and Christmas day reminded me that I likely have a very different outlook, personality and work ethic than a lot of different people. If you are reading this blog, on some level you are likely very into business, finance, internet marketing, building your own business, or you want to get into doing these either relatively soon, or at some point in your life depending on your age. I would have to imagine that my audience is those with a strong business interest, those into finance and starting their own business, and who fully understand the hustle.
Now I don’t know if it’s because my family is just coming from a 9 to 5, take your vacations and work until you retire type of background and mindset, or if they just have significantly different personality types and they want to take their vacations and work till retirement. Whatever the case is, as much as I am gearing up and making preparations so that I can work until I am 45 or 65, in many ways I have absolutely no intention of going to a 9 to 5 job, every single day for 40 years. I seriously want to make this internet business work, I want to be making between $800,000 to $1,000,000.00 per year and to keep growing and scaling my online business as quickly and efficiently as humanly possible, eventually even hire employees, travel the world and maybe get married. Maybe it’s a little bit of a pipe dream, but it is exactly what I am aiming at currently.
I find that overall, the mindset of Boomers is vastly different than most millennials, and in many ways this is very bad. In terms of learning how the current world works, they are miles behind in certain respects. If the WiFi goes out in the house when I am staying there, my parents may give me the “back in my day we didn’t need wifi” speech, however if I have to log into my remote job on a Saturday to fix a problem for 3 hours via remote work, and I DON’T have access to Wifi, it can be the difference between losing or keeping my job. The difference between working in 2022 and working back in say the 1970’s or 1980’s, is that computers were not even close to having the level of power and control over the world that they currently exert, the work stopped at 5pm, there was no remote work, and it was probably much less stressful from what I can tell.
Why Millennials Are At a Stark Disadvantage
I feel that, although Millennials have certain advantages, mainly that they have better computer skills overall (although this is only the case maybe half the time, as I see plenty of millennials start at my Wealth Management office with like no typing speed, no writing skills, no Excel or computer skills, and the like) that they definitely have many more disadvantages. First off, we are sitting on some of the highest inflation that the United States has ever seen, at more than 7% inflation currently, the worst since 1970, student loans and bad financial decisions pushed on our by our parents and the system have put the majority of us in around $100,000 in student loan debt to start off our careers with, a hyper competitive job market and soaring home prices, as well as a large “job hop mentality” and companies that are rigidly-focused on beating their profits quarter after quarter, have made everything super competitive and have made home prices surge to nearly $500,000 for what would have once been a $17,000 or a $100,000 home.
Needless to say, the American dream for the majority of Millennials when you hit say 40 years old in terms of your lot in life looks pretty dismal in comparison to where our parents were. The dream of having kids and a family looks to be nothing short of a financial catastrophe, and the odds of me actually being able to afford a home before 40 look grim.
The Advantages That Some Millennials Do Have Over Boomers
The advantages that some millennials have lie in knowledge, creativity, and greater opportunity for a certain subset of job markets that prior generations did not have. For instance, fields like Finance, Accounting, Computer Science and Internet Marketing have risen up in a major way, and you can get to $90,000 or $120,000 in your 20’s with these career fields, which was virtually unheard of in prior generations. The advantage is that if you can become an outlier, or if you can do what I’m doing and actually pull it off (I haven’t fully pulled this off yet but I am getting closer and closer) by blending something like Finance or Accounting with your own internet company, that you can be fantastically successful in a way that prior generations couldn’t.
Why There Is More Of a Wealth Gap In This Generation Compared to Prior Generations
End rant. Thanks for reading my blog post on how the financial future of Millennials looks bloody grim compared to prior generations, and be sure to subscribe to our blog or to read on for additional details and information on all things business and finance.
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