Tag Archives: Millennials

WHAT’S MONEY GOT TO DO WITH IT?

22 Nov

Turns out a lot. Probably more than I was willing to admit when I first moved out on my own. And it was another reason for my recent move back home. “Duh,” you might say. “Isn’t that the case with all you entitled 20-somethings?” Well, maybe. Read on for my story.

I entered the job market in 2007 when things weren’t quite so bad, and I still feel grateful to have a held the same job for these past four years. However even us 20-somethings with the jobs aren’t really getting paid the big bucks–or even getting yearly raises. I think those are a thing of the past for most companies these days.

A little history: I left the house with a nice little nest egg (essentially my life savings) and during the three years living out on my own (i.e. with roommates) I saw my bank account grow smaller and smaller, until I was living only about two to three paychecks ahead of my expenses. Given I wasn’t living paycheck to paycheck, but I still wasn’t comfortable with that. I didn’t feel financially secure.

Clearly I was living above my means, but it didn’t feel excessive in any way. I was paying for life’s basic needs and trying to have the social life most any 20-something would want. But I don’t think I realized how much all the little things added up: utilities, Comcast, groceries, dry cleaning, house cleaning supplies, furniture, you name it. All things I thought I had money for, but didn’t explicitly budget for.

So who and what are to blame for my budgeting ignorance? No one really but myself. I can’t put any blame on my parents, since they warned me that “life would be different” when I was out on my own. They also put a lot of value on saving their money, which was instilled in me at a young age. So when that became difficult and nearly impossible living out on my own, I felt discouraged.

I grew up in a well-to-do community that definitely influenced my spending habits and lifestyle. But just like going on a very strict diet, those tendencies are hard to break. And I definitely learned the hard way. But I’m glad I learned this lesson earlier than later, and on my dime and not someone else’s. When I move out again (and hopefully for good!) the plan is to do it very differently, with a well thought out financial plan in place.

My goal is to eventually move into my apartment, but with rents continuing to rise, living with roommates may be the only option again. Many 20-somethings opt to live with a significant other if the timing is right, but my boyfriend of two and a half years (and myself) isn’t ready to make that move yet. That’s another post! ;-)

Not to get too sidetracked… In support of my financial goals I’ve been keeping an eye on the news for budgeting advice for 20-somethings. I’ll just say Forbes.com is my new homepage. Forbes recently came out with its 2012 Investment Guide with a special section just for millennials (Gen X’ers and Boomers fear not–Forbes has you covered too). This paragraph from the article “How Millennials Can Survive And Thrive In The New Economy” really stuck with me:

“They [millennials] grew up believing they’d be flying high so long as they followed a well-defined path: Notch a high score on the SAT or ACT, go to a good college, earn a respectable GPA and get a decent job. Work a few years, then go to grad school for further seasoning and come out with a job lucrative enough to pay off those hefty loans.”

Yes, that was the “dream” (and the mundane life) we were all running towards. I alluded to this concept of the 20-something’s shattered expectations in my last post. The article goes on to feature several 20-somethings who have paved their own career paths in an entrepreneurial way, deciding not to resort to submitting resume after resume to traditional 8 to 5’s. They make a decent living (but not big salaries mind you) and doing something they really love. I am planning to do a similar feature on the blog in the coming weeks–a series that will highlight inspirational 20-somethings–so stay tuned!

I’ll end this post with a video from the Forbe’s Investment Guide, which offers some guidance and reflection on the current millennial and boomer financial conditions.

GREAT EXPECTATIONS, BROKEN

16 Nov

Play

LISTEN | Educated And Jobless: What’s Next For Millennials? | NPR NEWS

Lately it seems not a day goes by that I don’t encounter something relevant in the news about 20-somethings. It may be that since launching this blog I’m paying more attention to the subject matter, or that this is just a very timely topic. Probably both. But as the one writer for this one little site, I can only cover and share my perspectives on so much (see BALANCE post from last week).

Busy-ness aside, I could not let another day pass without sharing this story from NPR’s All Things Considered which aired last Saturday. Whatever your generational cohort, I wholeheartedly urge you to listen to the podcast. In my opinion the story is spot on in uncovering today’s 20-somethings experience – as uneasy as it may be. It resonated with me so deeply that the entire time I was listening I could hear the little voice in my head saying “yes, yes, YES!” I was so happy this story was being told.

So here are some of my key takeaways in a nutshell (but seriously, please listen for yourself):

  • Millennials were brought up receiving high praises from mom, dad, teacher etc. which translated into great expectations about what we could do with our lives. Essentially if we we worked hard and got a college degree, the world would be our oyster. Unfortunately the days of “I can do anything I put my mind to” are over.
  • Undergraduates haven’t traditionally chosen their major based on job availability. The most popular paths are degrees in English, Sociology, Communications and the like because they are viewed to allow for more flexibility when the time to think career comes around. I knew I should have applied for that degree in Bowling Industry Management. ;-)
  • 25% of people ages 25-34 live with their parents.

  • 20-somethings like myself who didn’t meticulously plan out their first jobs during college years – and choose their majors accordingly – are struggling to hold down jobs that really only give us mediocre satisfaction, and at times, feelings of under-appreciation and  low self worth. We want to climb the corporate ladder but when the opportunity isn’t there (mainly due to the current job market and economy), our expectations are broken. Yes I know everybody has to pay their dues. But with really no sign of things getting better in the near term, it looks like we’re apparently going to burn out by 30 (women especially).
  • That “perfect job” can be seen on Facebook, Twitter, YouTube – you name it. The digital closeness of someone doing something “cooler than you” fuels the false perception that the ideal career does still exist. And we’re still looking. Our expectations have simply not caught up to the times.
  • 20-somethings may be at the forefront of redefining a satisfying existence. Find joy in other facets of life beyond career. At 9 minutes and 50 seconds in, psychologist Barry Schwartz puts it quite nicely.
I’d love to hear your takeaways and thoughts after listing to the story. So please share them by commenting below. Enjoy!

POLL: ARE 20-SOMETHING STEREOTYPES TRUE?

13 Nov

There’s a lot of talk out there about us 20-somethings. And a lot of it’s not so good.

Apparently we’re lazy, lack work ethic, are afraid to stop living off our parents and have a sense of entitlement.

I could go on and on about all the negative perceptions I’ve come across, but instead wanted to see what you all thought. Whatever your age, please share your thoughts about these prevalent 20-something stereotypes by taking the poll below.

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