Millennials (those born between 1980 and 2000) make up one of the
highest unemployment rates in the country.* As a result, all of the classic
milestones of adulthood-marriage, kids, mortgage-are happening later in
life. However, growing up as Generation
Y has its advantages- hard money lessons! These economic clouds that hang over
the heads of Gen Y actually have a silver lining.
1. Lesson 1-Hard Financial Lessons Have Been
Learned Early Those of us
described as Millennials learned (and understood) at a very young age how money
works, and why it’s important to live within one’s budget. Our parents were
frugal (for the most part) because of the downturn of the economy. Not
overextending on loans, saving pennies, and not spending more than you earn
were lessons we were forced to reckon with.
2. Lesson 2-Expectations Have Been Revised Gone are the days of the traditional American
Dream of an 18 bed 12 bath mansion on a hill with a butler named Jeeves and a
Ferrari in the five car garage. Many young adults are realizing early on how
utterly unrealistic these expectations are. More and more, Millennials are
choosing to drive around their old beater car until it dies, and to bunk with
their parents past graduation and well into their twenties. This used to be a
major social stigma, but now it’s seen as the smarter choice.
3.
Lesson
3-Historic Collapses Are Also When Fortunes Are Made When would you rather get off your
butt and start a career- during an economic boom, or bust? The answer is a
no-brainer. According to a recent study by T. Rowe Price, those who began
systematically investing in equities in the past severe bear markets (or an
economic downturn) were significantly better off 30 years later than investors
who began in bull markets (when the stock market is thriving).
So yes, millennials have had it rough so far, being thrust into the
workforce during uniquely volatile times. But the past is the past, and the
future has yet to be determined. The full life story of Generation Y isn’t
done!
Don’t forget to follow Honor on Twitter @honorcu! Tweet us and let us know what you want to
hear us talk about on Mason Jar Monday next week using #askhonorcu!
*According to The Fiscal Times
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