If it isn’t rude to ask, probably one of the most dreaded questions you could ask a millennial is their net worth. Despite being the highest-earning generation, millennials seem to hold way fewer riches. Perhaps, the idea of gaining wealth and putting it to something they can call their own, isn’t as pleasing as other generations would consider.
Often called the temperamental brats, millennials bridge two distinct demographic cohorts. They possess characteristics that help shape the world we are living in. Their thirst for self-exploration and passion for creating meaningful connections are just some of the most important traits that define their lives. But when it comes to the foreseeable future, what do millennials really look into? With the lack of generational wealth, millennials endure the rigors of changing times with nothing but their skill and urge to create a mark.
Compared to baby boomers, who stockpiled the most wealth, millennials don’t seem to log as many visits to their bank. Instead, the majority of the generation would rather travel around the world than buy a house. Self-preservation through acquired knowledge and experiences, memories that could last a lifetime, and connections that foster belongingness are just some of the things millennials hold close to their hearts. A bold mindset if you would look at where other generations put their hard-earned money.
This concept does not blanket the entire generation though. Most millennials who are in their early thirties gain enough exposure to means or ways of safeguarding their future. Some welcomed the popularity of self-service trading platforms; others ventured into business—whether as an added source of income or their main source of general provisions. Investments and putting up a business start to become appealing and common.
Millennials embracing the changing of the season
But even with these options, millennials still put a premium on general life experiences. What they can do now, and what they want to feel. Together with technological advancements, the seemingly ever-present gap that keeps holding millennials back from saving for their future is starting to narrow.
Businesses become more creative in enticing this specific demographic. Knowing that they have the means, but not the heart, to entrust their money to something or somebody else, many businesses offer co-ownership programs wherein partners would not even have to worry about overworking themselves just to gain some profit. You would often hear the tagline “make your money work for you’’, in almost every negotiation.
It is a great strategy to encourage, not just the millennials, but also everyone else that there are now more ways to have a business without following the traditional business setup. Now, as early as 18 years old, you can already have a legal business under your name. This creates a challenge, specifically to millennials, to see these ventures as tools to ensure the continuity of their journey. If going all the way to self-discovery and preservation is the plan, does creating more than one means to earn safeguard that future?