Opinion
Why I’m optimistic Millennials can still ‘make it’
Paridhi Jain
Money contributorBoomers. They had it easy, right? They got in while prices were cheap, went to university free, got to ride the wave of growth that many asset classes saw and now get to sit back and say “you just have to work harder”.
That’s one narrative for sure – but not one that is particularly productive.
Illustration by Simon Letch
Recently, I had a concerned mother of adult children email me. She wants to see her kids flourish financially, but they seem uninspired by the hand they’ve been dealt by previous generations.
So today, as a Millennial, I’m weighing in.
For years, I’ve worked with people to create remarkable financial change in their lives – from getting debt-free to saving thousands and building six-figure investment portfolios.
That includes a pretty diverse crowd – migrants who are starting from scratch, working Millennials without parental support to fall back on and Gen Z just getting started.
In other words, I’ve watched a lot of people turn their financial lives around completely without coming from financial privilege or having their parents buy them a property.
Here’s why I’m optimistic that Millennials can still “make it” and the perspective shifts that will help.
Focus on your own privilege
I am just old enough to remember a time before computers. From time to time, I have to remind myself that that’s the era my parents lived in: where information was whatever you could access in a public library – if that. No podcasts. No YouTube. No Google.
If I had been in my 30s back when my mum was in her 30s, would I have had the courage to start investing in the sharemarket without the instant diversification benefits that ETFs provide? Without the countless hours of research I was able to easily do from my kitchen table before taking the leap? Without online brokers that allow me to cut out expensive middlemen and manage my own portfolio? Without the enormity of options for accountants and professionals that I can reach out to directly on Google and LinkedIn, complete with reviews? Probably not.
Yet the fact that I was able to do all those things will add hundreds of thousands of dollars to my net worth by the time I retire. That was purely due to the privileges I have today, as a Millennial, that my parents never had.
It is easy to forget the enormous privilege that is the internet.
Redefine financial success
Part of the reason for the generational divide is that we still think that “financial success” has to look like what it did for prior generations – a stable job, with a nice home (specifically a house with a little backyard, not an apartment) and then a comfortable retirement.
Financial success for Boomers meant a house and back yard to be paid off over a lifetime.Credit: iStock
But the world has changed dramatically. Those aren’t the only options available now – in fact, I’d argue that many people don’t actually want the full package of what their parents had.
I know Boomers who worked for one company for 20-plus years. That’s great job security, but I don’t know many people today who would give up the ease with which you can change companies, pursue higher incomes and reinvent yourself professionally every few years.
I know Boomers who only ever took their annual four weeks’ leave, and went overseas once every few years, if that. Today, careers and holidays are more varied. People take sabbaticals and career gaps to travel, go on international vacations regularly, and even pursue remote work for greater flexibility. Those weren’t commonly available options for Boomers.
I know Boomers who lived most of their adult lives in a single home, which they paid off over several decades. Today, housing options are a lot more varied. I know Millennials who spent time house-sitting to save on rent, who rent-vest (rent where they live, invest elsewhere), who spend every winter living in Europe thanks to remote work, who have enjoyed the ability to work in different countries with ease. Those weren’t options easily available to Boomers.
You have a level of choice in how you design your career and lifestyle that was never this easily available to previous generations. Why restrict yourself to defining success in relation to a world that doesn’t exist any more, and based on a life you may not even want to live?
This is not about ignoring reality. It’s simply about choosing your perspective.
So, why not pick the one that inspires you to live a fuller life?
Paridhi Jain is founder of SkilledSmart, which helps adults learn to manage, save and invest money through financial education courses and classes.
- Advice given in this article is general in nature and not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.
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