We hear stories about rising student debt and the inability of Millennial professionals to leave home. This generation has entered a volatile job market which has caused many to pursue alternative job choices such as remote, freelance, or contractor work. How will this affect the future of the millennial generation? Student debt may be the biggest contributor but how will retirement be handled by this young generation in the workplace. The answer, of course, is complicated.
Sacrifice now for the future.
Millennials have a different perspective than their parent’s generation. Baby boomers became very concerned with their futures after the 60s and 70s gave way to the 1980s values and conservatism. Millennials, however, were raised primarily by GenX who were viewed as slackers in their day. They instilled different values on their millennial children than were instilled in them. The idea is that risk is for the young so sacrifices should be made now so the future can be manipulated.
Make smart decisions.
Millennials are also viewed as reactionary and sometimes even a little entitled. The truth is that they are very calculating about their next move. They want to make smart decisions so they don’t have to in the future. For instance, they may stay at home with their parents after college graduation. While many view this as negative behavior the millennials view it is a way to save money until they are ready to live on their own.
Take more risks now.
They may also be more likely to take greater risks. Startup companies are known for being volatile and many don’t make it past a year or two. But, working with entrepreneurs is a great way to learn new things about the way a business is run. Millennials are willing to take these risks instead of focus on job stability. Because of it they are seen as job hoppers, but that isn’t really the case.
Create a savings plan.
Ultimately, millennial employees need to determine a way to save money. While many are still drowning under an ocean of student debt many are slowly but surely starting to work on a plan for their future financial independence. It is recommended to talk to fee only financial planners to help with the process of saving for the future.
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