Dear Millennials,
You have a tough go of it and I feel for you. My generation the Baby Boomers grew up in post-war American prosperity which supposedly knew no bounds. However, by the 70s and 80s, fissures had started forming in the Great American Dream.
In contrast, most of you came of age smack dab in the middle of the Great Recession, the worst economic downturn of three generations. Meantime, you were told that education was worth whatever it cost, even if it meant taking out staggering student loans to pay for it.
Gone forever is a lifetime career that your grandfather enjoyed at a large corporate employer, replete with a pension and retiree benefits. Growing up, you witnessed your own parents dealing with the anxiety of relentless layoffs. You are probably disillusioned by the mind-numbing grind of a typical corporate work place and hey, I can’t blame you, having spent decades there.
But know this: you have tremendous potential and opportunity. First and foremost, you have the gift of time; time to see investments made now be multiplied many times over. You are resourceful and entrepreneurial because, well, you have to be. You know how to hustle, how to string several part-time jobs together to pay the rent. You have experienced surviving in tough times.
Are you able to begin saving? I must ask this question since I see so many of you at outdoor cafes throughout Philadelphia. But understand; I am grateful that so many of you who have put down roots in Philly. Your presence has revitalized the city. You deemed Philadelphia cool enough that you chose it over moving to Austin, Seattle or New York. And not just Philadelphia, either. Inner cities throughout the nation are booming, thanks to your efforts, energy, and vitality.
I want to hear from you and get your input, dear millennials. What are your most pressing questions about finances? How are you handling student load debt? Concerns about health care? Future aspirations? Marriage and starting families? Do you have an action plan in place for building long-term wealth? What help do you need along the way? What topics do you want to see addressed in future postings?
I look forward to learning more about your perspective on life in the twenty-first century. And please tell friends about Frugal, Wealthy and Wise.
Cheers, Paul
This posting is dedicated to my two favorite millennials: Benjamin and Abigail
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© 2016 Paul J Reimold
