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While doing some random research on Generation Y, I came across two articles that talked about our generation and how are primary goals are to be rich. As we grew up seeing all the good stuff our parents have, we learned to naturally expect that and more of it now. The only problem I see with this is how likely will these dreams and goals be achieved. I mean if we still hold the same habits as our parents when it comes to money, we are destined to follow their footsteps to a life full of struggles.
Just look at many graduates today coming out with 20K plus in student loans and then starting their life on a 40K job and buying a new car and apartment. That I think is a recipe for disaster.
Let me first link you the two articles first. First, Generation Y’s goals, wealth and fame talks about the reality of living wealthy and the difference between our parents, and current times. Second, Gen Y’s attitude differs from parents, gives statistical figures on how both generations view certain things such as top goals, problems and same sex marriage.
Interesting points…
The way to distinguish ourselves is by our stuff
The Pew study found young people are about twice as likely (14%) to admire an entertainer than a political leader (8%)
A primary goal of people my age is not necessarily to become famous but to become distinctive
I don’t need to be filthy rich,” he says, “but I want to live above the minimum — not just pay the bills but enjoy comfort in life and not just provide a minimal experience for my kids
Possible discussion points…
My fear is not so much for our society but for a sense of emptiness and depression these kids might have as they age,” she says. “They’re putting their resources and energy and validation and self-worth into what people who aren’t close to them think of them, which is fame
She turns 24 this month. She says hearing rags-to-riches stories and watching television shows about the lives of the rich and famous inspires her to want success in her own arena: She wants to become a college professor
The percentage who say it is “essential” or “very important” to be “very well off financially” grew from 41.9% in 1967 to 74.5% in 2005; “developing a meaningful philosophy of life” dropped in importance from 85.8% in 1967 to 45% in 2005.
What to take from this…
- It looks like there is a shift towards our generation appreciating more personal time and enjoying our life, instead of just working, going home, sleeping and repeat the cycle. We want to travel, do extreme sports. We are more after the experience then just wanting stuff.
- We fail to see what it takes to go from school, to profession to success. We don’t see the extra education, work experience, networking, extra time put in by our parents to get to where they are now. We just see the big house, 2 cars and think it is just about finding work you enjoy or striking it rich with a business.
- We don’t seem to understand inflation and how the cost of living just keeps going up while our dollar is worth less. So a 40K income is not enough to live comfortable.
- What will happen when reality hits us and we realize that its very tough to become wealthy, I mean not everyone will become rich, what happens then?
Gen Y will change the face of our society for the better
Extra reading…
- Everything I need to know I learned after college
- Cheapo parents have better kids
- 10 things to do after you graduate
- Why Hen Y is going to change the Web
- Gen Y: Fighting for what they believe in
- Can Facebook hurt your chances of getting a job?
- 7 concessions and a challenge for Gen Y
- 69K save by age 23
- Gen Y is better than everyone else at marketing themselves
- The recession won’t hit Gen Y
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- Generation Y: The good, bad and ugly edition of link love Here is a short list of links regarding Generation Y...
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Andrew
{ 4 comments… read them below or add one }
I like the line ’success in her own arena.’
It’s a good point to look before you leap and know the ballpark prices of some different lifestyles … as well as what sort of funding models you might pursuit (sell your time, sell your products, … etc.)
J.D. Meier’s last blog post..Don’t Always Go for the Long Shot
J.D. thanks for your comment.
I definitely agree with you on that but so many of us in our generation don’t seem to look at the real cost and we just jump in, thinking its going to be easy and we will become successful.
Here’s my observation. You spend money too easily and forget the power of compounding. Money saved and invested early allows you to spend a lot more later. The other thing is I don’t see much of an intellectual nature.
Other than that I love the young people I’m around. They have an interest in living instead of surving.
Stephen – Rat Race Trap’s last blog post..Blow the Lid Off Yourself by Thinking Big
Stephen, thanks for your comment.
You make a great point, and I think the biggest difference is we want to live, instead of just surviving.