Millennials spending
Being in my early 30’s, the leading edge of the millennial generation, the points in this article hit close to home. I can relate to the struggle of finding a well paying job in order to pay off student loans. The points Zandi brings up relating to career advancement and home buying are certainly real and I have seen my peers struggle. Luckily, I have been able to overcome these facets.
Zandi makes a point that the major problem for millennials has been getting a job. I spent the early years after college working multiple jobs in order to keep up with my student loan payments. My first sales job was entry- level and what I knew to be a stepping-stone to future opportunities. It took years to make up for the low wages I was making during that time. The only way I was able to significantly increase my salary was to switch jobs for higher pay
To Zandi’s point in the podcast regarding baby boomers staying in the labor force longer. In my past two jobs, this actually ended up being an advantage for me and can also see it being an advantage for other leading edge millennials in the near future. In my last company, I was able to switch divisions and receive a promotion and my current position was available due to a baby boomer retiring. I am at the point in my career that I am qualified for more senior positions left vacant by retiring baby boomers. I see future potential in even more senior level positions in my company held by those in their late 50’s. By the time these people are at retirement age, I will be ready to step in.
I have spent the last five years making steps to improve my financial stability. Although I will be paying student loans in my 50’s, I feel as though I have broken the mode of the ‘typical’ millennial in one particular aspect. When all my peers were moving out and renting houses together in their 20’s, I was fortunate enough to stay with my parents and slowly save enough money to be able to purchase my first investment property. The additional income from this property has helped me to pay student loans and purchase two more investment properties, something that I had never thought I would be able to do just four years ago.
http://insidebiz.com/news/millennials-and-money-they-spend-and-save-much-differently-their-parents-do