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Did you know it‘s predicted that by 2018 millennials will have the largest spending power of any other generation?
According to Ryan Jenkins and his article titled; “22 Shocking Stats About Millennials to Help You Chart Tomorrow’s Change,” millennials are the biggest generation on this earth, the larger the generation the greater the influence. That to me is a great responsibility, but are we as millennials handling it properly?
Nothing is wrong with working hard and enjoying your money but are you overworked and still not able to do all the things that you wish to do? I know for myself there was a point where I was working 2 jobs and still not able to spend the way I really wanted to. Constantly working a 9 to 5 just to pay bills can get old really quickly.
Finding gigs outside of your full-time job can bring you extra money but they can also spark new ideas that can create a more permanent source of income. It is important to recognize the type of power we have as a generation.
To the baby boomers, millennials are no more than a spoiled generation who cares more about social media than actual issues. Although that might be true in some cases, as millennials we need to realize what type of generation we are and capitalize on it.
First, you need to ask yourself, what type of millennial am I? Which identity best fits you? Are you the millennial student, the millennial entrepreneur, the millennial employee, the leader, or consumer? Take some time to really think about that. You may fall under more than one category and that’s perfectly fine, actually, that just means you have a greater influence than you may think.
The millennial college student is a part of what is known as the most educated generation in US history. It is reported that over 63% of millennials have Bachelor degrees. That is an amazing statistic but it comes with a lot of weight. That goes to show how much power and influence we really have as a generation. With so much education there is no limit to the amount of change you can bring to the table if you call yourself a millennial student.
The millennial employee is the average young person who works that 9 to 5 and punches the clock day in and out. The special thing about those who fall under this category is that you all represent the force in this generation. You know the grinders of our time and the ones who work those 12-hour shifts with no complaints. If this is you, your day to day concern might be doing everything you can just to keep a job.
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Although that comes with being a responsible adult, are you really happy? Truth be told no one is 100% happy with their work environment, their coworkers, or even the company itself. As a millennial employee, you need to realize you are a hot commodity. Companies yearn for our talent, creative minds, and innovative ideas. Use that to your advantage! If you are a millennial employee start thinking of some of the ways you contribute to your company.
What do you bring to the table that keeps things going at work? You have the power to change your workspace, you never know others may credit you for the change and follow along.
The definition of an entrepreneur is someone who takes a financial risk. A real financial risk may be different for everyone but a true entrepreneur is someone who has a plan and takes action. 90% of millennials believe that being an entrepreneur is not about necessarily starting a business but rather a state of mind. With all the advantages we are afforded as a generation; why not use it to our benefit. There are so many ways to make money without it feeling like “work”.
Like I stated last week, find those things you like to do and turn them into dollar signs. You never know, that new hobby that you pick up can turn into your next big business venture. For example a few years ago I picked up bartending because it was something that I was interested in. It quickly became a cool new hobby for me and also generated a lot of extra income.
Once you realize the potential of something it can spark many more ideas and become something great. If you have a creative mind, it is safe to say you have the potential to be a millennial entrepreneur.
Whatever category you may feel like you fall into, take ownership of that. Before you can make some real changes you first have to make the best of your current situation. With proper money management and a true understanding of what kind of millennial you are, nothing is unattainable.