6 Millennial traits I wish I had at their age – Post 367

The employment landscape has changed dramatically over the years. In fact I am a little bit jealous of this millennial generation because they have a realization that if they want to be successful they must do it themselves. That they must have an entrepreneurial spirit and not be so dependent on big companies to provide for their future. They have the attitude, when looking at potential employers, they have the attitude of what can you do to progress my career.

Looking back that is something I wish I had when I was their age.

When I was young I was taught to go to school, get good grades, get a job at a major corporation then work my way up the ladder of success within that company one day retiring.  I bought in to it whole heartedly but things have changed drastically since then.

I had the good fortune of going to work for a fortune 50 company right out of high school. At the time I was making more money than many of my friends that went to college and where now managing fast food restaurants. I had my career all mapped out.

My goal was to get into midlevel management so. I gradually bid my way up to better paying jobs within the company. I also started going to college to make myself more marketable to the company. Not once did I entertain the thought of leaving. My plan was to put my 30 -35 years in then retire and start doing something else that I enjoyed doing while collecting my retirement benefits.

Needless to say, that plan never worked out. Several years later the company went through some government mandated restructuring and in that process I lost that job. It was devastating to my psyche. I went through a period of 3 to 4 years trying to find something else to do. Finally I decided to do what I had always been taught. Go to school, get good grades then find a job at a major company then work there until I retire.

So I went back to college, graduated with a professional degree and began the climb in corporate America once again. I worked hard, working long hours and volunteering to work extra. I volunteered to take on extra projects that would financially benefit my employer. What did that get me?

Sixteen years later, once again I found myself without a job not knowing what to do. Corporate America failed me again.

This time I was bound and determined to not rely on corporate America. This time I decided I was going to map out my future; to have an attitude, when looking at potential opportunities, to have the attitude of what can this opportunity provide me to progress my career.

Starting in 2007 after reading the book “Rich Dad Poor Dad” I realized that everything that I had learned about success and job security was false. That book started me on a 5 year journey that has changed the way I look at everything in my life. I decided that if I wanted things to change in my life instead of learning how to be a better pharmacist, or better salesman or better whatever; instead of going out and getting more degrees or certifications, I needed to learn to do the things that the most successful people in America had done.

What is amazing to me is I see these same traits in many people from the millennial generation. I don’t know if it is because they have seen what their parents and grandparents have gone through with their corporate America jobs or if it is a product of the tough economy that they have grown up in but these are some of the traits that I wish that I had had when I was their age. I can’t imagine what life would be like today if I had just a fraction of the entrepreneurial spirit that I see in many of these folks.

  1. Entrepreneurial Spirit. The guys and gals in the millennial generation are college educated. Their parents have told them they must get an education but they know from older siblings or friends that the college degree doesn’t guarantee anything except debt. They grew up hearing all the success stories around Amazon, Apple, Google, Facebook, Microsoft founders. They want to have a better understanding for the impact that their own work has on the overall company so they can share that with their friends. They want to feel that the work that they do is important and that one day they can take the experiences that they are gaining so they can start and run successful businesses themselves.
  2. They don’t want to feel like they are just a number in a large corporation; they want to feel like they are a part of something bigger. They don’t want their contribution and their opinions to be lost in the crowd.
  3. Results Oriented. No matter what they did or how they performed, they grew up with parents that always told them how great they were. I don’t believe they want to be told how great they are, I believe they want to see the results of their work. They want to know that what they do really matters and they want frequent feedback about how they are progressing.
  4. Socially Connected. They know how to use the most advanced technology tolls and they are very socially connected. They are more likely to share over social media and being able to socialize whether online or off is important to them. Feeling like they are a part of a family is important. 56% won’t accept employment that bans social media use.
  5. Flexible Work Schedule. Unlike those of us in the previous generations the millennial don’t feel the need to relocate to where their job is. Again they are tech savvy and know that they can use that technology to be able to work from anywhere. According to the recent PwC Next Gen: A Global Generational Study, 66% expect to be able to work flexible hours either from home or from the office.
  6. Greater Good. In my generation we were driven by pay and promotions. We knew that to make more money we had to focus on what we could do to make the company a better company. The millennial generation takes a broader world view. They are passionate about finding ways that they can contribute to the world. They want to feel that what they do is making a difference in the lives of others.

Fortunately for me it is never too late. You are never too young or too old to take charge of your future. These 6 traits are exactly what I found when I decided to become a part of a team of independent business associates. We are a group of individuals from all walks of life that are dedicated to helping people improve their health and their financial well-being. My wish for you is that if what I have written here resonates with you that you take an honest, open minded look at what we are doing. I think that once you do you will see the possibilities that I have seen and you decide to also become an independent business associate so we can all work together to help others realize their desire to become healthier and have financial piece of mind.   To learn more visit http://AIMHighEnergy.com 

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You Were Made for Greatness – Post 362

I read an amazing article the other day on the cost of child care. It said that the cost of child care averages $11,600, or $972 per month. That’s like renting another apartment, or leasing a Maserati, except this payment comes with all the joys of late-night feedings, 10 to 15 different cold infections per year, and the knowledge that there’s no such thing as a cool car with a baby seat in the back.
While the expense of early child care is high, before this ever starts the kid has to be born.

Twenty years ago we spent about $1,000 all-in, meaning prenatal care, sonograms, and the delivery itself.

Today the total package costs around $8,800, and that’s if the parents have health insurance. Without coverage, the cost easily shoots past $25,000.

And all of this is in addition to daily living.

The average rent for a two-bedroom apartment is roughly $1,000 per month, and obviously much more in high-rent, urban settings.

In addition, the average student loan payment is $200, cell phone $100 for two, and house utilities $160. A car note runs $350, with insurance adding another $100. Then there’s health insurance, which for a young family runs about $335 per month after the subsidy.

All in, if they live modestly, the typical young family shells out $2,245 before they eat a thing, pay for gas, or spend any money on entertainment and travel. Adding in the new youngster would kick the basic monthly up to $3,217, not including diapers, formula, pediatric visits, etc.

Median household income is $52,000. With a 15% effective tax rate, the take-home income is $44,200, or $3,683 per month.

That leaves our young family with a whopping $466 to use toward food, entertainment, and any emergency costs.

If the couple is more fortunate and earns $70,000 per year, then with a 15% effective tax rate they bring home $59,500, or $4,958 per month.

This leaves $1,741 in the budget each month to buy food, diapers, clothes, gasoline, and any extras such as a baby crib, high chair cabinet locks, electric outlet covers, and a battery-powered vacuum cleaner for sucking all the nasty stuff out of the baby’s car seat.

I made a lot of assumptions so far, like the couple has only one car payment and one student loan note.

I also left out any mention of saving for the child’s college education, let alone retirement

These considerations would only make the picture worse. On the flip side, there are some tax consequences (such as the $3,000 child care tax credit) that could ease a bit of the pain.

But in a broad sense, the point is clear. A young couple, even a young professional couple earning more than 65% of all U.S. households, will have a difficult time making ends meet when they start a family. That appears to be the main reason why so many young couples have put off having children.

This might be good for the couple’s finances, but it slows down the economy.

Nothing requires spending like having kids. As noted above, there’s all the medical costs and child care issues, but then there’s daily living.

Parents end up buying all sorts of clothes, sports equipment, musical instruments, Halloween costumes, and toys than they ever dreamed possible. And that’s in addition to the extra daily living, entertainment, and vacation costs the family will incur.

While all of this spending puts a strain on mom and dad, it’s the sweet sound of commerce to toy companies, family restaurants, destination vacation companies, and a host of other retailers.

What they all know is that families with young children eventually become families with older children, who will eat more food, wear out more clothes, and in general require more spending right up until they leave home.

It all starts with young couples taking the leap and starting a family. Without it, the economic train never leaves the station, putting a cap on consumer spending for years to come.

It doesn’t have to be like this. I can show you how to earn an extra $2-$3,000 extra per month, without interfering with your current job. I can sow you how to save a few hundred dollars each month on your taxes. I can show you how to build a legacy that your children can enjoy long after you are gone. And I can show you how to be healthier. Just visit http://AIMHighForSuccess.com to learn more.