A popular article is going around on the Huffington Post* about how millennials are finding it increasingly difficult to get by and are facing a scary financial future. The article cites how young adults today are only half as likely to own a home as adults in 1975, and that Millennials (those born between 1982 and 2004) have 300% more student debt than the Boomer generation. Is it true that millennials are screwed?
Let’s first look at two facts today:
#1: Salaries Have Stagnated—We all know things are tough out there. If it were easy, everybody would be a millionaire, right? Since the 1970s, the hourly inflation-adjusted wages received by the typical worker have barely risen, growing only 0.2% per year.
#2: Cost of Living is Rising—Basic essentials like food, rent, transportation, and tuition keep going up. A dollar isn’t what it used to be, and in a few years, a dollar won’t even be what it is now. The cost of goods is rising faster than wages.
When you put the two together—stagnant wages + rising costs—you get people getting squeezed out of the middle class. There are 75 million Millennials in the USA, how do they close this widening gap?
The truth is, it’s NOT just millennials. Gen X, Gen Y, boomers, whatever generation you classify yourself, these same two problems are affecting everyone. Lower wages, rising costs.
We live on an economic planet, and the economy doesn’t know anything about you—it doesn’t care about your age, race, your location, or your beliefs.
What are you going to do now? You have to close the gap between where you are and where you want to go. How do you close the gap? Where do you go from where you are to where you want to be? Instead of whining, focus on doing something.
By the way, Millennials, if you’re complaining about your financial situation right now, talk to my mom who grew up in the 1920’s and she would think you’re crazy. You ate at Chipotle yesterday. You Uber, she never had a car. If you have higher rent and more debt than your parents did, if you can’t save anything, if you’re bitching and complaining, listen to this:
You don’t need to live on 40K a year. You are the problem.
It’s not the economy, it’s not the government, it’s not the Boomers, it’s you. You have no money because you haven’t closed the gap yet between where you are and where you want to be. That gap is how you measure success. It’s the difference between you and your potential.
Here are 3 questions to ask to help close that gap:
1) What is the target?
If you don’t know your targets you’ll never hit them. Too many people focus on the problem. Focus on the target! What is success to you? What are your financial goals?
2) Who can help you get to your target?
Strangers have everything you want. There is so much money in the world, you need to start asking, “Who’s got my money?”
3) What can you do to get connected?
Is it a phone call, is it a personal visit, an email? You need to reach out to where there is an opportunity.
Remember, the economy doesn’t know anything about your age. How do you close the gap between where you are to where you want to go?
Gen X , Boomers, Millennials—you’re all screwed unless you change the way you operate.
If you’re ready to start closing the gap between where you are and where you want to be, invest in yourself and come to 10XGrowthCon 2018, the best conference of 2018!
Grant Cardone is a New York Times bestselling author, the #1 sales trainer in the world, and an internationally renowned speaker on leadership, real estate investing, entrepreneurship, social media, and finance. His 5 privately held companies have annual revenues exceeding $100 million. Forbes named Mr. Cardone #1 of the “25 Marketing Influencers to Watch in 2017”. Grant’s straight-shooting viewpoints on the economy, the middle class, and business have made him a valuable resource for media seeking commentary and insights on real topics that matter. He regularly appears on Fox News, Fox Business, CNBC, and MSNBC, and writes for Forbes, Success Magazine, Business Insider, Entrepreneur.com, and the Huffington Post. He urges his followers and clients to make success their duty, responsibility, and obligation. He currently resides in South Florida with his wife and two daughters.