Millennials have a tumultuous relationship with the job market – or at least that’s what our parents think. Most of the older generations have plenty to say about millennials, but do they actually have the facts to back it up? Contrary to popular belief, young professionals are the most confident generation in terms of reaching financial goals. Specialists also say that we are in a better place for retirement than most expect. Finally, the careers we choose end up being the right moves in the long run and not just for our wallets.
According to a recent Inc.com article, Millennials are mentally in a better position than most in terms of reaching their financial goals. Between generations, the most widely sought after goal is the feeling of financially “making it.” By this they mean, mostly, that they are out of debt. Over three-quarters of Millennials stated that they feel they have the financial tools to get themselves out of debt. Young professionals were also the most competitive between their peers to have a strong desire for “making it” first.
Young people are in a better position than most of our parents will have us believe – in terms of retirement. There are a few factors as to why, but the biggest is time itself. Due to our age, we are mathematically in a better position than our parents when it comes to saving. Having time on our side allows interest to build and the freedom to come up with strategies that work for us.
Additionally, we have Roth IRAs at our disposal. Until 1997 the Roth IRA did not exist, so we can get a long term use out of it that our parents never had access to. When using a Roth IRA, our investment growth is free from taxes, stretching our dollars even further.
It’s All About the Ambiance
Most of us also have another thing on our minds, which actually helps us in the long run. Young professionals on average place more weight in the quality of our work life rather than how much money we can make. This may seem counterproductive, but if you think about it, the quality of work life is just as important. The important thing to remember is that by looking for jobs with more potential for growth and opportunity to work on meaningful projects will actually catapult careers and make us more money in turn. We are an ambitious generation. That means it’s okay to want to bring our dogs to work and have a “cool” office. If it aids productivity, what’s so wrong with that?