Millennials account for 4.6% of the nations wealth, despite making up the largest population of the work force.
Also, in 1989 when boomers were the age of millennials now, they accounted for 21% of the nations wealth.
This translates to the previous generation bringing in 3 times the wealth that this generation does. After observing and researching this, I believe it comes down to the fact that this generation has a major FOMO problem (fear of missing out.) Have you ever done this?
You pop on the social media platform of your choice (for the 12th time today), just to see an old acquaintance of yours that you haven’t seen in 10 years, driving your dream car and living your dream life. You click over to their profile to see what they could possibly be doing to live this life. You see that they wrote a best selling book. You look back and think, “I made higher grades than them in English Class, I’m going to write a book so I can live that life!” So, you open up a new google doc and start laying out your thoughts. You start with chapter one and start writing all the things you think people want to read about. You do this for a few days and feel pretty good about yourself.
You then travel back into the social media world during a lunch break just to see yet another friend that sells sports vitamins, driving a new Cadillac and you think to your self, “Self, I can sell vitamins too…” so the google doc goes to the folder with the other dead ideas that never got completed. You move on to making a WIX site for your new vitamin business. I mean, it has been 4 days and your book isn’t finished nor is it a best seller yet, so it is time to move on.
Little do you know, your friend, the book writer, went through a season where they tried to start a business, and it failed miserably. They foreclosed on their house, lost everything they had, started over by researching how to flip houses. They got involved in groups of investors, listened to podcast every day, met with banks and lender until finally someone gave them money to flip a house. Their first flip lost them $10,000 and nearly bankrupted them. They tried again, and again until they figured it out. Eventually enough people asked them for advice that they finally decided they should write a book about it instead of wasting all their time giving the same answer over and over. So they started the book writing process and two years later they released the book.
Come to find out they created wealth through not only finishing a book but from years of hardship that got them to where they are now. Unfortunately, all we saw was the part where they wrote a book and were suddenly killing it.
What’s the lesson here? The lesson is, this is pretty much a daily experience for most of us. The fear of missing out is so strong that we go from one thing to the next trying to get a quick dollar. Very rarely do people find overnight wealth from a good idea. It almost ALWAYS comes from FORWARD Consistency.
We are going to make this a two part blog! The practical steps from a marketing prospect are coming tomorrow!